TCRAP_Public/080311.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Tuesday, March 11, 2008, Vol. 9, Issue 50

                          Headlines

A U S T R A L I A

AALEN PTY: Liquidator to Present Wind-Up Report on March 25
ADVANCED PROCESS: Final Meeting Slated for March 26
AGRICULTURAL BANK: To Separate Rural & Urban Units in IPO
AED OIL: Sinopec Stake Buy Prompts Share Price Hike
ALLCO FINANCE: Administrators Took Control of Major Shareholder

BETTA DENTAL: Liquidator to Give Wind-Up Report on March 26
BROADWAY 96 PTY: Members Receive Wind-Up Report
DELUXE HOMES: Members & Creditors Meeting Set for March 20
FITZGERALD GROUP: Placed Under Voluntary Liquidation
G & A FISHER: To Declare First Dividend on March 20

JP MORGAN (AUSTRALIA): Fitch Cuts Ratings on Two NCM-04's Notes
JP MORGAN (AUSTRALIA): Fitch Junks Rating on Class E Notes
LINDSAY G. QUINN: Commences Liquidation Proceedings
RUDY LEHMANN: Placed Under Voluntary Liquidation
RIMSLOW PTY: Joint Meeting Slated for April 15

TAHA RESEARCH: Members Resolve to Liquidate Business
ZINIFEX LIMITED: Sees Major Acquisition Once Merger Sealed


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

BANK OF CHINA: Sees China's Raising of Interest Rates
CHINA AOXING: To Restate Financial Statements to Correct Errors
CHINA EASTERN: Dubbed as Last Years' Most Punctual Airline
CHINA EASTERN: Increases Flights to India
CHINA MINSHENG: Seeks to Buy European Rivals

CROWN WORLDWIDE: Moody's Assigns Provisional Ba2 Debt Rating
ICBC: Makes Sufficient Provisions to Cover Subprime Investments


I N D I A

BAUSCH & LOMB: Picks Paul Sartori as Corporate Vice President
EMCO LTD: Gets INR325-Crore Order from Maharashtra Electricity
GENERAL: Closes Wentzville Plant Over Axle Workers' Strike
GENERAL MOTORS: 18 Plants to Lay Off Workers Due to Axle Strike
GENERAL: Contracts Provide for Union Workers When Laid-Off

ICICI BANK: Repurchases US$50MM of US$2BB 6.625% Bonds Due 2012
SHREE RAMA: Board to Discuss Scheme Status on March 15 Meeting
SOUTHERN IRON: Fixes March 7, 2008 as Scheme's Effective Date
TATA MOTORS: Chairman Eyes Stake in Ferrari, Report Says
TATA MOTORS: Sells 54,181 Vehicles in February 2008


I N D O N E S I A

BANK INTERNASIONAL: Maybank Leads Bidding for Company Stake
CILIANDRA: Fitch Says Ratings UnAffected by Auction Notice
CILIANDRA PERKASA: Moody's Revises Rating Outlook to Negative
GOLDEN AGRI-RESOURCES: Unit Increases Stake in Langgeng Subur
GOLDEN AGRI-RESOURCES: Posts Results for FY Ended December 2007

HILTON HOTELS: Names Steven Goldman as Real Estate President


J A P A N

ALITALIA SPA: New Gov't to OK Sale if Flagship Status Retained
ALITALIA SPA: Foreign Minister Warns of Possible Bankruptcy
FORD MOTOR: Luxury Brands Buyer Says It Won't Flip Jaguar
SAPPORO HOLDINGS: Steel Partners Ups Bid to JPY875 A Share


K O R E A

ARROW ELECTRONICS: To Buy Achieva's Components Distribution Biz
DURA AUTOMOTIVE: Files Revised Plan of Reorganization
DURA AUTOMOTIVE: Wants to Hire SRR as Valuation Consultant
KOREA EXPRESS: Regulators Expected to Deny HSBC's Takeover Plan
MAGNACHIP: To Work with Elmos for Automotive Semiconductor Dev't

* Korean Banks' Overseas Earnings Fall 4.6 %


M A L A Y S I A

ASPEN INSURANCE: Promotes Mason to Marine & Energy Deputy Head
IDAMAN UNGGUL: Incurs MYR34.76MM Net Loss in Qtr. Ended Dec. 31
IDAMAN UNGGUL: Receives MYR349-Mil. Offer for Lambang Pertama
SHAW: Wins US$3-BB Worldwide Planning Program & Design Contract
TENGGARA OIL: SC Approves Proposed Restructuring Scheme


N E W  Z E A L A N D

ARTZ HAIR: Appoints Brown and Neilson as Liquidators
CLEAR CHANNEL: Extends Closing of Notes Tender Offer to March 18
CLC CONSTRUCTION: Taps Brown & Neilson as Liquidators
DAVE ORRELL: Appoints Brown & Rodewald as Liquidators
FELTEX CARPETS: Shareholders Commence Action in High Court

HUMAN COMMERCIALS: Taps Brown & Neilson as Liquidators
LANDINGS MANAGEMENT: Creditors' Proofs of Debt Due on March 18
LIFT TRANZ: Appoints Brown & Neilson as Liquidators
MEDICTRONIX NEW ZEALAND: Taps Brown & Neilson as Liquidators
MINGINUI VILLAGE: Names Brown & Rodewald as Liquidators

MOMENTUM MEDIA: Names Brown & Rodewald as Liquidators
OCEANFRONT HOLDINGS: Appoints Brown & Rodewald as Liquidators
SCORPIC VENTURES: Names Brown & Neilson as Liquidators
STROWAN LIMITED: Fixes March 18 as Last Day to File Claims


P H I L I P P I N E S

FORD MOTOR: Philippine Unit's Shipments Soar in 2007


S I N G A P O R E

ATOP HOLDINGS: Creditors' Meeting Slated for April 2
FRANKEL MOTOR: Court Enters Wind-Up Order
SCOTTISH RE: May Sell Life Reinsurance & Wealth Management Units
ZEN28 PTE: Members to Receive Wind-Up Report on April 8


T H A I L A N D

FEDERAL-MOGUL: Inks New Stock Option Pact with CEO Jose Alapont


                            - - - - -

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


AALEN PTY: Liquidator to Present Wind-Up Report on March 25
-----------------------------------------------------------
Aalen Pty. Ltd. will hold a final meeting for its members and
creditors at 10:00 a.m. on March 25, 2008.  During the meeting,
the company's liquidator, D. J. Galgut at Coster Galgut Pty.
Ltd., will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          D. J. Galgut
          Coster Galgut Pty Ltd
          39 Clunies Ross Crescent
          Mulgrave, Victoria
          Australia

                      About Aalen Pty.

Aalen Pty. Ltd. is a special trade contractor.  The company is
located at West Heidelberg, in Victoria, Australia.


ADVANCED PROCESS: Final Meeting Slated for March 26
---------------------------------------------------
Advanced Process Control Pty. Ltd. will hold a final meeting for
its members and creditors at 9:45 a.m. on March 26, 2008.
During the meeting, the company's liquidator, K. L. Sutherland
at Bent & Cougle Pty Ltd, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

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

                   About Advanced Process

Advanced Process Control Pty Ltd provides computer programming
services.  The company is located at Wantirna, in Victoria,
Australia.


AGRICULTURAL BANK: To Separate Rural & Urban Units in IPO
---------------------------------------------------------
The Wall Street Journal reports that Agricultural Bank of China
will be separating its urban and rural businesses.  According to
the company's president, Xiang Junbo, the rural business will be
made part of a planned joint-stock company that will be sold to
investors in an initial public offering.

The split is part of the bank's restructuring plan, which has
been put off for more than a year, the Journal relates.  The
delay is caused by the bank's scruples concerning its mission to
serve the rural sector while keeping its goal of maximizing
profit from its urban business.

The Journal says that the bank has long been considered the
weakest financial institution in the country.  At the end of
last year, it has about CNY3.2 trillion (US$478 billion) in loan
outstanding with deposits of CNY5.2 trillion.

Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of 2006.

According to XFN-Asia, at the end of September 2007,
Agricultural Bank had outstanding loans of CNY3.44 trillion, of
which 22.11% were bad loans.

The Troubled Company Reporter-Asia Pacific reported on
June 27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AED OIL: Sinopec Stake Buy Prompts Share Price Hike
---------------------------------------------------
John Viljoen at Bloomberg News reports that AED Oil Ltd.'s
shares rose as much as 43% to AU$2.65 On Monday after China
Petrochemical Group's (Sinopec) unit bought a 60% stake in its
largest field.

Sinopec International Petroleum Exploration & Production Corp.
bought rights in the Puffin and Talbot oil ventures for AU$600
million.  Once the purchase is completed, Sinopec will start
operating the field, whose output declined in recent months,
Bloomberg relates.

According to the same paper, China wants secure supplies outside
the country to meet rising demand at home.

China Petrochemical is the parent of China Petroleum & Chemical
Corp., or Sinopec Corp., Asia's largest oil refiner.

AED Oil Limited -- http://www.aedoil.com/-- operates solely in
the oil production, and oil and gas exploration industry in
Australia.  The company is engaged in the planning and
development of the Puffin Field.

The company has incurred net losses of AU$20.56 million,
AU$4.53 million and AU$0.91 million for the years ended
June 30, 2007, 2006 and 2005.


ALLCO FINANCE: Administrators Took Control of Major Shareholder
---------------------------------------------------------------
Allco Finance Group Ltd.'s shares shed another 12% in March 10,
as administrators took control of its major shareholder, Allco
Principal Investments Pty Ltd., the Australian Associated Press
reports.

According to the report, Allco Finance stock closed six cents,
or 11.43%, lower at 46.5 cents as the firm confirmed
administrators were now in charge of its senior executives'
personal investment vehicle, Allco Principal.  Deepening
investor concerns about Allco Finance's high debt and complex
structure has stripped more than AU$2 billion off its value
since it began the year trading around AU$6.20.

Allco Finance's all-time high was AU$13.24, recorded in February
2007, and its all-time closing low was 39 cents on
March 4, 2008, Australian Associated reports.

Meanwhile, in a bizarre twist to shareholder blues over Allco
Finance, a mortgage company with a similar name has been forced
to issue a public statement distancing itself from the financing
firm, Australian Associated relates.  Perth-based mortgage
broker Australian Finance Group Ltd. says it has received
abusive phone calls, emails and letters and even a letter
containing a mysterious white powder from some enraged Allco
Finance investors.

"If people could understand that we are not Allco, that would be
fantastic," Australian Finance Group director Kevin Matthews
told the news agency.

Allco Principal recently appointed Stephen James Parbery, Mark
Julian Robinson and Christopher Clarke Hill of PBB [not
indicated what's PBB] as administrators, Australian Associated
says.  The appointment indicated that Allco Principal was likely
to go into voluntary administration, after it was unable to
secure a standstill agreement with its margin lenders, the news
agency notes.

Allco Principal's margin lenders are National Australia Bank
Ltd. and Bank of Scotland International, Australian Associated
says.  The same administrators have also been appointed as
administrators of 15 Allco Principal subsidiaries, including
Allco HIT Holdings Pty Ltd., Allco Aviation Lease Surety Co. Pty
Ltd., Allco Principals Property Pty Ltd. and Allco Principals
Rail Pty Ltd.

However, Australian Associated says there's no administrator
appointed to Allco Managed Investment Funds Ltd., which is the
responsible entity of Allco Principal.

National Australia Bank had provided a AU$110 million loan to
Allco Principal secured by shares in the parent company,
Australian Associated relates.

The proposed standstill agreement fell apart when Allco
Financial failed to produce any additional security, Australian
Associated says.

Australian Associated further relates that National Australia
Bank then moved to appoint an agent to possess about 34.48
million Allco Finance shares from Allco Principal and 4.091
million shares in listed fund Allco HIT Ltd.  Bank of Scotland
has appointed a receiver to 18.34 million Allco Finance shares
and 3 million shares in Allco HIT.

The total number of shares taken into possession by Allco
Finance's margin lenders equate to about 14% of Allco Finance's
issued capital.

Allco Finance has a May 1, 2008 deadline to refinance a AU$250
million bridge facility, the news agency reports.  It is also
facing a potential requirement to repay another AU$900 million
of senior debt in 90 days, if given notice.


BETTA DENTAL: Liquidator to Give Wind-Up Report on March 26
-----------------------------------------------------------
Betta Dental Investments Pty. Ltd. will hold a final meeting for
its members and creditors at 10:00 a.m. on March 26, 2008.
During the meeting, the company's liquidator, K. L. Sutherland
at Bent & Cougle Pty Ltd, will provide the attendees with
property disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on August 24, 2006.

