TCRAP_Public/080312.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Wednesday, March 12, 2008, Vol. 9, Issue 51

                          Headlines

A U S T R A L I A

AUSTRALIAN MONTESSORI: Placed Under Voluntary Liquidation
C.H. HOLM: Members to Hear Wind-Up Report on March 19
CHRYSLER LLC: Closes Belvidere Plant; Lays Off 1,000+ Workers
CHRYSLER LLC: Closes Pacifica Design Center in California
CONSORTIUM MANAGEMENT: To Declare First Dividend on April 12

FORTESCUE METALS: Andrew Forrest Faces Legal Action from ASIC
G.C. HOLM: Members to Receive Wind-Up Report on March 19
GREENOCK NOMINEES: Members' Meeting Set for March 18
HOLM VALLEY: Members to Hear Wind-Up Report on March 19
KINGSHOLM PTY: Members' Meeting Slated for March 19

LAW MORTGAGES: Liquidator to Present Wind-Up Report on March 19
M.P. HOLM: Liquidator to Present Wind-Up Report on March 19
SPOILS MANAGEMENT: Final Meeting Set for March 19


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

BUILDING ACOUSTIC: Court to Hear Wind-Up Proceedings on March 26
CHINA EASTERN: Ranked First In On-time Performance
CHINA EASTERN: Shares Fall Below Singapore Air's Offer
CHINA SOUTHERN: Prioritizes International Expansion
CHINA SOUTHERN: Reports 4.65-Million Passengers in February

HONGKAI INTERNATIONAL: Appoints New Liquidators
INLAND REALTY: Liquidators Quit Post
KINGYING COMPUTER: Court to Hear Wind-Up Proceedings on April 16
LYDENY DEV'T: Court to Hear Wind-Up Proceedings on April 9
MAK SHING YUE: Creditors' Proofs of Debt Due on March 17

OCEAN MARK: Court to Hear Wind-Up Proceedings on April 16
REMBO TOWING: Court to Hear Wind-Up Proceedings on March 19
WAH HIP: Liquidators Quit Post
TEAMS PRINTING: Appoints New Liquidators


I N D I A

GENERAL MOTORS: Delphi Reports Re-Launch of Exit Facility
JCT ELECTRONICS: Books INR86.3-Mil. Loss in Qtr. Ended Dec. 31
JENSON & NICHOLSON: Incurs INR25.68-Mil. Loss in Oct.-Dec. 2007
QUEBECOR WORLD: Court Gives 30 Days to Negotiate DIP Fund Terms
QUEBECOR WORLD: NYSE to Delist Subordinate Voting Shares

QUEBECOR WORLD: Abandons US$341 Mil. Sale of European Assets
QUEBECOR WORLD: Wants Until June 4 to File Financial Schedules
SOUTHERN IRON: JSW Steel Fixes March 25 as Scheme's Record Date
TATA MOTORS: Subsidiary Ties Up with Italy's Maus SpA


I N D O N E S I A

ADARO INDONESIA: To Raise Up to US$500 Million Through IPO
BANK DANAMON: Hires Citigroup Economist to Aid Expansion Plan
CA INC: Appoints Michael Christenson as President
CILIANDRA: S&P Puts B LT Corporate Credit Rating on CreditWatch
GOLDEN AGRI-RESOURCES: Clarify Cash Receipts for FY2007

PERUSAHAAN LISTRIK: Hires Fahmi Mochtar as President Director
PERUSAHAAN LISTRIK: New Company Director Aims for Subsidy Cuts


J A P A N

DELPHI: Realigns Stake in Japanese & Hungarian Joint Ventures
DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate
DELPHI CORP: Inks US$10-Mil. Purchase Agreement with Tenneco
FORD MOTOR: Awards Stock of More Than US$15MM to Top Executives
GOODWILL GROUP: In Talks with Mizuho Financial to Sell Debt

NISSIN SERVICER: JCR Affirms BB Rating with Stable Outlook
NIS GROUP: JCR Affirms BB Rating with Stable Outlook
TOKUSHINKAI GROUP: JCR Affirms BB Rating on Senior Debts


K O R E A

ARAMARK CORPORATION: Fitch Holds IDR at 'B' with Stable Outlook
DM TECHNOLOGY: Adjusts Exercise Price of 2nd Bonds with Warrants
GENEXEL-SEIN: To Acquire Stake in Korea Schnell for KRW9.99 Bil.
HANSUNG ENTERPRISES: Resumes Operations in Kimhae Factory


M A L A Y S I A

KNOLL INC: Adopts Trading Plan for Expanded Repurchase Program
MANGIUM INDUSTRIES: Receives Writ of Summons from Alliance Bank
PANGLOBAL BERHAD: Appoints Affin Investment as Principal Adviser
PECD BERHAD: Posts MYR1.11 Bil. Net Loss in Qtr. Ended Dec. 31
SOLUTIA INC: Signs Three Credit Deals with Syndicate of Banks

UBG BERHAD: Earns MYR7.08 Mil. in Quarter Ended Dec. 31, 2007


N E W  Z E A L A N D

AB FAB: Commences Liquidation Proceedings
ASSET MANAGEMENT: Taps Fisk & Sanson as Liquidators
DENNY'S CORP: Dec. 26 Balance Sheet Upside-Down by US$178.9 MM
GOLF WINE: Appoints Grant Bruce Reynolds as Liquidator
GRAVEL ROAD: Appoints Levin & Vance as Liquidators

HARPER BUILDERS: Fixes May 18 as Last Day to File Claims
IMPACT PLASTERING: Creditors' Proofs of Debt Due on April 18
MITEX HYGIENICS: Subject to CIR's Wind-Up Petition
PROGRESSIVE HOUSING: Creditors' Proofs of Debt Due on April 18
SEAVIEW ENGINEERING: Fixes March 15 as Last day to File Claims

UPG LTD: Court to Hear Wind-Up Petition on April 18


P H I L I P P I N E S

INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO


S I N G A P O R E

KELLWOOD GLOBAL: Requires Creditors to File Claims by April 7
NATIONAL CHEMICALS: Creditors' Proofs of Debt Due on April 7
VISION MARINE: Fixes April 7 as Last Day to File Claims

* SINGAPORE: Fitch Says Banks Well Poised To Meet Challenges


T H A I L A N D

FEDERAL: Johns-Manville Case Forms Plan A Disapproval Basis

* BOND PRICING: For the Week March 10 to March 14, 2008


                            - - - - -

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


AUSTRALIAN MONTESSORI: Placed Under Voluntary Liquidation
---------------------------------------------------------
Australian Montessori Education Pty. Ltd.'s members agreed on
February 6, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Eugene Murphy and David James Hambleton to facilitate the sale
of its assets.

The liquidators can be reached at:

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

                 About Australian Montessori

Australian Montessori Education Pty. Ltd. provides schools and
educational services.  The company is located at Surfers
Paradise, in Queensland, Australia.


C.H. HOLM: Members to Hear Wind-Up Report on March 19
-----------------------------------------------------
Ian Gregory Holm, C.H. Holm Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 19, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Ian Gregory Holm
          292 Water Street
          Spring Hill, Queensland 4000
          Australia

                      About C.H. Holm

C.H. Holm Pty. Ltd. operates non-classifiable establishments.
The company is located at Ormeau, in Queensland, Australia.


CHRYSLER LLC: Closes Belvidere Plant; Lays Off 1,000+ Workers
-------------------------------------------------------------
Around 1,100 workers were laid-off as Chrysler LLC formally
shuts down its plant in Belvidere, Illinois, various reports
say.

The closure of the plant, which produces the company's line of
Dodge Caliber, Jeep Patriot, and Jeep Compass brands, is part of
the automaker's move to consolidate operations, streamline
production, and generally reduce costs, The Detroit News
reports.  Chrysler already took measures such as tossing away
duplicative car models, moving far-flung operations to its
headquarters, and made deals with Daimler AG to access new
technology.

The company's moves came after it lost its tooling battle with
Plastech Engineered Products Inc.  As reported in the Troubled
Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy Court for
the Eastern District of Michigan denied the company's request to
pull out tooling equipment from Plastech's plants.  However, the
parties have agreed to subsequent supply deals.

