TCRAP_Public/080310.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

            Monday, March 10, 2008, Vol. 9, Issue 49

                          Headlines

A U S T R A L I A

ABC LEARNING: CEO Groves Sells Majority of Stake
ALLCO FINANCE: Banks Seized Allco Shares Causing Record Slump
ALLCO FINANCE: Babcock & Brown Buys Shares in Rubicon Trusts
ALLCO FINANCE: Shareholder API to Appoint Administrator
BARRIER TRAFFIC: Members Opt to Shut Down Firm

BOOTHS CORP: Commences Liquidation Proceedings
BOOTH'S HIRE: Placed Under Voluntary Liquidation
CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17
DANIN INVESTMENTS: Members & Creditors' Meeting Set for March 26
DREAM GROUP: Final Meeting Slated for March 20

HARMAN INFORMATION: Members to Hear Wind-Up Report on March 19
KOKO KLOTHING: Liquidator to Give Wind-Up Report on March 26
OPSS PTY: Undergoes Liquidation Proceedings
STG PACIFIC: Members to Receive Wind-Up Report on March 25
T & A BUILDING: Members Resolve to Shut Down Business

WALSH FAMILY: Members & Creditors Meeting Set for March 11


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

CHINA EASTERN: Air China Seeks to Partner Cathay to Boost Offer
CHINA SOUTHERN: To Set Up Joint Venture with Air France-KLM
CHINA SOUTHERN: Expands Beijing-Tehran Service
COMPUWARE ASIA PACIFIC: Members Meeting Fixed for March 31
COUNTRY FINE: Commences Liquidation Proceedings

FORTUNE HONEST: Commences Liquidation Proceedings
HINFAITH INDUSTRIAL: Commences Liquidation Proceedings
GALAXY BEST: Commences Liquidation Proceedings
GOLD RAW: Commences Liquidation Proceedings
GLORY HIGH: Commences Liquidation Proceedings

GLORY MILE: Commences Liquidation Proceedings
GLORYSON LIMITED: Commences Liquidation Proceedings
GREAT PEACE: Commences Liquidation Proceedings
HOWELL INDUSTRIAL: Commences Liquidation Proceedings
IIYAMA HONG KONG: Creditors Meeting Fixed for April 2

LINSHAN DEVELOPMENT: Commences Liquidation Proceedings
LUCKY CITY: Commences Liquidation Proceedings
MAXI-TUYO: Members Meeting Fixed for April 1
MEST HOST: Commences Liquidation Proceedings
PETROLEOS DE VENEZUELA: Foreign Clients Must Pay Through Bank

PETROLEOS DE VENEZUELA: Gets OPEC'S Support in Exxon Conflict
POWER FINE: Commences Liquidation Proceedings
PARAWELL INDUSTRIAL: Commences Liquidation Proceedings
TOTAL PROFIT: Commences Liquidation Proceedings
VAUTIER LIMITED: Members Meeting Fixed for April 1

WINJOB INVESTMENT: Commences Liquidation Proceedings
WINMACK INTERNATIONAL: Commences Liquidation Proceedings
YORK PROSPER: Commences Liquidation Proceedings
ZINIFEX: Allegiance's Chinese Stakeholder Retains Interest


I N D I A

EMCO LTD: Fixes March 25 as Record Date for Stock Split
GENERAL MOTORS: Offers Additional Exit Financing to Delphi Corp.
QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions
QUEBECOR WORLD: NFR Wants Stay Lifted & Base Contract Terminated
SPICEJET: Discloses Auditors' Report on Oct.-Dec. 2007 Results

UNION BANK OF INDIA: Names Statutory Auditors for FY2007-2008


I N D O N E S I A

GENERAL NUTRITION: Posts 4Q & Full Year 2007 Results
GOODYEAR TIRE: Fitch Upgrades Issuer Default Rating to BB-
PERUSAHAAN LISTRIK: Minister Discharges Executive Officials


J A P A N

MEDICAL CORPORATION: JCR Affirms BB Rating with Stable Outlook
USINAS SIDERURGICA: Concludes BRL500 Million Debenture Issuance


K O R E A

DAEWOO ELECTRONICS: Reaches One Million Production in 5 Years
HYNIX SEMICON: To Invest US$260MM in China Venture This Year
HYNIX SEMICON: In Talks with Promo on Technology Transfer


M A L A Y S I A

MANGIUM: Has Until March 28 to Obtain Approval for Unit Disposal
PAXELENT CORPORATION: Ji Keng Quits as Non-Executive Director
WONDERFUL WIRE: Inks Share Sale Agreement w/ Fadzli bin Ghazali


N E W   Z E A L A N D

AAA PARTS: Court to Hear Wind-Up Petition on March 12
ASPIRO PROPERTIES: Appoints Parsons & Kenealy as Liquidators
COMPUTER STUFF: Wind-Up Petition Hearing Set for April 18
KINGSLEY LIMITED: Fixes March 18 as Last Day to File Claims
LANARK LIMITED: Taps Meltzer, Heath & Hayward as Liquidators

LTS LIMITED: Appoints Meltzer, Heath & Hayward as Liquidators
MCKEEFRY LIMITED: Creditors' Proofs of Debt Due on March 18
NATIONAL LINING: Subject to CIR's Wind-Up Petition
PENDALE LIMITED: Requires Creditors to File Claims by March 18
SMARTZONE CO: Wind-Up Petition Hearing Set for April 18


P H I L I P P I N E S

METRO PACIFIC: Signs New PHP1.4-Bil. Loan Pact With Inframetro
METRO PACIFIC: MPHI to Convert PHP2BB Loan; Ups Stake to 94%


S I N G A P O R E

HEXION SPECIALTY: Discloses Post-Merger Senior Officers
RED HAT: Hires Robert Tiller & Richard Fontana as Counsel


S R I  L A N K A

SINHAPUTHRA FINANCE: Fitch Cuts National LT Rating to BB-(lka)


                            - - - - -

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


ABC LEARNING: CEO Groves Sells Majority of Stake
------------------------------------------------
Eddy Groves, founder and chief executive officer of of A.B.C.
Learning Centres Limited, sold most of his remaining stake after
more margin calls in the wake of a deal to sell part of the
company's U.S. assets, Reuters reports.

In a notice filed to the Australian stock exchange, Mr. Groves
sold 12.165 million shares, leaving him with 3,186 shares and
options, Reuters relates.  His wife, Le Neve Groves, a director,
also sold her entire holding of six million shares.

Reuters notes that ABC Learning's shares were hammered last week
after disappointing earnings and concerns about it high debt
levels, built up to fund a rapid expansion in the U.S. last
year.  The fall triggered margin sales by several directors,
including Eddy Groves.

ABC recently announced that it would sell 60% of its U.S.
business to Morgan Stanley Private Equity, raising about AU$750
million to repay part of its heavy debts, Reuters reports.

                   About A.B.C. Learning

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

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

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

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


ALLCO FINANCE: Banks Seized Allco Shares Causing Record Slump
-------------------------------------------------------------
Allco Finance Group has fell to a record low in Sydney trading
after banks seized 14% of the company's outstanding shares as
collateral for unpaid debt, Bloomberg News reports.  Allco
slumped 17% to 52.5 cents at the close of March 7, slashing the
company's market value to AU$196 million (US$183 million), down
from a peak of AU$4.9 billion in Feb. 2007.

National Australia Bank Ltd. took possession of 34.5 million
shares while Bank of Scotland International Ltd., a unit of HBOS
Plc, seized 18.3 million, Bloomberg reports, citing Allco's
statement.  Neither bank was immediately available for comment.

The shares earlier that day fell as much as 48%, Bloomberg says.

"It's going to be hard work for Allco to survive now," Peter
Morgan, who manages more than US$3 billion in Sydney, told
Bloomberg.  "It's got a very risk-averse market against it.
Allco has a very complex structure and was always a speculative
play."

Allco is selling businesses as part of negotiations with banks
on AU$250 million of loans due May 1, Bloomberg notes.  Lenders
including ABN Amro Holding NV, Commonwealth Bank of Australia
and Westpac Banking Corp. are reviewing Allco's ability to repay
a further AU$900 million of debt after the company's market
value fell below AU$2 billion.

                    About Allco Finance

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

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

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

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

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

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


ALLCO FINANCE: Babcock & Brown Buys Shares in Rubicon Trusts
------------------------------------------------------------
Babcock & Brown Ltd. and affiliates have acquired part of stakes
sold by Allco Finance Group Ltd. in Rubicon property trusts,
Reuters reports.  The Australian investment bank bought stakes
of about 5% each in Rubicon America Trust RAT.AX and Rubicon
Europe Trust Group REU.AX for undisclosed amounts.

Allco's lenders told Reuters they were forced to sell Allco's
holdings in the property trusts because of margin calls.

Babcock & Brown Japan Property Trust also bought a similar stake
in Rubicon Japan Property Trust RJT.AX for AU$4.6 million,
Reuters says.

