TCRAP_Public/080307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Friday, March 7, 2008, Vol. 9, Issue 48

                          Headlines

A U S T R A L I A

CAMDEN SHEET: Liquidator to Present Wind-Up Report on March 11
CHRYSLER: Can Have Unlimited Access to Daimler AG's Technology
CUMBERLAND PAINTING: Final Meeting Slated for March 14
GAZELLE PHOTOGRAPHICS: Members & Creditors' Meeting on March 14
GREG SHAW: Final Meeting Slated for March 14

HIGH RISE: Final Meeting Slated for March 11
INSURANCE TECHNICAL: Commences Liquidation Proceedings
NORTHERN BEACHES: Placed Under Voluntary Liquidation
PI DIRECT: To Declare First Interim Dividend on April 8
RON H ALLARS: Members to Receive Wind-Up Report on March 31

SELMON OYSTERS: Members Resolve to Liquidate Business
WOJO LIMITED: Members to Receive Wind-Up Report on April 29


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

AMERON (HONG KONG): Members Meeting Fixed for March 31
BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division
CROWN WORLDWIDE: Moody's Puts Ba2 Ratings on Proposed Notes
FAR EAST REFFRACTORIES: Members Meeting Fixed for March 31
HEGEL LIMITED: Members Meeting Fixed for March 31

IIYAMA HONG KONG: Members & Creditors To Meet on April 2
KINGSMILL NUTRACEUTICAL: Commences Liquidation Proceedings
LANANG INVESTMENTS: Commences Liquidation Proceedings
ONE CREATOR: Members Meeting Fixed for April 2
PROFIT (CHINA-H.K.): Creditors Meeting Fixed for March 25

POLIMIDE PLASTIC: Members Meeting Fixed for March 25
PROMITEX LIMITED: Creditors Meeting Fixed for March 17
SUNCOLE LIMITED: Members Meeting Fixed for April 2
TAILOR PLUS: Commences Liquidation Proceedings
TECFORM LIMITED: Members Meeting Fixed for April 2


I N D I A

AES CORP: Defaults on Debt Facilities due to Misrepresentation
EXIDE TECHNOLOGIES: Moody's Affirms Caa1 Rating; Outlook Pos.
ICICI BANK: Says No Material Exposure to U.S. Sub-Prime Credit
QUEBECOR WORLD: WEB Printing Backs Suppliers' Objections
QUEBECOR WORLD: Reaches Settlement with Utility Providers

QUEBECOR WORLD: Wants Banc of America Aircraft Lease Rejected
TATA MOTORS: Presents 4 Vehicles Including Nano at Geneva Show
TATA MOTORS: Won't Flip Jaguar, Ratan Tata Says
TATA MOTORS: To Raise US$3 Bil. for Jaguar-Land Rover Purchase


I N D O N E S I A

BANK INT'L: Government Denies China Bank's Takeover Bids
GOODYEAR TIRE: Fitch Lifts Issuer Default Rating to BB-
LIPPO KARAWACI: Bosowa Group Acquires Hotel Imperial for US$17MM
MEDCO ENERGI: to Purchase Natuna Shares
MEDCO ENERGI: Discloses Gas Flow Incident in Sembakung Block

* INDONESIA: European Union to Discuss Flight Ban in July


J A P A N

ALITALIA SPA: Lazio Court Says Exclusive Sale Talks Legitimate
DELPHI CORP: Court Extends Lease Decision Deadline to March 31
DELPHI CORP: Court Extends Deadline to Remove Civil Actions


K O R E A

ACTUANT CORP: Acquires Superior Plant Services for US$57 Million
KENERTEC: Converts Third Convertible Bonds into Shares
KOREA EXPRESS: Investor Sells 3.43% Stake
MIJU MATERIAL: Declares Annual Cash Dividend


M A L A Y S I A

ELECTRONIC DATA: M. Blackburn Replaces M. Koehler as EMEA Head
PAXELENT CORP: Trading of Securities to be Suspended on March 12
PECD BERHAD: Triggers Practice Note 17 Criteria
SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment
SOLUTIA: Settlement Gives GE Betz US$255,575 in Allowed Claim

SOLUTIA INC: To Issue 7,450,000 Shares for Employee Plans
TAP RESOURCES: Bourse to De-List Securities on March 14
WWE HOLDINGS: Classified as Affected Listed Issuer Under PN 17


N E W  Z E A L A N D

BLUE JAY: Appoints Meltzer, Heath & Hayward as Liquidators
BLUE SKY: Creditors' Proofs of Debt Due on March 18
BRADSHAW LIMITED: Taps Meltzer, Heath & Hayward as Liquidators
CENTRAL OTAGO: Faces Fulton Hogan's Wind-Up Petition
DENBY LIMITED: Requires Creditors to File Claims by March 18

DESIGNAKIT BUILDINGS: Court to Hear Wind-Up Petition on March 10
DUKE STREET: Taps Fatupaito & McCloy as Liqudators
GUTTER CLEAN: Wind-Up Petition Hearing Set for April 1
ILMINSTER LIMITED: Requires Creditors to File Claims by March 18
MHS NEW ZEALAND: Fixes May 14 as Last Day to File Claims


P H I L I P P I N E S

LEPANTO CONSOLIDATED: Discloses Details of Stock Rights Offer
PHIL. LONG DISTANCE: To Convert Some Preferred Stock on June 5
UNIWIDE HOLDINGS: Chief Information Officer Leaves


S I N G A P O R E

NOVELTY ENGINEERING: Court to Hear Wind-Up Petition on March 14
SIFINVEST OVERSEAS: To Pay First Dividend on March 17
TOH TECK: Wind-Up Petition Hearing Set for March 14
VALEANT PHARMA: To Restate Financial Statements Due to Errors
VALEANT PHARMA: Incurs US$20.2 Million Net Loss in Fourth Qtr.


T H A I L A N D

* THAILAND: Government Cuts Taxes to Revive Economy
* Beard Group's Cross-Border Insolvencies Audio Primer
* Large Companies with Insolvent Balance Sheets


                            - - - - -

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


CAMDEN SHEET: Liquidator to Present Wind-Up Report on March 11
--------------------------------------------------------------
Camden Sheet Metal Pty. Limited will hold a final meeting for
its members and creditors at 12:00 noon on March 11, 2008.
During the meeting, the company's liquidator, Michael G. Jones
at Jones Partners, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Michael G. Jones
          c/o Jones Partners
          Insolvency & Business Recovery
          Australia
          Telephone:(02)9251 5222

                     About Camden Sheet

Camden Sheet Metal Pty Limited is involved with sheet metal
work.  The company is located at Smeaton Grange, in New South
Wales, Australia.


CHRYSLER: Can Have Unlimited Access to Daimler AG's Technology
--------------------------------------------------------------
Daimler AG granted Chrysler LLC a no-frills access to its
advanced technology, Mike Spector of The Wall Street Journal
reports.

Chrysler can use the technology in order to pursue and enhance
fuel-economy and mileage on its products, says WSJ, citing
Chrysler vice chairman Jim Press at a Geneva auto convention.

Chrysler previously streamlined its production by rejecting the
"car cloning" practice, and instead will focus on selling its
remaining, unique car models.  As reported in the Troubled
Company Reporter on Feb. 27, 2008, the company's streamlining
measures came after it lost its tooling battle with Plastech
Engineered Products Inc.  The U.S. Bankruptcy Court for the
Eastern District of Michigan denied the company's request to
pull out tooling equipment from Plastech's plants.

                     About Chrysler LLC

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

                        *     *     *

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


CUMBERLAND PAINTING: Final Meeting Slated for March 14
------------------------------------------------------
Cumberland Painting Services Pty. Ltd. will hold a final meeting
for its members and creditors at 11:00 a.m. on March 14, 2008.
During the meeting, the company's liquidator, Michael G. Jones
at Jones Partners, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Michael G. Jones
          c/o Jones Partners
          Insolvency & Business Recovery
          Australia
          Telephone:(02)9251 5222

                 About Cumberland Painting

Cumberland Painting Service Pty Ltd is a distributor of
paintings and paper hangings.  The company is located at
Wedderburn, in New South Wales, Australia.


GAZELLE PHOTOGRAPHICS: Members & Creditors' Meeting on March 14
---------------------------------------------------------------
Gazelle Photographics Pty. Ltd. will hold a final meeting for
its members and creditors at 10:00 a.m. on March 14, 2008.
During the meeting, the company's liquidator, Chris Chamberlain
at Chamberlain's SBR, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Chris Chamberlain
          c/o Chamberlain's SBR
          Chartered Accountants
          PO Box 852
          Wagga Wagga, New South Wales 2650
          Australia

                About Gazelle Photographics

Gazelle Photographics Pty Ltd provides business services.  The
company is located at Wagga Wagga, in New South Wales,
Australia.


GREG SHAW: Final Meeting Slated for March 14
--------------------------------------------
Greg Shaw Pty. Ltd. will hold a final meeting for its members
and creditors at 11:00 a.m. on March 14, 2008. During the
meeting, the company's liquidator, Chris Chamberlain at
Chamberlain's SBR, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Chris Chamberlain
          c/o Chamberlain's SBR
          Chartered Accountants
          PO Box 852
          Wagga Wagga, New South Wales 2650
          Australia

                      About Greg Shaw

Greg Shaw Pty Ltd, which is also trading as Burnley Take Away,
operates restaurants.  The company is located at Richmond, in
Victoria, Australia.


HIGH RISE: Final Meeting Slated for March 11
--------------------------------------------
High Rise Air Conditioning Pty. Limited will hold a final
meeting for its members and creditors at 11:00 a.m. on March 11,
2008. During the meeting, the company's liquidator, Michael G.
Jones at Jones Partners, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Michael G. Jones
          c/o Jones Partners
          Insolvency & Business Recovery
          Australia
          Telephone:(02)9251 5222

                      About High Rise

High Rise Air Conditioning Pty. Limited provides plumbing,
heating, and air-conditioning services.  The company is located
at Smeaton Grange, in New South Wales, Australia.


INSURANCE TECHNICAL: Commences Liquidation Proceedings
------------------------------------------------------
Insurance Technical Support Pty. Ltd.'s members agreed on
February 1, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
S. Naidenov to facilitate the sale of its assets.

The liquidator can be reached at:

          S. Naidenov
          c/o NAIDENOV Insolvency & Business Advisors
          Level 5, 49 Market Street
          Sydney, New South Wales 2000
          Australia

                 About Insurance Technical

Insurance Technical Support Pty. Ltd. provides business-
consulting services.  The company is located at Hunters Hill, in
New South Wales, Australia.


NORTHERN BEACHES: Placed Under Voluntary Liquidation
----------------------------------------------------
Northern Beaches Financial Planning Pty. Limited's members
agreed on January 18, 2008, to voluntarily liquidate the
company's business.  In line with this goal, the company has
appointed Evan Philip Groombridge to facilitate the sale of its
assets.

The liquidator can be reached at:

          Evan Philip Groombridge
          Chartered Accountant
          21 Cornwall Avenue
          Turramurra, New South Wales
          Australia

                   About Northern Beaches

Northern Beaches Financial Planning Pty Limited is involved with
functions related to deposit banking.  The company is located at
Mona Vale, in New South Wales, Australia.


PI DIRECT: To Declare First Interim Dividend on April 8
-------------------------------------------------------
PI Direct Pty Limited, which is in liquidation, will declare
first interim dividend on April 8, 2008.

Creditors are required to file their proofs of debt by
March 12, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          99 Elizabeth Street, Level 5
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9223 2300
          Facsimile:(02) 9223 3855

                       About PI Direct

PI Direct Pty Limited is a distributor of durable goods.  The
company is located at Crows Nest, in New South Wales, Australia.


RON H ALLARS: Members to Receive Wind-Up Report on March 31
-----------------------------------------------------------
Ronald George Palmer, Ron H Allars Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on March 31 at
9:00 a.m. to provide them with property disposal and winding-up
reports.

The liquidator can be reached at:

          Ronald George Palmer
          c/o Palmers Chartered Accountants
          13-15 Francis Street, Suite 5
          Dee Why, New South Wales 2099
          Australia

                    About Ron H Allars

Ron H Allars Pty. Ltd. provides services to insurance agents and
brokers.  The company is located at Stones Corner, in
Queensland, Australia.


SELMON OYSTERS: Members Resolve to Liquidate Business
-----------------------------------------------------
Selmon Oysters Pty Ltd's 's members agreed on February 4, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Philip A. Bonny to
facilitate the sale of its assets.

The liquidator can be reached at:

          Philip A. Bonny
          c/o Powe Partners Pty Ltd
          1/1095 Old Princes Highway
          Engadine, New South Wales 2233
          Australia
          Telephone:(02) 9520 2655

                    About Selmon Oysters

Selmon Oysters Pty Ltd is a distributor of shellfish.  The
company is located at Taren Point, in New South Wales,
Australia.