The Belvidere plant's third shift workers began work in July
2006 when Chrysler decided to turn off its robotic body shop,
BusinessRockford.com relates.  As their employment drew to a
close, the company stationed extra security at their plant to
prevent rumored violence when the workers went out.

                    About Chrysler LLC

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

                       *     *     *

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


CHRYSLER LLC: Closes Pacifica Design Center in California
---------------------------------------------------------
Chrysler LLC disclosed in a media blog that it is closing its
Pacifica Advance Product Design Center outside Diego, and
consolidate the advanced design studio to its home base in
Auburn Hills, Michigan.

Increasingly, the company is leveraging resources worldwide,
forming new joint ventures and alliances and consolidating
operations in order to better achieve global balance and manage
fixed costs.  These moves, Chrysler says, are designed to help
it become a more globally focused manufacturer, with design,
engineering, and sourcing, as well as a local presence to serve
local customers.

Chrysler adds that the Advance Design remains an integral part
of its future design efforts.  These changes set the stage for
Chrysler's future global growth efforts, which also include its
intent to establish global expertise in design, engineering and
sourcing through centers of excellence.  These actions will help
the company meet its long-term globalization goals, Chrysler
explains.

The company's move came after it agreed with supplier Plastech
Engineered Products Inc. to extend their supply agreement to
March 17, 2008.  As reported in the Troubled Company Reporter on
Feb. 20, 2008, the U.S. Bankruptcy Court for the Eastern
District of Michigan denied Chrysler's request to pull out
tooling equipment from Plastech's plants.

David Barnas, a Chrysler representative, told Reuters that the
changes come as part of Chrysler's intent to cut costs and
streamline production.  As reported in the Troubled Company
Reporter on Feb. 27, 2008, Chrysler LLC also tossed away the
"car cloning" concept in its production lines and concentrated
on selling its remaining unique models.

"These changes set the stage for Chrysler's future global growth
efforts," Reuters quotes Mr. Barnas as saying.

                  About Plastech Engineered

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

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

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

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

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

                     About Chrysler LLC

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

                        *     *     *

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


CONSORTIUM MANAGEMENT: To Declare First Dividend on April 12
------------------------------------------------------------
Consortium Management Planning Pty. Ltd., which is in
liquidation, will declare the first dividend for its priority
creditors on April 12, 2008.

The company's liquidator is:

          Ian Carson
          c/o PPB Chartered Accountants
          90 Collins Street, Level 10
          Melbourne, Victoria 3000
          Australia

               About Consortium Management

Consortium Management Planning Pty. Ltd. Operates employment
agencies.  The company is located at Albert Park, in Victoria,
Australia.


FORTESCUE METALS: Andrew Forrest Faces Legal Action from ASIC
-------------------------------------------------------------
Australian Securities and Investments Commission will produce
three witnesses in its Federal Court case against Australia's
richest man, Andrew Forrest, and his company Fortescue Metals
Group Ltd, ABC News reports.

ASIC alleges that Fortescue Metals and Mr. Forrest failed to
comply with continuous disclosure obligations when announcing
contracts with two Chinese companies in 2004, ABC News relates.
At the time the company was trying to secure funding for its
multi billion-dollar iron ore project in the Pilbara.

A source familiar with the situation told ABC News that ASIC has
evidence from three expert witnesses, one of whose statements is
90 pages long.  ASIC is pursuing Fortescue Metals for civil
damages of AU$3 million and Mr. Forrest for AU$600,000.

                   About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                        *     *     *

Fortescue reported a net loss for the past three fiscal years.
Net loss for the year ended June 30, 2007, was AU$68.43 million,
while net losses for FY2006 was AU$2.15 million and for FY2005
was AU$4.52 million.


G.C. HOLM: Members to Receive Wind-Up Report on March 19
--------------------------------------------------------
Ian Gregory Holm, G.C. Holm Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 19, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Ian Gregory Holm
          292 Water Street
          Spring Hill, Queensland 4000
          Australia

                      About G.C. Holm

G.C. Holm Pty. Ltd. operates non-classifiable establishments.
The company is located at Kingsholme, in Queensland, Australia.


GREENOCK NOMINEES: Members' Meeting Set for March 18
----------------------------------------------------
David James Hambleton, Greenock Nominees Pty. Ltd.'s appointed
estate liquidator, will meet with the company's members on
March 18, 2008, at 11:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          David James Hambleton
          R.E. Murphy, Chartered Accountant
          46 Edward Street, Level 9
          Brisbane, Queensland 4000
          Australia

                  About Greenock Nominees

Greenock Nominees Pty. Ltd. is a distributor of wood office
furnitures.  The company is located at Brisbane, in Queensland,
Australia.


HOLM VALLEY: Members to Hear Wind-Up Report on March 19
-------------------------------------------------------
Ian Gregory Holm, Holm Valley Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 19, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Ian Gregory Holm
          292 Water Street
          Spring Hill, Queensland 4000
          Australia

                     About Holm Valley

Holm Valley Pty. Ltd. operates non-classifiable establishments.
The company is located at Kingsholme, in Queensland, Australia.


KINGSHOLM PTY: Members' Meeting Slated for March 19
---------------------------------------------------
Ian Gregory Holm, Kingsholm Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 19, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Ian Gregory Holm
          292 Water Street
          Spring Hill, Queensland 4000
          Australia

                       About Kingsholm

Kingsholm Pty. Ltd. operates non-classifiable establishments.
The company is located at Kingsholme, in Queensland, Australia.


LAW MORTGAGES: Liquidator to Present Wind-Up Report on March 19
---------------------------------------------------------------
Law Mortgages Queensland Pty. Ltd. will hold a joint meeting for
its members and creditors at 2:30 p.m. on March 19, 2008.
During the meeting, the company's liquidator, Jason Bettles at
Worrells Solvency & Forensic Accountants, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Jason Bettles
          Worrells Solvency & Forensic Accountants
          Australia
          Web site: http://www.worrells.net.au

                     About Law Mortgages

Located at Surfers Paradise, in Queensland, Australia, Law
Mortgages Queensland Pty. Ltd. is an investor relation company.


M.P. HOLM: Liquidator to Present Wind-Up Report on March 19
-----------------------------------------------------------
Ian Gregory Holm, M.P. Holm Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 19, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Ian Gregory Holm
          292 Water Street
          Spring Hill, Queensland 4000
          Australia

                      About M.P. Holm

M.P. Holm Pty. Ltd. operates non-classifiable establishments.
The company is located at Kingsholme, in Queensland, Australia.


SPOILS MANAGEMENT: Final Meeting Set for March 19
-------------------------------------------------
Spoils Management Pty. Ltd. will hold a final meeting for its
members and creditors at 2:30 p.m. and 3:00 p.m., respectively
on March 19, 2008.  During the meeting, the company's
liquidator, Peter Gountzos at CJL Partners, will provide the
attendees with property disposal and winding-up reports.

The liquidator can be reached at:

          Peter Gountzos
          CJL Partners
          180 Flinders Lane, Level 3
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9639 4779
          Facsimile:(03) 9639 4773

                      About Spoils Management

Spoils Management Pty Ltd provides business services.  The
company is located at Tottenham, in Victoria, Australia.




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C H I N A   &   H O N G  K O N G   &   T A I W A N
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BUILDING ACOUSTIC: Court to Hear Wind-Up Proceedings on March 26
----------------------------------------------------------------
On January 18, 2008, Director of Legal Aid of the Government of
Hong Kong Special Administrative Region, filed a petition to
have Building Acoustic Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 26, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Steve Y. F. Wong
          27th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


CHINA EASTERN: Ranked First In On-time Performance
--------------------------------------------------
China Eastern Airlines Corporation Limited ranked first last
year in on-time performance among the three domestic airline
giants, China's General Administration of Civil Aviation told
Xinhua News Agency.  In 2007, 84.32% of the flights of China
Eastern arrived and left as scheduled.

"The staff members of our company have made great efforts to
provide a punctual, safe flight experience for our customers,"
Cao Jianxiong, general manager of China Eastern, told Xinhua.
Mr. Cao added that 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.