The liquidator can be reached at:

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

                      About Betta Dental

Betta Dental Investments Pty. Ltd. is a distributor of dental
equipments and supplies.  The company is located at Burwood, in
Victoria, Australia.


BROADWAY 96 PTY: Members Receive Wind-Up Report
-----------------------------------------------
Frank John Metzke, Broadway 96 Pty. Ltd.'s appointed estate
liquidator, met with the company's members on March 4, 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 June 19, 2007.

The liquidator can be reached at:

          Frank John Metzke
          370 Wyndham Street
          Shepparton, Victoria 3630
          Australia

                    About Broadway 96 Pty.

Broadway 96 Pty. Ltd. provides plumbing, heating, and air-
conditioning services.  The company is located at Cobram, in
Victoria, Australia.


DELUXE HOMES: Members & Creditors Meeting Set for March 20
----------------------------------------------------------
Deluxe Homes (Victoria) Pty. Ltd. will hold a final meeting for
its members and creditors at 9:30 a.m. on March 20, 2008.
During the meeting, the company's liquidator, Robyn Erskine and
Peter Goodin at Brooke Bird, Insolvency Practitioners, will
provide the attendees with property disposal and winding-up
reports.

The liquidators can be reached at:

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

                     About Deluxe Homes

Deluxe Homes (Victoria) Pty. Ltd. provides engineering services.
The company is located at Dandenong, in Victoria, Australia.


FITZGERALD GROUP: Placed Under Voluntary Liquidation
--------------------------------------------------------
The Fitzgerald Group Pty. Ltd.'s members agreed on
Jan. 31, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed P. L. Rennie
to facilitate the sale of its assets.

The liquidator can be reached at:

          P. L. Rennie
          Bedfords Corporate Recovery & Advisory
          695 Burke Road, Level 3
          Camberwell, Victoria 3124
          Australia

                 About The Fitzgerald Group

Located at Upwey, in Victoria, Australia, The Fitzgerald Group
Pty Ltd is an investor relation company.


G & A FISHER: To Declare First Dividend on March 20
---------------------------------------------------
G & A Fisher Pty. Ltd. will declare its first dividend on
March 20, 2008.

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

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on Nov. 27, 2006.

The company's liquidator is:

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

                      About G & A Fisher

Located at Mount Eliza, in Victoria, Australia, G & A Fisher
Pty. Ltd. is an investor relation company.


JP MORGAN (AUSTRALIA): Fitch Cuts Ratings on Two NCM-04's Notes
---------------------------------------------------------------
Fitch Ratings has downgraded two and affirmed five classes of
notes issued by J.P Morgan Trust Australia Limited as trustee of
the Mobius NCM-04 Trust, as:

-- AU$266,000,000.00 Class A1 affirmed at 'AAA'

-- AU$93,600,000.00 Class A2 affirmed at 'AAA'

-- AU$23,300,000.00 Class B affirmed at 'AA'

-- AU$27,800,000.00 Class C affirmed at 'A'

-- AU$18,900,000.00 Class D affirmed at 'BBB'

-- AU$8,600,000.00 Class E downgraded to 'B/DR2' from
    'BB' and

-- AU$7,700,000 Class F downgraded to 'CC/DR5' from
    'B' (removed from Rating Watch Negative)

Mobius NCM-04 Trust was originally issued in November 2006 and
is collateralized by a pool of non-conforming residential
mortgages originated by Mobius Financial Services Pty. Limited.
The transaction has paid down from initial liabilities of AU$450
million to current liabilities of approximately AU$271 million.
To date, all principal receipts have paid down the Class A
notes to approximately 50% of their initial amount.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for the transaction taking into
account the fact that whilst no charge-offs of notes have
occurred to date, there are significant 90+ day arrears within
the remaining pool that may negatively impact the transaction in
future.  Loans greater than 90 days past due are currently
running at 21% of the portfolio.  While the percentage figure is
magnified by the reducing balance of the portfolio, which
currently exhibits a repayment rate of approximately 45%,
Fitch's analysis has focused on the likely realized losses
associated with loans currently in arrears.

As part of its analysis, Fitch requested and was provided with
updated valuations on all loans in the portfolio with arrears
greater than 30 days.  As many of these valuations were done
through automated valuation systems, Fitch took a conservative
view of the updated valuations by taking the lower end of any
range provided, and by further haircutting any valuations that
were done through electronic means.  Fitch then extended this
analysis to loans for which updated valuations were not
available to arrive at an assessment of expected losses under
each rating scenario.  This analysis shows that class E and F
notes are expected to be impacted by losses under these
scenarios resulting in downgrades listed above.   For other
classes of notes, the rapid pay down of the transaction and the
sequential pay down structure has strengthened the enhancement.
Class A1, A2, B, C and D notes now exhibit subordination levels
of 50.7%, 33.4%, 24.8%, 14.5% and 7.5% respectively.  The
transaction also has a reserve account of AU$1.1 million.  In
view of this, Classes A1, A2, B, C and D notes have been
affirmed.

Fitch will continue to closely monitor performance of
the transaction.

Fitch's Distressed Recovery ratings, introduced in April 2006
across all sectors of structured finance, are designed to
estimate recoveries on a forward-looking basis while taking into
account the time value of money.

For more information on Distressed Recovery ratings,
see the full report titled "Structured Finance
Distressed Recovery Ratings," which is available on
the Fitch Ratings website at http://www.fitchratings.com


JP MORGAN (AUSTRALIA): Fitch Junks Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has taken rating actions on these notes issued by
J.P Morgan Trust Australia Limited as trustee of the Mobius NCM-
03 Trust, as:

   -- AU$385,000,000.00 Class A1 affirmed at 'AAA'
   -- AU$85,250,000.00 Class A2 affirmed at 'AAA'
   -- AU$45,100,000.00 Class B affirmed at 'A'
   -- AU$12,650,000.00 Class C affirmed at 'BBB'
   -- AU$12,100,000.00 Class D affirmed at 'BB'
   -- AU$6,600,000.00 Class E downgraded to 'CCC/DR3'
      from 'B' (removed from Rating Watch Negative)

Mobius NCM-03 Trust was originally issued in October 2005 and is
collateralized by a pool of non-conforming residential mortgages
originated by Mobius Financial Services Pty. Limited.  The
transaction has paid down from initial liabilities of AU$550
million to current liabilities of approximately AU$167 million.
To date, all principal receipts have paid down the Class A
notes to approximately 19% of their initial amount.

Fitch has reviewed the transaction's performance and modelled
forward the prospective outlook for the transaction, taking into
account the fact that whilst no charge-offs of notes have
occurred to date, there are significant 90+ day arrears within
the remaining pool that may negatively impact the transaction in
future.  Loans greater than 90 days past due are currently
running at 16% of the portfolio.  While the percentage figure is
magnified by the reducing balance of the portfolio, which
exhibits a repayment rate of approximately 50% in the past six
months, Fitch's analysis has focused on the likely realized
losses associated with loans currently in arrears.

As part of its analysis, Fitch requested and was provided with
updated valuations on all loans in the portfolio with arrears
greater than 30 days.  As many of these valuations were done
through automated valuation systems, the agency took a
conservative view of the updated valuations by taking the lower
end of any range provided and by further haircutting any
valuations that were done through electronic means.

Fitch then extended this analysis to loans for, which updated
valuations were not available to arrive at an assessment of
expected losses under each rating scenario.  This analysis shows
that class E notes are expected to be impacted by losses under
these scenarios resulting in the downgrade listed above.
For other classes of notes, the rapid pay down of the
transaction and the sequential pay down structure has
strengthened the enhancement.  Class A, B, C and D notes now
exhibit subordination levels of 49.1%, 22.17%, 14.61% and 7.37%
respectively.  The transaction also has a reserve account of
AU$2.4 million.  In view of this, Class A, B, C and D notes
have been affirmed.

Fitch will continue to closely monitor the performance of the
transaction.  Fitch's Distressed Recovery ratings, introduced in
April 2006 across all sectors of structured finance, are
designed to estimate recoveries on a forward-looking basis while
taking into account the time value of money.  For more
information on Distressed Recovery ratings, see the full report
titled "Structured Finance Distressed Recovery Ratings," which
is available on the Fitch Ratings website at
http://www.fitchratings.com


LINDSAY G. QUINN: Commences Liquidation Proceedings
---------------------------------------------------
Lindsay G. Quinn Corporation Pty. Ltd.'s members agreed on
December 18, 2007, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Michael James Humphries and Laurence Andrew Fitzgerald to
facilitate the sale of its assets.

The liquidators can be reached at:

          Michael James Humphries
          Laurence Andrew Fitzgerald
          BDO Kendalls
          Business Recovery & Insolvency (NSW-VIC) Pty. Ltd.
          Chartered Accountants
          The Rialto, Level 30
          525 Collins Street
          Melbourne, Victoria 3000
          Australia

                   About Lindsay G. Quinn

Lindsay G Quinn Corporation Pty. Ltd. provides miscellaneous
personal services.  The company is located at Melbourne, in
Victoria, Australia.


RUDY LEHMANN: Placed Under Voluntary Liquidation
------------------------------------------------
Rudy Lehmann and Associates Pty. Ltd.'s members agreed on
February 1, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Sinclair Wilson to facilitate the sale of its assets.

The liquidator can be reached at:

          Sinclair Wilson
          Accountants & Business Advisors
          177 Koroit Street
          Warrnambool, Victoria 3280
          Australia

                     About Rudy Lehmann

Located at Highton, in Victoria, Australia, Rudy Lehmann and
Associates Pty. Ltd. is an investor relation company.


RIMSLOW PTY: Joint Meeting Slated for April 15
----------------------------------------------
Rimslow Pty. Ltd. will hold a joint meeting for its members and
creditors at 11:00 a.m. on April 15, 2008.  During the meeting,
the company's liquidator, Adrian Brown at Ferrier Hodgson, 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 February 22, 2006.

The liquidator can be reached at:

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

                     About Rimslow Pty.

Rimslow Pty. Ltd. is a distributor of industrial and commercial
machineries and equipment.  The company is located at Hallam, in
Victoria, Australia.


TAHA RESEARCH: Members Resolve to Liquidate Business
----------------------------------------------------
Taha Research and Development Pty. Ltd.'s members agreed on
January 25, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Robyn Beverley McKern to facilitate the sale of its assets.

The liquidator can be reached at:

          Robyn Beverley McKern
          c/o McGrathNicol
          IBM Centre, Level 8
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone:(03) 9038 3100
          Web site: http://www.mcgrathnicol.com

                     About Taha Research

Taha Research And Development Pty. Ltd. is involved with
commercial, physical and biological research.  The company is
located at Melbourne, in Victoria, Australia.


ZINIFEX LIMITED: Sees Major Acquisition Once Merger Sealed
----------------------------------------------------------
Australian miners Zinifex Limited and Oxiana Ltd. will be
looking at major acquisitions once their AU$12 billion merger
goes through, Zinifex CEO Andrew Michelmore, as quoted by The
National. The size of the merged group, which will be the
world's second-largest producer of zinc and a substantial
producer of copper, lead, gold and silver, would enable it to
look at acquisitions of up to AU$4 billion, Mr. Michelmore
added.

"I think both of us have been looking at how to grow our
businesses," Mr. Michelmore told the Australian Broadcasting
Corp. "There are some smaller opportunities, but there are some
bigger opportunities, and I think they are a big step for each
of the companies standing alone. If we put the two companies
together, that's a much lower-risk opportunity for us, much
better to fit into the portfolio, and I think that's what size
does."

According to The National, the two companies announced last week
they had agreed to a "merger of equals", with shareholders of
both miners taking a 50% stake each in the merged entity. The
group will be renamed once the merger is approved by
shareholders and implemented in June or July.

The merged company would be looking to further build its copper
and zinc base, but it will look also for other opportunities,
The National reports, citing Mr. Michelmore.

"We certainly like copper and zinc, we like the futures of them,
so we'll continue to build those as our base blocks, Mr.
Michelmore told The National. "But we certainly like other
metals. Both of us like nickel."

The National notes that Zinifex has made a recommended AU$852
million takeover offer for nickel miner Allegiance Mining NL.
Both Zinifex and Oxiana have been seen as possible takeover
targets by major global miners like Switzerland's Xstrata, and
Mr. Michelmore did not rule out the combined company facing a
bid.

"You can never say never," Mr. Michelmore told The National.
"I think one of the things we're seeing as we put information
together is that the combined company is an even better
opportunity for someone to pick up."

                  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.




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


BANK OF CHINA: Sees China's Raising of Interest Rates
-----------------------------------------------------
Bank of China Limited forecasts that China is likely to raise
its interest rates for once or twice in the first half of this
year as the country faces inflation caused both by increasing
costs and rising demand, Xinhua News Agency reports.  Bank of
China forecast the consumer price index in February would hit
8.3%.