                     About Babcock & Brown

Babcock & Brown Ltd. is a global investment and advisory firm.
It has five segments: real estate, which is engaged in principal
investment and investment management activities in the real
estate sector; infrastructure, which is engaged in financial
advisory, principal finance and funds management activities in
the global infrastructure and project finance sector; structured
finance, which is engaged in creation and marketing of
structured finance products; operating leasing, which is engaged
in asset acquisition and syndication and ongoing management of
portfolios of aircraft, railcars and semiconductor equipment,
and corporate finance, which is engaged in origination,
structuring and participation in principal investments and
interest in third-party fund managers.  In October 2007, it
acquired offshore wind power developer, Bluewater, and sold of
48.9% of the portfolio of United States shopping malls to Oxford
Properties Group.  In November 2007, it acquired Coinmach
Service Corp.

                    About Allco Finance

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

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

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

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

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

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


ALLCO FINANCE: Shareholder API to Appoint Administrator
-------------------------------------------------------
One of Allco Finance Group's significant shareholders, Allco
Principal Investments Pty Ltd., expects to appoint a voluntary
administrator shortly, The Sydney Morning Herald reports.

Allco told the news agency that Allco Principal had failed to
reach agreement on the terms of an ongoing standstill
arrangement with its remaining margin lenders, Bank of Scotland
International Ltd. and National Australia Bank Ltd.

NAB has appointed agents to take possession of 23.722 million
Allco shares owned by API, over which the bank holds a fixed
charge, the same report notes.  NAB's appointed agents further
took possession of Allco's 10.76 million shares, pledged to the
lenders by entities associated with "certain" Allco executives,
the report relates.

According to the report, Bank of Scotland had informed API that
it would appoint a receiver to all the asset and undertaking of
API, including 600,000 shares in listed fund Allco HIT.  The
receiver would also be appointed to 18.34 million shares in
Allco and 2.4 million shares in Allco HIT pledged to Bank of
Scotland by entities associated with the Allco executives, the
report notes.

The Herald recounts that on January 23, API had a 6.50% stake in
Allco.

                    About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.

As reported in the Troubled Company - Asia Pacific on
March 4, 2008, potential class action is looming against Allco
Finance Group after it failed to disclose multi-millions of
dollars in current liabilities.  Shares in Allco Finance have
continued to tumble after the company announced that it has
US$3.5 billion in liabilities coming due this year.  This figure
is around half of Allco's total borrowings.  Allco's 2007 annual
report only reflected US$200 million in liabilities.  Lawyers
say investors may be able to take legal action, given that the
proper level of debt had not been disclosed, as is required by
the Corporations Act.


BARRIER TRAFFIC: Members Opt to Shut Down Firm
----------------------------------------------
Barrier Traffic Control Pty. Ltd.'s members agreed on
Feb. 6, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Keiran William
Hutchison and John Raymond Gibbons at Ernst & Young to
facilitate the sale of its assets.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          c/o Ernst & Young
          680 George Street, Level 37
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 5555

                    About Barrier Traffic

Barrier Traffic Control Pty. Ltd. is involved with equipment
rental and leasing.  The company is located at Condell Park, in
New South Wales, Australia.


BOOTHS CORP: Commences Liquidation Proceedings
----------------------------------------------
Booths Corp (Australia) Pty. Ltd.'s members agreed on
Feb. 6, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Keiran William
Hutchison and John Raymond Gibbons at Ernst & Young to
facilitate the sale of its assets.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          c/o Ernst & Young
          680 George Street, Level 37
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 5555

                      About Booths Corp.

Booths Corp. (Australia) Pty. Ltd. is involved with heavy
construction equipment rental.  The company is located at
Punchbowl, in New South Wales, Australia.


BOOTH'S HIRE: Placed Under Voluntary Liquidation
------------------------------------------------
Booth's Hire Pty. Limited's members agreed on Feb. 6, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Keiran William Hutchison and
John Raymond Gibbons at Ernst & Young to facilitate the sale of
its assets.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          c/o Ernst & Young
          680 George Street, Level 37
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 5555

                      About Booth's Hire

Booth's Hire Pty Limited is involved with heavy construction
equipment rental and leasing.  The company is located at Condell
Park, in New South Wales, Australia.


CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17
---------------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates, and
Chrysler LLC agreed to extend their supply agreement to March 17
even as Chrysler argues its tooling case before the U.S.
District Court for the Eastern District of Michigan, the
Associated Press reports.

As reported in the Troubled Company Reporter on March 4, 2008,
Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada
Inc., took an appeal under 28 U.S.C. Section 158(a) before the
Court from the orders of the Honorable Phillip Shefferly that
denies:

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

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

Judge Shefferly said in a court opinion that the Debtors needed
to keep the tooling equipment to faciliate them in their
reorganization.  The balancing of interests favored Plastech,
the Court said.

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

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

                   About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.

                     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.


DANIN INVESTMENTS: Members & Creditors' Meeting Set for March 26
----------------------------------------------------------------
Danin Investments Pty. will hold a final meeting for its members
and creditors at 12:00 noon on March 26, 2008.  During the
meeting, the company's liquidator, H. A. Mackinnon, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          H. A. Mackinnon
          Bent & Cougle Pty. Ltd.
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne, Victoria 3004
          Australia

                  About Danin Investments

Danin Investments Pty., which is also trading as Corrocoat
Engineering Victoria, provides engineering services.  The
company is located at Keilor East, in Victoria, Australia.


DREAM GROUP: Final Meeting Slated for March 20
----------------------------------------------
Dream Group Pty. Limited will hold a final meeting for its
members and creditors at 10:30 a.m. on March 20, 2008.  During
the meeting, the company's liquidator, Robert Moodie at Rodgers
Reidy, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          Robert Moodie
          Rodgers Reidy
          333 George Street, Level 8
          Sydney, New South Wales 2000
          Australia

                     About Dream Group

Dream Group Pty. Limited, which is also trading as Mma Concepts
& Strategies, is a distributor of security and commodity
services.  The company is located at Newcastle, in New South
Wales, Australia.


HARMAN INFORMATION: Members to Hear Wind-Up Report on March 19
--------------------------------------------------------------
Keiran William Hutchison and John Raymond Gibbons, Harman
Information Technology Pty. Ltd.'s appointed estate liquidator,
will meet with the company's members on March 19, 2008, to
provide them with property disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Oct. 9, 2007.

The liquidators can be reached at:

          Keiran William Hutchison
          John Raymond Gibbons
          c/o Ernst & Young
          680 George Street, Level 37
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 5555

                  About Harman Information

Harman Information Technology Pty. Ltd. is a distributor of
prepackaged software.  The company is located at Perth, in
Western Australia, Australia.


KOKO KLOTHING: Liquidator to Give Wind-Up Report on March 26
------------------------------------------------------------
Koko Klothing Pty. Ltd. will hold a final meeting for its
members and creditors at 11:30 a.m. on March 26, 2008.  During
the meeting, the company's liquidator, H. A. Mackinnon, will
provide the attendees with property disposal and winding-up
reports.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on August 29, 2006.

The liquidator can be reached at:

          H. A. Mackinnon
          Bent & Cougle Pty Ltd
          Chartered Accountants
          332 St Kilda Road, Level 5
          Melbourne, Victoria 3004
          Australia

                   About Koko Klothing

Koko Klothing Pty Ltd is a distributor of clothing for womens,
childrens, and infants.  The company is located at Abbotsford,
in Victoria, Australia.


OPSS PTY: Undergoes Liquidation Proceedings
-------------------------------------------
OPSS Pty. Limited's members agreed on Feb. 8, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed J. Zeckendorf and R. Shaw to
facilitate the sale of its assets.

The liquidators can be reached at:

           J. Zeckendorf
           R. Shaw
           PO Box 194
           Neutral Bay, New South Wales 2089
           Australia

                       About OPSS Pty.

OPSS Pty. Limited operates investment offices.  The company is
located at Macquarie Park, in New South Wales, Australia.


STG PACIFIC: Members to Receive Wind-Up Report on March 25
----------------------------------------------------------
C. Wykes, STG Pacific Pty. Ltd.'s appointed estate liquidator,
will meet with the company's members at 9:00 a.m. on
March 25, 2008, to provide them with property disposal and
winding-up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on May 15, 2007.

The liquidator can be reached at:

          C. Wykes
          Lawler Partners
          Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney, New South Wales 2000
          Australia

                      About STG Pacific

STG Pacific Pty Ltd is a distributor of durable goods.  The
company is located at Rhodes, in New South Wales, Australia.


T & A BUILDING: Members Resolve to Shut Down Business
-----------------------------------------------------
T & A Building Pty. Ltd.'s members agreed on Feb. 5, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Danny Vrkic at Jirsch Sutherland
& Co. to facilitate the sale of its assets.

The liquidator can be reached at:

          Danny Vrkic
          Jirsch Sutherland & Co - Wollongong
          PO Box 573
          Wollongong, New South Wales 2500
          Australia
          Telephone:(02) 4225 2545
          Facsimile:(02) 4225 2546
          e-mail: reception@jswollongong.com.au

                   About T & A Building

T & A Building Pty. Ltd. is a distributor of durable goods.  The
company is located at Taren Point, in New South Wales,
Australia.


WALSH FAMILY: Members & Creditors Meeting Set for March 11
----------------------------------------------------------
Walsh Family Holdings 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, Christopher J.
Palmer, will provide the attendees with property disposal and
winding-up reports.

The company commenced liquidation proceedings on July 6, 2006.