The other top two domestic carriers are Air China and China
Southern Airlines, Xinhua says.

According to the report, the CAAC conducted an informal
passenger-feedback meeting about the 16 largest domestic
carriers and China Eastern received the highest rating for last
year. The issues that passengers were most concerned about were
being kept informed about flight delays and insufficient space
between rows of seats on aircraft.

As living standards in China rise, people are paying more
attention to having a comfortable flight experience, the CAAC
told Xinhua.

Official figures showed that the annual flights in China rose
from 896,000 in 2003 to 1.62 million in 2007, up more than 15%
year on year, Xinhua relates.  However, flight delays have long
troubled passengers in China.

The new measuring method of on-time flights will come into
effect on March 30, 2008, to replace the old one, in a bid to
improve the accuracy and authenticity of the statistics, the
CAAC further told Xinhua.

The new method was designed in light of a research since the end
of 2006 and in accordance with suggestions and opinions given by
major domestic airlines and air traffic management bureaus
nationwide, Xinhua reports.

According to Xinhua, the CAAC also announced at a national civil
aviation conference in January that it would take various
measures to reduce flight delays and improve the airline
services this year, including:

  -- A two-year block on the expansion or establishment of
     branches of airlines reported for poor services after
     delays or overbooking, or luggage losses; and

-- The cancellation of services that rank among the bottom 20
    on the punctuality lists at Beijing, Shanghai, Guangzhou or
    other Olympic-related city airports, and those that have a
    punctuality rate below 50%.

                    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: Shares Fall Below Singapore Air's Offer
------------------------------------------------------
Irene Shen at Bloomberg News reported Tuesday that China Eastern
Airlines Corp.'s shares fall below HK$3.80 a piece, which is the
amount that Singapore Airlines Ltd. has offered for a stake in
the company.

Bloomberg relates that since January, the airline's shares have
lost about 40% of their value as management tried to repeal a
bid from Air China Ltd., and at the same time, asking
shareholders to accept Singapore Air's bid.  The carrier wants a
partnership with the Singaporean company after it posted losses
in 2005 and 2006.  It prefers Singapore Airlines as a bidder due
to its profitability, customer service reputation, and cost
synergies.

China Eastern has declined a HK$5 a share offer from Air China
on grounds that the takeover proposal did not show "sincere
intention" and thorough planning.

                    About China Eastern

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

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

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


CHINA SOUTHERN: Prioritizes International Expansion
---------------------------------------------------
China Southern Airlines will shift its priorities from its
traditional focus on domestic routes to a more ambitious
commitment to international expansion, Liu Shaoyong, company's
chairman, told Katie Cantle of ATW Daily News.

Last year China Southern opened 10 new international routes from
Guangzhou, China, ATW News reports.

"We plan to open more international routes starting from Beijing
to New York, London and Detroit, [plus] Guangzhou-Moscow by
2012," Mr. Liu revealed to ATW News.  "I expect our cargo
transport volume will increase threefold in the next few years."

Mr. Liu claimed that China Southern's cargo business also will
grow significantly, ATW News reports.

China Southern will have exclusive use of the new domestic cargo
station at Guangzhou Baiyun once it is complete, ATW News says.
In addition, the carrier plans to reconfigure its first A300-600
into a freighter set to go into operation this year.  It
continues to negotiate a cargo JV with Air France.  A source
familiar with the discussions told ATW News that "it is possible
it will be launched in May."

The JV may lead to a deeper cooperation between the carriers
down the road, ATW News says.

CZ signed a January memorandum to sell a 20% stake in its
Nanlian Air Catering Co. to Air Frnace subsidiary Servair, ATW
News notes.

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

                        *     *     *

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


CHINA SOUTHERN: Reports 4.65-Million Passengers in February
-----------------------------------------------------------
China Southern Airlines Co., the country's largest airline,
carried 4.65 million passengers in February, up 9.9% year-on-
year, Trading Markets reports.

In a statement on its website, the airline said it carried
53,620 tons of cargo last month, up 1.5% year-on-year.  The
passenger load factor in February was 73.9%, up 0.8 percentage
point from a year earlier, while the overall load factor was up
0.5 percentage point at 61.8%, the airline said.

In the first two months of the year, the airline carried 9.12
million passengers, up 14.2% year-on-year, and 138,950 tons of
cargo, up 18.9%, Trading Markets says.

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

                        *     *     *

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


HONGKAI INTERNATIONAL: Appoints New Liquidators
-----------------------------------------------
The members of Hongkai International Limited appointed Jacky
Chung Wing Muk and Edward Simon as the company's liquidators.

The Liquidators can be reached at:

          Jacky Chung Wing Muk
          Edward Simon
          Simon Blade
          8th Floor, Prince's Building
          10 Charter Road, Central
          Hong Kong


INLAND REALTY: Liquidators Quit Post
------------------------------------
On January 16, 2008, Jan Gerard Willemszoon Blaauw and Lam Hok
Chung Rasiner, stepped down as liquidator for Inland Realty
Limited, which is undergoing liquidation.


KINGYING COMPUTER: Court to Hear Wind-Up Proceedings on April 16
----------------------------------------------------------------
On February 18, 2008, Yeung Lain Kuen, filed a petition to have
Kingying Computer Label Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Steve Y. F. Wong
          27th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


LYDENY DEV'T: Court to Hear Wind-Up Proceedings on April 9
-----------------------------------------------------------
On January 31, 2008, Iu Tat, filed a petition to have Lydeny
Development Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 9, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Messers. Tai, Mak & Partners
          Rooms 1004-5, Nan Fung Tower
          173 Des Voeux Road Central
          Hong Kong


MAK SHING YUE: Creditors' Proofs of Debt Due on March 17
--------------------------------------------------------
The creditors of Mak Shing Yue Tong Commemorative Association
Limited are required to file their proofs of debt by
March 17, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

         John Robert Lees
         1904 Hong Kong
         Club Building
         3A Charter Road
         Central Hong Kong


OCEAN MARK: Court to Hear Wind-Up Proceedings on April 16
---------------------------------------------------------
On February 18, 2008, Wong Man Yee, filed a petition to have
Ocean Mark Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 16, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Chong Yan-tung Chris
          34th Floor, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong


REMBO TOWING: Court to Hear Wind-Up Proceedings on March 19
-----------------------------------------------------------
On November 30, 2007, Mak Lok Wing, filed a petition to have
Rembo Towing Supplies Services Limited's operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
March 19, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Messers. Huen & Partners
          8th Floor, Li po Chun Chambers
          189 Des Voeux Road Central
          Hong Kong


WAH HIP: Liquidators Quit Post
------------------------------
On February 29, 2008, Messrs. Bruno Arboit and Simon Blade
stepped down as liquidator for Wah Hip (E&M) Engineering Co.
Limited, which is undergoing liquidation.


TEAMS PRINTING: Appoints New Liquidators
----------------------------------------
The members of Teams Printing Group Limited appointed Bruno
Arboit and Simon Blade as the company's liquidators.

The liquidators can be reached at:

          Bruno Arboit
          Simon Blade
          1203-1213, China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong




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


GENERAL MOTORS: Delphi Reports Re-Launch of Exit Facility
---------------------------------------------------------
Delphi Corp. will be relaunching its exit financing structure,
which will include participation from General Motors Corp., as
well as a new commitment from an affiliate of GM, to also
support the company's planned emergence from Chapter 11
reorganization.  The company will host a conference call for
potential lenders today, March 11, 2008, to discuss the
company's exit financing and related timetable.  The proposed
exit facilities are being arranged on a best efforts basis by
J.P. Morgan Securities, Inc., and Citigroup Global Markets,
Inc., in accordance with prior orders entered by the United
States Bankruptcy Court for the Southern District of New York.

As reported in the Troubled Company Reporter on March 6, 2008,
the company's US$6.1 billion exit financing package includes a
US$1.6 billion asset-backed revolving credit facility, at least
US$1.7 billion of first-lien term loan, an up to US$2.0 billion
first-lien term note to be issued to an affiliate of GM (junior
to the US$1.7 billion first-lien term loan), and an US$825
million second-lien term loan, of which any unsold portion would
be issued to GM and its affiliates consistent with the terms of
the company's Investment Agreement with its plan investors.