WOJO LIMITED: Members to Receive Wind-Up Report on April 29
-----------------------------------------------------------
K. J. Crawford, Wojo Limited's appointed estate liquidator, will
meet with the company's members on April 29, 2008, at 9:00 a.m.
to provide them with property disposal and winding-up reports.

The liquidator can be reached at:

          K. J. Crawford
          Bromley Crawford Pty Limited
          71-73 Archer Street, Level 5
          Chatswood, New South Wales 2067
          Australia

                     About Wojo Limited

Located at Dural, in New South Wales, Australia, Wojo Limited is
an investor relation company.




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


AMERON (HONG KONG): Members Meeting Fixed for March 31
------------------------------------------------------
The members of Ameron (Hong Kong) Limited will have their final
general meeting on March 31, 2008, at 20th Floor, Prince's
Building, Central, in Hong Kong to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The liquidator can be reached at:

          Rainer Hok Chung Lam
          20th Floor
          Prince's Building
          Central, in Hong Kong


BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division
----------------------------------------------------------------
Berry Plastics Corp. announced on March 3, 2008 an
organizational change involving one of its operating segments.
Ben Scheu has accepted the role of president of Rigid Closed Top
Division.  Randy Hobson, who formerly served as president of
Rigid Closed Top Division, has assumed the corporate role of
executive vice president for Commercial Development.

The company did not provide any additional information.

                    About Berry Plastics

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide, including in Italy, England and Hong Kong, and
employs more than 6,800 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2008,
Moody's Investors Service affirmed the B3 Corporate Family
Rating of Berry Plastics Corporation and downgraded certain
instrument ratings.  Moody's said the outlook is stable.


CROWN WORLDWIDE: Moody's Puts Ba2 Ratings on Proposed Notes
-----------------------------------------------------------
Moody's Investors Service, on March 6, assigned a provisional
(P)Ba2 corporate family rating to Crown Worldwide Holdings Ltd
and a provisional (P)Ba2 rating to the company's proposed US$125
million to US$150 million 5-year senior notes.  The outlook on
both ratings is stable.

The bond proceeds will be used to refinance a US$85m bridge loan
due March 24, with the remainder to be used for capital
expenditure.

This is the first time that Moody's has assigned ratings to
Crown, and the rating agency expects to affirm the ratings and
remove them from their provisional status upon successful
completion of the bond issuance.  Failure to do so or arrange
appropriate long term funding will result in a lower rating in
view of the high refinancing risk faced by Crown.

"The (P)Ba2 ratings recognise Crown's strong brand recognition
in Asia and, to a lesser extent, the UK, its diversified and
strong customer base, and its long operating track record.  The
stability and profitability of its document storage business
provide further support to the ratings," says Elizabeth Allen,
Moody's lead analyst for Crown.

"While the company's core businesses are very cash generative,
Crown's strategy to strengthen its portfolio of self-owned
facilities is likely to result in fairly high capital spending
in the coming two years, " adds Allen.  "As a result, free cash
flow could turn negative and any improvement in credit ratios
would then have to come from improvement in profit generation."

Furthermore, as part of Crown's expansion strategy, small to
medium-sized acquisitions in selected businesses and locations
are also likely.

Crown reported adjusted debt/EBITDA of 4.5x and adjusted EBITDA
interest coverage of 3.9x for FY2007.  Moody's expects these
ratios to stay at similar levels in the next two years. While
such a financial profile is slightly on the weak side, the
ratings are supported by the company's relatively stable
business profile, low execution risk associated with its growth
strategy, and competitive position in its core markets.

The rating further incorporates the privately owned nature of
Crown and its parent group (Crown & Grace Group), the existence
of closely-related businesses owned by the parent, and intra-
group transactions.  Such a group structure also limits
transparency and corporate governance, and disclosure standards
are generally inferior to listed companies.  However, Moody's
draws comfort from Crown's long operating track record, the
absence of dividend payment in the last few years and good
reputation in the market.

A rating upgrade will be considered if the company:

   1) adheres to strong financial discipline as it continues to
      expand;

   2) improves transparency and corporate governance; and/or

   3) strengthens its financial profile such that adjusted
      debt/EBITDA falls below 3-3.5x and/or adjusted EBITDA
      interest coverage exceeds 4.5-5x on a sustainable basis.

On the other hand, downward rating pressure could emerge if:

   1) there is evidence of material diversion of funds to
      related group companies;

   2) the company adopts an aggressive acquisition strategy;
      and/or

   3) there is a material deterioration in its financial profile
      including adjusted debt/EBITDA exceeding 4.5-5x and
      adjusted EBITDA interest coverage falling below 2.5-3x.

Headquartered in Hong Kong, Crown offers relocation and mobility
services (R&M) as well as record storage and management services
to multinational organizations and private individuals. It also
offers value-added logistics services in a number of areas.

Crown was founded by Mr James Thompson, Group Chairman and CEO,
and is ultimately owned by a trust, beneficially owned by him
and his family members. The company has a global footprint of
more than 200 offices in over 50 countries and is the flagship
company of the privately-held Crown & Grace Group.


FAR EAST REFFRACTORIES: Members Meeting Fixed for March 31
----------------------------------------------------------
The members of Far East Refractories 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 liquidator can be reached at:

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


HEGEL LIMITED: Members Meeting Fixed for March 31
-------------------------------------------------
The members of Hegel Limited will have their final general
meeting on March 31, 2008, at Office B, 26th Floor, United
Centre, 95 Queensway, in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

          Cheng Mo Kit, Katherine
          Office B, 26th Floor
          United Centre, 95 Queensway
          Hong Kong


IIYAMA HONG KONG: Members & Creditors To Meet on April 2
--------------------------------------------------------
Iiyama Hong Kong Limited will hold a joint meeting for its
members and creditors at 10:30 a.m. and 10:45 a.m. respectively
on April 2, 2008.  During the meeting, the company's liquidator,
Chan Sek Kwan Rays, at Units E & F, 12th Floor, Seabright Plaza,
9-23 Shell Street, North Point, in Hong Kong, will provide the
attendees with property disposal and winding-up reports.

The company's liquidator can be reached at:

           Chan Sek Kwan Rays
           Units E & F
           12th Floor
           Seabright Plaza
           9-23 Shell Street
           North Point
           Hong Kong


KINGSMILL NUTRACEUTICAL: Commences Liquidation Proceedings
----------------------------------------------------------
Kingsmill Nutraceutical (Holdings) Limited's members agreed
February 22, 2008 to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Heng Poi Cher to facilitate the sale of its assets.

The liquidator can be reached at:

         Heng Poi Cher
         43rd Floor
         China Resources Building
         Wanchai, Hong Kong


LANANG INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
Lanang Investments Limited's members agreed February 11, 2008 to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Bruno Arboit and Simon Richard
Blade to facilitate the sale of its assets.

The liquidators can be reached at:

         Bruno Arboit
         Simon Richard Blade
         Baker Tilly Hong Kong
         12th Floor, China Merchants Tower
         Shun Tak Centre
         Hong Kong


ONE CREATOR: Members Meeting Fixed for April 2
----------------------------------------------
The members of One Creator Company Limited will have their final
general meeting on April 2, 2008, at 12th Floor, V Heun
Building, 138 Queen's Road, Central in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

          Choy man Yick
          12th Floor
          V Heun Building
          138 Queen's Road
          Central in Hong Kong


PROFIT (CHINA-H.K.): Creditors Meeting Fixed for March 25
---------------------------------------------------------
The creditors of Profit (China-H.K.) Limited will have their
final general meeting on March 25, 2008, at 27th Floor, Tung Wai
Commercial Building, 111 Gloucester Road, Wanchai, in Hong Kong
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company liquidator's informations were not disclosed.


POLIMIDE PLASTIC: Members Meeting Fixed for March 25
----------------------------------------------------
The members of Polimide Plastic Manufactory Limited will have
their final general meeting on March 25, 2008, at Room 1701,
Olympia Plaza, 255 King's Road, North Point, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidators can be reached at:

          Lui Wan Ho
          To Chi Man
          Room 1701
          Olympia Plaza
          255 King's Road
          North Point, Hong Kong


PROMITEX LIMITED: Creditors Meeting Fixed for March 17
------------------------------------------------------
The creditors of Promitex Limited will have their final general
meeting on March 17, 2008, at Suite 2018, 20th Floor, Tower 3,
China in Hong Kong City to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The liquidator's informations were not disclosed.


SUNCOLE LIMITED: Members Meeting Fixed for April 2
--------------------------------------------------
The members of Suncole Limited will have their final general
meeting on April 2, 2008, at 12th Floor, V Heun Building, 138
Queen's Road, Central in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

          Choy man Yick
          12th Floor
          V Heun Building
          138 Queen's Road
          Central in Hong Kong


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

The liquidator can be reached at:

         Kwok Cheung, Bernard
         Flat B, 16th Florr, Empire Land
         Commercial Centre, 81-85 Lockhart Road
         Wanchai, Hong Kong


TECFORM LIMITED: Members Meeting Fixed for April 2
--------------------------------------------------
The members of Tecform Limited will have their final general
meeting on April 2, 2008, at 12th Floor, V Heun Building, 138
Queen's Road, Central in Hong Kong to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

          Choy man Yick
          12th Floor
          V Heun Building
          138 Queen's Road
          Central in Hong Kong




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


AES CORP: Defaults on Debt Facilities due to Misrepresentation
--------------------------------------------------------------
The AES Corporation is in default under its senior secured
credit facility and its senior unsecured credit facility due to
a breach of representation related to its financial statements
as set forth in the credit agreements.

As a result, US$200 million of the debt under the company's
senior secured credit facility will be classified as current on
the balance sheet as of Dec. 31, 2007.  There are no outstanding
borrowings under the senior unsecured facility.

The company will seek a waiver of these defaults from its
lenders under these facilities.  The company may not borrow
additional funds under either of these facilities until it
obtains the waiver.

The company would delay the filing of its 2007 Annual Report on
Form 10-K with the Securities and Exchange Commission.  The
company discloses that it is still preparing its financial
statements as a result of its efforts to remediate the disclosed
material weaknesses.

In addition, the company relates that financial statements for
the years ended Dec. 31, 2005, and 2006, of the company's
independent registered public accounting firm, Deloitte & Touche
LLP, could no longer be relied upon.

Although the company provides no assurance that it will able to
file its 2007 Form 10-K within the 15 calendar day extension
period it relates that the Form 10-K will be filed within the
extension period.

                   About AES Corporation

AES Corporation -- http://www.aes.com/-- a global power
company, operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts of electricity
through 124 power facilities, the company delivers electricity
through 15 distribution companies.

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2007,
the. (AES: B1 Corporate Family Rating) has completed its
offer to purchase up to $1.24 billion of outstanding senior
notes.  While no ratings changed as a result, the LGD point
estimate on its senior secured credit facilities were revised to
LGD 1, 2%, from LGD 1, 3%, its second priority secured notes to
LGD 3, 38% from LGD 3, 41% and its senior unsecured notes to LGD
4, 53% from LGD 4, 57%.


EXIDE TECHNOLOGIES: Moody's Affirms Caa1 Rating; Outlook Pos.
-------------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
at Caa1 for Exide Technologies, Inc. but changed the outlook to
positive from stable.  Moody's also raised the rating on the
company's asset based revolving credit facility to Ba3 from B1.
Moody's also affirmed ratings of the senior secured term loans,
at B1; and the senior secured junior-lien notes, at Caa1.  The
Probability of Default remains Caa1.

The Caa1 Corporate Family Rating continues to reflect Exide's
weak credit metrics balanced against operating performance that
is improving as a result of cost reduction initiatives and
successful pricing actions.  While Exide benefits from its
geographic and customer diversity, the company remains exposed
to cyclical industry conditions, weather uncertainties, and
commodity pricing pressures.

The positive outlook reflects the company's progress in applying
customer price increases and improved operational efficiencies
which are reflected in the company's recent quarterly
performance.  The company's recent performance further indicates
that price increases have taken hold and should further improve
the company's operating performance.  The company's capacity to
generate free cash flow in the near term should be helped by
softer global lead pricing due to softer global economic
conditions.  For the LTM period ending Dec. 30, 2007 DEBT/EBITDA
(using Moody's standard adjustments) was approximately 6.2x and
interest coverage approximated 0.7x.  Exide had US$71 million of
cash on hand at 12/31/2007 and US$79 million of availability
under its revolving credit.  A fixed charge covenant 1.1 becomes
effective if availability falls below US$40 million.

Ratings affirmed:

Exide Technologies, Inc.

-- Caa1 Corporate Family Rating;

-- Caa1 Probability of Default;

-- Caa1 (LGD3, 45%) rating of US$290 million of senior secured
    junior-lien notes due March 2013;

Exide Technologies, Inc. and its foreign subsidiary Exide Global
Holdings Netherlands CV:

-- B1 (LGD2, 16%) to the US$130 million senior secured term
    loan at Exide Technologies, Inc.;

-- B1 (LGD2, 16%) to the US$165 million senior secured term
    loan at Exide Global Holdings Netherlands CV.;

Ratings raised:

Exide Technologies, Inc.