The bank ranked inflation as the top threat to China's economy,
which it said already had the preconditions of a demand-driven
inflation, though the overall price hikes caused by rising
demand were yet to occur, Xinhua relates.

If prices remained high for a long period, people would expect
further rises and hoard commodity products, further pushing up
prices, Bank of China told Xinhua.

Xie Fuzhan, head of China's National Bureau of Statistics,
acknowledged that the CPI would climb even higher in February
because of the severe winter weather that damaged crops, cut
power supplies and disrupted traffic in eastern and southern
China, Xinhua reports.

According to official figures gathered by Xinhua, the inflation
indicator reached 7.1 in January, its fastest pace in more than
11 years.

Mr. Xie, who is also a member of the central bank monetary
policy committee in China, said they were yet to discuss whether
to raise interest rates in the near future, but the tight
monetary policy would not change, Xinhua notes.

Bank of China also noted that the unconventional increase of
foreign direct investment in January, saying it signaled more
capital inflow into China on anticipation of faster yuan
appreciation, Xinhua says.  Bank of China advised the central
bank to expand exchange elasticity.

The Chinese bank also predicted that China's yuan would
appreciate faster against the U.S. dollar in the first half, but
would gradually slow down, Xinhua relates.

Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents. The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions. In Hong Kong and Macao, Bank of
China is one of the local note issuing banks. Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions. The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.

Moody's Investors Service gave the bank a bank financial
strength rating of D- on May 4, 2007.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on
Dec. 14, 2006.


CHINA AOXING: To Restate Financial Statements to Correct Errors
---------------------------------------------------------------
On Feb. 28, 2008 China Aoxing Pharmaceutical Company Inc. was
notified by its independent accountant, Paritz & Co., P.A., that
the company's financial statements for the year ended
June 30, 2007, should not be relied upon.  In addition, the
information provided by Paritz & Co. indicated that the
financial statements contained in these filings also should not
be relied upon:

    Form 10-QSB for the period ended December 31, 2006;
    Form 10-QSB for the period ended March 31, 2007;
    Form 10-KSB for the year ended June 30, 2007;
    Form 10-QSB for the period ended September 30, 2007;
    Form 10-QSB for the period ended December 31, 2007.

The restatement of China Aoxing's financial statements is
necessary to correct the improper accounting treatment for the
sale of 1,058,000 units of securities by China Aoxing in the
fall of 2006.  The units consisted of either one convertible
debenture and four common stock purchase warrants or one share
of common stock and four common share purchase warrants.

                     About China Aoxing

Incorporated in the State of Florida and headquartered in Jersey
City, New Jersey, China Aoxing Pharmaceutical Company Inc. (OTC
BB: CAXG) is a pharmaceutical company engaged in research,
development, manufacturing and marketing of a range of narcotics
and pain management pharmaceutical products in generic and
formulations.  The company's operating subsidiary, Hebei Aoxing
Pharmaceutical Co. Inc. is a corporation organized under the
laws of the People's Republic of China.

                        *     *     *

Paritz & Company P.A., in  Hackensack, New Jersey, expressed
substantial doubt about China Aoxing Pharmaceutical Co. Inc.'s
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
June 30, 2007 and 2006.  The auditing firm said that the
company's current liabilities substantially exceeded its current
assets.


CHINA EASTERN: Dubbed as Last Years' Most Punctual Airline
----------------------------------------------------------
China Eastern Airlines ranked first last year in on-time
performance among the three domestic airline giants, Xinhua News
reports citing the General Administration of Civil Aviation
(CAAC).

According to the report, CAAC said that in 2007, 84.32% of the
flights of China Eastern arrived and left as scheduled.  General
Manager Cao Jianxiong told the news agency that the staff
members of the company have made great efforts to provide a
punctual, safe flight experience for their customers.

The company had set up emergency handling centers at Shanghai's
Hongqiao and Pudong airports to ease the pressure of flight
delays caused by bad weather and other emergencies, Mr.
Jianxiong added.

The other top two domestic carriers, the report relates, are Air
China and China Southern Airlines.

                     About China Eastern

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

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

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


CHINA EASTERN: Increases Flights to India
------------------------------------------
China Eastern Airlines Corporation Limited has decided to add
one more flight to its existing frequency of four flights a week
on the Delhi-Beijing route, Travelbiz Monitor reports.  The
airline plans to start the additional flight in summer this
year, and to increase the frequency  to daily flights on the
route from winter this year.

China Eastern will also introduce the A 330 on Indian routes,
Travelbiz Monitor says.  Currently, the airline is also
considering Mumbai and Bangalore as its new destinations.

Edward Zhu Xuemin, China Eastern's chief representative in
India, told TravelBiz Monitor that the market is growing
rapidly.

"It is a good time for us to increase our frequency, Mr. Xuemin
said.  "The move is also on account of the upcoming Olympic
Games to be held in Beijing, for which we have found a lot of
interest among Indian travelers."

China Eastern currently is focused on operating more flights
from Indian destinations and adding more frequencies to the
existing routes, TravelBiz Monitor says.  The airline is working
closely with China National Tourist Office in India and have
together organized several FAM trips for agents last year.

                    About China Eastern

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

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

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


CHINA MINSHENG: Seeks to Buy European Rivals
--------------------------------------------
China Minsheng Banking Corporation Ltd. plans to buy more
overseas rivals, in particular in Europe, as part of its
strategy to boost its global business, Reuters reports.

But the Shanghai-listed bank's long-delayed plans for a Hong
Kong listing to help fund its expansion plans could be further
postponed after failing to settle on pricing, China Minsheng
told Reuters.

Dong Wenbiao, the bank's chairman, disclosed to Reuters that
Minsheng Bank was in the market to buy banks that have existing
branch networks in Hong Kong and Europe.  He did not, however,
disclose any potential targets, Reuters says.

"I think it's a right time to make overseas acquisitions right
now," Mr. Dong told Reuters, adding foreign assets are
relatively cheaper than previously while investors may be overly
worried about the economic impact from the U.S. credit crisis.

"We are very keen to expand our business in some developed
markets, especially Hong Kong and Europe, through acquisitions,"
Mr. Dong further added.

Last October, Minsheng Bank agreed to buy 9.9% of San Francisco-
based UCBH Holdings for more than US$200 million in the first
strategic investment by a mainland Chinese bank in a U.S. bank,
Reuters recalls.

Mr. Dong also told Reuters his bank would not acquire other U.S.
banks after the UCBH deal, which would give Minsheng Bank access
to UCBH's more than 60-branch network across the United States.

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

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


CROWN WORLDWIDE: Moody's Assigns Provisional Ba2 Debt Rating
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
corporate family rating to Crown Worldwide Holdings Ltd. and a
provisional (P)Ba2 rating to the company's proposed US$125-
US$150 million 5-year senior notes.  The outlook on both ratings
is stable.

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

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

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

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

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

Crown Worldwide reported adjusted debt/EBITDA of 4.5 and
adjusted EBITDA interest coverage of 3.9 for Fiscal Year 2007.
Moody's expects these ratios to stay at similar levels in the
next two years.  While such a financial profile is slightly on
the weak side, the ratings are supported by the company's
relatively stable business profile, low execution risk
associated with its growth strategy, and competitive position in
its core markets.

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

A rating upgrade will be considered if the company 1) adheres to
strong financial discipline as it continues to expand; 2)
improves transparency and corporate governance; and/or 3)
strengthens its financial profile such that adjusted debt/EBITDA
falls below 3.0-3.5 and/or adjusted EBITDA interest coverage
exceeds 4.5-5.0 on a sustainable basis.

On the other hand, downward rating pressure could emerge if 1)
there is evidence of material diversion of funds to related
group companies; 2) the company adopts an aggressive acquisition
strategy; and/or 3) there is a material deterioration in its
financial profile including adjusted debt/EBITDA exceeding 4.5-
5.0 and adjusted EBITDA interest coverage falling below 2.5-3.0.

Headquartered in Wanchai, Hong Kong, Crown Worldwide Holdings
Ltd. -- http://www.crownworldwide.com/-- offers relocation and
mobility services as well as record storage and management
services to multinational organizations and private individuals.
It is the flagship company of the privately-held Crown & Grace
Group.  It also offers value-added logistics services in a
number of areas.  The company has a global footprint of more
than 200 offices in over 50 countries, including Argentina,
Brazil, Chile, Costa Rica and Mexico.


ICBC: Makes Sufficient Provisions to Cover Subprime Investments
---------------------------------------------------------------
The Industrial and Commercial Bank of China, the world's largest
bank by value, has made "sufficient" provisions against U.S.
subprime-related investments, Bloomberg News reports.

During the National People's Congress in Beijing, President Yang
Kaisheng of ICBC told Bloomberg that the bank is also planning
more acquisitions overseas, although he did not elaborate more.

Citing ICBC Chairman Jiang Jianqing, Xinhua News Agency reported
last month that the bank has set aside enough money to cover
potential losses for 30% of its US$1.2 billion of subprime
securities.

Beijing-based ICBC took a CNY429 million charge in the third
quarter on subprime losses, Bloomberg relates.  The company
expects profit last year to have risen by more than 60%, boosted
by gains in earnings on commissions from the sale of mutual
funds and other products.

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China. ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

On May 4, 2007, with the implementation of the new
methodologies, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The long-term Foreign
Currency Deposit Rating is A2.  The short-term Foreign Currency
Deposit Rating is P-1.  The outlook for the long-term deposit
rating is positive.




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


BAUSCH & LOMB: Picks Paul Sartori as Corporate Vice President
-------------------------------------------------------------
Bausch & Lomb Inc. has appointed Paul H. Sartori, Ph.D., as its
corporate vice president and chief human resources officer
effective March 17.

Dr. Sartori has more than two decades of experience in the
healthcare, pharmaceutical and diagnostic industries.  Most
recently, he was senior vice president of organizational
development and human resources for Boston-based BioTrove, Inc.

From 2000 to 2007, he was a partner and principal at CHM
Partners International, LLC, the international executive search
and management consulting firm.  He has also served as executive
vice president, External Affairs and Human Resources at
Novartis; senior vice president of Human Resources and
Communications at CIBA-Geigy; and global vice president of Human
Resources at CIBA-Corning Diagnostics.  In addition, Dr. Sartori
has held teaching and administrative roles at the University of
Virginia and James Madison University.

"I've known Paul for more than 20 years, and have great respect
for his business judgment," said Gerald M. Ostrov, Bausch & Lomb
chairman and CEO.  "He has the ability to develop superior
talent, and a sterling reputation for working with organizations
to improve their effectiveness.  We're fortunate that he's
chosen to join Bausch & Lomb as we enter an extended period of
growth."

Dr. Sartori received his M.A.T. in history, Ph.D. in education
and MBA from the University of Virginia, and his B.A. in history
from Northeastern University.  He is a member of the Board of
Trustees of the Curry School of Education Foundation at the
University of Virginia, and a member of the Advisory Board for
the University of Virginia's Partnership for Leaders in
Education.  He and his wife will reside in Rochester, N.Y.

David R. Nachbar, current chief human resources officer for
Bausch & Lomb, has decided to leave the company after a
transition period.  He is considering various options including
as-yet unnamed public service opportunities.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

Bausch & Lomb Incorporated still carries Moody's Ba1 Corporate
Family Rating, Ba1 Probability of Default Rating and Ba1 ratings
on certain existing senior unsecured notes.  Moody's revised the
rating outlook to stable.


EMCO LTD: Gets INR325-Crore Order from Maharashtra Electricity
--------------------------------------------------------------
Emco Ltd. has received a prestigious order from the Maharashtra
State Electricity Transmission Company Ltd. for execution of
three 400kV new substations on turnkey basis at Bhusawal,
Chakan, and in Khaparkheda.  The substation will be used to
evacuate power as MAHAGENCO is building up additional generating
capacity of 1,250 MW at these locations for the State of
Maharashtra.

EMCO's scope involves design, engineering, supply, erection,
testing and commissioning of the substations.  Total value of
the order is about INR325 crore.

Commenting on the new order, Rajesh Jain, Emco chairman said,
"These Projects are very important for the State of Maharashtra
as the evacuation of the entire additional generation capacity
being added by MAHAGENCO at these locations are to be done
through them.  We are happy and feel privileged that MSETCL has
selected us for executing these prestigious Projects".

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: Closes Wentzville Plant Over Axle Workers' Strike
----------------------------------------------------------
General Motors Corp. on Thursday ceased operations at another
plant -- GM's Wentzville, Missouri facility -- over the
continuing strike at its supplier, American Axle & Manufacturing
Inc., according to various reports.