On Mar. 7, 2008, because certain of Delphi's plan investors had
advised the company that they believed the proposed exit
financing, including GM's increased participation, would not
comply with the Investment Agreement, Delphi presented a motion
in the Bankruptcy Court under section 1142 of the Bankruptcy
Code which permits the Court to consider matters and issue
orders in furtherance of a confirmed plan of reorganization.  At
the hearing, during which the Court did not grant the specific
relief sought by the company, the Court said that while GM could
not directly provide incremental exit financing to Delphi
without the consent of the plan investors, the prohibition
against additional agreements with GM did not extend to
incremental financing provided through GM subsidiaries or
pursuant to certain other structures.  In its ruling, the
Bankruptcy Court also observed that the company had been given
sufficient guidance by the Court to proceed to seek exit
financing on terms that are potentially achievable.  Although
certain of the Investors continue to object to the proposed exit
financing, Delphi believes its proposed exit financing is
consistent with the Court's guidance and previously issued
confirmation order and will be moving forward with the
syndication efforts to raiseUS$6.1 billion in financing.

                      About Delphi Corp.

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

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

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

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

                    About 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.  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 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
announced that it will take a non-cash charge ofUS$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 a new
labor contract.  S&P said the outlook is stable.


JCT ELECTRONICS: Books INR86.3-Mil. Loss in Qtr. Ended Dec. 31
--------------------------------------------------------------
JCT Electronics Ltd.'s net loss for the three months ended
Dec. 31, 2007, narrowed to INR86.3 million, from the INR565.4-
million loss booked in the same three-month period in 2006.
The improved bottom line is brought about by increased revenues
and a sudden slide in interest charges.

Total income grew to INR778.4 million in Oct.-Dec. 2007, from
the INR596.2 million in the same period in 2006.  With operating
expenditures aggregating INR817.2 million, JCT Electronics
booked an operating loss of INR38.8 million in the latest
quarter under review.

Interest charges went down to INR6.8 million from the INR361.6
million in Oct.-Dec. 2006.  Interest during the current
financial year is being provided as per the company's
rehabilitation scheme, the company explained.  The scheme, which
the Bureau of Industrial and Financial Reconstruction approved
on March 12, 2007, is presently under implementation.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

              http://ResearchArchives.com/t/s?28f3

JCT Electronics Ltd. manufactures color picture and black &
white tubes for television sets.  The company also manufactures
cathode ray tubes and gas discharge tubes.

JCT Electronics incurred net losses for at least two consecutive
years -- INR1.83 billion in FY2005-06 and INR1.73 billion in
FY2006-07.


JENSON & NICHOLSON: Incurs INR25.68-Mil. Loss in Oct.-Dec. 2007
---------------------------------------------------------------
Jenson & Nicholson India Ltd. reported a net loss of
INR25.68 million in the quarter ended Dec. 31, 2007, a very
little improvement compared to the INR27.01-million loss
incurred in the corresponding quarter in 2006.

Revenues increased to INR85.24 million in the latest quarter
under review, from the INR68.23 million booked in
Oct.-Dec. 2006.  Operating expenses of INR15.28 million left the
company with an operating loss of INR15.28 million.

In Oct.-Dec. 2007 period, the company also posted interest
charges of INR2.74 million, depreciation expenses of
INR10.24 million and INR180,000 in taxes.

A copy of the company's financial results for the quarter ended
Dec. 31, 2007, is available for free at:

             http://ResearchArchives.com/t/s?28f4

Jenson & Nicholson India Ltd. -- http://www.jensonnicholson.com/
-- is a paint manufacturer catering to domestic and industrial
customers.  It has 33 branches and stock points across India and
manufacturing plants at Naihati (near Calcutta), Sikandrabad
(near Delhi) and Panvel (near Mumbai).  The company reinvented
itself as a completely Indian company in 1973 when the foreign
holding was bought over by S. P. Sinha, an industrialist with
interest in cement and hotels.

The Board for Industrial and Financial Reconstruction has
declared the company as sick company with in the purview of
SICA, Act.  IDBI was appointed as operating agency to work out
a package for its revival.  Its proposal for financial
restructuring is pending with banks and financial institutions.
The company said it continues to suffer due to shortages of
working capital.


QUEBECOR WORLD: Court Gives 30 Days to Negotiate DIP Fund Terms
---------------------------------------------------------------
The Hon. James Peck of the U.S. Bankruptcy Court for the
Southern District of New York adjourned the hearing on Quebecor
World (USA) Inc. and its debtor-affiliates' request for final
approval of a US$1,000,000,000 loan package from a syndicate of
lenders led by Credit Suisse Securities (USA), LLC, and Morgan
Stanley Senior Funding, Inc.

According to Bloomberg News, Judge Peck gave Quebecor World 30
days to negotiate the final terms of the loan.

"Parties will need some additional time to conclude what appear
to be constructive although at this point inconclusive
negotiations," Judge Peck said at the March 6 final DIP hearing.

Quebecor World obtained interim approval from the Bankruptcy
Court on Jan. 23, 2008, to borrow US$750,000,000 under the Loan,
but various parties, including noteholders and unsecured
creditors, sought revisions to the terms of the loan.

The Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec,
according a March 3, 2008 report by The Canadian Press, has
already given approval to Quebecor World, Inc., and the U.S.
Debtors to enter into the US$1,000,000,000 loan.

                      More Objections

The Official Committee of Unsecured Creditors, an ad hoc group
of holders of more than US$1,000,000,000 of the unsecured notes
issued by the Debtors, and the Royal Bank of Canada, as
administrative agent for certain Prepetition RBC Secured
Lenders, object to the DIP Financing Motion.

(1) Creditors Committee

The Creditors Committee says the Debtors seek to provide the DIP
Lenders with more protection than they are entitled to, to the
detriment of the Debtors' estates and their unsecured creditors,
and in contravention of provisions of the Bankruptcy Code and
principles of equity.

The Creditors Committee acknowledges the Debtors' need for
postpetition financing and supports approval of the loan
provided that the proposed Final DIP Order or DIP Credit
Agreement, as applicable, contain these modifications:

   (a) The Final DIP Order should make clear that neither the
       DIP Lenders' liens and claims nor the adequate protection
       liens or superpriority claims can be satisfied from
       Avoidance Actions or their proceeds.

   (b) The requirement for the Debtors to waive their right to
       seek to surcharge, pursuant to Section 506 of the
       Bankruptcy Code, must be stricken or altered to confer
       the authority on the Creditors Committee.

   (c) The Creditors Committee should be allowed to investigate
       and, if necessary, pursue causes of action utilizing
       proceeds of the DIP Facilities, including the Carve-Out,
       for bad acts like fraud, willful misconduct or gross
       negligence by the Secured DIP Creditors and the Agents,
       with respect to the Debtors.

   (d) Parties-in-interest, including, but not limited to, the
       Creditors Committee, should be permitted to raise any
       issues, which may serve to maximize estate assets, and
       the Court should be the arbiter of all facts relevant to
       the circumstances giving rise to a hearing.

   (e) To the extent the Debtors seek to make any "material"
       amendments to the DIP Credit Agreement or the DIP Loan
       Documents, the Debtors should be required to obtain the
       prior written consent of the Creditors Committee or, in
       the absence of a consent, approval by the Court.  For any
       other "immaterial" amendments, the Debtors and the DIP
       Lenders should be required to provide counsel to the
       Creditors Committee with two business days' advance
       written notice of the modifications or amendments.

   (f) The DIP Agents and the Arrangers should be required to
       submit monthly invoices for all fees and expenses of
       their professionals and that the Final DIP Order provide
       a mechanism for appropriate review of those fees and
       expenses by the Debtors and the Creditors Committee and,
       following an attempt by the parties to resolve any
       disagreements regarding the reasonableness of those fees,
       the Court.