-- US$200 million asset based revolving credit facility, to Ba3
    from B1.

The last rating action was on April 26, 2007 when the senior
secured bank debt was rated.

In a January 2008 Special Comment, Moody's outlined the changes
to its Loss-Given-Default methodology to recognize the favorable
recovery experience of asset-based loans relative to other types
of senior secured first-lien loans.  The terms of Exide's ABL
meet the eligibility requirements outlined in the Special
Comment and, therefore, its rating is Ba3, which is one notch
higher than would otherwise have been indicated by the LGD
waterfall.

Exide, headquartered in Alpharetta, Georgia, is one of the
largest global manufacturers of lead acid batteries, with net
sales approximating US$3.5 billion.  The company manufactures
and supplies lead acid batteries for transportation and
industrial applications worldwide.

The company has operations in 89 countries, including,
Australia, India, Finland, Poland, New Zealand, among others.


ICICI BANK: Says No Material Exposure to U.S. Sub-Prime Credit
--------------------------------------------------------------
ICICI Bank Ltd. has no material direct or indirect exposure to
U.S. sub-prime credit, the bank said in a media release after
reports of the company losing US$264 million on account of the
sub-prime crisis.

According to ICICI Bank, the widening of credit spreads in the
international markets have resulted in a negative mark-to-market
impact on the credit derivatives and fixed income investment
portfolios of the bank and its overseas banking subsidiaries,
while there has been no significant deterioration in actual
credit quality of the underlying investments.

ICICI Bank and its overseas banking subsidiaries have an
aggregate exposure of US$2.2 billion in credit derivatives, the
release noted.  As of January 31, 2008, the mark-to-market
negative on this portfolio due to movement of credit spreads was
about US$155 million of which US$88 million had been provided
for in the financial statements of the bank and its subsidiaries
for the nine months ended December 31, 2007.

In addition, ICICI Bank and its overseas banking subsidiaries
have fixed income investment portfolios, which have a mark-to-
market negative due to widening of credit spreads.  As of
January 31, 2008, this negative was about US$108 million of
which US$101 million had been accounted for in the financial
statements as of December 31, 2007.  This includes mark-to-
market on the available for sale portfolio, which has been
accounted for in the shareholders' equity.  The release added
that unrealized gains on ICICI Bank's other investment portfolio
has not been considered in above.

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.


QUEBECOR WORLD: WEB Printing Backs Suppliers' Objections
--------------------------------------------------------
WEB Printing Company, Inc., supports the objection raised by
Packaging Corporation of America; and Abitibi Consolidated Sales
Corp., Abitibi-Consolidated US Funding Corp., and Bowater
America Inc. regarding the reclamation procedures proposed by
Quebecor World Inc. and its debtor-affiliates.

WEB Printing also asks the U.S. Bankruptcy Court for the
Southern District of New York to require the Debtors to:

  (a) provide liquid collateral, in the form of irrevocable
      letters of credit in a amount at least equal to 125% of
      the reclamation claims; and

  (b) preclude the necessity of the Debtors obtaining the
      approval of any DIP Lender, the U.S. Trustee, or the
      Unsecured Creditors Committee to the resolution of any
      reclamation claim.

As reported in the Troubled Company Reporter on Feb. 25, 2008,
in separate filings Abitibi Consolidated Sales Corp., Abitibi-
Consolidated US Funding Corp., Bowater America Inc. and Bowater
Inc.; Packaging Corporation of America; Catalyst Pulp and Paper
Sales Inc., and Catalyst Paper (USA) Inc.; Rock-Tenn Company;
Midland Paper Company; and Day International Inc., objected to
the Debtors' proposed claims treatment procedures.

The initial objectors demanded the return of supplies worth more
than US$30 million.

The Suppliers asserted that the proposed Reclamation Procedures
will effectively deny their right of reclamation stating that
after a 120-day stay has expired, the Suppliers' goods will have
almost certainly been entirely consumed by the Debtors.

The Suppliers believe that they have satisfied the requirements
of Section 546(c), which gives them an absolute right to reclaim
the goods they sold to the Debtors which was received 45 days
before the bankruptcy filing.

These 22 suppliers filed notices of demand for reclamation
from Feb. 5, 2008, to March 2, 2008, to recover goods supplied
to the Debtors with 45 days before the bankruptcy filing:

   Claimant                               Claim Amount
   --------                               ------------
   Forbo Adhesives                        $106,684,453
   Abitibi Consolidated Sales Corp.         15,109,949
   Bowater America Inc.                      7,554,670
   Bowater Inc.                            unspecified
   Catalyst Paper (USA) Inc.                 8,388,821
   NewPage Corporation                       3,553,262
   Midland Paper                             3,070,833
   Packaging Corporation of America          1,454,988
   Day International                         1,225,783
   AEP Industries, Inc.                      1,099,710
   A.T. Clayton & Company                      721,305
   Rock-Tenn Company                           387,380
   MSC Industrial Supply Co.                   327,402
   ACTEGA Kelstar, Inc.                        325,711
   Goss International                          293,642
   C&W Pressroom Products                      182,170
   Roosevelt Paper Company                      74,226
   WEB Printing Controls Company, Inc.          50,482
   Holliston LLC                                45,967
   Valley Industrial Rubber Products Co.        25,610
   WESCO                                        19,544
   Newsweek, Inc.                          unspecified

                    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 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
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$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: Reaches Settlement with Utility Providers
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved five stipulations entered into by Quebecor World Inc.
and its debtor-affiliates and certain utility providers to
resolve objections to the Utility Motion.

Consolidated Edison Company of New York, Inc., Duke Energy Ohio,
Inc., Duke Energy Carolinas, LLC, New York State Electric and
Gas Corporation, The Commonwealth Edison Company, PECO Energy
Company, Piedmont Natural Gas Company and Virginia Electric and
Power Company, d/b/a Dominion Virginia Power, CenterPoint Energy
Arkansas Gas, CenterPoint Energy Gas Transmission, Inc., and
Merced Irrigation District entered into a letter agreement dated
Feb. 20, 2008, with the Debtors pursuant to which the Debtors
will provide certain adequate assurance of payment for future
utilities services to the Utilities.

The parties agreed that upon delivery of the adequate assurance
by the Debtors pursuant to the Letter Agreement, the Utilities
will be deemed to be adequately assured of payment for future
utility services within the meaning of Section 366 of the
Bankruptcy Code.  The amount of adequate assurance was not
disclosed.

BP Canada Energy Marketing Corp., BP Energy Company, IGI
Resources, Inc., Hess Corporation formerly known as Amerada Hess
Corporation and the Debtors have engaged in negotiations to
resolve their Objections and seek an adjournment of a hearing on
the Objection to continue those efforts.

The parties agreed that the hearing on the Objections is
adjourned to March 20, 2008.

Pending the hearing and resolution or adjudication of the
Objections, BP and Hess will be excluded from the definition of
Utility Provider and none of the parties will be included on the
Utility Service List, and the Debtors, Hess and BP reserve their
rights.

Hess waives any and all objections to (a) the Proposed Adequate
Assurance for Utility Providers proposed in the Motion,
provided, however, Hess's Objection is preserved to the extent
that it seeks adequate assurance in the manner and form that
existed pre-petition, viz. posting of a $1,500,000 letter of
credit by the Debtors with Hess as beneficiary and (b) the
Adequate Assurance Procedures and the procedures for opting out
of Adequate Assurance Procedures.

The Debtors also entered into a letter agreement with Integrys
Energy Services of Canada Corp. and Integrys Energy Services,
Inc.  The parties agreed that the Debtors agree not to assert in
their chapter 11 cases that Integrys is a "utility" within the
meaning and subject to the application of Section 366 of the
Bankruptcy Code.  The Debtors further agree that Integrys is not
subject to the Utility Motion, or any related orders.  Integrys
withdraws with prejudice, and will not seek Bankruptcy Court
consideration of, its Objection.  The parties also agree that
Integrys US is authorized to apply the prepetition deposit in
its possession to the net, outstanding prepetition balances owed
to Integrys US.

The Debtors ask the Court to enter an order (i) determining that
utility providers have been provided with adequate assurance of
payment within the meaning of Section 366 of the Bankruptcy
Code;

(ii) approving proposed procedures for granting adequate
assurance payments to certain utility providers; and (iii)
prohibiting utility providers from altering, refusing or
discontinuing services on account of prepetition amounts owed.

Michael J. Canning, Esq., at Arnold & Porter LLP, in New York,
proposed counsel for the Debtors, tells the Court that the
Debtors operate 78 printing facilities in 29 states.  As an
indispensable part of those operations, the Debtors obtain
electric, gas, water, sewer, telephone and other similar utility
services provided by 200 utility companies.

The Debtors pay utility providers, on average, about $10,000,000
per month for services rendered.  The Debtors, pursuant to an
Energy Sourcing and Management agreement, transfer $3,000,000
every week to Summit Energy Systems, Inc., which then transmits
payment to majority of the Debtors' utility providers.

Mr. Canning avers that uninterrupted utility services are
essential to the Debtors' ongoing operations and, therefore, to
the success of the Debtors' reorganization.

            BP Canada Refused to Supply U.S. Plants

As reported in the Troubled Company Reporter on Feb. 7, 2008,
Craig W. Wolfe, Esq., at Kelley Drye & Warren, LLP, in New York
asserted that the Debtors' request for supply should be denied
as it relates to BP Canada, BPEC and IGI.  He argues that BP
Canada, BPEC and IGI are not "utilities," and are thus not
subject to Section 366 of the Bankruptcy Code.

Mr. Wolfe asserts that BP Canada, BPEC and IGI do not have a
monopoly over the sale of natural gas to the Debtors.  There are
numerous other providers of natural gas that are available to
the Debtors, including the local distribution company, he points
out.

For purposes of the Interim Order, BP Canada, BPEC, IGI, BP
Energy Marketing Corp., and National Fuel Resources Inc., will
be excluded from the definition of Utility Provider.

                      More Objections

(1) Consolidated Edison Company, et al.

Consolidated Edison Company of New York, Inc., Duke Energy Ohio,
Inc., Duke Energy Carolinas, LLC, New York State Electric and
Gas Corporation, The Commonwealth Edison Company, PECO Energy
Company, Piedmont Natural Gas Company, and Virginia Electric and
Power Company doing business as Dominion Virginia Power asked
the Court to deny the Debtors' request and award them
postpetition adequate assurance of payment pursuant to Section
366 of the Bankruptcy Code.

Jil Mazer-Marino, Esq., at Rosen Slome Marder LLP, in Uniondale,
New York, related that Dominion Virginia Power maintained a
letter of credit on the Debtors' prepetition accounts totaling
US$331,938.  New York State Electric and Gas maintained security
deposits on the Debtors' prepetition accounts totaling
US$85,000.

CenterPoint Energy Arkansas Gas requested a two-month deposit of
US$9,640, while CenterPoint Energy Gas Transmission seeks a 90-
day deposit of US$12,375.

(2) Clearwater Enterprises

Clearwater Enterprises, L.L.C., asked the Court to determine
that the Interim Order does not apply to Clearwater and that the
rights set forth in Section 556 of the Bankruptcy Code are
applicable to Clearwater.

According to Osman Dennis, Esq., at Peter Axelrod & Associates,
P.C., in New York, the Debtors sought to compel Clearwater to
continue to provide natural gas to the Debtors' Stillwater
Oklahoma Facility under a certain Base Contract by deeming
Clearwater as a utility.

(3) Merced Irrigation District

Merced Irrigation District proposed two alternative methods of
providing adequate assurances.

The first method is for the Debtors to post a two-month deposit
of US$1,006,098.  The second method requires the Debtors to
provide Merced a two-week deposit of $232,176, involves changing
the billing cycle from monthly to weekly, requires the Debtors
to pay weekly invoice timely, among others.

(4) Franklin Electric, et al.

Franklin Electric Plant Board; Cumberland Electric Membership
Corporation; Memphis Light, Gas & Water Division of the City of
Memphis, Tennessee; Covington Electric System; City of
Covington; Nashville Electric Service; Trenton Light & Water
Department of the City of Trenton, Tennessee; Dyersburg Electric
System; City of Dyersburg, Tennessee; Dickson Electric System;
Alcorn County Electric Power Association; Clarksville Department
of Electricity; and Northcentral Electric Power Association
asked the Court to require the Debtors to post a security
deposit within 30 days of the Petition Date satisfactory to
Franklin Electric, et al., in an amount not less than 250% of
the highest month's usage for each of the Municipal and
Cooperative Utilities during the 12-month period preceding the
Petition Date, as adjusted by an additional proportionate
increase associated with the anticipated increases in the cost
of supplying electricity and natural gas, among others.

The Debtors' highest monthly utility consumption during the 12
months preceding the Petition Date total US$2,407,533.

Franklin Electric, et al., also asserted US$2,083,485
prepetition claims against the Debtors.