The liquidator can be reached at:

          Christopher J. Palmer
          23-25 Hunter Street, Level 4
          Sydney, New South Wales 2000
          Australia

                     About Walsh Family

Walsh Family Holdings Pty. Limited is a distributor of conveyors
and conveying equipments.  The company is located at Leichhardt,
in New South Wales, Australia.




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


CHINA EASTERN: Air China Seeks to Partner Cathay to Boost Offer
---------------------------------------------------------------
Continuing with the war of nerves that has characterized the
battle to acquire a stake in China Eastern Airlines Corporation
Limited, suitor and current stakeholder Air China now says that
it may introduce Hong Kong-based Cathay Pacific Airways as a
partner in its bid.  According to Air China's acting chairman
Kong Dong, Cathay Pacific will provide the required management
expertise and international competitiveness that China Eastern
wants.

China Eastern's chairman, Li Fenghua, has said time and again
that his airline's attempt to partner with Singapore
International Airlines was based on sound principles of
acquiring management expertise and international experience,
which a stake sale to the Singapore Airlines would provide.  He
has also asserted that partnering with a mainland carrier, like
Air China, brought no benefits to his airline's operation.

A bid by Singapore Airlines to pick up a 24% stake in China
Eastern was thwarted by shareholders even as Air China's parent,
the China National Aviation Holding Co., offered what it said
would be a more attractive bid.  China Eastern has rejected the
bid on technical grounds.

Air China's latest offer to China Eastern, with Cathay Pacific
as a likely foreign partner, now seeks to blunt all arguments in
favor of Singapore Airlines.

Mr. Kong also said that Air China is sincere about the strategic
partnership with China Eastern and even if China Eastern's
shares should fall below the previously offered price, it would
stick to the plan.

He said that a detailed plan would be put forward if China
Eastern should accept the latest proposal.

Meanwhile, Cathay Pacific chairman, Christopher Pratt, who has
earlier shown his willingness to provide financial assistance
for Air China's bid, said he will back the current plan as well
but that the issue would not be resolved in the short term.

Air China, a subsidiary of state-controlled China National
Aviation Holding Co, made an offer in January to buy as much as
30% stake of China Eastern at HK$5 apiece.  China Eastern,
however, rejected this offer on February 26, 2008.

                      About Cathay Pacific

Cathay Pacific Airways Limited is an international airline based
in Hong Kong, offering scheduled passenger and cargo services to
104 destinations in 35 countries and territories.  In addition
to its fleet of 102 aircraft, its investments include catering,
aircraft maintenance and ground handling companies.  In Sept.
2006, Hong Kong Dragon Airlines Limited became a wholly owned
subsidiary of Cathay Pacific, while Cathay Pacific and Air China
Limited increased their cross-shareholdings.  Air China
purchased a 17.5% interest in Cathay Pacific and Cathay Pacific
increased its interest in Air China from 10% to 17.3%.  Cathay
Pacific is also the major shareholder in AHK Air Hong Kong
Limited, an all-cargo carrier offering scheduled services in the
Asian region.

                     About China Eastern

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

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

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


CHINA SOUTHERN: To Set Up Joint Venture with Air France-KLM
-----------------------------------------------------------
China Southern Airlines and Air France-KLM aim to finalize a
joint venture this year in the cargo business, Reuters reports,
citing China Southern Chairman Liu Shaoyong.

The report recounts that exclusive talks between the two were
announced in June 2007, at the same time that China Southern
signed an agreement to join the Franco-Dutch airline's SkyTeam
alliance.

Mr. Shaoyong was quoted by the news agency as saying, "We hope
that we can sign the deal in this year."

Zhou Xin of Reuters writes that Mr. Shaoyong also said China
Southern did not intend to push for big consolidation in the
country's aviation industry.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                        *     *     *

As reported on March 3, 2008, Fitch Ratings affirmed China
Southern Airlines Co. Ltd.'s Long-term Foreign Currency and
Local Currency Issuer Default Ratings at 'B+'.  Fitch said the
outlook on the ratings remains stable.


CHINA SOUTHERN: Expands Beijing-Tehran Service
----------------------------------------------
China Southern Airlines is offering all-new, non-stop direct
flights from Beijing to Tehran and double the frequency to four
flights per week, starting March 31.

China Southern has been operating Beijing-Tehran flights on
Wednesday and Saturday, (with a stop at Urumqi).

The new flights will also operate every Monday and Friday.

China's largest airline will use an Airbus A330-200 aircraft for
this service.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

                        *     *     *

As reported on March 3, 2008, Fitch Ratings affirmed China
Southern Airlines Co. Ltd.'s Long-term Foreign Currency and
Local Currency Issuer Default Ratings at 'B+'.  Fitch said the
outlook on the ratings remains stable.


COMPUWARE ASIA PACIFIC: Members Meeting Fixed for March 31
----------------------------------------------------------
The members of Compuware Asia Pacific Holdings Limited will have
their final meeting on March 31, 2008, at Level 28, Three
Pacific place, 1 Queen's Road East, 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 Pik Yuk
          Level 28, Three pacific Place
          1 Queen's Road East
          Hong Kong


COUNTRY FINE: Commences Liquidation Proceedings
----------------------------------------------------
Country Fine Investment Limited's members agreed Feb. 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


FORTUNE HONEST: Commences Liquidation Proceedings
-------------------------------------------------
Fortune Honest Limited's members agreed February 20, 2008 to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Jacky Chung Wing Muk and Patrick
Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


HINFAITH INDUSTRIAL: Commences Liquidation Proceedings
----------------------------------------------
Hinfaith Industiral Limited's members agreed February 20, 2008
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


GALAXY BEST: Commences Liquidation Proceedings
----------------------------------------------
Galaxy Best Enterprises Limited's members agreed Feb. 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


GOLD RAW: Commences Liquidation Proceedings
-------------------------------------------
Gold Raw Investment Limited's members agreed February 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


GLORY HIGH: Commences Liquidation Proceedings
---------------------------------------------
Glory High Development Limited's members agreed Feb. 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


GLORY MILE: Commences Liquidation Proceedings
---------------------------------------------
Glory Mile Development Limited's members agreed Feb. 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


GLORYSON LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
Gloryson Limited's members agreed February 20, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Jacky Chung Wing Muk and Patrick
Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


GREAT PEACE: Commences Liquidation Proceedings
-------------------------------------------
Great Peace Development Limited's members agreed Feb. 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


HOWELL INDUSTRIAL: Commences Liquidation Proceedings
------------------------------------------------------
Howell Industrial Limited's members agreed February 20, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Jacky Chung Wing Muk and Patrick
Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


IIYAMA HONG KONG: Creditors Meeting Fixed for April 2
------------------------------------------------------
The creditors of Iiyama Hong Kong Co. Limited will have their
final meeting on April 2, 2008, at Units E & F, 12th Floor,
Seabright Plaza, 9-23 Shell Street, North Point, 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:

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


LINSHAN DEVELOPMENT: Commences Liquidation Proceedings
-------------------------------------------------
Linshan Development Limited's members agreed February 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


LUCKY CITY: Commences Liquidation Proceedings
----------------------------------------------
Lucky City Development Limited's members agreed Feb. 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


MAXI-TUYO: Members Meeting Fixed for April 1
---------------------------------------------
Maxi-Tuyo Limited's members will have their final meeting on
April 1, 2008, at 6th Floor, Kwan Chart Tower, 6 Tonnochy Road,
Wanchai, 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:

          Puen Wing Fai
          6th Floor, Kwan Chart Tower
          6 Tonnochy Road, Wanchai
          Hong Kong


MEST HOST: Commences Liquidation Proceedings
--------------------------------------------
Mest Host Investment Limited's members agreed February 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


PETROLEOS DE VENEZUELA: Foreign Clients Must Pay Through Bank
-------------------------------------------------------------
Petroleos de Venezuela SA has instructed foreign clients to pay
their purchases by making deposits in Banco Central de
Venezuela's account in Switzerland's UBS bank, El Universal
reports.

Banco Central de Venezuela agreed with Petroleos de Venezuela to
make the oil-related deposits in the UBS account that they own
jointly so they can determine what the payments for the oil
company's sales are, El Universal says, citing sources.

Traders told El Universal that over the last few weeks they made
the payments to that account, after a court order froze a US$315
million account of Petroleos de Venezuela's Cerro Negro in the
New York Bank at the request of US oil company Exxon Mobil.
Petroleos de Venezuela has an ongoing dispute with Exxon Mobil
over an asset freeze order issued by the London High Court,
among others.

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                           *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


PETROLEOS DE VENEZUELA: Gets OPEC'S Support in Exxon Conflict
-------------------------------------------------------------
The Organization of Petroleum Exporting Countries told Thomson
Financial that will support Venezuela in the legal dispute
between Petroleos de Venezuela SA and Exxon Mobil Corp.

As reported in the Troubled Company Reporter-Latin America on
March 6, 2008, the Venezuelan government asked OPEC to discuss
during a March 5 meeting Exxon Mobil's seeking of asset freeze
court order against Petroleos de Venezuela.  Exxon Mobil asked
the London High Court to uphold the order freezing
US$12 billion in Petroleos de Venezuela's assets to support the
arbitration process between both parties.  The asset-freeze
order against Petroleos de Venezuela was made so that Exxon
Mobil Corp. would be able to extract compensation should it win
a pending arbitration.  Petroleos de Venezuela has appealed the
asset-freeze order.  Petroleos de Venezuela contends that the
U.K. court doesn't have the authority to award the injunction
because the case involved U.S. and Venezuelan firms.