The Creditors Committee also wants additional modifications,
including:

   * modification of the definitions of "Borrowing Base
     Availability" and "DIP Borrowing Base" so that certain
     "Reserves" are only deducted once in the calculation of the
     Borrowing Base Availability;

   * modification of provisions in the DIP Credit Agreement
     related to Employee Retirement Security Act Events so that
     those events will no longer constitute Events of Default;

   * elimination of the Administrative Agent's unilateral
     ability to determine whether an order is material for
     purposes of determining an Event of Default;

   * clarification that the filing by the Debtors of a motion or
     any pleadings seeking authority to pay off the DIP
     Financing will not be an Event of Default; and

   * limitation of the Debtors' ability to implement any hedging
     programs or enter into Hedge Agreements without advance
     input and approval from the Creditors Committee.

(2) Royal Bank of Canada

RBC, which is owed US$735,000,000 as of Jan. 11, 2008, pursuant
to a prepetition revolving credit facility provided to the
Debtors, relates that it has worked closely with the Debtors and
the other principal constituencies to negotiate a Proposed Final
Order that would be acceptable to all parties.  Richard A. Levy,
Esq., at Latham & Watkins LLP, in Chicago, Illinois, said that
those negotiations are ongoing and will likely continue until
just before the March 6 hearing.  Mr. Levy explained a number of
RBC's substantive issues remain unresolved, including:

   (a) The Debtors' rights to amend the DIP Facility Agreement
       without Court approval should be limited to "immaterial"
       amendments;

   (b) RBC should receive copies of all invoices of the DIP
       Agent's and Arranger's professionals, and have an
       opportunity to object to the allowance and payment of any
       of those fees as unreasonable;

   (c) The Proposed Final DIP Order should explicitly preserve
       RBC's rights to seek Court authority for the segregation
       or payment of some or all of the proceeds of the
       collateral to the Prepetition RBC Secured Lenders without
       regard to the provisions or limitations of the DIP Credit
       Agreement;

   (d) The Proposed Final Order should require the Debtors to
       deliver information to RBC to monitor their Prepetition
       Collateral and any use or their diminution;

   (e) The Proposed Final Order should provide protections as
       necessary to ensure that the Debtors honor and maintain
       the integrity of each Debtor's estate, including:

          -- requiring the tracking of and accounting for each
             Debtor's borrowings under the DIP Credit Facility
             and all postpetition intercompany transactions
             between and among the Debtors and between the
             Debtors and their non-debtor affiliates;

          -- providing for liens and superpriority claims for
             intercompany lenders, as appropriate; and

          -- restricting intercompany transfers from Debtors to
             non-debtor affiliates, as appropriate; and

   (f) The Creditors Committee's right to assert certain claims
       and objections on behalf of the Debtors should be limited
       to apply only to claims made on behalf of U.S. Debtors.

Societe Generale (Canada), as lender under the prepetition
SocGen Facility, joins in RBC's objections to the DIP Financing
Motion.  SocGen is owed US$155,000,000, as of the bankruptcy
filing, under its equipment financing agreement with the
Debtors.

(3) Ad Hoc Noteholders Committee

The Ad Hoc Committee -- comprising of holders of more than
US$1,000,000,000 of approximately US$1,400,000,000 of unsecured
notes issued by the Debtors -- tells the Court that it has not
received from the Debtors information about some of the basic
economic terms of the proposed DIP facility, without which the
Committee cannot assess whether the proposed financing is fair
or reasonable.

The Ad Hoc Committee points out that the proposed DIP Credit
Agreement contained "overreaching" terms that go beyond what is
fair, reasonable, and appropriate under certain circumstances.
It adds that many provisions constitute "extraordinary relief"
for which there is no justification, including:

   * Section 506(c) Waiver,
   * DIP Lenders' liens on Avoidance Actions and their proceeds,
   * DIP Amendments without Court approval and limited notice,
   * Limitations on challenges to prepetition obligations, and
   * the overly broad definition of "Change of Control."

           DIP Lenders Respond to Committee Objection

Credit Suisse, the Debtors' administrative agent to senior
secured superpriority DIP credit agreement, says two provisions
in the agreement -- (i) the grant of liens and superpriority
claims to secured DIP creditors on the proceeds of avoidance
actions and (ii) waiver by the Debtors of their rights under
Section 506(c) of the Bankruptcy Code -- are supported by
bankruptcy law and routinely approved in major Chapter 11 cases.

Credit Suisse argues that the Committee's objection fails to
properly distinguish between avoidance actions and the proceeds
of avoidance actions.  According to Andrew Tenzer, Esq., at
Shearman & Sterling LLP, in New York, the Committee's objection
rests on a mistaken premise that the proceeds of avoidance
actions are exclusively for the benefit of general unsecured
creditors in any circumstance rather than recovered for the
whole "estate", which includes unsecured creditors with
superiority claims, as set forth in Section 551 of the
Bankruptcy Code.

Mr. Tenzer relates that even without a lien on proceeds of
avoidance actions, the DIP Lenders still have the right to be
paid ahead of general unsecured creditors as a consequence of
the Superpriority Claim; a provision expressly entitled under
Section 364(c)(1) of the Bankruptcy Code.

Mr. Tenzer also clarifies that the DIP Credit Facility is not a
"rollup", since the DIP Lenders are not prepetition lenders nor
the target of any potential avoidance action.  He says the the
DIP Lenders are new lenders who simply seek their entitlement to
first priority claims against the Debtors and first priority
liens on all unencumbered assets.  "This is not a case where
there is a risk that liens on the proceeds of avoidance actions
will insulate prepetition lenders from the consequences of the
avoidance of their liens and security interests," he adds.

Additionally, Mr Tenzer notes it is well settled in the Southern
District of New York that a DIP lender may obtain a waiver of
surcharges under Section 506(c).  He avers the waivers are
necessary because the DIP Lenders are unwilling to lend in
circumstances where they cannot know the limit to the charges
that could be made against their collateral.  "To rule that a
DIP lender may not require a 506(c) waiver to provide financing
would cause a chilling effect on DIP lending," Mr. Tenzer
concludes.

                    About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


QUEBECOR WORLD: NYSE to Delist Subordinate Voting Shares
--------------------------------------------------------
New York Stock Exchange LLC notified the U.S. Securities and
Exchange Commission of its intention to remove the entire class
of Subordinate Voting Shares of Quebecor World Inc., from
listing and registration on the Exchange at the opening of
business on March 13, 2008, pursuant to the provisions of Rule
12d2-2(b) of the Securities Exchange Act of 1934.

NYSE LLC said, in its opinion, the Voting Shares are no longer
suitable for continued listing and trading on the New York Stock
Exchange.  The delisting, according to the notice, is being
taken in view of the company's Jan. 21, 2008 announcement that
it, together with certain of its subsidiaries, voluntarily filed
for creditor protection under the Companies' Creditors
Arrangement Act in Canada as well as in the United States under
Chapter 11 of the United States Bankruptcy Code.

NYSE Regulation also considered the 'abnormally low' trading
level of the subordinate voting shares, which closed in New York
at US$0.32 on Jan. 18, 2008, with a resultant market
capitalization of US$27,200,000.

                    About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


QUEBECOR WORLD: Abandons US$341 Mil. Sale of European Assets
------------------------------------------------------------
Quebecor World Inc., scrapped its plans to sell its European
assets to RSDB NV forUS$341,000,000, The Canadian Press reports.

The sale was halted following RDSB's stockholders' to decision
to reject the purchase.  The sale, announced in early November
2007, was endorsed by both RSDB's management and supervisory
boards but was still subject to approval by the Dutch company's
shareholders.

"Notwithstanding the outcome of [] vote by RSDB's shareholders,
Quebecor World continues to believe that the overall terms of
the transaction represented fair value for all affected
stakeholders," Montreal-based Quebecor World said in a release,
according to Canadian Press.

"The company will continue to actively explore its strategic
options for its European operations, including consolidation
opportunities and other initiatives to enhance value."

Quebecor World is the largest independent commercial printer in
Europe with 17 facilities operating in Austria, Belgium,
Finland, France, Spain, Sweden, Switzerland and the United
Kingdom.  For the year ended December 31, 2006, 17% of Quebecor
World's revenues ofUS$6,086,300,000 was derived from European
Operations.