                   Stipulation With SCANA

In a Court-approved stipulation, the Debtors and SCANA Energy
Marketing have agreed that (a) the Debtors will not assert that
SCANA is a "utility" within the meaning and subject to the
application of Section 366 of the Bankruptcy Code; and (b) the
Debtors agree that SCANA is not subject to the Utility Motion
and orders related to it, and SCANA will not be listed on the
schedule of utilities attached to the Final Order.

                     Court's Final Order

Judge James Peck issued a final order determining adequate
assurance of payment for future utility services.  The Court
ordered that utilities identified by the Debtors are forbidden
to discontinue, alter or refuse service on account of any unpaid
prepetition charges, or require additional adequate assurance of
payment other than the Debtors' adequate assurance.

A copy of the Utility Service List is available for free at:
http://bankrupt.com/misc/Quebecor_FinalUtilityServiceList.pdf

                    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: Wants Banc of America Aircraft Lease Rejected
-------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of New
York to reject an aircraft lease agreement with Banc of America
Leasing and Capital, LLC.

The Debtors further ask the Court to lift the automatic stay so
that Banc of America can exercise its rights to the Aircraft
Lease Agreement, which includes one Bombardier CL-601-3A
aircraft, two General Electric CF34-3A engines and certain
appliances, parts, instruments, appurtenances, accessories,
furnishings, seats and other equipment incorporated to the
aircraft.  The Aircraft Lease expired on January 18, 2008.

The Debtors want to reject the Aircraft Lease effective as of
the Petition Date out of an abundance of caution, and to confirm
that their bankruptcy estates do not retain any equitable
interest in the aircraft or the Aircraft Lease.  In addition,
the Debtors request clarification that Banc of America's
exercise of remedies under the Aircraft Lease and actions to
take possession of the aircraft will not be construed as a
violation of the automatic stay under Section 362 of the
Bankruptcy Code.

As of Jan. 7, 2008, the Debtors owe US$12,218,351 under the
Lease.

According to Michael Canning, Esq., at Arnold & Porter LLP, in
New York, the aircraft is not operational and is hangered in
Montreal, Canada.  The Debtors are also continuing to incur
costs associated with its storage and insurance.

The Debtors have determined that the fair market value of the
aircraft is significantly less than the US$12,218,351 payment
amount.  Based on an Aircraft Appraisal Report prepared by
Aeronautical Systems, Joseph T. Zulueta, ASA, dated
Jan. 28, 2008, the fair market value of the aircraft is at an
estimated US$9,633,000.

Mr. Canning relates that Banc of America desires to retake
possession of the aircraft as soon as possible, and has agreed
to waive any and all postpetition claims, as well as any
rejection damages arising from the Debtors' rejection of the
Aircraft Lease.  Accordingly, the Debtors have entered into
discussions with Banc of America regarding the Aircraft Lease
rejection and relief from the automatic stay.

                   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 $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
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$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.


TATA MOTORS: Presents 4 Vehicles Including Nano at Geneva Show
--------------------------------------------------------------
Tata Motors Ltd. presented Tuesday at the 78th Geneva Motor Show
the Tata Nano, the People's Car, and three other vehicles, the
new generation Indica, the new Safari DICOR 2.2 VTT and the
Xenon.

The Nano will first be launched in India later in 2008.  The new
generation Indica will be launched in the latter part of 2008 in
international markets.  The Safari DICOR 2.2 VTT and the Xenon
have just been introduced in select markets.

Speaking on the occasion at the Geneva Motor Show, Ratan N.
Tata, Chairman of the Tata Group and Tata Motors said, "1998,
when we displayed the Indica at Geneva, marked our entry into
passenger cars.  The last decade has been a period of
significant development in Tata Motors' capabilities.  The
display of the Nano, which is a first for the global automobile
industry, and the new generation Indica signifies this in-house
progression."

The Nano

The Nano is designed as an all-weather, safe family car at an
affordable price. When launched in India, the car will be
available in both standard and deluxe versions.  The standard
version has been priced at INR100,000 (about US$2,500/EUR1,700),
excluding VAT and transportation cost.

The Nano can comfortably seat four persons.  Its mono-volume
design will set a new benchmark among small cars.  It has a
rear-wheel drive, all-aluminium, two-cylinder, 623 cc, 24.6 kW,
multi point fuel injection petrol engine.

Its safety performance exceeds regulatory requirements in India.
Its tailpipe emission performance too exceeds regulatory
requirements.  In terms of overall pollutants, it has a lower
pollution level than two-wheelers being manufactured in India
today.  The lean design strategy has helped minimise weight,
which helps maximise performance per unit of energy consumed and
delivers high fuel efficiency.  The high fuel efficiency of the
car results in low carbon dioxide emissions, thereby providing
the twin benefits of an affordable transportation solution with
a low carbon footprint.

The New Indica

The new generation Indica has been given a complete makeover.
The new Indica is bigger than the current Indica with a length
of 3,795 mm (existing 3,675 mm), width of 1,695 mm, height of
1550 mm and wheelbase of 2,470 mm (existing 2,400 mm).  The rear
sloping wind screen also increases the sense of spaciousness in
the passenger cabin.  The new Indica will be available with a
new range of world class diesel and petrol engines and
transmissions with a new suspension.  The car will be offered
with the new 1.3 litre Quadra-Jet Common Rail Direct Injection
Diesel engine and 1.2 and 1.4 litre Safire MPFI VVT Petrol
engines, in addition to existing Tata powertrains.  The new
engines will be manufactured at the new Tata-Fiat joint venture
plant in India.

The New Safari DICOR 2.2 VTT

The Safari is powered by a 2.2 litre 103 kW common rail direct
injection Euro IV compliant diesel engine.  The new styling and
comfort features are complemented by convenience and safety
features, such as ABS and airbags.

The Xenon

The Xenon is also equipped with a 2.2 litre 103 kW common rail
direct injection Euro IV compliant diesel engine.  With superior
styling, comfort and safety features this is a versatile pick up
truck suited for business as well as leisure applications. It is
offered in single cabin, double cabin and space cabin versions
in 4x2 as well as 4x4 configurations.  Superior fuel mileage and
better payload capacity make it a profitable choice for
commercial and personal usage.  While continuing to be
manufactured in India, the Xenon will also be manufactured in
Thailand and will be marketed in Tata's existing European, Asean
and African markets.

The Tata range has been selling in select European markets since
1993 and has continued to gain increasing response year after
year.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA MOTORS: Won't Flip Jaguar, Ratan Tata Says
-----------------------------------------------
Tata Group Chairman Ratan Tata said that Tata Motors Ltd. won't
flip Jaguar, denying speculations that the bus maker may sell
the unit quickly after closing a deal with Ford Motor Co., Mike
Spector and Edward Taylor of The Wall Street Journal reports.

"I don't think that's been our style," The Journal quoted Mr.
Tata as saying.  "We haven't flipped companies that we've been
involved in."

Tata Motors further assured the workers at Jaguar and Land Rover
that the company won't introduce drastic changes to the business
structure of the two brands, The Journal stated.

"These are two iconic brands . . . the plan would be to retain
the image and not to tamper it in any way," Reuters quoted an
Tata spokesperson as telling reporters at the Geneva auto show
on Tuesday.  According to the unnamed spokesperson, Tata intends
to "nurture and grow" the brands.

A Financial Times report on Wednesday said that Mr. Tata expects
Jaguar and Land Rover's management to integrate with Tata
Motors' but he promises they would not get involved with
Indianising the company.

Tata Motors became the front-runner to buy Ford's Jaguar and
Land Rover, outbidding Mahindra & Mahindra in collaboration with
buyout firm Apollo; and One Equity Partners LLC.

                        Deal Delayed

The Troubled Company Reporter-Asia Pacific reported on
Feb. 27, 2008, that the announcement of the sale of the two
luxury brands to Tata Motors is expected to on March 6 or 7.
The Journal, citing an unnamed person briefed on the
negotiations, said talks were likely to extend beyond this week.

According to the Indo-Asian News Service, the purchase has been
delayed  by more than 10 days.  "We have been told that the
memorandum of sales will now take place in the week beginning
March 17, after the Geneva Motor Show is over," IANS quotes a
spokesman for Unite workers' as saying.

Ford noted in its U.S. Securities and Exchange Commission annual
report filing that the sale deal with Tata Motors for the two
units is expected to close in the second quarter.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA MOTORS: To Raise US$3 Bil. for Jaguar-Land Rover Purchase
--------------------------------------------------------------
Tata Motors Ltd. is seeking US$3 billion in loans fund its
planned acquisition of Ford Motor Co.'s Jaguar and Land Rover
brands, Joe Leahy writes for the Financial Times.

The FT report, citing people familiar with the matter, said that
Tata Motors has already tapped Citigroup and JPMorgan to, among
others, arrange the financing with various banks including
Standard Chartered, State Bank of India, Bank of Tokyo and
Mitsubishi UFJ, Mizuho Financial Group and Calyon.

Tata Motors became the front-runner to buy Ford's Jaguar and
Land Rover, outbidding Mahindra & Mahindra in collaboration with
buyout firm Apollo; and One Equity Partners LLC.  A deal for the
sale is expected to be announced since yesterday, but recent
reports say it will be delayed by more than 10 days.  According
to the Indo-Asian News Service, a memorandum of sales will now
take place in the week beginning March 17, after the Geneva
Motor Show is over.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 26, 2008, that Tata Motors Ltd. has kick-started the
process of raising US$2.5 billion by giving the mandate to
various local and foreign banks.  Merrill Lynch analysts
originally evaluated Jaguar and Land Rover at around US$1.5
billion but later consultants estimate it to cost between US$2
billion to US$3 billion, the Economic Times said.

According to FT, Tata is entering the market at a difficult time
for acquisition financing, with companies facing higher prices
in raising high-yield bonds for takeovers and banks keen to
spread their exposure to such debt.  The news agency expects the
loan to be mostly short-term bridge financing but fails to gave
out details saying they are still being ironed out.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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




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


BANK INT'L: Government Denies China Bank's Takeover Bids
--------------------------------------------------------
Indonesia's central bank denied rumors that the Industrial and
Commercial Bank of China and China Construction Bank have
submitted a bid for a controlling stake in PT Bank Internasional
Indonesia Tbk, Reuters reports.

According to the report, three Indonesian newspapers on
February 4, reported that the central bank had confirmed that
ICBC and CCB had applied to buy a stake in Bank Internasional
from Singapore investor Temasek Holdings.

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

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

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

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

"We have not received letters from ICBC and CCB.  What we have
is only Temasek saying that they are planning to sell and they
never said to whom," Halim Alamsyah, director for research and
banking administration at Bank Indonesia, was quoted by Reuters
as saying.

Adriana Nina Kusuma and Harry Suhartono of Reuters writes that
the newspapers had quoted Alamsyah as the source confirming that
the central bank had indeed received proposals from the two
Chinese banks.

                 About Bank Internasional

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

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

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

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

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

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

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

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

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

  * Individual Rating 'C/D',

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

  * National Rating 'AA-(idn)'.


GOODYEAR TIRE: Fitch Lifts Issuer Default Rating to BB-
-------------------------------------------------------
Fitch Ratings upgraded The Goodyear Tire & Rubber Company's
Issuer Default Rating and senior unsecured debt rating as:

The Goodyear Tire & Rubber Company:

    -- IDR to 'BB-' from 'B+';
    -- Senior unsecured debt to 'B+' from 'B-/RR6'.

In addition, Fitch has affirmed these ratings:

The Goodyear Tire & Rubber Company:

    -- US$1.5 billion first lien credit facility at 'BB+';
    -- US$1.2 billion second lien term loan at 'BB+'.

Goodyear Dunlop Tires Europe B.V. (GDTE):

    -- EUR505 million European secured credit facilities at
       'BB+'.

The ratings cover approximately US$4.1 billion of outstanding
debt.  The Rating Outlook is Stable.

Furthermore, Fitch is withdrawing its ratings for GT's third
lien senior secured debt following repayment of the debt.

The two-notch rating difference between GT's secured debt and
its IDR reflect the benefit of significant collateral support.
GT's first lien credit facility and the second lien term loan
are given the same rating due to Fitch's opinion that the
collateral package provides sufficient coverage to both
facilities even in the case of the first lien revolver being
fully drawn.  The one-notch difference between the unsecured
debt and the IDR reflects the unsecured debt's junior position
in the capital structure, as well as credit concerns described
below.

The rating upgrades reflect the positive impact on GT's balance
sheet from its continued debt reduction, significant cost
reduction in the past year, and a successful strategic shift to
selling more premium-priced products.  The senior unsecured debt
also benefits from the reduced amount of secured debt in the
capital structure after GT redeemed US$650 million of senior
secured third lien notes on March 3.  Combined with the expected
repayment of US$100 million of 6-3/8% notes that mature on
March 17, 2008, GT will have reduced its debt by US$3.2 billion
since the beginning of 2007.