According to news agency EFE, Exxon Mobil didn't explain why it
is seeking to freeze Petroleos de Venezuela's assets when the
U.S. giant is demanding compensation of no more than US$5
billion.

OPEC told Thomson Financial that its members unanimously agreed
at its production meeting to support Venezuela.

EFE relates that Samuel Moncada, Venezuela's ambassador to
Britain, thanked OPEC for the support.  "It seems very important
to us that the world's organization of producing countries of
petroleum learned of the situation and of the potential danger
that this has for themselves.  Other petroleum exporting
countries are taking account of the dangerous situation in that
Exxon, with this type of aggressive action, can put them in
foreign courts," Ambassador Moncada told EFE.

Ambassador Moncada said in a statement, "The conference
expressed its support to the Bolivarian Republic of Venezuela
and Petroleos de Venezuela SA, in the exercise of its sovereign
rights over its natural resources, in accordance with
international law.  The Conference called for resolving any such
disputes through good faith and amicable negotiations."

EFE notes that Ambassador Moncada is confident that bilateral
relations with Britain wouldn't be affected by the Petroleos de
Venezuela-Exxon Mobil dispute.  Ambassador Moncada told EFE that
he hoped that "reason prevails in this case and the limits of
national jurisdiction remain where they are now, in the national
territories."  "We're surprised by this cunning and unexpected
attack because when the decision was made neither the PDVSA
[Petroleos de Venezuela] nor the (Venezuelan) nation was
informed.  We were surprised by an order to freeze assets in an
English court when we had not the slightest idea of why that
could occur here.  This is not a private case. This is a case
where a nation is involved."

El Universal relates that British deputies that included three
Labor Party representatives and members of the parliamentarian
group Friends of Venezuela, one Welsh nationalist, and a Green
Party representative led a protest against Exxon Mobil outside
the London High Court.

According to EFE, the protesters claimed that Exxon Mobil's
lawsuit against Petroleos de Venezuela has "a political
motivation."

Parliamentarian group Friends of Venezuela's chairperson Colin
Burgon told El Universal, "We are really concerned about the
fact that a multinational corporation such as Exxon is trying to
threaten the sovereignty of the Venezuelan State" to dispose of
its natural resources.

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

PDVSA is one of the top exporters of oil to the US with proven
reserves of 77.2 billion barrels of oil -- the most outside the
Middle East -- and about 150 trillion cu. ft. of natural gas.

PDVSA's exploration and production take place in Venezuela, but
the company also has refining and marketing operations in the
Caribbean, Europe, and the US.

                           *     *     *

As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela
SA's long-term issuer default rating and local currency long
term issuer default rating at BB-.  Fitch said the ratings
outlook is negative.


POWER FINE: Commences Liquidation Proceedings
---------------------------------------------
Power Fine Development Limited's members agreed Feb. 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


PARAWELL INDUSTRIAL: Commences Liquidation Proceedings
------------------------------------------------------
Parawell Industrial Limited's members agreed February 20, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Jacky Chung Wing Muk and
Patrick Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


TOTAL PROFIT: Commences Liquidation Proceedings
----------------------------------------------------
Total Profit Holdings Limited's members agreed Feb. 20, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Jacky Chung Wing Muk and Patrick
Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


VAUTIER LIMITED: Members Meeting Fixed for April 1
--------------------------------------------------
The members of Vautier Limited will have their final meeting on
April 1, 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


WINJOB INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
Winjob Investment Limited's members agreed February 20, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Jacky Chung Wing Muk and Patrick
Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


WINMACK INTERNATIONAL: Commences Liquidation Proceedings
--------------------------------------------------------
Winmack International Investment Limited's members agreed
February 20, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Jacky Chung Wing Muk and Patrick Cowley to facilitate the sale
of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


YORK PROSPER: Commences Liquidation Proceedings
-----------------------------------------------
York Prosper Limited's members agreed February 20, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Jacky Chung Wing Muk and Patrick
Cowley to facilitate the sale of its assets.

The liquidators can be reached at:

         Jacky Chung Wing Muk
         Patrick Cowley
         KPMG
         8th Floor, Prince's Building
         10 Charter Road, Hong Kong


ZINIFEX: Allegiance's Chinese Stakeholder Retains Interest
----------------------------------------------------------
The Chinese stakeholder in Allegiance Mining NL, which is being
taken over by Zinifex Limited, is retaining its interest in the
target and mulls the implications of Zinifex's own takeover by
Oxiana Ltd., Reuters says.

Jinchuan Group Ltd, the largest shareholder in Allegiance Mining
with 10.4% stake, told Reuters it is waiting to see how the
situation develops.

"For the time being we are not selling," Yang Zhiqiang,
Jinchuan's vice-chairman, told Reuters.  "We want to hold on and
see how things develop."

Allegiance chairman Tony Howland-Rose told The Age.com Junchuan
may be happy to become a minority shareholder in a merged Oxiana
and Zinifex because it will open up opportunities with a range
of metals markets.

"There have been some very sharp changes in the past few months
and I suppose they are taking time to evaluate that," Mr.
Howland-Rose added to The Age.com, adding that he was not
surprised by the news.

Jinchuan has off-take agreements for all nickel produced by
Allegiance assets, The Age.com notes.

Mr. Howland-Rose disclosed to The Age.com that Jinchuan, the
largest nickel producer in Asia and the second largest copper
producer in China, was interested in other metals.  By holding
becoming a minority shareholder in a merged Oxiana and Zinifex,
Jinchuan could gain exposure to the companies' combined lead,
zinc, gold and copper assets, he said.

                  About Allegiance Mining

Allegiance Mining NL is an Australian nickel mining company.
The company's activities are focused on Avebury Nickel Project
and Regional Nickel Exploration mainly in the West Coast region
of Tasmania.  The Avebury nickel project is located near Zeehan
in the mining province of West Coast, Tasmania, Australia.
Avebury contains more than 150,000 tons of nickel in resources.
The Avebury Mine commenced production December 2006, with
Barminco Limited as mining contractor.  Whilst exploration has
focused on Avebury, exploration work was completed during the
year ended Dec. 31, 2006, on the Melba and Renison East areas
north of Zeehan.  In Feb. 2008, Zinifex Limited's subsidiary,
Zinifex Australia Limited, acquired a substantial interest in
Allegiance Mining NL.

                    About Zinifex Limited

As reported on Mar 5, 2008, Fitch Ratings has placed Zinifex
Limited's 'BB+' long-term foreign currency Issuer Default Rating
on Rating Watch Positive, following the announcement of a merger
proposal with Oxiana Limited, whereby both companies will own
50% each of a new company yet to be named.  The rating watch is
expected to be resolved within six months by which time the
structure of the merged entity, including its debt structure,
will be clearer.




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


EMCO LTD: Fixes March 25 as Record Date for Stock Split
-------------------------------------------------------
Emco Ltd. has fixed March 25, 2008, as the record date for the
company's planned 5:1 stock split, a filing with the Bombay
Stock Exchange relates.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Emco's shareholders approved, on Feb. 25, the proposed
subdivision of the company's equity shares of nominal value of
INR10 each to shares of nominal value of INR2 each.  The
shareholders gave their nods at the extraordinary general
meeting on Feb. 25, 2008.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


GENERAL MOTORS: Offers Additional Exit Financing to Delphi Corp.
----------------------------------------------------------------
Delphi Corp. is taking the steps necessary to enable the
completion of its exit financing syndication.  Delphi said that
it has been advised by General Motors Corp. that GM is prepared
to provide additional exit financing.  The company's US$6.1
billion exit financing package is now expected to include a
US$1.6 billion asset-backed revolving credit facility, at least
US$1.7 billion of first-lien term loan, an up to US$2.0 billion
first-lien term note to be issued to GM (junior to the US$1.7
billion first-lien term loan), and an US$825 million second-lien
term loan, of which any unsold portion would be issued to GM.

Delphi believes that GM's increased participation in the exit
financing structure is necessary to successfully syndicate its
exit financing on a timely basis and is consistent with its
First Amended Joint Plan of Reorganization and the investment
agreement with its plan investors.  However, certain of Delphi's
plan investors have advised the company they believe the
proposed exit financing with increased GM participation would
not comply with conditions in the company's investment agreement
between Delphi and the plan investors.

To clarify that GM's increased participation complies with the
Plan and the investment agreement, and to require each of the
Plan Investors to perform their obligations under the investment
agreement, Delphi asks the U.S. Bankruptcy Court for the
Southern District of New York seeking limited relief from the
Court under section 1142 of the Bankruptcy Code with respect to
the Plan, which was confirmed by the Court on Jan. 25, 2008.

Under Section 1142 of the Bankruptcy Code, bankruptcy courts may
direct the debtor and any other necessary party to perform any
act that is necessary for the consummation of a plan that has
been confirmed by the Bankruptcy Court.

Delphi's lead plan investor has also agreed to extend from
March 31, 2008, to Apr. 5, 2008, the first date by which it
could terminate the investment agreement with Delphi if the
effective date of the Plan has not occurred, which would provide
Delphi additional time to comply with closing conditions under
the investment agreement.