                    About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


QUEBECOR WORLD: Wants Until June 4 to File Financial Schedules
--------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to grant
them another extension of their deadline to file schedules of
assets and liabilities, schedules of current income and
expenditures, schedules of executory contracts and unexpired
leases, and statements of financial affairs.  The Debtors seek
to extend their deadline to June 4, 2008.

The Debtors were due to submit their schedules on
March 20, 2008.

Michael Canning, Esq., at Arnold & Porter LLP, in New York,
believes that an extension is necessary because of the volume of
material that must be compiled and reviewed by the Debtors'
limited staff and the Debtors' desire to compile and file
complete and accurate SAL's and SOFA's.  "Given the size and
complexity of their business operations, the number of
creditors, and the fact that certain prepetition invoices may
still be in process, the Debtors . . . have not yet finished
compiling the information required to complete the SAL's and
SOFA's," Mr. Canning says.

The Court will convene a hearing on March 20, 2008, to consider
the Debtors' request.

                    About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

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


SOUTHERN IRON: JSW Steel Fixes March 25 as Scheme's Record Date
---------------------------------------------------------------
The record date for the scheme of amalgamation between Southern
Iron & Steel Company Limited and JSW Steel Ltd. is on
March 25, 2008, a filing with the Bombay Stock Exchange reveals.

Hence, March 25 will be date that will determine the list of
Southern Iron shareholders that will be entitled to shares in
JSW Steel that will be issued and allotted pursuant to the
scheme.  As reported yesterday in the Troubled Company Reporter-
Asia Pacific, the effective date of the scheme is on March 7.

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, 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: Subsidiary Ties Up with Italy's Maus SpA
-----------------------------------------------------
TAL Manufacturing Solutions Ltd., a wholly owned subsidiary of
TATA Motors Ltd., has tied up with Italy-based Maus S.p.A to
manufacture a range of vertical turning centers for both the
Indian and global markets, Himanshu Thakur of the Stockwatch Web
site reports.

According to the report, the Tata Motors arm struck a deal with
Maus to use the designs and get the technological know-how from
the Italian firm for various products.

Maus is a Carraro Group Company and specializes in vertical
turning centers that are widely used in the segments like
automotive, aerospace, bearings and energy and offshore
equipment, the Stockwatch report relates.

                      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
=================


ADARO INDONESIA: To Raise Up to US$500 Million Through IPO
----------------------------------------------------------
PT Adaro Indonesia plans to raise between US$400-500 million via
an initial public offering, Reuters reports citing Investor
Sandiaga Uno.

According to the report, the company hopes to go public in
September or during the fourth quarter of this year.  The IPO
targets to raise around US$500 million to help fuel the
company's expansion and repay debts.

Sandiaga Uno, an investor, told Antara News that Adaro would
probably sell between 20 and 30% of its stake.  This could value
the entire company as high as US$2 billion, Reuters relates.

Antara posts that Goldman Sachs, DBS Vickers and UBS AG
Securities were hired as underwriters of the sale.

Mr. Uno also said that around US$200 million of the IPO's
proceeds would be used to refinance the company's debts, and the
remaining US$300 million would be set aside to purchase four
coal mines and to construct a power plant, Antara adds.

Adaro, Reuters relates, is expected to produce 42 million tonnes
of coal this year, up from an estimated 40 million last year,
recent industry data shows.

                   About Adaro Indonesia

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Jan. 31, 2008, that Moody's Investors Service has upgraded PT
Adaro Indonesia's corporate family rating to Ba2 from Ba3.  This
action concludes the review for possible upgrade, which
commenced on November 6, 2007.  Moody's said the outlook on the
rating is stable.

On Dec. 19, 2007, that Standard & Poor's Ratings Services
affirmed its 'B-' corporate credit ratings and issue ratings on
Thailand's integrated pulp and paper company, Advance Agro
Public Co. Ltd, and removed them from CreditWatch, where they
were placed with negative implications on Nov. 9, 2007.  S&P
said the outlook is negative.


BANK DANAMON: Hires Citigroup Economist to Aid Expansion Plan
-------------------------------------------------------------
PT Bank Danamon Indonesia Tbk hired Citigroup Economist Anton
Gunawan to help the bank as it expands its treasury operation,
Reuters reports.

According to the report, the bank has appointed Mr. Gunawan as
bank's chief economist and would head the treasury team's
research.  "Anton (Gunawan) will bring years of experience and
will be involved in the setting up of an economics and market
research team to support Danamon's treasury, capital market, and
financial institutions operation," the bank was quoted by
Reuters as saying.

Harry Suhartono of Reuters writes that Indonesia's strong
economic growth and surging stock market has led to a poaching
spree in the financial services sector.

Moreover, Helmi Arman, economist at state-owned brokerage house
Bahana Securities, would join Bank Danamon next month, the same
report adds.

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank
Danamon "Apart from the sovereign action, the upgrades in the
banks' IDRs reflect their financial improvement in the past
year, and our expectations that operating conditions in
Indonesia should remain generally supportive of credit quality
going forward," notes Tan Lai Peng, Director with Fitch's
Financial Institutions group.  Fitch has revised the outlook to
stable from positive.

The detailed ratings are:

   -- LTFC IDR upgraded to 'BB' from 'BB-'/Outlook revised to
      Stable from Positive;

   -- Support rating upgraded to '3' from '4';

   -- Support Rating Floor upgraded to 'BB-' from 'B';

   -- Individual rating affirmed at C/D;

   -- ST IDR affirmed at 'B';

   -- National Long-term affirmed at 'AA(idn)'.

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

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3

   -- 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, Fitch Ratings upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

   * Long-term foreign currency Issuer Default Rating
     'BB-' with a Positive Outlook,

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

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.


CA INC: Appoints Michael Christenson as President
-------------------------------------------------
CA Inc. has named Michael J. Christenson as its president.  He
continued as the company's chief operating officer and continues
to report to CA Chief Executive Officer John Swainson.

"Since being named as chief operating officer nearly two years
ago, Mike has overhauled CA's sales operations and established a
more dynamic and efficient organization, focusing on
establishing strong partnerships with our current and new
customers to drive revenue growth," said Mr. Swainson.  "In
addition, Mike has led CA's efforts to significantly improve its
technical support, services, strategic alliances and training
capabilities."

As president and chief operating officer, Mr. Christenson
oversees CA's direct and indirect sales, CA Services, technical
support, business development and strategic alliances.

Mr. Christenson joined CA in February 2005 as executive vice
president for Strategy and Business Development.  In that role,
he led CA's acquisition program and its integration team in the
successful acquisition and integration of 15 companies with a
total investment of US$1.8 billion.  These acquisitions, which
included such companies as Concord Communications, Niku, and
Wily Technology, significantly strengthened CA's solution
portfolio and made CA a stronger technology partner for its
customers.  He was named CA's COO in April 2006.

Following a 23-year career as an investment banker, Mr.
Christenson retired from Citigroup Global Markets, Inc. in 2004.
Mr. Christenson earned a Bachelor of Arts degree in chemistry
from Rutgers University and a Master of Business Administration
degree in finance from The New York University Graduate School
of Business.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

In December 2007, Fitch Ratings affirmed these ratings of CA,
Inc.: Issuer Default Rating at 'BB+'; Senior unsecured revolving
credit facility at 'BB+'; and Senior unsecured debt at 'BB+'.

Additionally, Fitch revised the Rating Outlook on CA Inc. to
Stable from Negative.  Fitch's actions affect approximately
US$2.8 billion of total debt, including the company's US$1.0
billion revolving credit facility.


CILIANDRA: S&P Puts B LT Corporate Credit Rating on CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Indonesia-based palm oil producer, PT
Ciliandra Perkasa, on CreditWatch with negative implications.
At the same time, Standard & Poor's placed its 'B' foreign
currency rating on the US$160 million senior secured notes
issued by Ciliandra's wholly owned subsidiary, Ciliandra Perkasa
Finance Co. Pte. Ltd., on CreditWatch with negative
implications.

"This action follows the recent announcement by the Corruption
Eradication Commission of Indonesia [KPK] that it intends to
auction several properties in relation to a court case involving
Martias, one of the company's founders and former shareholder,"
said Standard & Poor's credit analyst Joey Chew.  "The
properties listed by the KPK represented approximately 22% of
the company's total owned planted hectarage as of Dec. 31, 2007.
If these assets are seized and auctioned by the KPK, the
company's cash flow stream could be negatively affected."