The ratings and Stable Outlook for GT reflect an improving cost
structure, a more focused marketing strategy, growing
international sales, and a solid liquidity position.  GT has
exited low-margin segments of the wholesale private label tire
business and expanded its higher margin premium tire business.
Results in GT's North American operations, while improving,
remain weaker than its international operations, and GT remains
exposed to declining vehicle sales in the U.S. and an uncertain
economy. An increasing proportion of sales outside the U.S.
should help alleviate this concern over the long term. Other
rating concerns also include high raw material costs,
competitive pricing in certain international markets and cash
requirements for capital expenditures and pension contributions.
Further upside changes in the ratings or Outlook will depend on
GT's ability to extend its recent progress in addressing
operating challenges and in building stronger credit metrics.

Cash flow from operations continued to be weak in 2007 due to
large pension contributions and higher working capital
requirements as GT recovered from the labor strike in late 2007.
In 2008, cash flow will remain challenging but should be
favorably affected by reduced pension contributions, a better
working capital position, and lower interest expense related to
debt reduction.  Cost pressures from raw materials, including
rubber, which GT estimates may rise 7%-9% in 2008, could be
mitigated by GT's ongoing cost-reduction program.  At the end of
2007, GT had achieved more than half of its US$1.8 billion-US$2
billion four-year cost reduction goal.  The program involves
cost savings from higher productivity, a reduction in GT's
global footprint, and a further transition to low-cost sourcing.
GT has been effective at reducing the negative impact of high
raw material costs by raising prices and emphasizing higher-
margin premium tires.

At the end of 2007, GT had a liquidity position of approximately
US$4.9 billion, consisting of US$3.5 billion of cash and US$1.8
billion of credit facility availability, less US$396 million of
short-term debt and current maturities.  Year-end cash balances
were used to execute the debt reduction mentioned above, and
they will be utilized to fund the planned US$1 billion
contribution to GT's Voluntary Employees' Beneficiary
Association trust.  The transaction would significantly reduce
OPEB liabilities and associated cash requirements in future
years.  Other cash requirements in 2008 will include pension
contributions, though at a much lower level than previous years,
increased capital expenditures, and modest debt reduction. GT's
debt-to-EBITDA ratio has declined from an unusually high level
one year ago and stood at 3 times as of Dec. 31, 2007.  The
company's long-term target for debt/EBITDA is 2.5x as measured
by its bank facilities and differs somewhat from Fitch's
calculation.  EBITDA-to-Interest coverage improved to 3.4x at
the end of 2007 compared to 2.4x at the end of 2006.

All previously assigned Recovery Ratings have been withdrawn as
a result of the IDR upgrade to 'BB-'.  Fitch assigns explicit
RR's only for companies with an IDR of 'B+' or below.  Notching
for companies with IDR's above 'B+' continues to be heavily
influenced by broader historical recovery patterns


LIPPO KARAWACI: Bosowa Group Acquires Hotel Imperial for US$17MM
----------------------------------------------------------------
Bosowa Group, through PT Makassar Hotel Network, has acquired
PT Lippo Karawaci Tbk's Hotel Imperial Aryaduta Makassar,
Reuters Investing Keys reports.

According to the report, the Imperial Hotel's whole assets were
priced at US$17 million.

The transaction, the report relates, was signed in December 2007
and it will be concluded in February 2008 at the latest.  Bosowa
paid a partial of US$4 million and will pay the rest in the near
future, the same report adds.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Nov. 24, 2006, that Moody's Investors Service changed to
negative from stable its outlook on PT Lippo Karawaci Tbk's B1
corporate family rating and the B1 senior unsecured bond rating
of Lippo Karawaci Finance BV and guaranteed by LK.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


MEDCO ENERGI: to Purchase Natuna Shares
---------------------------------------
PT Medco Energi Internasional Tbk is interested in purchasing
the Natuna gas field, owned by ExxonMobil and Pertamina, Tempo
Interactive reports.

Owner of Medco E&P Indonesia Arifin Panigoro said he is not sure
yet of the rumored acquisition plan, but if he was asked to work
with Pertamina, then the company might be interested in buying
the shares.

However, he explained that if Medco purchased the shares, the
number of shares to be purchased will still depend on the
project structure, he added.

Sorta Tobing of Tempo writes that Mr. Panigoro also said if it
is pure LNG (Liquid Natural Gas) the shares will be very
expensive.

                    About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Medco Energi.  The outlook
remains negative.  According to S&P, the negative outlook on
Medco reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


MEDCO ENERGI: Discloses Gas Flow Incident in Sembakung Block
------------------------------------------------------------
PT Medco Energi Internasional Tbk said a gas flow incident
occurred at its Sembakung well no. 60 in Sembakung Block,
Reuters Investing Keys reports.

According to the report, The block, which was operated by the
company's unit PT Medco E&P Indonesia (MEPI), experienced
natural gas flowing at its wellhead on January 27, 2008.

MEPI took all necessary measures to surmount the incident,
including the halting of drilling operations and shutting down
of wells in the vicinity of the Sembakung well, the report
relates.

The company explained to Reuters that the incident does not
present any danger to the local people or to the environment
since the well's location is far from any residential areas.

                     About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Medco Energi.  The outlook
remains negative.  According to S&P, the negative outlook on
Medco reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


* INDONESIA: European Union to Discuss Flight Ban in July
---------------------------------------------------------
The European Union will convene in July 2008 to discuss its
flight ban on 51 Indonesian Airlines.  The discussion was
originally scheduled for April, but an EU consultant needed time
additional time to verify aviation safety standards in
Indonesia, Antara News reports, citing Transportation Minister
Jusman Syafii Djamal.

The European Commission banned 51 Indonesian airline companies
from flying to European Union member countries as of
July 6, 2007, due to flight safety concerns, the report
recounts.  Since then the Indonesian government intensively
lobbied the EU to lift it, while requiring Indonesian airline
companies to improve their flight safety conditions, Antara
relates.

Jean Piere Ambrosini, EU consultant on Indonesia-European Union
partnership for aviation safety, will collect data for six
months in Indonesia and submit a recommendation for the
evaluation of the flight ban on Indonesian airlines, the report
explains.

Mr. Ambrosini would observe Indonesia`s Road Map to Safety
program and monitor the work of the directorate general of air
communications in supervising the operations of Indonesian
airlines, Antara relates.

Indonesia had asked the European Union to focus on PT Garuda
Indonesia, PT Mandala Airlines, PT Premi Air and PT Air Fast in
order to speed up the lifting of the flight ban on them, the
report adds.




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


ALITALIA SPA: Lazio Court Says Exclusive Sale Talks Legitimate
--------------------------------------------------------------
The Italian Regional Administration Court of Lazio has confirmed
the legitimacy of the exclusive talks to sell the Italian
government's 49.9% stake in Alitalia S.p.A. to Air France-KLM
S.A., various reports say.

The ruling rejected an appeal filed by AirOne S.p.A. to the
Feb. 20, 2008 decision by the Italian Regional Administration
Court of Lazio that rejected its petition to declare null and
void a Dec. 28, 2007 decision of Italy's Ministry of Economy and
Finance to commence exclusive talks with Air France.

As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and
Italy commenced exclusive sale talks with Air France-KLM.  The
carriers have until mid-March to reach an agreement, which
would be approved by the government.  Air France said it will
seek approval from the new Italian government chosen following
the April 13-14, 2008, snap elections, for any agreement to
acquire Italy's stake in Alitalia.

Air France managing director Pierre Henri Gourgeon that the
exclusive talks may go beyond the April elections due to various
procedural steps, Radiocor relates.

AirOne said it would present a binding offer once it wins its
appeal, adding that its offer would be financially backed by
Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc., Morgan Stanley
and Nomura Holdings Plc.

TPG Inc. and Pirelli & S.p.A. chairman Marco Tronchetti Provera
may join AirOne in its Alitalia bid.  Reuters said MyChef may
also participate in the offer.  AirOne chairman Carlo Toto is
inviting businessmen from the Lombardy region to join the
airline's bid.

                       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.

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.


DELPHI CORP: Court Extends Lease Decision Deadline to March 31
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
to further extended the time within Delphi Corp. and its debtor-
affiliates may assume or reject unexpired leases of
nonresidential real property through and including the earlier
of:

  (a) the Effective Date of the Debtors' confirmed First Amended
      Joint Plan of Reorganization; and

  (b) May 31, 2008.

If the Debtors file a subsequent motion to extend the Lease
Decision Deadline before the expiration of the applicable
deadline for a particular lease, and that motion is set for
hearing on the next omnibus hearing date that is at least 20
days away or is filed in accordance with Rule 6006-1(c) of the
Local Bankruptcy Rules for the U.S. Bankruptcy Court for the
Southern District of New York, the Debtors' deadline to assume
or reject the underlying lease is automatically extended until
the later of:

  -- the date set forth in any subsequent Court order;

  -- three business days after the Court enters an order ruling
     on the Subsequent Motion; and

  -- May 31, 2008.

As reported in the Troubled Company Reporter on Feb. 11, 2008,
the Debtors are lessors or lessees with respect to roughly 80
unexpired leases of nonresidential real property, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, relates.  Certain of the Real Property
Leases, he noted, are among the Debtors' primary assets and are
vital to their business.

The First Amended Plan provides for the assumption of all of the
Real Property Leases on the Plan Effective Date.  The Debtors'
Lease Decision Deadline expired Feb. 29, 2008.

The Proposed Lease Decision Deadline will be subject to the
terms of the Plan and Plan Confirmation Order, Mr. Butler
assured the Court.  The Proposed Deadline, he added, coincides
with the Debtors' current deadline to solicit acceptances of a
reorganization plan.

The Debtors have remained and fully intend to remain current
with respect to all outstanding postpetition rental obligations
under the Real Property Leases, Mr. Butler continues.  The non-
debtor parties to the Real Property Leases will not be
prejudiced by the proposed extension because the Debtors are
making payments under the Real Property Leases as they come due,
he said.

If the Lease Decision Deadline is not extended, the Debtors may
face uncertainty with respect to their ability to assume or
reject the Real Property Leases if the Plan does not become
effective by the current Feb. 29, 2008 Lease Decision Deadline,
Mr. Butler maintained.

                     About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of
vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As previously reported in the Troubled Company Reporter-Europe,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  Moody's said the outlook is stable.

Standard & Poor's Ratings Services in the meantime said it
expects to assign its 'B' corporate credit rating to Delphi upon
the company's emergence from Chapter 11 bankruptcy protection,
which may occur by the end of the first quarter of 2008.  S&P
expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.


DELPHI CORP: Court Extends Deadline to Remove Civil Actions
-----------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York extended Delphi Corp. and its
debtor-affiliates' deadline to remove pending judicial and
administrative proceedings through the earlier of:

  (a) 30 days after the effective date of the Debtors' Joint
      Plan of Reorganization; and

  (b) 30 days after the Court enters an order terminating the
      automatic stay with respect an action.

As reported in the Troubled Company Reporter on Feb. 11, 2008,
John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, related, the Debtors are parties
to more than 200 judicial and administrative actions pending in
various courts or administrative agencies throughout the United
States.

The Debtors' deadline to remove Actions in accordance with
Section 1452 of the Judiciary and Judicial Procedure Code and
Rule 9027 of the Federal Rules of Bankruptcy Procedure expired
on Feb. 29, 2008.

The Debtors expect to emerge from Chapter 11 during the first
quarter of the year.

An extension, Mr. Butler asserted, was necessary in the event
that the Debtors' bankruptcy emergence date is delayed beyond
Feb. 29, 2008.  An extension, he added, will afford the Debtors
an opportunity to make fully informed and prudent decisions
concerning the possible removal of the claims and causes of
action in the Actions, thus protecting the Debtors' valuable
right to adjudicate the Actions economically if current or
future circumstances warrant their removal.

The Debtors' request will not prejudice any party whose
proceeding is removed from seeking remand under Section 1452(b)
of the Bankruptcy Code, Mr. Butler pointed out.

                     About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of
vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on
Dec. 20, 2007.  The Court confirmed the Debtors' First Amended
Plan on Jan. 25, 2008.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As previously reported in the Troubled Company Reporter-Europe,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; and
US$0.825 billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  Moody's said the outlook is stable.

Standard & Poor's Ratings Services in the meantime said it
expects to assign its 'B' corporate credit rating to Delphi upon
the company's emergence from Chapter 11 bankruptcy protection,
which may occur by the end of the first quarter of 2008.  S&P
expects the outlook to be negative.

In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the
company's proposed US$3.7 billion senior secured first-lien term
loan; and a 'B-' issue rating (one notch below the corporate
creditrating), and '5' recovery rating to the company's proposed
US$825 million senior secured second-lien term loan.




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


ACTUANT CORP: Acquires Superior Plant Services for US$57 Million
----------------------------------------------------------------
Actuant Corporation has acquired Superior Plant Services, LLC,
for approximately US$57 million in cash.  Funding for the
completed transaction came from the company's revolving credit
facility.