The strike at American Axle is already at its two-week stretch
and no agreement has been reached as of press time.   American
Axle indicated on its Web site that it will resume contract
negotiations with the United Auto Workers union at noon on
Thursday, March 6, 2008.  No further details on the American
Axle-UAW negotiation was provided.

GM has about 20 facilities affected by the strike at American
Axle as the supplier attempts to negotiate with the United Auto
Workers.

The Wentzville facility is one of the five additional facilities
that GM intends to close, apart from the already closed six
facilities.  The other four facilities will be closed this week,
reports relate.

The Wentzville facility manufactures Chevrolet Express and GMC
Savanna and has 2,000 workers.

Around 20%, or more than 20,000, of GM's workers at its North
American operations have been affected by the plant closures.

             Two Plants Idled Over Axle Dispute

As reported in the Troubled Company Reporter on March 5, 2008,
two additional production facilities in Moraine, Ohio, and
Mishawaka, Indiana, have been affected by the labor dispute
between the UAW and key supplier American Axle, according to a
GM production statement.  A Toledo Transmission plant is
anticipated to be shutdown on March 10, 2008, and is expected
1,444 hourly and 219 salaried workers to be laid off.

The TCR related on March 3, 2008, two more GM plants are likely
to shutter this week as supplier American Axle continues to
negotiate with UAW union workers on strike.  GM's production of
Chevrolet Silverado and GMC Sierra pickups at the Pontiac
Assembly Center, which has 2,500 hourly and salaried employees,
in Michigan, ceased after the first shift on February 28.  A day
after, GM production factories in Flint, Michigan, Fort Wayne,
Indiana, and Oshawa, Ontario, were idled after the second shift,
displacing a total of 9,503 hourly and salaried workers.

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

                     About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/--
and its wholly owned subsidiary, American Axle & Manufacturing,
Inc., manufactures, engineers, designs and validates driveline
and drivetrain systems and related components and modules,
chassis systems and metal-formed products for light trucks,
sport utility vehicles and passenger cars.  In addition to
locations in the United States (in Michigan, New York and Ohio),
the company also has offices or facilities in Brazil, China,
Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea
and the United Kingdom.

                    About General Motors

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

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

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


GENERAL MOTORS: 18 Plants to Lay Off Workers Due to Axle Strike
---------------------------------------------------------------
General Motors Corp. disclosed that 18 North American
manufacturing facilities will be partially or fully affected by
an ongoing labor dispute between GM's key supplier American Axle
and Manufacturing Inc. and the United Auto Workers union.
Around 16,336 hourly workers and 2,476 salaried employees will
be displaced, according to a GM production statement.

Plants that are partially affected are those still producing
parts for GM facilities not affected by the strike.  These
plants are:

   * South Engine plant in Flint, Michigan;
   * Engine/Components plant in St. Catharines, Ontario;
   * Transmission plant in Baltimore, Maryland;
   * Components plant in Bay City, Michigan;
   * Casting plant in Bedford, Ohio;
   * Casting plant in Defiance, Ohio;
   * Components plant in Fredericksburg, Virginia;
   * Components plant in Parma, Ohio;
   * Transmission plant in Willow Run, Michigan;
   * Transmission plant in Ypsilanti, Michigan;
   * Engine plant in Tonawanda, New York;
   * Stamping plant in Flint, Michigan;
   * Stamping plant in Grand Rapids, Michigan;
   * Stamping plant in Indianapolis, Indiana;
   * Stamping plant in Mansfield, Ohio;
   * Stamping plant in Marion, Indiana; and
   * Stamping plant in Parma, Ohio.

An engine plant in Romulus, Michigan will be fully affected by
the strike and will cease producing V6 and V8 engines on
March 10, 2008.

            Two Plants Idled Over Axle Dispute

As reported in the Troubled Company Reporter on March 5, 2008,
two additional production facilities in Moraine, Ohio, and
Mishawaka, Indiana, have been affected by the rally of Axle
union members.  A Toledo Transmission plant is anticipated to be
shut down on March 10, 2008, and is expected to lay off 1,444
hourly and 219 salaried workers.

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

                     About American Axle

Headquartered in Detroit, Michigan, American Axle &
Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/
-- and its wholly owned subsidiary, American Axle &
Manufacturing, Inc., manufactures, engineers, designs and
validates driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed
products for light trucks, sport utility vehicles and passenger
cars.  In addition to locations in the United States (in
Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg,
Mexico, Poland, South Korea and the United Kingdom.

                    About General Motors

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

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

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


GENERAL: Contracts Provide for Union Workers When Laid-Off
----------------------------------------------------------
Tom Wickman, General Motor Corp.'s Global Manufacturing
Communications Manager, disclosed that its labor contracts with
the United Auto Workers union, the Canadian Auto Workers union
and the International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers provide compensation for people on
a short work week or regular layoff due to the impact of GM
facilities on American Axle and Manufacturing Inc.'s workers
union strike.

In addition, plants listed as "partially impacted"are still
producing parts for GM facilities not impacted by the strike.

GM's practice, Mr. Wickham relates, is to notify its employees
first when a particular plant will be affected by the protest.
Once the employee notification occurs, the company provides
basic information about the affected plant.

Not all plants affected by the strike shuts down completely.
Even though production stops, GM requires salaried employees to
report to their jobs and may need to retain hourly employees to
handle maintenance, sanitation or other work assignments.  Some
plants may have employees continue reporting to work for
training purposes.  These are reasons why the automaker is
unable to release layoff figures -- numbers vary on a day-to-day
basis.

Mr. Wickham elaborates that with a handful of assembly plants
idled by the strike, the company is experiencing some impact at
its Powertrain and Stamping operations.  Still, the layoffs are
minor in scope as the plants continue to produce parts for other
GM assembly plants that have not been impacted by the stike.

Mr. Wickham says it's still premature to confirm on the amount
of production lost to date and GM's plans of recovery.

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

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

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


ICICI BANK: Repurchases US$50MM of US$2BB 6.625% Bonds Due 2012
---------------------------------------------------------------
ICICI Bank Ltd. has repurchased and subsequently extinguished
bonds aggregating to the face value US$50 million out of the
US$2 billion 6.625% bonds due on 2012 issued from its Bahrain
Branch on Oct. 3, 2007, on a stand-alone basis.

According to a disclosure filed with the Bombay Stock Exchange,
the repurchase is carried out through open market purchases by a
dealer acting on behalf of ICICI Bank.

As reported by the Troubled Company Reporter-Asia Pacific on
March 6, ICICI Bank Joint Managing Director Chanda Kochhar said
that the bank has suffered US$50 million of investment losses
this quarter in addition to the US$70 million provided for in
the prior quarter.  According to various reports, however, the
government said the bank has lost US$264 million on account of
the sub-prime crisis.

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

                        *     *     *

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


SHREE RAMA: Board to Discuss Scheme Status on March 15 Meeting
--------------------------------------------------------------
Shree Rama Multi Tech Ltd.'s board of directors will hold  a
meeting on March 15, 2008, inter alia, to discuss the present
status of the Scheme of Compromise and Arrangement under
Section 391 of the Companies Act, a filing with the Bombay Stock
Exchange reveals.

The company is currently negotiating the Scheme, which is in the
nature of compromises and arrangement with its lenders and
shareholders.  In view of the scheme being pending, the interest
of INR392 million on borrowings for six month ended on
Dec. 31, 2007, has not been provided in its latest financial
statements.

Shree Rama Multi-Tech Ltd, an Ahmedabad-based packaging
solutions provider. Its products include multilayer film,
laminated tubes and laminated webs.

The company incurred at least two consecutive net losses --
INR950.8 million in the year ended March 31, 2007, and INR216.9
million in the year ended March 31, 2006.


SOUTHERN IRON: Fixes March 7, 2008 as Scheme's Effective Date
-------------------------------------------------------------
Southern Iron & Steel Company Ltd. has informed the Bombay Stock
Exchange that the effective date of the Scheme of Amalgamation
between the company and JSW Steel Ltd. is March 7, 2008.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the High Court of Judicature at Mumbai sanctioned the
Scheme on Feb. 22.

Pursuant to the Scheme, the equity shareholders of Southern Iron
would be issued shares of transferee company JSW Steel in the
ratio of 1:22 -- one fully paid up equity share of INR10 each of
JSW Steel will  be issued and allotted for every 22 shares of
INR10 each held in Southern Iron.  The exchange ratio is based
on the valuation report and the recommendations made by
PriceWaterHouse Coopers, valuers tasked to value the business of
the two companies.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and
May 17, 2008.


TATA MOTORS: Chairman Eyes Stake in Ferrari, Report Says
--------------------------------------------------------
While the world awaits for the announcement of a deal between
Ford Motor Co. and Tata Motors Ltd. for the sale of the former's
Jaguar and Land Rover units, a report says that Tata Group
Chairman is interested in owning shares in Italy's Ferrari
S.p.A.

According to the Business Standard, Ratan Tata told L'Espresso
in an interview, "I have two passions in my life - cars and
aircraft. I have always dreamt of being able to be a fighter
pilot and I confirm my desire to participate in the shareholding
of Ferrari."

The interview came after Mr. Tata was invited by Ferrari and
Fiat Chairman, Luca Cordero di Montezemolo, to visit Italy, to
see what the country offers in terms of business prospects, BS
relates.

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

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA MOTORS: Sells 54,181 Vehicles in February 2008
---------------------------------------------------
Tata Motors Ltd. reported a total sale of 54,181 vehicles
(including exports) for the month of February 2008, nearly flat
compared to 53,707 vehicles sold in February last year.
Cumulative sales for the company were flat at 5,15,906 units.

Commercial Vehicles

The company's sales of commercial vehicles in February 2008 in
the domestic market were 31,318 units, a growth of 12.4%
compared to 27,859 vehicles sold in February last year.  Medium
and Heavy Commercial Vehicle sales stood at 16,894 units, a
growth of 4% over February 2007, while Light Commercial Vehicle
sales were 14,424 units, a growth of 25% over February 2007.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,77,378 units, a growth of 3.3% over last
year.  Cumulative M&HCV sales stood at 1,45,398 units, a decline
of 6.6% over last year, while LCV sales for the fiscal were
1,31,980 units, a growth of 17% over last year.

Passenger Vehicles

The passenger vehicle business achieved total sales of 18,766
vehicles in the domestic market in February 2008, a decline of
12% over 21,322 units sold in February 2007.  The Indica
reported sales of 10,129 units, a decline of 19.5% over February
2007.  The Indigo family registered sales of 3,322 units, a
decline of 3.3% over February 2007, but a growth of 15% over
January 2008.  The Sumo and Safari accounted for sales of 5,315
units, a growth of 0.2% compared to February 2007, but a growth
of 9.4% over January 2008.  The Safari recorded a 15% growth
over February 2007, with sales of 2,302 units in a month.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,90,021 units, a decline of 5.5% over the
same period last year.  Cumulative sales of the Indica at
1,22,600 units, reported a decline of 5%.  Cumulative sales of
the Indigo family were 26,281 units, a decline of 12%.
Cumulative sales of Sumo and Safari were 41,140 units, a decline
of 1.5%.  The Safari recorded a 22.3% growth with sales of
16,708 units.

Exports

The company's sales from exports at 4,097 vehicles in February
2008 declined by 9.5% compared to 4,526 vehicles in February
2007.  The cumulative sales from exports in the current period
at 48,507 units have recorded a growth of 4.3% over the previous
year.

                     About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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




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


BANK INTERNASIONAL: Maybank Leads Bidding for Company Stake
----------------------------------------------------------
Malaysia's Malayan Banking Bhd leads bidder for an indirect
stake in Bank Internasional Indonesia Tbk, various reports say.

According to Reuters, Singapore state investment firm Temasek
plans to sell its 75% stake in Sorak Financial, which owns
55.78% of Bank Internasional.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 26, 2007, under Bank Indonesia's single-presence
policy, foreign parties cannot own a controlling stake in more
than one Indonesian bank and must submit statements of
compliance to this rule.  Bank Indonesia, the report noted, set
an end-2007 deadline for affected bank owners to decide on how
they would comply with the rule.

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

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

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

An unknown source said that Maybank would probably end up as the
buyer since Maybank was prepared to pay a high price, Reuters
notes citing The Financial Times.

The Star Online News recounts that Maybank's plan acquire stake
in BII is its third attempt to have a presence in Indonesia,
after failing to acquire a stake in PT Bank Permata Tbk and PT
Panin Life Tbk.

Maybank said "it has indicated to Fullerton of its interest in
acquiring its shareholding" in BII, The Star adds.

Reuters relates that South Korea's Kookmin Bank has shown
interest for a possible bid for BII.