Ciliandra reported revenues of Indonesian rupiah IDR641 billion
and EBITDA of IDR347 billion for the half-year ended
June 30, 2007.  The company's estimated adjusted ratio of total
debt to EBITDA of about 3.0x on an annualized basis, after
factoring in incremental capital expenditure, is in line with
the current rating.

Standard & Poor's notes that the company is in discussions with
the KPK to clarify that the above listed properties are not
Martias' assets; Ciliandra holds the relevant land title
certificates and continues to have full operational access to
the properties.  "In resolving the CreditWatch placement,
Standard & Poor's would assess the final outcome of the court
rulings, whether the company and its subsidiaries are liable for
penalties imposed on Martias, and the impact on Ciliandra's cash
flows, and on the indentures and covenants of the existing
US$160 million notes," Ms. Chew added.

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.


GOLDEN AGRI-RESOURCES: Clarify Cash Receipts for FY2007
-------------------------------------------------------
The company's net cash from financing activities for the year
ended December 31, 2007, was US$360.3 million.  The net cash
proceeds from financing activities mainly arose from placement
of new shares amounting to US$508 million, less net loan
repayment of US$72.9 million, and payment of dividends
amounting to US$70.9 million.

The net cash of US$360.3 million from financing activities and
net cash of US$167.6 million from operating activities were
applied toward investing activities amounting to US$536.8
million.

As reported by the Troubled Company Reporter - Asia Pacific on
March 11, 2008, Golden Agri-Resources Ltd. disclosed results for
the full year and fourth quarter ended December 31, 2007.

According to the TCR-AP, 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 TCR-AP noted.

This was mainly applied toward capital expenditure on property,
plant and equipment and biological assets and acquisition of
additional interests in a subsidiary.

The board's announcement on the companies' net cash receipts was
a "clarification" to the FY2007 financial results that the
company released earlier.

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
Jul. 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.


PERUSAHAAN LISTRIK: Hires Fahmi Mochtar as President Director
------------------------------------------------------------
State Minister for State Owned Enterprises Sofyan Djalil
confirmed that Fahmi Mochtar, the current Director of Production
and Primary Energy of PT Perusahaan Listrik Negara, is the
company's new president director, Tempo Interactive reports.

As reported by the Troubled Company Reporter - Asia Pacific on
Mar 10, 2008, Mr. Djalil officially discharged Eddie Widiono and
Parno Isworo as president director and finance director of
Perusahaan Listrik.

Under Mr. Djalil's decree dated March 5, 2008, the report
recounts, the minister also extended the terms of office of
four members of the company's board of directors, namely Herman
Darnel Ibrahim, Sunggu Anwar Aritonang, Djuanda Nugraha Ibrahim.

According to Tempo, other members of the new PLN Board of
Directors include: Rusdiantara as Assistant Managing Director,
Setyo Anggoro Dewo as Finance Director, Agung Nugroho as
Strategic Development Director; Hariadi as Director for outside
Java and Bali; Murtaqi Syamsudin as Director for Java and Bali;
Bambang Praptono as Director of Planning; and Supriyadi as
Director of Human Resources.

Mr. Djalil said he gave the Assistant Managing Director to a non
PLN personnel to bring in new dynamic changes.  "So, problems
can be solved differently", he added.

Speaking to reporters, Mr. Djalil said he didn't have any
specific directives for the new board other than faster
completion of the 10,000 megawatt coal-power initiative, The
Jakarta Post reports

According to The Post, Mr. Djalil also appointed new directors
for Java, Madura and Bali operations, as well as non-Java,
Madura and Bali, since it would help the firm respond better to
local problems.

In the future, Mr. Djalil, the firm would likely implement a
regional tariff system as each region had different power demand
characteristics, The Post adds.

                 About Perusahaan Listrik

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

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


PERUSAHAAN LISTRIK: New Company Director Aims for Subsidy Cuts
--------------------------------------------------------------
Newly appointed PT Perusahaan Listrik Negara President Director
Fahmi Mochtar said that reducing dependency on oil will be the
first priority for the company, The Jakarta Post reports.

According to the report, Mr. Mochtar announced an ambitious plan
for shaving some IDR10 trillion from the amount the government
shells out in electricity subsidies, this year IDR42.6 trillion.

Mr. Mochtar told the news agency that to achieve the goal, the
company would have to see through behind-schedule construction
of coal-powered generators expected to bring 10,000 more
megawatts to the grid.

In addition, the report notes, for other generators, a push for
switching from oil to gas would have to go forward.

The Post relates that Mr. Mochtar said speeding up gas supply to
generators could see oil consumption used in power generation
drop to 9 million kiloliters from the current 10 million figure.

Mr. Mochtar also said the company would continue its energy
conservation education programs for the public, The Post notes.

Moreover, a reshuffle within the firm, including several new
deputy director posts, would be completed this month, the report
adds.

                 About Perusahaan Listrik

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

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




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


DELPHI: Realigns Stake in Japanese & Hungarian Joint Ventures
-------------------------------------------------------------
As part of its restructuring efforts to reduce its compressor
business cost structure and strengthen its global footprint,
Delphi Corp. realigned its share holdings in two compressor
joint ventures with Japan-based Calsonic Kansei Corporation.

Delphi purchased the remaining 10% venture shares from Calsonic
Kansei Europe plc in Delphi Calsonic Hungary Ltd., and sold its
remaining 49% shares in its Japan-based venture, Calsonic
Harrison Co., Ltd. to Calsonic Kansei.  The dissolution of the
two joint ventures will help the company to become more focused
and cost competitive on a global basis.

"We have enjoyed a long-running relationship with Calsonic
Kansei, which has allowed us to provide customers with the very
best advanced solutions for their compressor needs," said Ron
Pirtle, Delphi Thermal Systems President.  "Delphi has recently
expanded its compressor footprint in Mexico and has a planned
plant opening in China this year.  This expansion, coupled with
the announcement of our Hungary plant, well positions Delphi to
serve the needs of the local markets and meet increasing
customer demand."

The Hungary-based venture is located in Balassagyarmat and
manufactures compact variable compressors.  Customers,
suppliers, employees and other parties associated with the plant
will not be impacted by the share purchase.

Delphi formed its first joint venture with Calsonic Kansei in
Japan in 1986 and created its joint venture in Hungary in 1999.

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  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.

                      About Delphi Corp.

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

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 16, 2008,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; andUS$0.825
billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

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


DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate
----------------------------------------------------------------
Delphi Corp. will be relaunching its exit financing structure,
which will include participation from General Motors Corp., as
well as a new commitment from an affiliate of GM, to also
support the company's planned emergence from Chapter 11
reorganization.  The proposed exit facilities are being arranged
on a best efforts basis by J.P. Morgan Securities, Inc., and
Citigroup Global Markets, Inc., in accordance with prior orders
entered by the United States Bankruptcy Court for the Southern
District of New York.

As reported in the Troubled Company Reporter on March 6, 2008,
the company'sUS$6.1 billion exit financing package includes a
US$1.6 billion asset-backed revolving credit facility, at least
US$1.7 billion of first-lien term loan, an up to US$2.0 billion
first-lien term note to be issued to an affiliate of GM (junior
to the US$1.7 billion first-lien term loan), and an US$825
million second-lien term loan, of which any unsold portion would
be issued to GM and its affiliates consistent with the terms of
the company's Investment Agreement with its plan investors.

On March 7, 2008, because certain of Delphi's plan investors had
advised the company that they believed the proposed exit
financing, including GM's increased participation, would not
comply with the Investment Agreement, Delphi presented a motion
in the Bankruptcy Court under section 1142 of the Bankruptcy
Code which permits the Court to consider matters and issue
orders in furtherance of a confirmed plan of reorganization.