SPS will operate as part of Hydratight, within Actuant's
Industrial Segment.  Brian Kobylinski, Leader of Actuant's
Industrial Segment, stated: "SPS is a great addition to our
global joint integrity platform, adding a significant presence
to our service business both in oil & gas in the important Gulf
of Mexico region and in power generation in the mid-Atlantic.
Its long-standing customer relationships and trained workforce
of over 125 service technicians represent excellent complements
to our existing Hydratight business.  SPS President Al Shiyou
and his management team have been successful in growing their
business and we look forward to them joining the Actuant team."

                          About SPS

Headquartered in Terrytown, Louisiana, SPS is a specialized
maintenance services company serving the oil & gas and nuclear
power industries in North America, primarily in the Gulf of
Mexico and mid-Atlantic regions of the United States.  Its
services include field machining, flange weld testing, line
isolation, bolting, heat treating, and metal disintegration. SPS
generated approximately US$25 million in revenues last year.

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

In June 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's US$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


KENERTEC: Converts Third Convertible Bonds into Shares
--------------------------------------------------------
Kenertec Co., Ltd.'s KRW1,864,400,000 worth of third overseas
convertible bonds have been converted for 172,390 shares of the
company, Reuters Investing Keys reports.

According to the report, the bonds were converted at the
conversion price of KRW10,815 pre share.

This brings the total number of the company's outstanding common
shares to 13,619,442, the report relates.  The same report says
that the listing date of the new shares is on March 21, 2008.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KOREA EXPRESS: Investor Sells 3.43% Stake
-----------------------------------------
The Korea Express Co. Ltd.'s investor Korean Developmental Bank
has sold off 23,525 shares of the company, Reuters Investing
Keys reports.

According to the report, the shares sold were equivalent to a
3.43% stake in the company.  As a result, KDB holds a 4.90%
stake in Korea Express, the report adds.

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

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

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

Korea Investors Service gave the company a BB rating.


MIJU MATERIAL: Declares Annual Cash Dividend
--------------------------------------------
Miju Material Co. Ltd. has declared an annual cash dividend of
KRW10 per share of preferred stock to shareholders of record on
December 31, 2007, Reuters Investing Keys reports.

According to the report, the total cash dividend amount is
KRW42,423,580.  The company declared zero cash dividend on its
common stock, the report says.

Headquartered in Kyongsangnam Province, Korea, Miju Material
Co., Ltd. -- http://www.tech-one.co.kr/-- specializes in the
manufacture of cold-head-quality wire, which is a type of coil
used in cold heading or cold forging to make bolts, nuts, rivets
and screws.  The company develops different wire materials based
on the ultimate usage, such as carbon steel for automotive and
general purposes, nickel-chrome-molybdenum steel for airplanes,
chrome-molybdenum steel for building construction and manganese
steel for machinery.

On May 8, 2006, Korea Ratings gave the company's US$2,000,000
overseas bond with warrants a 'B' rating with a stable outlook.




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


ELECTRONIC DATA: M. Blackburn Replaces M. Koehler as EMEA Head
--------------------------------------------------------------
Electonic Data Systems Corp. has appointed Martin Blackburn to
the position of vice president and general manager, of the
company's Europe, Middle East and Africa (EMEA) Operations.  He
will report directly to Bill Thomas, executive vice president
for EMEA, effective April 1, 2008.

Mr. Blackburn will assume responsibility for the EMEA
operations, including the management of delivery to all clients
in the region, strategy and financial performance.  Mr.
Blackburn is replacing Mike Koehler, who will assume the
position of Electonic Data's executive vice president of Global
ITO Services.

Mr. Blackburn brings extensive knowledge and experience in
leading the operations function of major outsourcing
organisations.  Previously, he served as Chief Executive, Global
Service Delivery Logica -- a division that comprises 10,000
staff across 18 countries.  He was responsible for all business
process outsourcing, IT outsourcing, applications management and
offshore service delivery within the Logica Group.  Mr.
Blackburn re-established growth for the company -- building an
impressive client portfolio, formulating the company's offshore
strategy and personally spearheading the change programme
underpinning the company's transformation.

"Martin brings to EDS unique experience and insight which will
be instrumental in ensuring we continue to deliver a high
quality, consistent service across our client base," said Mr.
Thomas.  "In particular, Martin's recent success building a
thriving global delivery model, offering clients the right blend
of offshore, nearshore and onshore locations, is particularly
complementary to EDS' Best Shore strategy."

Mr. Blackburn holds a BSc (Hons) Mathematics and Information
Systems.  He is also a Member of the British Computer Society,
the Institute of Electrical and Electronics Engineers, and the
Institute of Mathematics.

                About Electronic Data System

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.

The company has locations in Argentina, Australia, Brazil,
China, Chile, Hong Kong, India, Japan, Malaysia, Mexico, Puerto
Rico, Singapore, Taiwan, Thailand and South Korea.

                        *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


PAXELENT CORP: Trading of Securities to be Suspended on March 12
----------------------------------------------------------------
Paxelent Corporation Berhad's securities will be suspended from
trading starting on March 12, 2008.  This follows after the
Securities Commission rejected the company's appeal for its
Proposed Revised Corporate Restructuring Exercise.

As reported by the Troubled Company Reporter-Asia on
March 4, 2008, the Proposed Revised Corporate Restructuring
Exercise involves:

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

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

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

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

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


PECD BERHAD: Triggers Practice Note 17 Criteria
-----------------------------------------------
PECD Berhad announced that it was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's deficit in its unaudited adjusted shareholders' equity
on a consolidated basis is of MYR914.9 million as at
December 31, 2007.

   * Review of Recent Performance

For the current year-to-date, PECD Group recorded revenue and
loss before tax of MYR376.2 million and MYR1.1 billion
respectively, as compared to MYR1.4 billion and losses of
MYR128.7 million respectively, in the corresponding preceding
period.

The poor performance for the year is mainly attributed to the
combined effects of provisions on project claims and
significantly lower revenue due to the completion of the Prince
Court Hospital Project in November 2006, and the finalization of
several hotel and residential projects in Dubai during the year.
Furthermore, the Sudan Marine Terminal Project also experienced
major delays and project variations, which resulted in losses
for the Group.

PECD, in its quest for growth had ventured into foreign markets.
This led to the aggressive bidding activities in these foreign
markets, namely Sudan and Dubai, which in turn culminated in
fixed price contracts on the projects.  Due to the nature of the
fixed-price contracts, invariably and inevitably, PECD as
contractors had to absorb the brunt of inadvertent design,
specification and project management oversights, as well as the
usual and expected variation orders.  The Group's position was
further exacerbated by unanticipated escalations of raw material
prices and difficult 'on-the-ground' conditions in Sudan and
Dubai.  Finally, the systemic weakening of the US dollar
relative to the Ringgit, added to the Group's woes.  In
conclusion, the financial results are indicative of the major
difficulties in operating in foreign markets

In the meantime, PECD has submitted significant claims on cost
overruns and variations based on PECD's understanding of its
legal right and recourse in these jurisdictions.  PECD is
confident on its position with respect to these claims and its
rights and recourses moving forward, despite the fact that the
claims are being contested.

Because of the protracted nature of negotiations in settling
these claims, PECD has decided to adopt a prudent stance and
make provisions for the claims of its projects.  Nonetheless,
these prudential provisions will in no way undermine PECD's
confidence of its legal position and rights.  The company will
execute its best endeavors in realizing the project claims, and
be fully committed to maximize a positive resolution to these
claims.

   * Future Prospects

With the Group's experience in Dubai and Sudan, it has taken an
introspective review of its performance for the past 3 years, in
particular, its performance in overseas projects.

Therefore, PECD Group will re-focus its attention on the local
market and re-establish its reputation as the preferred
engineering and construction firm in Malaysia.  PECD intends to
leverage on the significant experience it has undertaken in the
industry sub-sectors of the construction and engineering
industries, which are:

   1. Water and waste-water (Treatment plants, pipe laying
      etc.);
   2. Energy-related fabrication and maintenance projects
      especially in the Oil and Gas sector and Electricity
      Generation sector;
   3. Highway and toll-road construction; and
   4. Other water infrastructure (specialized flood mitigation
      projects)

Therefore, PECD Group will immediately consolidate on its
strengths and rebuild its competency base and execution
capability in the above sub-sectors, and be purely focused on
Malaysia projects.  This strategy is directly consistent with
the Government's development plans on the identified development
corridors of: Iskandar Development Region, Northern Corridor,
Eastern Corridor, SCORE (Sarawak) and Sabah Development
Corridor, with a combined potential development value of
MYR834 billion over a 20-year period.  The Group's aim is to
actively participate in these future projects and have already
begun focusing efforts to rebuild the Group's order book in this
regard.

Currently, the Group's order book stands at MYR123 million.
This does not include an additional two new projects, which are
expected to be confirmed and launched in the second quarter of
2008.

The Group is also currently undertaking a major debt
restructuring exercise to improve its financial position and to
strengthen its capacity and footing to bid for new projects.
The proposed financial restructuring plan is currently being
developed and as soon as it is finalized, PECD will immediately
notify creditors to initiate discussions.

The Board of PECD is confident that the restructuring plan will
be successful.  In the meantime, the Group is continuing with
its efforts to rationalize its own cost structure, improve cash
flows and operational margins.

The above prospects of PECD is charted by the new management
team, Board members and the new substantial shareholder of the
Group which assumed its shareholding in PECD, at the end of the
first quarter of 2007.  This existing largest shareholder of the
Group is committed to the debt restructuring exercise and the
future of the Group.  Their unwavering support was exemplified
by their injection of cash during PECD's recent rights issuance
in November 2007, of MYR37.5 million and MYR30 million of
advances in April/May 2007.  The subscription of the rights
issue also demonstrated other shareholders' support of the
Group, manifesting in a cash injection of MYR66.7 million
additional to the injection by the largest shareholder.  Given
the significant financial support already given, the substantial
shareholder is determined to not only ensure a successful
restructuring but also a robust pipeline of projects to secure
the future of the Group.

   * Obligations of PECD Berhad as an Affected Listed Issuer

In accordance with PN17, PECD is required to comply with these
requirements:

   (a) submit a plan to the relevant authorities for approval,
       obtain all other approval necessary for the
       implementation of the Regularization Plan within eight
       months;

   (b) implement the Regularization Plan within the time frame
       stipulated by the relevant authorities;

   (c) announce the status of its Regularization Plan on a
       monthly basis until further notice from Bursa; and

   (d) announce its compliance or non-compliance with a
       particular obligation imposed pursuant to PN17 on an
       immediate basis.

   * Consequences of Non-Compliance

In the event PECD fails to comply with the obligation to
regularize its condition, all of its listed securities will be
suspended from trading on the fifth market day after expiry of
the Submission Timeframe or Implementation Timeframe, as the
case may be, and de-listing procedures will commence against
PECD.

Currently, PECD's Board of Directors, together with the
company's appointed specialist advisers, are currently
deliberating on the possible plans to regularize PECD's
condition and will announce the plan to Bursa upon finalization.

                     About PECD Berhad

PECD Berhad is engaged in investment holding and provision of
management services.  The company operates in four business
segments: construction, EPCC oil and gas, property development
and others.  Its wholly owned subsidiaries include Peremba
Construction Sdn. Bhd., which is engaged in general construction
and investment holding and Wong Heng Engineering Sdn. Bhd.,
which is engaged in investment holding and engineering,
procurement, construction and commissioning emphasizing in the
oil and gas, as well as the power sectors.  PECD Berhad's 70%-
owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is
engaged in property development, construction and investment
holding.

Malaysian Rating Corp. Bhd has downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.  The
rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.


SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment
--------------------------------------------------------------
Solutia Inc. said that its Flexsys subsidiary is initiating
price increases across select product groups including Crystex r
insoluble sulfur, Santoflex (R) 6 PPD antiozonant, and other
rubber chemicals.

"These price increases are driven by a number of factors," said
Jim Voss, president of Flexsys.  "We must continue to reinvest
to ensure our long-term success and the success of our
customers.  We have successfully differentiated ourselves from
our competition in the areas of technology, quality,
manufacturing reliability, and supply chain excellence.  We will
continue to invest in capacity expansions and new technology to
provide our customers with the high-quality and innovative
products backed by superior customer service and world-class
technical support that they have come to expect from Flexsys."

"The continued upward trend of energy and raw material costs
makes this action necessary," said Tim Wessel, vice president,
Antidegradants and Crystex.  "We have seen an unprecedented rise
in the cost of raw material ingredients, such as sulfur."  He
noted that the global agricultural boom and demand for
fertilizer has significantly tightened the sulfur market.

The price increases are effective April 1, 2008, or as soon as
permitted by contract.

Crystex insoluble sulfur is the vulcanizing agent of choice for
critical applications in the tire industry, providing the
highest level of quality and performance.  In addition, Crystex
HD insoluble sulfur offers tire manufacturers improved
productivity and safety in their manufacturing processes.
Santoflex 6 PPD antiozonant is used to improve tire longevity by
protecting against degradation by oxygen, ozone, and fatigue.