There has been speculation that some of Australia's major banks
could be interested in buying Temasek's interest in BII, but
sources at Commonwealth Bank of Australia Ltd. and Australia and
New Zealand Banking Group Ltd., said they are unlikely to buy
the stake, Reuters notes.

Moreover, the Industrial and Commercial Bank of China and China
Construction Bank have also been ruled out as bidders in the
past week, as well as Bank Mandiri, the report adds.

                  About Bank Internasional

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

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

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

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

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

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

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

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

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

  * Individual Rating 'C/D',

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

  * National Rating 'AA-(idn)'.


CILIANDRA: Fitch Says Ratings UnAffected by Auction Notice
----------------------------------------------------------
Fitch said that the ratings of P.T. Ciliandra Perkasa are not
immediately affected by the announcement made on March 6, 2008,
by its holding company, First Resources Limited, that the
Corruption Eradication Commission of Indonesia had announced in
local newspapers that it will auction some of Ciliandra's
assets in relation to a court case of Mr. Martias, a founder and
former shareholder of the company.  Ciliandra's Long term
foreign and local currency Issuer Default Ratings are 'B+' while
its National Long-term rating is 'A-(idn)' (A minus (idn)) and
its senior unsecured debt rating is 'B+'.  The outlook on
all the ratings is positive.

Ciliandra has indicated that the assets listed in KPK's
announcement comprise approximately 16,000 hectares of oil palm
plantation, representing roughly 20% of its total planted area.
However, no action has been taken by KPK on these assets, and
plantation operations are proceeding as usual.  Ciliandra
believes that there is no legal basis for KPK's actions and
intends to challenge them in the Indonesian courts.

Fitch will continue to monitor the situation closely and will
take the appropriate rating action when more information on
KPK's plans becomes available.

Established and incorporated in Indonesia in 1992, PT Ciliandra
Perkasa is an oil palm upstream operator based in Riau,
Sumatera.  The company owns 13 oil palm plantations totaling
over 80,000 and 100,000 of planted hectares and unplanted
hectares respectively as at the end of 2007.  The company also
has 6 palm oil crushing mills built between 1998 and 2006 with a
total annual capacity of 2.1 million tonnes of fresh fruit
bunches.


CILIANDRA PERKASA: Moody's Revises Rating Outlook to Negative
------------------------------------------------------------
Moody's Investors Service has changed to negative from positive
the outlook for PT Ciliandra Perkasa's B2 corporate family
rating and secured rating on its US$160 million notes.

"This rating action follows the announcement of the Corruption
Eradication Commission of Indonesia that it will auction several
properties in relation to a court case regarding Martias, one of
the founders and former shareholders of First Resources
Limited," says Wonnie Chu, an Analyst at Moody's.

"Three of the assets mentioned are owned by Ciliandra, including
PT Ciliandra Perkasa, PT Panca Surya Agrindo and PT Perkasa
Intisawit Perkasa," says Chu, adding, "These assets together
represent about 25% of Ciliandra's projected EBITDA contribution
for 2008 and three out of six of its crushing mills."

"Ciliandra's 2008 credit metrics -- Debt/EBITDA of 5x and
EBITDA/Int of 2x -- after factoring in the loss of revenue from
the three plantations and Moody's conservative palm oil price
assumptions, are comparable with other B2 peers," says Chu.

"At the same time, Ciliandra's strong liquidity position and
long-dated debt maturity profile would support the B2 rating,"
says Chu.

The negative outlook mainly reflects the uncertainties
pertaining to Indonesia's legal system and the negative impacts
that it could have on Ciliandra's operations and financial
position.

Moody's will continue to monitor developments and evaluate the
resultant rating impact.

Established and incorporated in Indonesia in 1992, PT Ciliandra
Perkasa is an oil palm upstream operator based in Riau,
Sumatera.  The company owns 10 operating subsidiaries and
affiliates which together own 13 oil palm plantations totaling
80,526 and 54,234 of planted hectares and unplanted hectares
respectively as of June 30 2007.  The company also has 6 palm
oil crushing mills built between 1998 and 2006 with a total
annual capacity of 2.1 million tonnes of fresh fruit bunches.

Ciliandra is a private company with only one independent
commissioner on its board.  Through First Resources Limited
(95.5% owner of Ciliandra) and PT Fangiono Perkasa Sejati (4.5%
owner), the Fangiono family owns directly and indirectly over
70% of the company subsequent to the recent IPO.


GOLDEN AGRI-RESOURCES: Unit Increases Stake in Langgeng Subur
-------------------------------------------------------------
Golden Agri-Resources Ltd.'s Board of Directors disclosed that
the company's unit PT Purimas Sasmita group has increased its
shareholding in PT Langgeng Subur by acquiring 2,125 shares of
IDR1,000,000 each at a nominal consideration.

Langgeng Subur's book value was (IDR16,606,333,110) equivalent
to approximately (SGD2.49 million).

Langgeng Subur is incorporated in the Republic of Indonesia and
its principal activities are the ownership and cultivation of
ornamental plants. GAR"s effective interest in Langgeng Subur is
now 95.21%.

Golden Agri-Resources Ltd, headquartered in Jakarta, is the
largest privately-owned oil palm plantation company in
Indonesia.  Listed on the Singapore Stock Exchange in 1999, it
operates in Indonesia and China and is 48% owned by the Widjaja
family.

The Troubled Company Reporter - Asia Pacific reported on
July 25, 2007, that Moody's Investors Service has affirmed
Golden Agri-Resources Ltd's Ba3 corporate family rating.  At the
same time, Moody's has assigned Aa3.id national scale corporate
family rating to GAR.  Moody's said the ratings outlook is
stable.


GOLDEN AGRI-RESOURCES: Posts Results for FY Ended December 2007
---------------------------------------------------------------
Golden Agri-Resources Ltd. disclosed results for the full
year and fourth quarter ended December 31, 2007.

The Group posted record revenue of US$1.9 billion for the full
year, a growth of66% from a year before.  EBITDA for the year
improved by 149% to US$535 million.  This outstanding
performance in 2007 was bolstered by record production of palm
related products and record CPO prices.  Net profit attributable
to equity holders crossed the one billion dollar mark for the
first time to US$1.2 billion, representing a leap of 148% from a
year ago.  The Group benefited not only from higher sales, but
also a US$812 million gain from changes in fair value of its
biological assets (net of income tax and minority interests).

The net profit excluding gain from changes in fair value of
biological assets for the year has more than tripled to US$353
million.

The Group achieved spectacular year-on-year revenue growth of
117% in the fourth quarter, to reach a record US$658 million.
EBITDA grew four times to US$171 million from a year ago.  The
outstanding performance was driven by higher CPO prices and
improved weather conditions in the second half of 2007.  Franky
Widjaja, Group CEO, expressed delight with the overall results.
He said: "This is indeed a Golden Era for Golden Agri. The
outstanding results reaffirm the strength of GAR's vertically
integrated operations and continuous investment in management
expertise, R&D and information technology."

                  Operational Highlights

With 360,000 hectares of planted area, GAR is the largest
plantation company in Indonesia.  It also has the largest land
bank in the world with 1.3 million hectares available for future
expansion.  With the largest mature planted area amongst its
peers in Indonesia, GAR is favourably positioned to capitalize
on the surge in CPO prices.

GAR continues to be one of the market leaders in production
efficiency.  Production for palm related products for the full
year reached a record high of close to two million tons, despite
the impact of drought in Indonesia that prolonged into the first
half of 2007.

The average Fresh Fruit Bunch yield for the full year was 23.1
ton per hectare compared to 22.1 ton per hectare for the
previous year.  The continued growth in FFB yield was in line
with the maturing of the plantation profile and improved weather
conditions in the second half of 2007, which normalised
production yield impacted by El Nino weather conditions during
2006.

                     Financial Position

As of December 31, 2007, the Group had total assets of US$5.0
billion and equity amounting to US$3.3 billion, which was an
increase of 94% over the previous year.

Rising free cash flows from plantation operations and a private
placement conducted in April 2007 have also resulted in a lower
gearing ratio.  With a strong balance sheet and low gearing, the
Group has ample flexibility to raise borrowings to fund future
expansion.

               Outlook and Growth Strategy

The Group remains well positioned to benefit from positive
industry momentum, especially with the continued increase in CPO
production, in line with increasing mature hectarage of GAR's
plantations.

Commenting on the outlook, Mr Widjaja said: "We are extremely
excited about 2008.  Fundamental demand for palm oil has
strengthened to levels never before experienced.  The long-term
price outlook is very positive, supported by China and India's
demand growth, the lower production cost of palm oil compared to
other vegetable oils, and the limited supply of other vegetable
oils."

Going forward, the Group aims to expand its oil palm plantations
via planting and acquisitions.  It targets an additional planted
area of 60,000 hectares in 2008.  In addition, it will add
downstream refining capacity to capture the increasing
demand for palm oil products.

Mr Widjaja added: "Our sterling performance is a solid platform
for growth.  We are committed to operational excellence and
executing our expansion program that will regain our position as
the world's largest palm oil producer in the next few years."

                 About Golden Agri-Resources

Golden Agri-Resources Ltd, headquartered in Jakarta, is the
largest privately-owned oil palm plantation company in
Indonesia.  Listed on the Singapore Stock Exchange in 1999, it
operates in Indonesia and China and is 48% owned by the Widjaja
family.

The Troubled Company Reporter - Asia Pacific reported on
July 25, 2007, that Moody's Investors Service has affirmed
Golden Agri-Resources Ltd's Ba3 corporate family rating.  At the
same time, Moody's has assigned Aa3.id national scale corporate
family rating to GAR.   The ratings outlook is stable.


HILTON HOTELS: Names Steven Goldman as Real Estate President
------------------------------------------------------------
Hilton Hotels Corporation has appointed Steven R. Goldman as
President, Global Development and Real Estate.  Mr. Goldman is
currently President and Chief Executive Officer of Sunstone
Hotel Investors, a Real Estate Investment Trust that owns
upscale hotels operated under various nationally recognized
brands.  Mr. Goldman will join Hilton as part of its new senior
leadership team, which was announced today by Hilton's President
and Chief Executive Officer, Christopher J. Nassetta.

Mr. Nassetta commented: "I am thrilled to welcome Steve to
Hilton at what is a very exciting time in the company's history.
Since I joined the company three months ago, I have become even
more convinced of the tremendous opportunity we have to drive
the company's growth, particularly internationally, to create
the global leader in our industry.  I am confident that, given
Steve's strong experience and impressive track record in the
industry, he will be a great asset to our company."

Hilton also announced three promotions within the company.  Ian
Carter, the current CEO of Hilton International, will assume the
newly-created role of President, Global Operations, with
responsibility for global operations, sales and revenue
management.  Mark Wang, the current Head of Hilton Grand
Vacations, Asia, has been promoted to President, Hilton Grand
Vacations, and will oversee all global timeshare operations.
Additionally, Tim Harvey will take on an expanded role and in
addition to being CIO will now oversee Shared Brand Services.

Mr. Nassetta added: "These appointments reflect the great pool
of talent we have within the company, as well as our ability to
attract best-in-class talent to the business.  I am pleased to
have the majority of my senior leadership team now in place and
I look forward to working together as we position Hilton as the
premier global hospitality company."

An industry veteran, Steven R. Goldman has been involved in all
aspects of real estate acquisition, finance, development, and
operations for more than 25 years.  He will join Hilton Hotels
from Sunstone Hotel Investors, where he has been President, CEO,
and a member of the Board of Directors, since March 2007.

Prior to Sunstone, Mr. Goldman was Executive Vice President
Acquisitions and Development and Chief Investment Officer of
Global Hyatt Corporation, where he led the global development
efforts and was responsible for capital investment for all
Hyatt-owned real estate worldwide.

Mr. Goldman has also held senior management positions with
Starwood Hotels and Resorts Worldwide, the Walt Disney Company,
and Starwood Capital Group, a Connecticut-based private real
estate investment firm.

Mr. Goldman received his Bachelor of Science from Cornell
University and his MBA from the University of Chicago.

                    About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.




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


ALITALIA SPA: New Gov't to OK Sale if Flagship Status Retained
--------------------------------------------------------------
The next Italian government will approve the sale of its 49.9%
stake in Alitalia S.p.A. to Air-France KLM S.A. if the carrier's
national identity is retained, various reports say citing former
Prime Minister and opposition leader Silvio Berlusconi.

"The idea of an Air France-KLM-Alitalia public company is
possible, but by maintaining Alitalia as a flagship carrier,
with its own symbol and offices around the world," the former
prime was quoted by Reuters as saying.

Mr. Berlusconi had been against a possible takeover by Air
France over Alitalia.  He, however, stressed that an Italian
buyer is much preferred, Bloomberg News relates.  Mr. Berlusconi
also reiterated his stand against downsizing Alitalia's
operations in Milan.