                      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)

                           About GM

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

                        *     *     *

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

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

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


QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions
------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates' sales and
marketing efforts are done through both employees and third-
party brokers.  The Debtors previously sought and obtained U.S.
Bankruptcy Court for the Southern District of New York's
approval to pay sales commissions that accrued prepetition to
one group of sales employees who were otherwise scheduled to
receive their commissions on Feb. 1, 2008.

The Debtors now seek the Court's permission to pay commissions
that accrued prepetition to non-employee sales brokers.  Michael
Canning, Esq., at Arnold & Porter LLP, in New York, relates that
these third-party brokers are utilized in certain segments of
the Debtors' businesses, and it is crucial to the Debtors' sales
and marketing effort that the Debtors maintain a strong and
loyal team of sales brokers.

The Debtors have determined that there approximately 36 brokers
who are or will likely be due commissions based on prepetition
activities.  The total amount expected to be owing for these
commissions is US$705,775.  There could be some variation in the
final total based on payments from customers, but it is not
anticipated that the final total will be materially higher
than this amount, Mr. Canning says.

                    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
$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: NFR Wants Stay Lifted & Base Contract Terminated
----------------------------------------------------------------
National Fuel Resources and Quebecor World Buffalo Inc., debtor-
affiliate of Quebecor World Inc., are parties to a base contract
for the purchase of natural gas and a transaction confirmation,
each dated June 14, 2007.  Pursuant to the NFR Contract, NFR
provides natural gas to Quebecor World Buffalo Inc.  Quebecor
World Buffalo Inc. currently owes NFR US$277,163 for unpaid
natural gas provided before the bankruptcy filing.  This amount
constitutes invoices due and owing for gas provided by NFR to
Quebecor World Buffalo Inc. for December 2007 and the portion of
January 2008.

Under the NFR Contract, NFR may terminate the contract upon 30
days' written notice and could demand a prepayment in the event
that Quebecor World Buffalo Inc. files a petition for bankruptcy
relief.

NFR was included in the list of utilities filed by the Debtors
in their chapter 11 cases.  Before the entry of the Utility
Order, NFR and the Debtors agreed that NFR will not be subject
to the order and that each party will reserve its rights with
respect to the question of whether NFR was a utility as defined
under the Bankruptcy Code, and agreed to discuss an adequate
protection framework to protect NFR.

National Fuel Resources asks the U.S, Bankruptcy Court for the
Southern District of New York to:

  (1) lift the automatic stay to exercise its contractual right
      to terminate the NFR Contract;

  (2) grant it adequate protection to protect its interest in
      the NFR Contract until it is assumed or rejected by the
      Debtors;

  (3) compel the Debtors to assume or reject the NFR Contract;
      and

  (4) grant it adequate assurance of future payment, if the
      Court determines NFR as a utility under Section 366 of the
      Bankruptcy Code.

Allan Hill, Esq., at Phillips Lytle LLP, in New York, states
that NFR is entitled to relief from stay because the Debtors
have little to no equity in the NFR Contract and the NFR
Contract is not necessary to the Debtors' reorganization since
it will not leave the Debtors without access to natural gas.

Mr. Hill says that NFR is entitled to adequate performance of
payment.  Pursuant to Sections 361 and 363 of the Bankruptcy
Code, the Debtors can be compelled to make cash payments to NFR
if the automatic stay results in a diminution of value of NFR's
property.  The Bankruptcy Code also provides that NFR be
entitled to other relief as will result in NFR's realization of
the equivalent of its interest in the NFR Contract.  Similarly,
Sections 365 and 366 of the Bankruptcy Code provide for a debtor
to provide adequate protection or adequate assurance of future
payment to non-debtor parties to executory contracts and to
utility providers, Mr. Hill adds.

As adequate protection of NFR's interests in the NFR Contract,
unless and until the Contract is either assumed or rejected by
the Debtors, Mr. Hill asserts that:

  (a) NFR should be allowed to bill the Debtors twice a month:

  (b) the Debtors should be required to make due payments by
      wire transfer within nine business days of the receipt of
      any valid invoice under the NFR Contract; and

  (c) the Debtors should be required to provide NFR with a
      security deposit or letter of credit that adequately
      covers NFR's financial exposure under the NFR Contract.

In addition, if the Debtors fail to timely make a payment, NFR
should be allowed to terminate the NFR Contract without further
Court order.

Mr. Hill believes that the Debtors would not suffer significant
harm if the Court compelled them to decide whether to assume or
reject the NFR Contract.  Accordingly, NFR asks the Court to
enter an Order fixing a date no later than 20 days after its
request is approved as the deadline by which the Debtors must
file any necessary pleadings seeking to assume or reject the NFR
Contract, provided that NFR may, in its sole discretion and
without further approval or notice to the Court, agree to grant
the Debtors additional time to file those pleadings.

Mr. Hill says that if the Court determines that NFR is a
utility, then under Section 366 of the Bankruptcy Code, NFR
seeks adequate assurance of future payment in a form of a letter
of credit totaling US$300,000 covering two months usage of gas
supplies, and modification of billing and payment procedures to
reduce the length of time that NFR is financially exposed on
account of natural gas supplies that NFR has supplied to the
Debtors.

                    About Quebecor World

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

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

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

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

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
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.


SPICEJET: Discloses Auditors' Report on Oct.-Dec. 2007 Results
--------------------------------------------------------------
Spicejet Ltd. has disclosed in a filing the Bombay Stock
Exchange the observation of its auditors after a limited review
report on the company's financial results for the quarter ended
Dec. 31, 2007.

The auditors recall that their audit report dated May 24, 2007,
on the company's financial statements for the period ended
March 31, 2007, was qualified in respect of certain disputed and
therefore, doubtful receivables and non-accrual of interest
on certain liabilities aggregating to INR 624.15 million.  Those
transactions originated in the years prior to 1996 and the
company has instituted legal proceedings to recover the amounts
and/or extinguish these liabilities, the auditors said.

According to the auditors, since the last audited financial
statement, the amount of doubtful receivables has reduced by
INR 333 million.  With the reduction in doubtful receivables and
addition to the un-accrued interest, the impact of the
qualifications as at December 31, 2007 stands at
INR306.43 million.  Had these adjustments been recorded in the
quarter ended Dec. 31, 2007, the reported profit after tax of
INR93.38 million would have been negatively impacted by
INR 306.43 million, the auditors pointed out.

The Troubled Company Reporter-Asia Pacific previously reported
that SpiceJet reported a net profit of INR93.37 million in the
three months ended Dec. 31, 2007.

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

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


UNION BANK OF INDIA: Names Statutory Auditors for FY2007-2008
-------------------------------------------------------------
Union Bank of India disclosed the list of firms appointed as
Statutory Central Auditors of the bank for the financial year
2007-2008.

The appointed auditors are:

   1. M/s. Batliboi & Purohit, Chartered Accountants, Mumbai.

   2. M/s. Lodha & Co., Chartered Accountants, Kolkata.

   3. M/s. Price Patt & Co., Chartered Accountants, Chennai.

   4. M/s. Dass Maulik Mahendra K Agarwal & Co., Chartered
      Accountants, Bhubaneshwar.

   5. M/s. S R Goyal & Co., Chartered Accountants, Jaipur.

   6. M/s. Chandabhoy & Jassoobhoy, Chartered Accountants,
      Mumbai.

Union Bank of India -- http://www.unionbankofindia.com/--  was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
the Government of Indiaa fully owned the bank; currently, GoI
has a 55% stake.  The bank has a nationwide presence with a
geographically diversified branch network.

                        *     *     *

The bank's foreign long-term deposits carry Moody's Investors
Service's Ba2 rating.




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


GENERAL NUTRITION: Posts 4Q & Full Year 2007 Results
----------------------------------------------------
General Nutrition Centers, Inc. reported its financial results
for the quarter and year ended Dec. 31, 2007.

General Nutrition is an indirect wholly owned subsidiary of GNC
Parent LLC, which was acquired on March 16, 2007, by affiliates
of Ares Management LLC and Ontario Teachers' Pension Plan Board.
As such, the financial results presented represent the aggregate
of the financial results of General Nutrition Centers, Inc. from
Jan. 1, 2007, through March 15, 2007, predecessor, and the
results from March 16, 2007 to Dec. 31, 2007, successor.

For the fourth quarter of 2007, the company reported
consolidated revenues of US$376.1 million, an increase of 7.6%
over the consolidated revenues of US$349.7 million for the same
quarter of 2006.  Revenue increased in each of the company's
business segments: retail by 3.6%; franchise by 9.1% and
manufacturing/wholesale by 41.6%.  Same store sales improved
0.2% in domestic company-owned stores and 3.8% in Canadian
company-owned stores.

Earnings before income taxes, depreciation and amortization
(EBITDA) was US$45.6 million for the fourth quarter of 2007,
compared to US$18.3 million for the same quarter of 2006, an
increase of US$27.3 million.  Included in EBITDA for the fourth
quarter of 2006 was US$17.8 million of discretionary payments
made to stock option holders in conjunction with a distribution
made to shareholders in Dec. 2006, and a loss of US$0.1 million
related to the sale of the Company's Australian manufacturing
facility.  Excluding these one-time expenses, adjusted EBITDA
increased US$9.4 million or 26.0% over the adjusted EBITDA of
US$36.2 million in the same quarter of 2006.  Also included in
EBITDA for each of the fourth quarters of 2007 and 2006 was
US$0.6 million of non-cash, stock-based compensation expense.