Flexsys products play an essential role in the manufacturing of
tires and other rubber products, such as belts, hoses, seals,
and footwear.  Flexsys is a global business with offices,
manufacturing facilities and technology centers around the
world.  Flexsys has annual sales of over US$650 million, about
two-thirds of which take place outside the United States.

                     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 $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: Settlement Gives GE Betz US$255,575 in Allowed Claim
-------------------------------------------------------------
On Nov. 22, 2004, GE Betz, Inc., filed Claim No. 5640 alleging a
total claim of US$406,006, of which US$124,545 was secured by a
right of offset.

On Feb. 4, 2008, GE Betz filed Claim No. 14845 for US$380,119,
of which US$124,545 is secured by a right of offset.  Claim No.
14845 is intended to amend and supersede Claim No. 5640.

Solutia Inc. and GE Betz have agreed that:

   -- Claim No. 14845 will amend and supersede Claim No. 5640;

   -- GE Betz may exercise its right of setoff.  GE Betz
      withdraws the secured claim of US$124,545; and

   -- GE Betz will retain an allowed general unsecured claim of
      US$255,575.

                     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.


SOLUTIA INC: To Issue 7,450,000 Shares for Employee Plans
---------------------------------------------------------
Solutia Inc. informed the U.S. Securities and Exchange
Commission that it is registering 7,450,000 shares of stock
common stock, US$0.01 par value, which it intends to sell at a
maximum offering price of US$20.00 a share.  The move is in
pursuance to its Plan of Reorganization, approved by the U.S.
Bankruptcy Court for the Southern District of New York, which
became effective Feb. 28, 2008, and provided for the
cancellation of its existing stock and the issuance of new
stock.

Kirkland & Ellis LLP, special counsel to Solutia, says the
company will issue the shares pursuant to its Management Long-
Term Incentive Plan and Non-Employee Director Stock Compensation
Plan.

The Non-Employee Director Stock Compensation Plan is aimed to
further the growth and profitability of the company by
increasing incentives and encouraging share ownership on the
part of the Members of the Board of Solutia.  Pursuant to the
Plan, board members will be granted awards that constitute
options, stock appreciation rights, restricted stock, restricted
stock units and other stock awards, in the aggregate of up to
250,000 shares.

A full-text copy of the Plan is available at:

             http://ResearchArchives.com/t/s?28b3

The 2007 Management Long-Term Incentive Plan is aimed to further
the growth and profitability of the company by increasing
incentives and encouraging share ownership on the part of the
employees and independent contractors of Solutia.  The Plan is
intended to permit the grant of awards that constitute Incentive
Stock Options, Non-Qualified Stock Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units and Other Stock
Awards, and Cash Incentive Awards.   The Up to US$7,200,000
shares will be made available for grants and awards  under the
Plan.  A copy of the Plan is available at:

              http://ResearchArchives.com/t/s?28b4

                     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 $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.


TAP RESOURCES: Bourse to De-List Securities on March 14
-------------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific on
March 5, 2008, TAP Resources Berhad's appeal for its
restructuring plan was rejected by the Securities Commission.
Accordingly, the securities of the company will be removed from
the Official List of Bursa Securities on March 14, 2008, unless
an appeal is made by March 11, 2008.

In the event Tap Resources submits an appeal to Bursa Securities
within the Appeal Timeframe, the company is required to make an
immediate announcement and the removal of the company's
securities will be deferred pending the decision on the appeal.
The deferment pending the appeal is a stay in respect of the de-
listing and it is not to be equated to a variation or a revision
of the decision to de-list.  The decision remains unless
reversed on appeal.

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

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


WWE HOLDINGS: Classified as Affected Listed Issuer Under PN 17
--------------------------------------------------------------
WWE Holdings Bhd was classified as an Affected Listed Issuer
under Practice Note 17/2005 - Criteria and Obligations of Bursa
Malaysia Securities Berhad's Listing Requirements because the
company's auditors were unable to ascertain the recoverability
of the amounts and the outcome of the legal suit brought against
the company.  Thus, the auditors are unable to form an opinion
on the financial statements of the Group for the financial year
ended September 30, 2007.

The legal suit was about the Case of Notification against the
company's Jeddah Branch by Civil Works Company Limited, Kingdom
of Saudi Arabia on the Jeddah Sewer Network Project.

The total claims by Civil Works as of to date is approximately
MYR112 million and upon the advice by the solicitors, the
company has counterclaimed against Civil Works in the region of
approximately MYR276 million.

The company together with its solicitors, believe that Civil
Works's claims is without basis in law and in the facts and the
company's prospect of success in dismissing the Civil Works's
case is good.

As an Affected Listed Issuer, the company is required to:

   (a) submit a plan to the relevant authorities for approval,
       obtain all other approval necessary for the
       implementation of the Regularization Plan within eight
       months;

   (b) implement the Regularization Plan within the time frame
       stipulated by the relevant authorities;

   (c) announce the status of its Regularization Plan on a
       monthly basis until further notice from Bursa; and

   (d) announce its compliance or non-compliance with a
       particular obligation imposed pursuant to PN17 on an
       immediate basis.

   * Consequences of Non-Compliance

In the event WWE Holdings fails to comply with the obligation to
regularize its condition, all of its listed securities will be
suspended from trading on the fifth market day after expiry of
the Submission Timeframe or Implementation Timeframe, as the
case may be, and de-listing procedures will commence against
company.

                     About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.




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


BLUE JAY: Appoints Meltzer, Heath & Hayward as Liquidators
----------------------------------------------------------
Jeffrey Philip Meltzer, Arron Leslie Heath and Lloyd James
Hayward were appointed liquidators of Blue Jay Holdings Limited
on February 12, 2008.

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

The liquidators can be reached at:

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


BLUE SKY: Creditors' Proofs of Debt Due on March 18
---------------------------------------------------
The creditors of Blue Sky Holdings Limited are required to file
their proofs of debt by March 18, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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


BRADSHAW LIMITED: Taps Meltzer, Heath & Hayward as Liquidators
--------------------------------------------------------------
On February 12, 2008, Jeffrey Philip Meltzer, Arron Leslie Heath
and Lloyd James Hayward were tapped as liquidators of Bradshaw
Limited.

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

The liquidators can be reached at:

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


CENTRAL OTAGO: Faces Fulton Hogan's Wind-Up Petition
----------------------------------------------------
On January 24, 2008, Fulton Hogan Limited filed a petition to
have Central Otago House Ltd.'s operations wound up.

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

Fulton Hogan's solicitor is:

          R. J. Cassidy
          3rd Floor, corner of Moray Place and Princes Street
          Dunedin
          New Zealand


DENBY LIMITED: Requires Creditors to File Claims by March 18
------------------------------------------------------------
Denby Limited requires creditors to file their proofs of debt by
March 18, 2008 to be included in the company's dividend
distribution.

The company's liquidators are:

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


DESIGNAKIT BUILDINGS: Court to Hear Wind-Up Petition on March 10
----------------------------------------------------------------
A petition to have Designakit Buildings Ltd.'s operations wound
up will be heard before the High Court of Rotorua on
March 10, 2008, at 10:45 a.m.

B J Moss Limited filed the petition on January 8, 2008.

B J Moss Limited's solicitor is:

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


DUKE STREET: Taps Fatupaito & McCloy as Liqudators
--------------------------------------------------
On February 14, 2008, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed liquidators of Duke Street Discounts
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


GUTTER CLEAN: Wind-Up Petition Hearing Set for April 1
------------------------------------------------------
A petition to have Gutter Clean Ltd.'s operations wound up will
be heard before the High Court of Auckland on April 1, 2008.

The Commissioner of Inland Revenue filed the petition on
Dec. 3, 2007.

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


ILMINSTER LIMITED: Requires Creditors to File Claims by March 18
----------------------------------------------------------------
Ilminster Limited requires its creditors to file their proofs of
debt by March 18, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

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


MHS NEW ZEALAND: Fixes May 14 as Last Day to File Claims
--------------------------------------------------------
The creditors of MHS New Zealand Limited are required to file
their proofs of debt by May 14, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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




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


LEPANTO CONSOLIDATED: Discloses Details of Stock Rights Offer
-------------------------------------------------------------
Lepanto Consolidated Mining Company has disclosed in a filing
with the Philippine Stock Exchange details of the company's 1:7
stock rights offering.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 21, Lepanto Consolidated's board of directors has approved
an offer to shareholders to subscribe to one share of the
company's common stock for every seven shares held at a price of
PHP0.25 per share.

In an update, the company disclosed that Record Date for the
offer will be March 25, 2008, while the offer period is from
April 15 to 22, 2008.  Payment will be 50% upon subscription and
the balance will be paid not later than May 20, 2008.

According to the company, the proceeds from the offer, which
will be about PHP1.04 billion, will be used to settle accounts
with banks, suppliers, and service providers; and pay advances
from shareholders and related parties.

                About Lepanto Consolidated

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated
primarily to engage in the exploration and mining of gold,
silver, copper, lead, zinc and all kinds of ores, metals,
minerals, oil, gas and coal and their related by-products.  The
company was incorporated in 1936 and until 1997 was operating an
enargite copper mine.  It shifted to gold bullion production
that same year through its Victoria Project.  Lepanto operated a
copper flotation plant from August 2000 to December 2001, when
copper operations were suspended due to the presence of
excessive penalty elements in the mill feed and copper
concentrate.  Lepanto sells its gold bullion production to
London's Johnson Matthey.  Lepanto is now one of the country's
top producers of gold and its by-products, copper and silver.
The company also has investments in other areas through its
subsidiaries such as hauling business, diamond drilling
business, insurance business, manufacturing of industrial
diamond tools for mining exploration, marble cutting and the
construction industry.

Lepanto Consolidated Mining Co. posted a PHP35.63-million
consolidated net loss for the year ended Dec. 31, 2006, a 90%
decrease from the PHP355.22-million net loss posted for the year
ended Dec. 31, 2005.


PHIL. LONG DISTANCE: To Convert Some Preferred Stock on June 5
--------------------------------------------------------------
Philippine Long Distance Telephone Co. discloses mandatory
conversion of its Series V Convertible Preferred Stock and
Series VI Convertible Preferred Stock that were originally
issued on June 4, 2001, into shares of the company's common
stock.  The conversion will be on June 5, 2008.

The company has fixed June 4, 2008 as the Record Date for the
determination of holders of outstanding June 4, 2001 CPS subject
to Mandatory Conversion.  On Mandatory Conversion Date, each
share of June 4, 2001 CPS outstanding as of the Record Date will
be converted into one share of Common Stock of the company.

The Hongkong and Shanghai Banking Corporation are the transfer
agents for the move.

Holders will have the right to require the company to repurchase
the Converted Common Shares for 30 days following the Mandatory
Conversion Date.  PLDT says it will provide more details
regarding the Put Option, including exercise and price
information, on the Mandatory Conversion Date.

                         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.


UNIWIDE HOLDINGS: Chief Information Officer Leaves
--------------------------------------------------
Uniwide Holdings, Inc., informed the Philippine Stock Exchange
that Atty. Renato T. Concepcion, its Chief Information Officer
is no longer connected with Uniwide Holdings Inc. effective
Feb. 29, 2008.

The company, however, did not give additional details including
reason of Atty. Concepcion's leaving the CIO post nor a
replacement

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.

Uniwide Holdings, Inc. registered a PHP324.68 million net loss
for the year ended 2006, a 60.85% decrease from the recorded net
loss of PHP829.4 million in 2005.

As of Dec. 31, 2006, consolidated assets amounted to
PHP3.09 billion, while total liabilities were recorded at
PHP4.98 billion, giving the company a capital deficiency of
PHP1.89 billion.

Aris Malantic at Sycip Gorres Velayo & Co. raised significant
doubt on the group's ability to continue as a going concern,
pointing out the group's continued losses and capital
deficiency.




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


NOVELTY ENGINEERING: Court to Hear Wind-Up Petition on March 14
---------------------------------------------------------------
A petition to have Novelty Engineering & Construction Pte.
Ltd.'s operations wound up will be heard before the High Court
of Singapore on March 14, 2008, at 10:00 a.m.

Novelty Engineering filed the petition on Feb. 22, 2008.

Novelty Engineering's solicitor is:

          Hoh Law Corporation
          60 Eu Tong Sen Street
          #01-08, Furama Hotel Shopping Centre
          Singapore 059804


SIFINVEST OVERSEAS: To Pay First Dividend on March 17
-----------------------------------------------------
Sifinvest Overseas Pte. Ltd., which is in liquidation, will pay
its first dividend on March 17, 2008.

The company will pay 100% to all received claims.

The company's liquidator is:

          Yeap Lam Kheng
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TOH TECK: Wind-Up Petition Hearing Set for March 14
---------------------------------------------------
The High Court of Singapore will hear on March 14, 2008, at
10:00 a.m., a petition to have Toh Teck Bee Pte. Ltd.'s
operations wound up.