The former prime minister added that Italian may make a
temporary "sacrifice" under exceptional circumstances to save
Alitalia, Reuters relates.

As reported in the TCR-Europe on Feb. 18, 2008, Air France said
it will seek approval from the new Italian government chosen
following the April 13-14, 2008, snap elections, for any
agreement to acquire Italy stake in Alitalia.  Air France
managing director Pierre Henri Gourgeon that the exclusive talks
may go beyond the April elections due to various procedural
steps.

The Forza Italia opposition party, headed by former Prime
Minister Silvio Berlusconi and seen to win the upcoming
election, said it will respect the possible sale of stake in
Alitalia to Air France if it emerges as the victor.

"If there were to be a contract already signed, it would be
respected," Renato Brunetta, deputy coordinator of Silvio
Berlusconi's Forta Italia, was quoted by Bloomberg News as
saying.

Alitalia and Air France-KLM SA have until mid-March to complete
exclusive talks and present a final binding offer to the Italian
government, which thereafter will decide whether to sell its
stake to the French carrier.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/ -- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The carrier serves routes to Asia, Europe, North
America and South America.

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

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


ALITALIA SPA: Foreign Minister Warns of Possible Bankruptcy
-----------------------------------------------------------
Alitalia S.p.A. may succumb to bankruptcy if the talks to sell
the Italian government's 49.9% stake in the carrier to Air
France-KLM SA fails, MF-Dow Jones Newswire reports, citing
outgoing foreign minister Massimo D'Alema.

According to the report, Mr. D'Alema was commenting on remarks
of former prime minister Silvio Berlusconi -- poised to return
to power after April's snap election -- that Alitalia should be
sold to a group of Italian investors.

Alitalia and Air France-KLM SA have until mid-March to complete
exclusive talks and present a final binding offer to the Italian
government, which thereafter will decide whether to sell its
stake to the French carrier.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/ -- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The carrier serves routes to Asia, Europe, North
America and South America.

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

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


FORD MOTOR: Luxury Brands Buyer Says It Won't Flip Jaguar
---------------------------------------------------------
Ford Motor Co. luxury brands buyer Tata Motors Ltd. denies
speculations that it may sell Jaguar after closing the
acquisition deal, Mike Spector and Edward Taylor of The Wall
Street Journal report.  Tata Group Chairman Ratan Tata said that
Tata Motors Ltd. won't flip Jaguar, and further assured workers
at Ford's Jaguar and Land Rover luxury brands that the company
won't introduce drastic changes to the brands' business
structure.

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

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

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

                         Deal Delayed

As reported in the Troubled Company Reporter on Feb 26, 2008,
the announcement of the sale of the two luxury brands to Tata
Motors is expected to be out on March 6 or 7.  WSJ, citing an
unnamed person briefed on the negotiations, said talks were
likely to extend beyond this week.

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

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

                       About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                       About Ford Motor

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

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

                          *     *     *

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

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


SAPPORO HOLDINGS: Steel Partners Ups Bid to JPY875 A Share
----------------------------------------------------------
Steel Partners Japan Strategic Fund (Offshore), L.P. has upped
its offer for Sapporo Holdings Ltd., Bloomberg News reports.

In its revised bid, Steel Partners raised its offer to JPY875 a
share to raise its stake in the brewery to 33.3%, Bloomberg
says.  Steel Partners has previously offered JPY825 per share
for about 66.6% stake in Sapporo Holdings.

The revised bid came after Sapporo Holdings turned down Steel
Partner on grounds that the deal is detrimental to stakeholders'
interests.

A panel formed by Sapporo to study the offer has concluded that
Steel Partners is only likely to seek short-term profits.  It
added that the fund failed to properly outline its turnaround
for the brewery.

According to Bloomberg, the offer is higher that Sapporo's
trading price at 2 pm on Monday.

"Steel Partners wants to reach a happy middle ground," said
Fumiyuki Nakanishi, an equity strategist at Sumitomo Mitsui
Financial Group Inc. in Tokyo told Bloomberg's Tomoko Yamazaki.
"They cannot cancel the takeover offer because if they do so,
the stock price will plunge, reducing the value of their
holdings."

           About Steel Partners Japan Strategic Fund

Steel Partners Japan Strategic Fund (Offshore), L.P., is a
Cayman Islands-registered fund management subsidiary of Warren
Lichtenstein's Steel Partners and the biggest shareholder (18.6%
as of Feb. 2007) of Sapporo Holdings.  It submitted a proposal
to Sapporo seeking approval to raise its stake to 66.6%.

                   About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/
-- formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                        *     *     *

As of May 16, 2007, the company carries Standard & Poor's Rating
Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term
Local Issuer Credit Ratings that were issued on Feb. 6, 2006;
and Fitch Ratings' 'B' Short-term Foreign and Local Currency
Issuer Default Ratings that were issued on March 14, 2006.




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


ARROW ELECTRONICS: To Buy Achieva's Components Distribution Biz
---------------------------------------------------------------
Arrow Electronics Inc. signed a definitive agreement pursuant to
which Arrow will purchase the components distribution business
from parent company Achieva Ltd., a value-added distributor in
Asia Pacific.  Arrow anticipates the transaction will be
immediately accretive to earnings in the first twelve months by
US$0.01 to US$0.03 per share and will meet the company's
acquisition objectives for return on invested capital.  The
transaction is subject to approval by the shareholders of
Achieva Ltd. and is expected to close in the next 60 to 90 days.

"Achieva will further strengthen our position in the ASEAN
(Association of Southeast Asian Nations) and greater China
markets and enhance our existing demand creation capabilities,"
said William E. Mitchell, chairman, president and chief
executive officer of Arrow Electronics, Inc.  "With this
acquisition, Arrow will gain strong, established relationships
with major semiconductor suppliers that will expand our line
card as well as build upon existing partnerships.  The Achieva
management team is highly experienced and will be an impressive
addition of bench strength to position Arrow for continued
profitable growth in the Asia Pacific region," added Mr.
Mitchell.

Achieva is focused on creating value for its partners through
technical support and demand creation activities.  The company's
product range covers semiconductor components such as
application specific integrated circuits, programmable logic
devices, digital signal processing chips and microchip-
controller units.  With over 200 employees, the company has a
presence in eight countries (Singapore, Taiwan, China, India,
Malaysia, Philippines, Thailand, and Korea) and primarily serves
small and medium sized customers in the data communications,
telecommunications, lighting, industrial and digital consumer
end markets.  Total 2006 sales were approximately $200 million.

                   About Arrow Electronics

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

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

                        *     *     *

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


DURA AUTOMOTIVE: Files Revised Plan of Reorganization
-----------------------------------------------------
DURA Automotive Systems, Inc. and its debtor-affiliates filed
its revised Chapter 11 Plan of Reorganization with the U.S.
Bankruptcy Court for the District of Delaware.  The Plan
reflects a consensual agreement among DURA'S key creditor
constituencies.  DURA intends to proceed on an expedited basis
to obtain Court approval of the Plan and emerge from Chapter 11.

"The filing marks an important milestone in the company's
efforts to emerge from its Chapter 11 reorganization process in
the very near term," Larry Denton, Chairman and Chief Executive
Officer of DURA Automotive Systems, said.  "Though weak credit
markets delayed the emergence process during the fourth quarter
of 2007, we have worked productively with our creditors to
develop a revised Plan that places the company on an even firmer
footing by reducing the amount of required exit financing."

The Plan filed is a revision of the previous version of DURA's
Plan, filed on Aug. 22, 2007.  The Plan is supported by DURA's
key creditor constituencies.  Although certain supporting
documentation continues to be refined, the Official Committee of
Unsecured Creditors and the Ad Hoc Committee of Certain Second
Lienholders have agreed in principle to support the Plan.

The Plan provides, among other things, details on how the
company intends to treat more than US$1.3 billion in claims,
which takes into account changed economics.

In light of these events, key terms of DURA'S revised Plan are:

Second Lien Claims will receive approximately US$225 million in
new Convertible Preferred Stock Senior Notes and Other General
Unsecured Claims will receive 100% of New Common Stock (without
giving effect to the conversion of the Convertible Preferred
Stock) Debtor-in-Possession claims, administrative expenses, and
certain other priority claims will receive a full cash recovery
Funding for the revised Plan will include a committed $80
million second lien loan facility, provided by certain of the
company's creditors, in addition to a US$150 million first lien
term loan.  Upon emergence, DURA expects to be a publicly
reporting company under SEC rules.  The company's pre-bankruptcy
subordinated notes, convertible preferred securities and
existing equity will not receive recoveries under the Plan.

Within the next few days, DURA intends to file a revised
Disclosure Statement, which will provide additional information
about the Plan.  DURA will request that the Court approve the
adequacy of that Disclosure Statement at a hearing to be
scheduled in early April, with a solicitation of creditor
acceptances to follow shortly thereafter.

DURA is advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

                         About DURA

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products tothe recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DURA AUTOMOTIVE: Wants to Hire SRR as Valuation Consultant
----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Stout Risius Ross, Inc., as valuation
consultant, nunc pro tunc to Feb. 8, 2008.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors have previously
retained SRR as one of their ordinary course professional.

As OCP, SRR has billed and received from the Debtors US$36,942,
as payment for fees and reimbursement of expenses for services
it rendered from the Petition Date through Dec. 31, 2007, Mr.
Madron tells the Court.  However, the OCP Order has limited
payment to OCPs at US$25,000 per month on average over a rolling
two-month period.

Mr. Madron says the Debtors expect that SRR's fees in relation
to the valuation and related consulting services for the Debtors
will exceed the OCP Cap, thus the Debtors are seeking to employ
SRR pursuant to Sections 327(a) and 328(a) so that the firm can
be adequately compensated for their services.

As valuation consultants, SRR will:

   * estimate the fair value of certain tangible and intangible
     assets, equity interests, and reporting units of the
     Debtors for fresh-start accounting purposes;

   * estimate the Fair Value of the Debtors' body and glass
     reporting unit and assets in support of their compliance
     with the Statement of Financial Accounting Standards No.
     142, which addresses accounting and reporting of acquired
     goodwill and intangible assets;

   * provide an indication of the reproduction cost of the
     tangible assets for property insurance placement purposes;
     and

   * provide analysis with respect to the Debtors' assets as of
     the Petition Date.

In exchange for the contemplated legal services, the Debtors
will pay SRR based on the firm's applicable hourly rates:

             Professional             Hourly Rate
             ------------             -----------
             Managing Director      US$300 - $500
             Director                 $255 - $300
             Manager                  $200 - $225
             Senior Analyst           $150 - $200
             Associate                $100 - $150
             Analyst                  $100 - $150

The Debtors estimate that professional services to be provided
by SRR will total approximately $360,000.  Mr. Madron says the
fee estimate does not include any out-of-pocket expenses, which
will be billed at the actual amounts incurred.

The Debtors have also agreed to provide SRR a US$50,000
retainer, which retainer will be applied against SRR's final
invoice.

John N. Ross, Esq., a partner at SRR, assures the Court that his
firm does not represent any interest adverse to the Debtors and
their estates, and is a "disinterested person,"as the term is
defined in Section 101(14).

                         About DURA

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products tothe recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.

As of July 2, 2006, the Debtor had US$1,993,178,000 in total
assets and US$1,730,758,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

(Dura Automotive Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


KOREA EXPRESS: Regulators Expected to Deny HSBC's Takeover Plan
---------------------------------------------------------------
South Korea's financial regulators are expected to deny HSBC's
US$6.3 billion acquisition of Korea Exchange Bank in time for an
April deadline, Financial Times reports.

According to the report, HSBC's offer to buy a 51% stake in
Korea Exchange from Lone Star will expire April 30 if it has not
been approved by regulators.  However, officials at South
Korea's Financial Supervisory Commission said they did not
expect any decision to be made by then, the report notes.

HSBC is under pressure from investors to focus on emerging
markets after suffering heavy losses in its consumer lending
operations in the US, the report relates.

Song Jung-a and Peter Thal Larsen of Financial Times writes that
KEB has been at the centre of legal controversy for several
years over Lone Star's ownership in the bank.  Lone Star and
Paul Yoo, its country head, have been convicted for stock-price
manipulation of Korea Exchange's credit card unit in 2003.
Former KEB and government officials are also still on trial over
allegations that the value of Korea Exchange was artificially
depressed when it was sold to Lone Star in 2003, the repot
recounts.

The same report relates that analysts expect both HSBC and Lone
Star to wait for regulatory approval without renegotiating the
deal even after it expires.

"If the government approves the deal, people will complain about
the outflow of national wealth and if it disapproves the deal,
then foreign investors will frown," a local banking analys was
quoted by the same report as saying.