For the year ended Dec. 31, 2007, the company reported
consolidated revenues of US$1.553 billion, an increase of 4.4%
over the consolidated revenues of US$1.487 billion for the same
period of 2006.  Revenue increased in each of the Company's
business segments: retail by 4.1%; franchise by 3.8% and
manufacturing/ wholesale by 8.3%. Same store sales improved 1.4%
in domestic company-owned stores and 8.5% in Canadian company-
owned stores.

EBITDA was US$125.5 million for 2007, compared toUS$138.4
million in 2006. Included in 2007, as a result of the
acquisition, was US$65.3 million of transaction related costs,
including US$34.6 million of transaction fees and expenses;
US$15.3 million of compensation expense (including US$3.8
million of non-cash, stock-based compensation resulting from the
cancellation of all outstanding stock options), and US$15.4
million of non-cash purchase accounting adjustments included in
cost of sales.  Included in EBITDA in 2006 was US$22.6 million
of discretionary payments made in conjunction with distributions
to shareholders in March 2006 and Dec. 2006 and a loss of US$1.2
million related to the sale of the company's Australian
manufacturing facility.  Excluding these one-time items,
adjusted EBITDA increased US$28.6 million or 17.6% to US$190.8
million in 2007, compared to US$162.2 million in 2006.  Also
included in EBITDA in 2007 and 2006 wasUS$2.2 million and US$2.5
million, respectively, of non-cash, stock-based compensation
expense.

EBITDA and adjusted EBITDA are non-GAAP financial measures
within the meaning of the Securities and Exchange Commission's
Regulation G. Management has included this information because
it believes it represents a more effective means by which to
measure the Company's operating performance.

                   About General Nutrition

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The company sells its products
through a worldwide network of more than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and manufacturing/
wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Moody's Investors Service assigned these ratings:

   -- US$710 million senior secured credit facility at B1
      (LGD 2, 27%);

   -- US$300 million floating-rate seven-year senior notes
      at Caa1 (LGD 5, 77%);

   -- US$125 million fixed-rate eight-year senior subordinated
      notes at Caa2 (LGD 6, 95%);

   -- Corporate family rating at B3;

   -- Probability-of-default rating at B3;

   -- Speculative Grade Liquidity rating at SGL-3.


GOODYEAR TIRE: Fitch Upgrades Issuer Default Rating to BB-
----------------------------------------------------------
Fitch Ratings has 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.:

    -- 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 $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.


PERUSAHAAN LISTRIK: Minister Discharges Executive Officials
-----------------------------------------------------------
State Enterprises Minister Sofyan Djalil officially discharged
Eddie Widiono and Parno Isworo as president director and finance
director of PT Perusahaan Listrik Negara, Antara News reports.

The report relates that under Mr. Djalil's decree dated
March 5, 2008, the minister also extended the terms of office of
four members of the company's board of directors, namely Herman
Darnel Ibrahim, Sunggu Anwar Aritonang, Djuanda Nugraha Ibrahim
and Fahmi Mochtar.

Company Spokesman Ario Subijoko said the Mr. Djalil would later
ask the company's board of commissioners to appoint one of the
four directors as the acting president director of the company
until the definitive board of directors was announced.

The report notes that both Mr. Widiono and Mr. Isworo Eddie
were discharged from their post after they had terminated their
tenure in accordance with the law on state enterprises.  Under
the law, the report relates, the tenure of directors of state
firm is five years and can be extended for another five years.

                  About Perusahaan Listrik

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

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




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


MEDICAL CORPORATION: JCR Affirms BB Rating with Stable Outlook
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd., affirms its BB/Stable rating
on the senior debts of Medical Corporation Tokushinkai Group.

Tokushinkai Group is a dental group that is headquartered in
Niigata City, Niigata Prefecture.  While competition in dental
industry is intensifying nationwide due to the increasing number
of clinics and the decreasing number of patients, Tokushinkai
Group retains its strong capacity to pull in patients on the
strength of its attitudes towards pursuit of patient
satisfaction.  The recently opened clinics are beginning to turn
profitable increasingly in the Group's undertakings towards
improving services and efficiency such as strengthening staff
education and revision of treatment process.  The delay in
ensuring recruitment of dentists is now a primary reason for
slowdown of growth.  The Group's recruitment placing emphasis on
mid-career applicants is now also beginning to pay off.  JCR
thinks that the sufficiency level of the number of dentists will
begin to improve, taking into consideration the above.  Although
the interest-bearing debt has been increasing gradually, JCR
thinks that it is now easier for the Group to improve the
financials thanks to the increasing profit, taking into
consideration balance of future capital spending and interest-
bearing debt.  Strengthening the business administration,
educating top management and improving the financials remain
issues for the Group.


USINAS SIDERURGICA: Concludes BRL500 Million Debenture Issuance
---------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA aka Usiminas has
concluded the issuance of BRL500 million in non-convertible
five-year debentures.

According to Business News Americas, the debentures were priced
at BRL100,000 each.  The issuance was approved during a
shareholders meeting in December 2007, BNamericas states.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
on Feb. 5, 2008, Moody's Investors Service assigned a Ba1 local
currency rating and an Aa1.br rating on its Brazilian national
scale to the BRL500 million non-guaranteed subordinated
debentures due 2013 to be issued by Usinas Siderurgicas de
Minas Gerais S.A. (aka Usiminas).  Net proceeds from the
debentures issuance will be used to partially fund the
company's capex program.  Moody's said the rating outlook is
stable.

As reported in the Troubled Company Reporter-Latin America
on Jan. 3, 2007, Standard & Poor's Ratings Services revised
its outlook on Brazil-based steelmaker Usinas Siderurgicas
de Minas Gerais S.A., aka Usiminas, to positive from stable.
Standard & Poor's also it affirmed its 'BB+' local and
foreign currency corporate credit ratings on Usiminas.




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


DAEWOO ELECTRONICS: Reaches One Million Production in 5 Years
-------------------------------------------------------------
Daewoo Electronics has reached a figure of one million on
production within 5 years since it has been introduced to market
in 2003.

  -- The hourly production has risen 4 times higher and 6 times
     higher on total number of annual production record
     comparing to the initial year.

  -- Vitamin-generated refrigerator and Black-mirror
     refrigerator have been introduced to market with innovative
     ideas.

Daewoo Electronics has reached a figure of one million on
production for side-by-side refrigerators since they have been
introduced to market 5 years ago.

Since Daewoo side-by-side refrigerator has been produced on
March 2003, it has hited 500,000 production record in 3 years
(2006).  Now it has reached one million records for production
on last 4th of February 2008.

During the first year, it started to produce 50,000 products.
Following after the product rate has increased by 50% in every
year.  In last year, it had a record of 320,000 which was 6
times higher number than 4 years ago.  This year finally it has
hit a record of one million.

There were few significant grounds that enabled them to keep up
such production rate and made it possible to attain the record
of one million.  The reasons are they have applied innovative
ideas on products, continuous monitoring on production
improvement and having global business marketing strategies.

In 2003, Daewoo Electronics has launched prime brand named
'Klasse' with Nano-silver technology applied products.
Additionally they introduced Vitamin-generated refrigerator
which has green tea filter system as well as Inter Cooler System
refrigerator which has additional internal cooling fan to
increase cooling system by 2.5 times than normal fridges.

Thereafter, Daewoo Electronics has introduced Black Mirror look
refrigerator as a first time on market.  It has brought huge
boom on home appliances in Europe and in Vietnam by attractive
black colored design.  In 2006, they have launched Arpeggio
style, which has upgraded electronics with two-tone colored
design.

To have better product and effective productivity, Daewoo has
been running a special program called LCA (Low Cost Automation),
which offered opportunities to workers to input their ideas into
products.  The current production numbers are135 units, which is
4 times higher product record and eventually has reduced the
cost price for material.

Now about 80 % of side-by-side fridges are exported to America,
Europe, Eastern Asians and Southeast Asian through our global
network system.  Daewoo Electronics also has been working with
world leading electronics firms.

A side-by-side refrigerator is occupies about 50% of total
number of fridge production. Daewoo Electronics has a plan to
increase the portion to 65% and aims to reach two-million
production record by 2010.

Mr. Sung, Lee, a Managing director of Home Appliance Div.,
stated it was only possible because we had world advanced
technology, competitive design, capacity to meet global business
needs.  He said Daewoo Electronics would continuously produce
top quality appliances with ongoing supports for global market
activity.

                  About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


HYNIX SEMICON: To Invest US$260MM in China Venture This Year
------------------------------------------------------------
Hynix Semiconductor Inc. will invest an additional US$260
million in its joint venture in China this year to expand
capacity, Reuters reports.

According to the report, the venture, set up with
STMicroelectronics in Wuxi, China, is the only overseas chip
plant for Hynix.  It will be built with an initial investment of
US$2 billion, the report notes.

After the new spending, Hynix's ownership in the joint venture
will rise to 77.44%, Hynix said in its filing to the Korea
Exchange.

Yonhap News relates that the investment is aimed at increasing
production capacity at the joint plant.