N S Trading Pte. Ltd. filed the petition on February 19, 2008.

N S Trading's solicitor is:

          Cheryl-Ann Yeo Wen Si
          Messrs. Pacific Law Corporation
          No. 133 New Bridge Road
          #20-09 Chinatown Point
          Singapore 059413


VALEANT PHARMA: To Restate Financial Statements Due to Errors
-------------------------------------------------------------
Valeant Pharmaceuticals International disclosed in a regulatory
filing that its Board of Directors on March 1, 2008, determined
that certain of the company's annual and interim financial
statements, earnings press releases and similar communications,
should no longer be relied upon.

During the preparation process for the 2007 Annual Report on
Form 10-K, the company identified certain accounting errors
related to certain foreign operations which primarily arose
during the period Jan. 1, 2002, to Sept. 30, 2007, and, in
aggregate, would have resulted in a net charge to income from
continuing operations before income taxes of approximately
US$2.8 million to correct the cumulative effect of the errors in
the fourth quarter of 2007.

These included adjustments impacting annual periods prior to
2007 with a cumulative charge to income from continuing
operations before income taxes of approximately US$5.2 million
as of Jan. 1, 2007.  The adjustments also included items
originating in the first, second and third quarters of 2007 with
a net benefit to income from continuing operations before income
taxes of approximately US$2.4 million.

The errors and the estimated cumulative effect of the
corrections are:

a. Increase in reserves for anticipated product returns based
    on historical trends and for certain credit memos in Mexico,
    the cumulative effect of which is an expected reduction in
    revenue of approximately US$4.0 million;

b. Decrease in revenues associated with sales to certain
    customers in Italy where preexisting rights of return became
    known in the fourth quarter of 2007, the cumulative effect
    of which is an estimated reduction of revenues of
    approximately US$1.8 million;

c. Decrease in costs of goods sold related to bookkeeping
    errors in recording inventory costing and manufacturing
    variances in the UK and France, the cumulative effect of
    which is an expected reduction in cost of goods sold and a
    corresponding increase in gross profit of approximately
    US$4.9 million;

d. Increase in pension expense in the UK and the Netherlands
    resulting from incorrect application of Statement of
    Financial Accounting Standard No. 87, Employers Accounting
    for Pensions, the cumulative effect of which is an expected
    increase in general and administrative expenses of
    approximately $1.9 million; and

e. Increase in income tax expense due to correction of deferred
    income taxes in certain foreign locations resulting in a
    decrease in income of approximately $500,000.  Additionally
    income tax expense is reduced by approximately $800,000
    resulting from the income tax effects of the pre-tax
    adjustments described above.

               About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE: VRX) -- http://www.valeant.com/-- is a
global specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical
products primarily in the areas of neurology, infectious disease
and dermatology.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  The ratings hold to date.


VALEANT PHARMA: Incurs US$20.2 Million Net Loss in Fourth Qtr.
--------------------------------------------------------------
Valeant Pharmaceuticals International has posted US$20.2 million
of net loss for the three months ended Dec. 31, 2007, compared
to US$21.7 million of net loss for the same period in 2006.  For
the full year of 2007, the company incurred US$7.2 million of
net loss compared to US$56.5 million of net loss in 2006.

"Valeant's financial performance in the fourth quarter and the
full year is not acceptable either to me or to our investors,"
said J. Michael Pearson, chief executive officer and chairman.
"These results are the direct impact from trying to operate in
too many geographies, with too many businesses and too many
products.  We are completing a comprehensive strategic review of
the Company and expect to be in a position to talk more about
our plan during the last week of March."

                          Revenues

Product sales decreased four percent in the fourth quarter of
2007 compared to the same period last year.  Since the 2006
fourth quarter, the company has divested Reptilase product
rights, Solcoseryl product rights in Japan and the ophthalmic
business in the Netherlands.

North America product sales increased one percent in the 2007
fourth quarter, primarily due to increased sales of Cesamet(R),
Zelapar(R) and Kinerase(R), offset by declines in sales of
Efudex(R), which largely reflects the impact of stocking for the
product's authorized generic launch in the fourth quarter of
2006.

Sales in the International region declined twenty-three percent
in the 2007 fourth quarter compared to the same period last
year, due to continuing challenges in Mexico.  This included
increased accounting reserves for future product returns and
credit memos, which impacted sales as contra revenue.

Sales in the Europe, Middle East and Africa region increased
nine percent in the 2007 fourth quarter compared to the same
period last year, primarily due to the effects of foreign
currency translation.  The EMEA region also benefited from
increased sales of promoted products in Central and Eastern
Europe and new products acquired or launched in 2007.

Alliance revenue decreased eighteen percent in the 2007 fourth
quarter compared to the same period last year.  The decline
reflects competitive dynamics in the ribavirin market in Europe
and Japan and the cessation of ribavirin royalties from Roche as
a result of a loss of patent coverage in Europe.

                   Continuing Operations

The company's gross margin on product sales was 70 percent in
the 2007 fourth quarter as compared to 72 percent reported in
the 2006 fourth quarter.

Selling expense was 31 percent of product sales in the 2007
fourth quarter as compared to 27 percent recorded in the
comparable period last year.  This increase was due to bad debt
provisions in the EMEA and International regions and increased
promotional activities relating to the newly launched products
in Central Europe.  General and administrative expenses were 13
percent of product sales in the 2007 fourth quarter, the same
percentage as in 2006.

Research and development costs remained essentially flat as a
percentage of sales and were US$29.4 million in the 2007 fourth
quarter, compared to US$31.4 million in the same period in 2006.

                   Discontinued Operations

Valeant announced an agreement to sell Infergen(R) on
Dec. 20, 2007.  The financial results for Infergen are reflected
as discontinued operations and prior periods were restated
accordingly. Valeant closed the sale in January 2008.

                         Divestitures

Valeant has signed a definitive agreement to sell certain
subsidiaries and product rights in certain Asian markets
including Singapore, the Philippines, Taiwan, Korea, and China.
The transaction is expected to close in March 2008.

                     Share Repurchase Update

Under the company's repurchase program, Valeant repurchased 1.8
million shares of its common stock in the 2007 fourth quarter
for approximately US$20 million.  The fourth quarter activity
brings the total shares repurchased in 2007 to 6.5 million
shares for approximately US$100 million.

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com/-- is a global
specialty pharmaceutical company with USUS$823 million of 2005
revenues.  It has offices in Argentina, Singapore and Taiwan.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Valeant's rating outlook is
stable, Moody's said.




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


* THAILAND: Government Cuts Taxes to Revive Economy
---------------------------------------------------
Thailand's new government cut the corporate tax rate for listed
companies to 25% from 30% for three years on February 4, in a
bid to stimulate sluggish economic growth, Reuters reports.

Finance Minister Surapong Suebwonglee, the report relates, said
the cut is part of a broad stimulus package that includes
populist spending measures and accelerated infrastructure
projects.  The mix of tax cuts and credits for companies and
individuals, would encourage consumers to spend and domestic
businesses to invest and expand, he added.

Trisanat Kongkhunthian of Reuters writes that the package was
approved after the Bank of Thailand scrapped capital controls
which scared off foreign investors when they were imposed in
late 2006 to rein in a surging baht.

Thanachart Securities Analyst Pichai Lertsupongkij was quoted by
the news agency as saying, "The corporate tax cuts should be
somewhat positive for listed firms, especially for small
companies which have a lower net profit base."

The report relates that a Finance Ministry official said that
the stimulus package would reduce tax revenues by THB40-45
billion a year, but that would be more than offset by faster
economic growth.

A Reuters poll in February showed analysts expect 2008 GDP
growth of 4.6%.


* Beard Group's Cross-Border Insolvencies Audio Primer
------------------------------------------------------
Beard Group and the Troubled Company Reporter are pleased to
announce a new audio conference on cross-border insolvencies.

The conference, entitled "The Chapter 15 International
Insolvency Institute:

An Audio Primer on Cross-Border Bankruptcy Rules" will be held
on April 3, 2008 at 1:30 PM Eastern Time.  It aims to make
international bankruptcy proceedings understandable, in a
convenient, interactive learning format.

The live 90-minute telephone conference with interactive Q&A
session with unlimited enrollment per call-in site will be
presented by two  Greenberg Traurig attorneys, Luis Salazar and
Paul Keenan.

Register now at

http://beardaudioconferences.com/bin/shopping_cart?code=BR-
042&type=AC&choice=1

or learn more at

http://beardaudioconferences.com/bin/conference_details?code=BR-
042

In today's multi-national corporate world, cross-border
restructurings trigger special challenges for creditors and
debtors alike.

To avoid mistakes, enroll in this live audio conference, where
International experts will lead you step-by-step through the
major stages of a Chapter 15 filing.

Luis Salazar and Paul Keenan will explain the current Chapter 15
rules, clarify often-confusing terms such as COMI, outline your
legal options, and update you on the latest developments.
Salazar and Keenan will use real-world case studies such as Bear
Sterns and SPhinX Funds to illustrate key concepts and spotlight
crucial court decisions.

You'll receive:

* A logical, easy-to-follow guide to international insolvency
   proceedings

* Plain-English explanations of the most important concepts and
   buzzwords you need to know

* Snapshots of key decision pathways, including determining
   main vs. non-main centers of interest

* Explanations of who's eligible to file for Chapter 15

* Descriptions of pre- and post-recognition relief available

* What are the stay exceptions

* How Chapter 15 relates to EU regulations and other global
   rules

* Case studies of key court decisions, including

    -- Tri-Continental Exchange
    -- SPhinX Funds
    -- Compania del Alimentos Fargo, S.A.
    -- Katsumi Iida

* Why the Bear Stearns case is important in determining
   jurisdictional oversight

* Practical strategies for today's creditors and debtors facing
   international insolvency decisions

Early-Bird Registration Discount

Register by Thursday, March 27, and save US$50 off the regular
tuition.

Tuition is US$245 prior to March 27; US$295 afterwards.
Remember, the tuition includes written materials and an
unlimited number of attendees at each dial-in site.

Continuing Legal Education Credit:

Training is accredited for 1.50 MCLEs in California, and
applications are pending in Texas and Tennessee.  New York State
has reciprocity with California.  For non-attorneys and
attorneys practicing in other states, Certificates of Attendance
are available upon request.

About the Instructors:

Described as one of South Florida's "legal elite" by Miami's
Daily Business Review, Luis Salazar is a shareholder in the
international law firm of Greenberg Traurig.  In his practice,
he counsels a diverse group of clients through difficult
situations -- from bet-the-company litigation, to surviving
severe financial distress, to dealing with the consequences of
data breaches.

Luis has led Chapter 11 reorganizations for many well-known
companies -- including Gerald Stevens, Fine Air and Arrow Air,
Xpedior, Scient, and others -- with combined assets exceeding $5
billion.  He also has led less well-known reorganizations, work-
outs and financial negotiations on behalf of clients in the
aviation, money-wiring, food service, import-export, and
Entertainment fields.  He currently serves as the Co-Chair of
the International Insolvency Committee of the American
Bankruptcy Institute.

Paul J. Keenan, Jr., is an attorney in the business
reorganization and bankruptcy practice of Greenberg Traurig's
Miami office, where he represents banks and other lending
institutions, debtors, unsecured creditors and asset
purchasers in corporate restructurings, loan workouts and
bankruptcy cases.

Paul speaks Spanish and has significant experience representing
lending institutions and debtors in cross-border corporate
restructurings and loan workouts, primarily in Latin America and
the Caribbean.

His experience includes representing a large Latin American
Telecommunications company in all aspects of its corporate and
financial restructuring; representing a major cruise line in the
negotiation, drafting and bankruptcy court approval of a DIP
financing facility; and representing U.S. investors in corporate
restructuring of an Argentine charter airline. Paul is chair of
the Latin America Committee for INSOL International and the co-
author of "Chapter 15: The U.S. Cross-Border Insolvency Law",
included in the latest edition of the PLC Cross-Border
Restructuring and Insolvency Handbook.

How to Register:

1. Call 240-629-3300 and charge the tuition investment of US$245
(US$295 after March 27, 2008) to a major credit card, or

2. Visit www.beardaudioconferences.com for fast and convenient
online registration.

3. Mail a check payable to Beard Audio Conferences to: Beard
Group, P.O. Box 4250, Frederick, MD 21705-4250 (checks must be
received 48 hours prior to conference).

Can't make the scheduled date and time? Order the Audio CD
recording of this conference.  Or get the CONFERENCE PLUS option
that allows one to attend the audio conference AND get the Audio
CD recording at a discounted price.

For either option, visit www.beardaudioconferences.com or call
(240) 629-3300.


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

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

AUSTRALIA

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


CHINA AND HONG KONG

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


INDIA

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


INDONESIA

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

JAPAN

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

KOREA

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

MALAYSIA

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

PHILIPPINES

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


SINGAPORE

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


TAIWAN

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

THAILAND

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


                         *********


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 ***