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

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

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

Korea Investors Service gave the company a BB rating.

MAGNACHIP: To Work with Elmos for Automotive Semiconductor Dev't
----------------------------------------------------------------
MagnaChip Semiconductor Ltd. and ELMOS Semiconductor AG have
signed a cooperation agreement regarding the development of
automotive semiconductor technologies.  In a second step, ELMOS
is going to use the foundry services of MagnaChip regarding
these automotive technologies, with MagnaChip delivering
processed wafers to ELMOS.

Both partners will benefit from the synergies generated by the
combination of the long-term experience of ELMOS within
automotive industries and MagnaChip's leading edge technology
base and world-class manufacturing capabilities.  ELMOS'
customers will be served with analog/mixed-signal solutions
designed by ELMOS and manufactured by MagnaChip following the
high automotive quality requirements.

"ELMOS has a strong reputation within the automotive industry.
This cooperation agreement is expected to enable us to open and
serve the automotive semiconductor market with our foundry
services," said Channy Lee, Executive Vice President and General
Manager of MagnaChip's Semiconductor Manufacturing Services
Division.

Supporting its outsourcing strategy, this cooperation allows
ELMOS to quickly react to varying volumes by flexible and secure
sourcing complementing its in-house manufacturing capabilities.
The processed wafer material from MagnaChip will be tested and
assembled in the established way under ELMOS' management.

"With MagnaChip we have found a competent and reliable partner
for our special manufacturing requirements. The partnership will
enhance our long-term competitiveness in the market and
represents another milestone in our network of cooperation,"
stated Dr. Anton Mindl, CEO of ELMOS Semiconductor.

With this joint arrangement, MagnaChip and ELMOS enter
into a clear commitment for long-term supply that will enable
automotive customers to participate in a multi-site sourcing
strategy for automotive semiconductors.

                 About ELMOS Semiconductor

ELMOS is a leading developer and producer of customer-specific
system solutions for many years in the automotive sector. Based
on the modular high- voltage CMOS technology, a great amount of
analog mixed-signal circuitry elements such as voltage
regulators, analog/digital converters, power-drives and NVM
storage offer a huge range of integration possibilities for
customers' ideas.  In addition, MEMS-based sensor systems
and dedicated packages both developed and manufactured within
the ELMOS-Group enable ELMOS to supply silicon-based
microsystems.  About 90 percent of sales are achieved with
automotive ICs.  ELMOS is listed on the Prime Standard of the
German Stock Exchange.  For more information, visit
http://www.elmos.de

              About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Oct. 10, 2007, that Moody's Investors Service confirmed the B2
corporate family rating of MagnaChip Semiconductor LLC.  At the
same time, Moody's confirmed the ratings of the debt issued by
MagnaChip Semiconductor Finance Co and MagnaChip Semiconductor
S.A., including:

  1) B1 rating of the US$100 million five-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


* Korean Banks' Overseas Earnings Fall 4.6 %
---------------------------------------------
South Korean banks' overseas operations fall 4.6% in 2007 due
mainly to increased tax payments, The Korean Time reports citing
the financial watchdog.

The Financial Supervisory Service disclosed that the combined
net profit of 95 overseas operations by nine local lenders
reached US$420 million in 2007, from US$440 million from a year
earlier, the report relates.

According to The Times, the fall resulted from increased
payments of corporate taxes versus pretax earnings.  The bank's
paid US$120 million in corporate taxes in 2007, up from US$60
million the previous year, the report notes.

By region, The Times relates, earnings by overseas subsidiaries
and branches in China jumped 43.1% year-on-year to US$73 million
while those in the United States fell 28.4% to US$48 million.

Meanwhile, they logged a combined operating profit of US$500
million, up 6.4% from a year earlier, as interest and commission
incomes increased despite U.S. subprime mortgage turmoil, the
report says.

The Times adds that the banks' total assets amounted to US$46.7
billion as of the end of 2007, up 35.9% from the previous year.




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


ASPEN INSURANCE: Promotes Mason to Marine & Energy Deputy Head
--------------------------------------------------------------
Aspen Insurance Holdings Limited has promoted Simon Mason to the
role of Deputy Head of Marine & Energy, International Insurance,
effective immediately.  Mr. Mason will take on greater
management responsibilities.  He will continue to report to Head
of Marine & Energy, International Insurance, John Henderson.

Mr. Mason joined Aspen in December 2004 and has twenty years of
experience in the energy insurance sector.  He currently serves
on the London market Joint Rig Committee, which is a
representative forum for the London marineenergy market, and
previously has worked in the Lloyd's market.

"We are delighted to recognize Simon's contributions.  His deep
expertise in the marine, energy and liability areas has helped
us to grow this business," said Aspen International Insurance
head, Matthew Yeldham.  "Simon's promotion is indicative of our
focus on further expanding our specialized International
Insurance operations by strengthening our team to take advantage
of opportunities in the current market.  Aspen has developed a
strong track record in Marine & Energy since entering the
business in 2004 and we remain focused on complex opportunities
that leverage our technical underwriting skills.  Indeed in
2007, Aspen reported US$663 million of gross written premiums
from International Insurance."

The Marine & Energy Insurance team underwrites hull, energy
physical damage and associated liability classes.  Aspen's
energy and marine clients are drawn from around the world.

For the year ended Dec. 31, 2007, Aspen Insurance reported gross
written premiums of US$1.8 billion, net income of US$489 million
and total assets of US$7.2 billion.

              About Aspen Insurance Holdings Ltd.

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) -- http://www.aspen.bm/-- provides
reinsurance and insurance coverage to clients in various
domestic and global markets through wholly owned subsidiaries
and offices in Bermuda, France, Ireland, the United States, the
United Kingdom, and Switzerland.

                        *     *     *

Aspen Insurance Holdings Limited still carried Moody's Investors
Services 'Ba1' Preferred Stock rating with a stable outlook
assigned on Dec. 21, 2005.


IDAMAN UNGGUL: Incurs MYR34.76MM Net Loss in Qtr. Ended Dec. 31
---------------------------------------------------------------
Idaman Unggul Bhd incurred a MYR34.76-million net loss on
MYR18.15 million of revenues in the quarter ended Dec. 31, 2007,
as compared to MYR28.89-million net loss on MYR19.4-million of
revenues in the same quarter of 2006.

As of December 31, 2007, the company's balance sheet showed
MYR684.16 million of total assets and MYR620.6 million of total
liabilities.

                     About Idaman Unggul

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

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company has been classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


IDAMAN UNGGUL: Receives MYR349-Mil. Offer for Lambang Pertama
-------------------------------------------------------------
Idaman Unggul Bhd has received an indicative offer of
MYR348.84 million from The Datestone Group LLC, an Islamic
financial advisory firm, to acquire Lambang Pertama Sdn Bhd, a
special purpose vehicle holding its timber concession, the
EdgeDaily reports.

The indicative offer, which was received on February 29, 2008,
is still subject to further negotiations upon agreement on the
terms and conditions of the proposed disposal, due diligence and
the approval from the parties' board of directors, the report
adds.

Prior to that, the company inked a deal with Sparkle Scheme Sdn
Bhd to sell Lambang Pertama for a sum of MYR410 million.
However, the agreement was terminated on July 2007.

                    About Idaman Unggul

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

As reported by Troubled Company Reporter-Asia Pacific on
March 6, 2008, the company has been classified as an Affected
Listed Issuer under Amended Practice Note 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' fund has dropped to MYR41.204 million
which is lower than the 25% of the paid-up share capital and
minimum issued and paid up capital of MYR60 milion required
under the Listing Requirements.


SHAW: Wins US$3-BB Worldwide Planning Program & Design Contract
---------------------------------------------------------------
The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded a 4PAE08 Worldwide Planning Program and Design
contract for architectural and engineering (A-E) services by the
U.S. Air Force Center for Engineering and the Environment
(AFCEE). S haw is one of multiple contractors awarded a five-
year, indefinite delivery/indefinite quantity 4PAE08 contract.

Under its contract, Shaw may be issued task orders to provide
A-E services in worldwide support of environmental and
traditional programs for the Air Force and other Department of
Defense agencies.  The scope of A-E services to be performed may
include environmental restoration, conservation, planning,
compliance and pollution prevention, as well as support for
military construction and facility sustainment, restoration and
modernization programs.  The value of Shaw's contract, which was
included in the company's previously announced backlog, was
undisclosed.  The total dollar value established for this
program for all contractors approximates US$3 billion.

"Shaw has supported AFCEE for more than 15 years by providing a
complete range of traditional and environmental design and
construction services worldwide," said Ronald W. Oakley,
president of Shaw"s Environmental & Infrastructure Group.  "We
are committed to delivering innovative and cost-effective
solutions as we continue our successful partnership with AFCEE
and its clients under this contract."

                     About Shaw Group

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

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

                        *     *     *

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


TENGGARA OIL: SC Approves Proposed Restructuring Scheme
-------------------------------------------------------
The Securities Commission through its letter dated
March 5, 2008, approved Tenggara Oil Berhad's proposed
restructuring scheme, which includes:

   * the incorporation of a special purpose company, to
     facilitate the implementation of the Proposed Corporate and
     Debt Restructuring Scheme;

   * the proposed share exchange involving the issuance of
     5,818,843 new NewCo ordinary shares of MYR0.50 each at an
     issue price of MYR0.70 per NewCo Share to the existing
     company's shareholders on the basis of one new NewCo Share
     in exchange for every 14 existing ordinary shares
     of MYR1.00 each held in the company;

   * the proposed disposal of Tenggara Lubricant Sdn Bhd, which
     involves the disposal of 2,969,970 ordinary shares of
     MYR1.00 each, representing 98.99% of the issued and paid-up
     share capital by the company to NewCo for a nominal
     consideration of MYR99.00 and the proposed settlement of
     debts owing to Tenggara Lubricant Scheme Creditors
     amounting to MYR23,909,274 as at January 31, 2007, via the
     issuance of 13,500,000 new NewCo Shares at an issue price
     of MYR0.70 per NewCo Share, which will be implemented
     under Section 176 of the Companies Act, 1965;

   * the proposed renounceable rights issue of up to 11,637,686
     NewCo Shares at an issue price of MYR0.70 per Right Share
     on the basis of two Rights Shares for every one NewCo Share
     held by the existing shareholders of the company after the
     Proposed Share Exchange but before the Proposed
     Acquisitions;

   * the proposed acquisition of the Acquiree Companies by
     NewCo;

   * the proposed debt settlement scheme;

   * the proposed placement of up to 7,142,857 new NewCo Shares
     at a proposed placement price of MYR0.70 per NewCo Share to
     investors to be identified;

   * Proposed exemption to the Vendors of the Acquiree Companies
     from the obligation to extend a mandatory offer pursuant to
     the Malaysian Code on Take-Overs and Mergers, 1998 for the
     remaining NewCo Shares not already owned by them after the
     Restructuring Scheme;

   * The proposed liquidation of the subsidiaries of Tenggara
     Oil;

   * the proposed transfer of the listing status on the Main
     Board of Bursa Securities to NewCo; and

   * the proposed disposal of all the existing issued and paid-
     up share capital comprising of 81,463,796 ordinary shares
     of MYR1.00 each in the company by NewCo to a third party,
     to be identified, for a nominal consideration of MYR1.00.

                     About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of implementing a debt restructuring
scheme with relevant parties.




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


ARTZ HAIR: Appoints Brown and Neilson as Liquidators
----------------------------------------------------
On February 8, 2008, Kenneth Peter Brown and Robert James
Neilson were appointed liquidators of Artz Hair Limited.

The liquidators can be reached at:

          Kenneth Peter Brown
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


CLEAR CHANNEL: Extends Closing of Notes Tender Offer to March 18
----------------------------------------------------------------
Clear Channel Communications Inc. extended the date on which:

   -- the pricing for the Notes will be established from 2:00
      p.m. New York City time on March 6, 2008, to 2:00 p.m. New
      York City time on March 14, 2008;

   -- the tender offers are scheduled to expire from 8:00 a.m.
      New York City time on March 10, 2008, to 8:00 a.m. New
      York City time on March 18, 2008; and

   -- the consent payment deadline for the Notes from 8:00 a.m.
      New York City time on March 10, 2008, to 8:00 a.m. New
      York City time on March 18, 2008.

Each of the Price Determination Date, the Offer Expiration Date
and the Consent Payment Deadline is subject to extension by
Clear Channel, with respect to the for its outstanding 7.65%
Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's
subsidiary AMFM Operating Inc.'s outstanding 8% Senior Notes due
2008 (CUSIP No. 158916AL0), in their sole discretion.