                 About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service upgraded to Ba2
from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating
and corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  Moody's
said the outlook for the ratings is stable.


HYNIX SEMICON: In Talks with Promo on Technology Transfer
---------------------------------------------------------
Hynix Semiconductor Inc. has been negotiating with ProMOS
Technologies, a Taiwanese chipmaker, on the transfer of
technology to produce 54-nano DRAMs, various reports say.

According to English.Chosun News, Hynix had attempted to
transfer the lower-level 66-nano technology to ProMOS, but
relented amid an outcry over the technology drain.

Hynix, the report relates, is seeking to diversify its
production base, including making products on commission at
ProMOS, to cut costs and evade countervailing duties it has to
pay if it directly exports goods to the U.S. or Europe.

A Hynix executive was quoted by the news agency as saying, "When
the transfer of 66-nano technology was delayed, ProMOS wanted
54-nano technology.  So we've been holding talks over its
transfer.  The transfer is not technology drain but an export,"
he added.

Asia Pulse relates that a Hynix official confirmed the report,
however, stopped short of providing financial terms and other
specifics of the on-going talks.

Experts, English.Chosun News says, are worried that the transfer
could decisively reduce the competitiveness of Korea's
semiconductor technologies.

The Industrial Technology Drain Prevention Act stipulates that
80-nano or lesser semiconductor technologies are key
technologies that the country must protect, English.Chosun News
explains.

English.Chosun News notes that Hynix is expected to face a tough
time in consultations with the Ministry of Knowledge-based
Economy.

                 About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service upgraded to Ba2
from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating
and corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  Moody's
said the outlook for the ratings is stable.




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


MANGIUM: Has Until March 28 to Obtain Approval for Unit Disposal
----------------------------------------------------------------
The Bursa Malaysia Securities Berhad has approved Mangium
Industries Bhd.'s request to extend until March 28, 2008, to
obtain the approval from the Securities Commission in relation
to the proposed disposal of a 100% equity in Mangium Plantations
Sdn Bhd. to Global Emerging Markets Forestry Investors LLC.

In a report by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company's shareholders have approved the
proposed disposal for a cash consideration of US$6.025 million.

The proceeds will be utilized to reduce the borrowings of the
company.

However, the Bursa Securities will proceed to de-list the
company's securities in the event:

   * Global Emerging Markets Forestry Investors, LCC terminates
     the Proposed Disposal;

   * Mangium fails to obtain the approval from the Securities
     Commission for the Proposed Disposal by March 28, 2008;

   * the company fails to submit the regularization plans to the
     Securities Commission and other relevant authorities for
     approval by May 26, 2008;

   * the company fails to obtain the approval from any of the
     Approving Authorities necessary for the implementation of
     its regularization plans and does not appeal to the
     Approving Authorities within the timeframe prescribed to
     lodge and appeal;

   * Mangium does not succeed in its appeal against the decision
     of the Approving Authorities; or

   * the company fails to implement its regularization plans
     within the time frame or extended time frames stipulated by
     the Approving Authorities.

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

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


PAXELENT CORPORATION: Ji Keng Quits as Non-Executive Director
-------------------------------------------------------------
Heng Ji Keng has stepped down as Paxelent Corporation Berhad's
non-executive director and as a member of Audit Committee.

With his resignation, the company's Audit Committee is now
comprised of:

   * Dato' Abdul Rahman Bin Dato' Mohammed Hashim - Chairman;
     and

   * Anwardi Bin Jamil Member - member

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.


WONDERFUL WIRE: Inks Share Sale Agreement w/ Fadzli bin Ghazali
---------------------------------------------------------------
Wonderful Wire & Cable Berhad has inked a Shares Sale Agreement
with Encik Mohd Fadzli bin Ghazali for the sale of 600,000
ordinary shares of MYR1.00 each fully paid, representing 20% of
the entire share capital of Wonderful Wire's associate,
Empirical Systems (M) Sdn. Bhd., for MYR700,000, which will be
paid through:

   (a) a sum of MYR100,000 has been paid prior to the execution
       of the Sale Agreement as deposit;

   (b) the sum of MYR250,000 will be paid within March 26, 2008;
       and

   (c) the sum of MYR350,000 will be paid within June 2008.

The company's decision to enter into the sale agreement was to
concentrate on its core business and dispose of its non core
assets.  Moreover, Wonderful Wire expects to suffer a loss of
MYR300,000 from the disposal.  The sale proceeds will be used as
working capital of the Wonderful Wire Group.

                   About Empirical Systems

Empirical Systems is a private limited company incorporated in
Malaysia under the Companies Act, 1965.  It has an authorized
capital of MYR5,000,000 divided into 5,000,000 ordinary shares
of MYR1.00 each, of which 3,000,000 shares have been issued and
are fully paid-up.  Its principal activities are providing
information and communication technology infrastructure and
consultations.

                    About Wonderful Wire

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

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




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


AAA PARTS: Court to Hear Wind-Up Petition on March 12
-----------------------------------------------------
A petition to have AAA Parts and Auto Services Ltd.'s operations
wound up will be heard before the High Court of Auckland on
March 12, 2008, at 10:45 a.m.

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

The CIR's solicitor is:

          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


ASPIRO PROPERTIES: Appoints Parsons & Kenealy as Liquidators
------------------------------------------------------------
On February 14, 2008, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of Aspiro Properties
Company Ltd.

The liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


COMPUTER STUFF: Wind-Up Petition Hearing Set for April 18
---------------------------------------------------------
The High Court of Auckland will hear on April 18, 2008, at 10:45
a.m. a petition to have Computer Stuff Ltd.'s operations wound
up.

The Commissioner of Inland Revenue filed the petition on
December 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


KINGSLEY LIMITED: Fixes March 18 as Last Day to File Claims
-----------------------------------------------------------
The creditors of Kingsley 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
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


LANARK 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 Lanark
Limited.

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

The liquidators can be reached at:

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


LTS LIMITED: Appoints Meltzer, Heath & Hayward as Liquidators
-------------------------------------------------------------
Jeffrey Philip Meltzer, Arron Leslie Heath and Lloyd James
Hayward were appointed liquidators of LTS Limited on
Feb. 12, 2008.

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

The liquidators can be reached at:

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


MCKEEFRY LIMITED: Creditors' Proofs of Debt Due on March 18
-----------------------------------------------------------
McKeefry 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
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


NATIONAL LINING: Subject to CIR's Wind-Up Petition
--------------------------------------------------
A petition to have National Lining Ltd.'s operations wound up
was filed by the Commissioner of Inland Revenue on Dec. 7, 2007.

The High Court of Auckland will hear the petition on
April 1, 2008.

The CIR's solicitor is:

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


PENDALE LIMITED: Requires Creditors to File Claims by March 18
--------------------------------------------------------------
The creditors of Pendale 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
          Meltzer Mason Heath
          Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


SMARTZONE CO: Wind-Up Petition Hearing Set for April 18
-------------------------------------------------------
A petition to have Smartzone Co. NZ Ltd.'s operations wound up
will be heard before the High Court of Auckland on
April 18, 2008.

The Commissioner of Inland Revenue filed the petition on
Dec. 7, 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




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


METRO PACIFIC: Signs New PHP1.4-Bil. Loan Pact With Inframetro
--------------------------------------------------------------
Metro Pacific Investments Corporation informed the Philippine
Stock Exchange that it has entered into a new loan agreement
with Inframetro Investments Pte Ltd. amounting PHP1,427,483,388.

The Inframetro Loan, which retires Metro Pacific's existing
convertible loan of the same amount owed to Inframetro, is
exchangeable into 1,200,000,000 common shares of DMCI-MPIC Water
Company.  The exercise of the exchange right, however, is
subject to the fulfillment of certain conditions, including the
securing of consents from specific third party creditors. In the
event that the Inframetro Loan is fully exchanged into shares of
DMWC, MPIC's equity interest in DMWC will be reduced to 30% from
the currently held 50%.

The Inframetro Loan's first principal repayment date will be
May 9, 2008, extendable to a final principal repayment date on
Jan. 31, 2009.  Inframetro is an affiliate of Ashmore Investment
Management Limited.

Based in Makati City, Philippines, Metro Pacific Investments
Corp. -- http://www.mpic.com.ph/-- serves as a holding company
for Metro Pacific Corp., 96.6% of which it bought in 2006
through a tender offer to purchase majority of MPC's shares.

Metro Pacific Investments Corp. reported a loss of
PHP689.5 million for the year ended Dec. 31, 2006, compared with
the PHP209.151-million net income for 2005.  The company had
also reported a net loss of PHP285.357 million in 2004.


METRO PACIFIC: MPHI to Convert PHP2BB Loan; Ups Stake to 94%
------------------------------------------------------------
Metro Pacific Holdings Inc. advises Metro Pacific Investments
Corp. that it intends to exercise its rights to convert its
convertible loans aggregating PHP2,029,853,351.  MPHI will
convert the full amount of the loan into a total of
1,893,282,845 shares in Metro Pacific Investments pursuant to
agreements previously entered into by the two firms.

Prior to the conversion, MPHI held a total of 1,150,050,000
share of common stock in Metro Pacific Investments representing
85.6% of the total outstanding capital stock.  The conversion
will increase its shareholdings in MPIC to 94.0%.