Clear Channel disclosed on Jan. 2, 2008, that it had received,
pursuant to its tender offer and consent solicitation for the
CCU Notes, the requisite consents to adopt the proposed
amendments to the CCU Notes and the indenture governing the CCU
Notes applicable to the CCU Notes, and that AMFM had received,
pursuant to its tender offer and consent solicitation for the
AMFM Notes, the requisite consents to adopt the proposed
amendments to the AMFM Notes and the indenture governing the
AMFM Notes.

The Clear Channel tender offer and consent solicitation is being
made pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.

The AMFM tender offer and consent solicitation is being made
pursuant to the terms and conditions set forth in the AMFM Offer
to Purchase and Consent Solicitation Statement for the AMFM
Notes dated Dec. 17, 2007, and the related Letter of Transmittal
and Consent.

Clear Channel has retained Citi to act as the lead dealer
manager for the tender offers and lead solicitation agent for
the consent solicitations and Deutsche Bank Securities Inc. and
Morgan Stanley & Co. Incorporated to act as co-dealer managers
for the tender offers and co-solicitation agents for the consent
solicitations.

Global Bondholder Services Corporation is the Information Agent
for the tender offers and the consent solicitations.  Questions
regarding the transaction should be directed to Citi at (800)
558-3745 (toll-free) or (212) 723-6106 (collect).  Requests for
documentation should be directed to Global Bondholder Services
Corporation at (212) 430-3774 (for banks and brokers only) or
(866) 924-2200 (for all others toll-free).

The tender offers and consent solicitations for the Notes are
made in connection with the merger with BT Triple Crown Merger
Co. Inc.  The completion of the Merger and the related debt
financings are not subject to, or conditioned upon, the
completion of the tender offers or the related consent
solicitations or the adoption of the proposed amendments with
respect to the Notes.

The closing of the Merger is expected to occur during the first
quarter 2008.  The closing of the Merger is subject to customary
closing conditions.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside
U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 30, 2008,
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications, including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.


CLC CONSTRUCTION: Taps Brown & Neilson as Liquidators
-----------------------------------------------------
Kenneth Peter Brown and Robert James Neilson were appointed
liquidators of CLC Construction Limited on February 8, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


DAVE ORRELL: Appoints Brown & Rodewald as Liquidators
-----------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Dave Orrell Builders Ltd. on February 11, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


FELTEX CARPETS: Shareholders Commence Action in High Court
----------------------------------------------------------
Shareholders of Feltex Carpets Ltd., which is in liquidation,
have commenced a group action seeking compensation for loss and
damage arising from investing in the carpet maker.
According to a report by the New Zealand Press Association, the
shareholders' action, if successful, could bring them up to
US$254 million, the amount they invested in 2004 initial public
offering of Feltex Carpets.

A disclosure with the New Zealand Stock Exchange reveals that
the proceeding, instituted in the High Court of New Zealand, was
filed against:

   -- Timothy Ernest Corbett Saunders of Waipara, Company
      Director;

   -- Samuel John Magill of Victoria, Australia, Chief
      Executive;

   -- John Michael Feeney of Victoria, Australia, Corporate
      Advisor;

   -- Craig Edgeworth Horrocks of Auckland, Solicitor;

   -- Peter David Hunter of Auckland, Accountant;

   -- Peter Thomas of Victoria, Australia, Merchant Banker; and

   -- Joan Withers of Auckland, Chief Executive;

   -- Credit Suisse First Boston Private Equity Inc.;

   -- Credit Suisse First Boston Asian Merchant Partners L.P.;

   -- First New Zealand Capital of Auckland; and

   -- Forsyth Barr Limited of Dunedin and Wellington.

The proceeding alleges that the prospectus for the 2004 IPO was
misleading and deceptive, contained untrue and negligent
statements, omitted to disclose material information, breached
the Fair Trading Act (1986), the Securities Act (1978) and
breached fiduciary duties to the plaintiffs.

NZPA says advertisements were placed in New Zealand newspapers
to advise the estimated 10,000 shareholders who invested in
Feltex in 2004 and early 2005 that they are a party to the
action, unless they actively remove themselves from it.

                    About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John
Vague was appointed as liquidator.


HUMAN COMMERCIALS: Taps Brown & Neilson as Liquidators
------------------------------------------------------
Kenneth Peter Brown and Robert James Neilson were appointed
liquidators of Human Commercials Limited on February 8, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


LANDINGS MANAGEMENT: Creditors' Proofs of Debt Due on March 18
--------------------------------------------------------------
The Landings Management Services Limited requires its creditors
to file their proofs of debt by March 18, 2008, to be included
in the company's dividend distribution.

The company's liquidators are:

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


LIFT TRANZ: Appoints Brown & Neilson as Liquidators
---------------------------------------------------
On February 8, 2008, Kenneth Peter Brown and Robert James
Neilson were appointed liquidators of Lift Tranz Ltd.

The liquidators can be reached at:

          Kenneth Peter Brown
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


MEDICTRONIX NEW ZEALAND: Taps Brown & Neilson as Liquidators
------------------------------------------------------------
Kenneth Peter Brown and Robert James Neilson were tapped as
liquidators of Medictronix New Zealand Limited on Feb. 8, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


MINGINUI VILLAGE: Names Brown & Rodewald as Liquidators
-------------------------------------------------------
On February 11, 2008, Kenneth Peter Brown and Thomas Lee
Rodewald were appointed liquidators of Minginui Village Council
Limited.

The liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


MOMENTUM MEDIA: Names Brown & Rodewald as Liquidators
-----------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Momentum Media Limited on February 11, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


OCEANFRONT HOLDINGS: Appoints Brown & Rodewald as Liquidators
-------------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed
liquidators of Oceanfront Holdings Limited on February 11, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Thomas Lee Rodewald
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


SCORPIC VENTURES: Names Brown & Neilson as Liquidators
------------------------------------------------------
Kenneth Peter Brown and Robert James Neilson were named
liquidators of Scorpic Ventures Limited on February 8, 2008.

The liquidators can be reached at:

          Kenneth Peter Brown
          Robert James Neilson
          c/o Rodewald Hart Brown Limited
          127 Durham Street
          PO Box 13380, Tauranga
          New Zealand
          Telephone:(07) 571 6280
          Web site: http://www.rhb.co.nz


STROWAN LIMITED: Fixes March 18 as Last Day to File Claims
----------------------------------------------------------
The creditors of Strowan Limited are required to file their
proofs of debt by March 18, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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




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


FORD MOTOR: Philippine Unit's Shipments Soar in 2007
----------------------------------------------------
Ford Motor Co.'s Philippine arm, Ford Group Philippines, almost
doubled its export in 2007 to US$496.34 million, compared to the
US$270-million average annual export revenues in the past 10
years, Ronnel Domingo of the Philippine Daily Inquirer reports.

The Ford unit's export soared despite challenges of shrinking
markets, Ford Group Vice President for Government & Corporate
Affairs Florina Vistal told PDI in an interview.  According to
Ms. Vistal, shipment to Thailand slipped by 6% compared to last
year, while Malaysian shipment reduced by 2%.

In addition to Thailand and Malaysia, Ford Philippines, which
assembles the vehicles in Sta. Rosa, Laguna, also ships its
built vehicles to Indonesia and even completely knocked-down
kits to Vietnam, PDI relates.  Ford Group has reportedly put
US$270 million in the Santa Rosa facility.

Ms. Vistal further told the daily that the Philippine unit has
started diversifying in 2007 after it commenced shipment of
flex-fuel engines to South Africa and cylinder heads to Taiwan.

Ford Group sees the Sta. Rosa plant as coming up with 100,000
units of flex-fuel engines over the next five years, which would
be fitted on Ford Focus sedans, PDI adds.

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

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

                        *     *     *

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

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




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


ATOP HOLDINGS: Creditors' Meeting Slated for April 2
----------------------------------------------------
The creditors of Atop Holdings Pte. Ltd., which is in
liquidation, will meet on April 2, 2008, at 4:00 p.m., to
consider the Statement of Affairs of the company.

The company's liquidators are:

          Yin Kum Choy
          Mok Wai Seng
          c/of K C Yin & Co.
          Certified Public Accountants Singapore
          100 Tras Street
          #16-01 Amara Corporate Tower
          Singapore 079027
          Telephone: 6323 1613
          Facsimile: 6323 1763


FRANKEL MOTOR: Court Enters Wind-Up Order
-----------------------------------------
On February 29, 2008, the High Court of Singapore entered an
order to have Frankel Motor Pte. Ltd.'s operations wound up.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company.

Frankel Motor's liquidator is:

          The Official Receiver Insolvency &
          Public Trustee's Office
          The URA Centre (East Wing)
          45 Maxwell Road #05-11/#06-11
          Singapore 069118


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

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

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

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

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

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

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

                        *     *     *

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

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


ZEN28 PTE: Members to Receive Wind-Up Report on April 8
-------------------------------------------------------
Steven Tan Chee Chuan and Douglas Tan Kay Yeow, Zen28 Pte.
Ltd.'s appointed estate liquidator, will meet with the company's
members on April 8, 2008, to provide them with property disposal
and winding-up reports.

The liquidators can be reached at:

          Steven Tan Chee Chuan
          Douglas Tan Kay Yeow
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916




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


FEDERAL-MOGUL: Inks New Stock Option Pact with CEO Jose Alapont
---------------------------------------------------------------
Subject to the approval of its shareholders, Federal-Mogul Corp.
and its debtor-affiliates entered into a new Stock Option
Agreement with Jose Maria Alapont, its president and chief
executive officer, on Feb. 15, 2008.

On Dec. 27, 2007, the Debtors entered into a President and CEO
Stock Option Agreement with Mr. Alapont.

On Feb. 15, 2008, the Old Stock Option Agreement and the Old
Stock Option Agreement Amendment were canceled by mutual written
agreement of the company and Mr. Alapont, Federal-Mogul Corp.
senior vice president Robert L. Katz reports in a regulatory
filing with the U.S. Securities and Exchange Commission.

The New President and CEO Stock Option Agreement grants Mr.
Alapont a non-transferable, non-qualified option to purchase up
to 4,000,000 shares of the company's Class A Common Stock
subject to certain terms and conditions.  The exercise price for
the Option is US$19.50 per share, which is at least equal to the
fair market value of a share of the company's Class A Common
Stock on the date of grant of the Option, according to Mr. Katz.

The Option will expire on Dec. 27, 2014.

The New President and CEO Stock Option Agreement also provides
for vesting.  Specifically, 40% of the shares of Class A Common
Stock subject to the Option are vested, and an additional 20% of
the shares of Class A Common Stock subject to the Option will
vest on each of March 23, 2008; March 23, 2009; and
March 23, 2010.

If prior to March 23, 2010, Mr. Alapont's employment with the
company (1) terminates by reason of death or disability, (2) is
terminated by the company without cause, or (3) is terminated by
Mr. Alapont for good reason, the Option will be exercisable with
respect to all of the shares of Class A Common Stock subject to
the Option on the date of Mr. Alapont's termination of
employment.  Mr. Alapont or his legal representative may
thereafter exercise the Option until and including the earlier
of (i) the date which is 90 days after the Employment
Termination Date, and (ii) the Expiration Date.

If Mr. Alapont's employment with the company terminates for any
other reason, the Option will be exercisable only to the extent
it is exercisable on Mr. Alapont's Employment Termination Date
and may thereafter be exercised by Mr. Alapont or his legal
representative until and including the earlier of (i) the date
which is 90 days after the Employment Termination Date, and (ii)
the Expiration Date.

If the company's shareholders do not approve the grant of the
Option pursuant to the New President and CEO Stock Option
Agreement before Dec. 31, 2008, then (a) the Option will not
become exercisable with respect to any shares of Class A Common
Stock subject to the Option, and (b) the Option and the New
President and CEO Stock Option Agreement will terminate on
Dec. 31, 2008.

The Option only will become exercisable with respect to any
shares of Class A Common Stock subject to the Option after the
approval of the Option by the company's shareholders, Mr. Katz
clarifies.

A full-text copy of the New President and CEO Stock Option
Agreement is available for free at the SEC:

                http://ResearchArchives.com/t/s?28e2

                     About Federal-Mogul

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's
foremost original equipment manufacturers of automotive, light
commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket.
Founded in Detroit in 1899, the company is headquartered in
Southfield, Michigan, and employs 45,000 people in 35 countries.
Aside from the U.S., Federal-Mogul also has operations in other
locations which includes, among others, Mexico, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The Fourth Amended Plan
was confirmed by the Bankruptcy Court on Nov. 8, 2007, and
affirmed by the District Court on Nov. 14, 2007.

                         *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated
Nov. 28, 2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on
Dec. 27, 2007.  S&P said the outlook is stable.


                          *********

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
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Information contained herein is obtained from sources believed
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