Based in Makati City, Philippines, Metro Pacific Investments
Corp. -- http://www.mpic.com.ph/-- serves as a holding company
for Metro Pacific Corp., 96.6% of which it bought in 2006
through a tender offer to purchase majority of MPC's shares.

Metro Pacific Investments Corp. reported a loss of
PHP689.5 million for the year ended Dec. 31, 2006, compared with
the PHP209.151-million net income for 2005.  The company had
also reported a net loss of PHP285.357 million in 2004.




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


HEXION SPECIALTY: Discloses Post-Merger Senior Officers
-------------------------------------------------------
Hexion Specialty Chemicals Inc. disclosed the post-merger senior
leaders for the company, contingent on the close of its
acquisition of Huntsman Corporation.  The transaction is
expected to close during the second quarter of 2008, pending
receipt of regulatory approvals and the satisfaction of other
closing conditions.

Once the merger transaction is completed:

   -- Peter R. Huntsman, President and CEO of Huntsman
      Corporation, will become Chairman of the Board for the
      combined company;

   -- Craig O. Morrison, Chairman, CEO and President of Hexion
      Specialty Chemicals, will become President and Chief
      Executive Officer;

   -- Donald J. Stanutz, Division President, Performance
      Products, of Huntsman Corporation, will become Chief
      Operating Officer;

   -- William H. Carter, Executive Vice President and CFO for
      Hexion, will assume that role in the new company.

"We are pleased to have a talented and highly experienced team
of chemical industry executives in place to build an industry-
leading enterprise, once the transaction is completed," said
Joshua J. Harris, founding partner with Apollo Management L.P.
"This combination will form one of the world's largest specialty
chemical companies.  It will have annual sales of more than
US$14 billion, and more than 21,000 associates and 180
facilities around the world serving a diverse range of customers
and industries with leading technologies and products."

Mr. Huntsman has served in his current role with Huntsman
Corporation since July 2000 and previously served as President
and Chief Operating Officer since 1994.  In 1987, he joined
Huntsman Polypropylene Corporation as Vice President before
serving as Senior Vice President and General Manager.  He has
also served as President of Olympus Oil, as Senior Vice
President of Huntsman Chemical Corporation and as a Senior Vice
President of Huntsman Packaging Corporation, a former subsidiary
of the company.

Mr. Morrison joined Borden Chemical, Inc., a predecessor company
of Hexion Specialty Chemicals, in March 2002 as President and
CEO.  He was named Chairman in 2005.  Prior to joining Hexion,
he served as President and General Manager of Alcan
Pharmaceutical and Cosmetic Packaging, a division of Alcan,
Inc., and as President and General Manager of Van Leer
Containers, Inc.  He also served as a management consultant with
Bain & Company, and worked in a variety of management roles
within GE Plastics.

Mr. Stanutz has served in his current role as Division
President, Performance Products since 2004.  He also has served
the Huntsman organization as Executive Vice President and Chief
Operating Officer of Huntsman LLC, as Executive Vice President,
Global Sales and Marketing, and as Executive Vice President,
Polyurethanes, PO and Performance Chemicals.  Prior to joining
Huntsman in 1994, Mr. Stanutz served in a variety of senior
positions with Texaco Chemical Company.

Mr. Carter has served as Executive Vice President and Chief
Financial Officer of Hexion Specialty Chemicals, Inc., and its
predecessors, Borden Chemical, Inc., and Borden, Inc., since
1995.  Prior to joining Hexion, he served as the Price
Waterhouse engagement partner for Borden.  He previously served
Price Waterhouse in various client assignments in manufacturing,
real estate and financial services.

                   About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.
The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.  It is an Apollo Management L.P.
portfolio company.  Hexion had 2006 sales of US$5.2 billion and
employs more than 7,000 associates.

                        *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


RED HAT: Hires Robert Tiller & Richard Fontana as Counsel
---------------------------------------------------------
Red Hat Inc. has appointed intellectual property experts Robert
Tiller, as Vice President and Assistant General Counsel, and
Richard Fontana, as Open Source Licensing and Patent Counsel.
Both will report to Executive Vice President and General
Counsel, Michael Cunningham.

Mr. Tiller brings over 20 years of legal expertise to Red Hat
and joins the company from Helms, Mulliss & Wicker, where he
gained experience in intellectual property and technology
litigation, commercial litigation and antitrust.  Previously,
Mr. Tiller was an Associate Partner at Parker, Poe, Adams &
Bernstein, focusing on intellectual property and technology,
business torts and employment, education and general commercial
litigation.  Mr. Tiller also held roles as Associate for Onek,
Klein & Farr, as Clerk for Antonin Scalia of the United States
Supreme Court and as Clerk for Stephen Williams of the United
States Court of Appeals for the District of Columbia Circuit.
Mr. Tiller earned his J.D. From the University of Virginia
School of Law and received his bachelor's degree from Oberlin
College.

At Red Hat, Mr. Tiller will be responsible for overseeing the
Company's internal intellectual property team, with
responsibilities covering open source licensing, copyright,
patent and trademark.  Additionally, Mr. Tiller will work on the
development of new policies and strategies related to legal
issues in open source.

Mr. Fontana most recently served as Counsel for the Software
Freedom Law Center, where he partnered with Eben Moglen to
advise the Free Software Foundation on the drafting of version 3
of the GNU General Public License.  In this role, Mr. Fontana
drafted GPLv3 license provisions, analyzed and advised clients
on competing proposals, conducted the public GPLv3 discussion
process, led GPLv3 discussion committees and researched matters
of U.S. and international copyright and patent law.

Prior to his work on GPLv3, Mr. Fontana prepared and prosecuted
patent applications as an Associate at Darby & Darby, P.C. and
Leydig, Voit & Mayer, Ltd.  At Rogers & Wells, he was an
Associate in the firm's Litigation Department, where he worked
in intellectual property, antitrust and securities litigation
practice groups.  Mr. Fontana received his J.D. From the
University of Michigan Law School, earned master's degrees in
Computer Science from New York University and Yale University
and obtained his bachelor's degree in History from Wesleyan
University.

At Red Hat, Mr. Fontana will manage matters relating to patents
and open source licensing.  He will also serve as a Red Hat
liaison with the open source community on licensing issues.

"It is an honor to call these experienced intellectual property
litigators Red Hat's own," said Mr. Cunningham.  "With the
combination of Richard and Robert's backgrounds, our team has
gained important ground in regard to intellectual property, open
source licensing and patents -- areas that have increasingly
gained importance in the success of Red Hat and the open source
community."

Mr. Fontana will be based at Red Hat's Westford, Mass. office.
Tiller will be based at Red Hat's headquarters in Raleigh, N.C.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
-- http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services revised its
outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.




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


SINHAPUTHRA FINANCE: Fitch Cuts National LT Rating to BB-(lka)
--------------------------------------------------------------
Fitch Ratings Lanka has downgraded the National Long-term rating
of Sinhaputhra Finance Limited to BB-(lka) from BB(lka).  The
Outlook is Negative.

The downgrade reflects the significantly weakened asset quality
and solvency at the regulatory six-month level.  The rating also
factors in the company's somewhat low capital position and the
substantial deterioration in profitability in the six-month
period ending September 2007 (H108).  The Negative Outlook is
indicative of the need for SFL to reverse the trend of weakening
collections and declining profitability.

Although loan growth was 28% in FY07 (marginally above the
sector growth rate of 26% at FYE07), the portfolio remained more
or less stagnant in the six-month period to H108 as the
company's primary focus was on recoveries.  Fitch notes that the
improved and robust management information systems, which would
be fully implemented by mid-2008, could aid this process.
Approximately half the loan portfolio consisted of leases for
the financing of second-hand commercial vehicles, where a
significant proportion is also secured by property mortgages.
The majority of the remainder of the portfolio is made up of
working capital loans, where, again, the bulk is pledged against
property mortgages.  The agency notes that such collateral
offers some comfort in the event of default.  SFL's clientele
consists of the small-and-medium-enterprise sector, and
geographical coverage is to a large extent limited to the
Central Province of Sri Lanka where it enjoys a degree of brand
franchise and recognition.

The adverse economic environment resulted in a deterioration in
SFL's asset quality at H108.  The gross NPL ratio (Fitch defines
NPLs as loans in arrears of over three months) was 33.6% at
H108, compared to 11.7% for the sector at FYE07, a function of
the company's less stringent credit monitoring and follow-up
procedures in the past. Repossessed vehicles accounted for 11%
of total NPLs at H108. Management has indicated that these
procedures have been revised since the last quarter of 2007.
Although SFL has already met the regulatory LKR200m minimum core
capital requirement, increased delinquencies coupled with SFL's
somewhat thin capital base culminated in solvency (net
NPL/equity) at the regulatory six-month level deteriorating to
63% at H108 from 35% at FYE07.  The company raised LKR17 million
via a preference share issue in mid-February 2008 but the agency
notes that further equity injections are likely to be required
to achieve any significant improvements to solvency.

SFL is a medium-sized registered finance company, which was
established in 1978 by Mr. Tissa Wijeyeratne.  The present
Chairman, Mr. Ravana Wijeyeratne, maintains a control holding of
52% of the company's equity.


                          *********

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
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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
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                *** End of Transmission ***