At the hearing, during which the Court did not grant the
specific relief sought by the company, the Court said that while
GM could not directly provide incremental exit financing to
Delphi without the consent of the plan investors, the
prohibition against additional agreements with GM did not extend
to incremental financing provided through GM subsidiaries or
pursuant to certain other structures.  In its ruling, the
Bankruptcy Court also observed that the company had been given
sufficient guidance by the Court to proceed to seek exit
financing on terms that are potentially achievable.  Although
certain of the Investors continue to object to the proposed exit
financing, Delphi believes its proposed exit financing is
consistent with the Court's guidance and previously issued
confirmation order and will be moving forward with the
syndication efforts to raiseUS$6.1 billion in financing.

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  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.

                     About Delphi Corp.


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

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 16, 2008,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; andUS$0.825
billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

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


DELPHI CORP: Inks US$10-Mil. Purchase Agreement with Tenneco
------------------------------------------------------------
Tenneco Inc. entered into a purchase agreement with Delphi
Automotive Systems LLC to acquire certain ride control assets
and inventory at Delphi's facility in Kettering, Ohio.  This
purchase agreement has been filed with the bankruptcy court as
part of Delphi's bankruptcy court proceedings.

The closing of this purchase is subject to certain closing
conditions, including bankruptcy court approval.

As part of the purchase agreement, Tenneco would pay
approximately US$10 million for existing ride control components
inventory and approximately US$9 million for certain machinery
and equipment.  Tenneco would also lease a portion of the
Kettering facility from Delphi.

In connection with the purchase agreement, Tenneco has entered
into an agreement with the International Union of Electrical
Workers, which represents the Delphi workforce at the Kettering
plant.  The agreement was ratified by the IUEA' s rank and file
in August 2007.

Tenneco has also entered into a long-term supply agreement with
General Motors Corp. to continue to supply passenger car shock
and strut business to General Motors from the Kettering
facility.

                      About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                      About Delphi Corp.

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

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 16, 2008,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
US$3.7 billion of first lien term loans, (P)Ba3; andUS$0.825
billion of 2nd lien term debt, (P)B3.  In addition, a
Speculative Grade Liquidity rating of SGL-2 representing good
liquidity was assigned.  Moody's said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter
11 bankruptcy protection, which may occur by the end of the
first quarter of 2008.  S&P expects the outlook to be negative.

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


FORD MOTOR: Awards Stock of More Than US$15MM to Top Executives
---------------------------------------------------------------
Ford Motor Co. granted Chief Executive Officer Alan Mullaly and
14 other executive officers a total of two million stock units
worth almost US$15 million and more than six million, two days
after the company disclosed performance bonuses for North
American employees, The Wall Street Journal reports citing U.S.
Securities and Exchange Commission filings.  Stock unit value is
based on Ford's Wednesday closing price ofUSUS$6.14.

WSJ relates that Mr. Mullaly received 715,230 stock units valued
at more than US$4 million and 3.56 million stock options.

As reported in yesterday's Troubled Company Reporter, Ford will
dole out performance bonuses to all its hourly and salaried
employees in North America despite incurring a US$2.7 billion
loss in 2007.  Hourly workers will get a lump sum payment of
US$1,000 beginning March 13, while salaried employees' perk will
be based on payment grade and leadership level.  The move was
instigated to boost morale amid a difficult turnaround.  While
Ford didn't meet profit and market share goals for 2007, it did
improve its cost performance, quality, automotive cash flow and
financial results.

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 TCR 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.


GOODWILL GROUP: In Talks with Mizuho Financial to Sell Debt
-----------------------------------------------------------
Goodwill Group Inc. was in talks with its main bank Mizuho
Financial Group about the sale of its debt, some of which may be
converted to equity, Reuters reports.

According to the report, citing the Nikkei Business Daily,
Mizuho will sell about JPY100 billion worth of loans to U.S.
fund Cerberus and to Morgan Stanley, with the two U.S. firms
potentially becoming the top shareholders in the company.

Cerberus and Morgan Stanley, the report relates, are expected to
conduct a debt-equity swap to convert a portion of the loans
into common and preferred shares, making them the top
shareholders in the company.

Mizuho financed much of the expansion of the company, but has
decided it is now overexposed, the same report notes.

The bank's loans to the company include about JPY90 billion for
the group's core unit, Goodwill Inc., and several dozen billion
yen to the group's research unit, Reuters relates.

Aiko Hayashi and Shinichi Horii of Reuters writes that for the
year ended in June 2007, Goodwill Group booked a net loss of
JPY40.7 billion yen, from a net profit of JPY3.4 billion a year
earlier.

Reuters posts that Goodwill Group Chairman Masahiro Origuchi,
the company's current top shareholder, and President Shinichiro
Kawakami were expected to step down.  Mr. Kawakami is likely to
be replaced by Shinichi Horii, who now serves as an outside
director on the company's board, the report adds.

                   About Goodwill Group

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is a involved
in five business segments.  The Staffing segment offers
recruitment services for technicians, senior workers and others.
The Human Resources-related segment provides employee-hiring
support services to corporate clients, counseling services to
workers and outplacement services to retired and retiring
workers.  The Nursing-care and Medical Support segment is
engaged in the provision of home-care services, care services in
facilities and dental examination services at home, as well as
the sale of nursing-care goods and equipment, among others.  The
Senior Residence and Restaurant segment operates nursing home
under the name THE BARRINGTON HOUSE, and also operates
restaurant in both domestic and overseas markets.  The Others
segment is engaged in the planning, designing and management of
pet care facilities, the operation of pet care shops, the
operation and management of nurseries, the provision of baby-
sitting services and others.

The Troubled Company Reporter-Asia Pacific reported on
June 14, 2007, that The Goodwill Group is thinking of selling
its home nursing-care services division after the Japanese
government banned it from renewing its licenses due to its
involvement in a fraud scandal.  The article conveyed that the
firm allegedly obtained some of the licenses for nursing-care
service operators certified under a public insurance program
through fraudulent applications, including those with an
inflated number of employees.


NISSIN SERVICER: JCR Affirms BB Rating with Stable Outlook
----------------------------------------------------------
JCR has removed its ratings on senior debts and shelf
registration of NIS Group from Credit Monitor and has affirmed
them as BB/Stable and preliminary BB, respectively.  JCR has
also removed its rating on senior debts of Nissin Servicer from
Credit Monitor and has affirmed it as BB/Stable.

JCR has been placing its rating on senior debts of NIS Group
under Credit Monitor with Negative direction, because JCR deemed
it necessary to keep an eye on the future liquidity on hand and
the relationships with the lenders and because there was a fear
of drop in the financial stability.  JCR reviewed its rating on
the Company, given the announced medium-term management
strategy, resolutions at the extraordinary shareholders' meeting
held on February 18, 2008, completion of settlement for issuance
of new shares through third party allotment.  JCR affirmed its
rating on the Company and removed it from Credit Monitor.  JCR
also affirmed its rating on Nissin Servicer, which is strongly
united with the Company in human affairs and fundraising, and
removed it from Credit Monitor.  JCR gives the Company a high
mark for the hammering out blueprints for strengthening the
overall business selection and concentration through the
"management reform program" that includes measures for
stabilization of the financial base and readjustment of offices
and employees and for strengthening the governance as well.  On
the other hand, changes in lending postures of financial
institutions and realization of the growth strategy over the
medium term will depend on external environment to a large
degree.  There are constraints on the rating with respect to
these factors.  JCR will watch carefully these developments to
be reflected in its rating for the Company as appropriate.


NIS GROUP: JCR Affirms BB Rating with Stable Outlook
----------------------------------------------------
JCR has removed its ratings on senior debts and shelf
registration of NIS Group from Credit Monitor and has affirmed
them as BB/Stable and preliminary BB, respectively.  JCR has
also removed its rating on senior debts of Nissin Servicer from
Credit Monitor and has affirmed it as BB/Stable.

JCR has been placing its rating on senior debts of NIS Group
under Credit Monitor with Negative direction, because JCR deemed
it necessary to keep an eye on the future liquidity on hand and
the relationships with the lenders and because there was a fear
of drop in the financial stability.  JCR reviewed its rating on
the Company, given the announced medium-term management
strategy, resolutions at the extraordinary shareholders' meeting
held on February 18, 2008, completion of settlement for issuance
of new shares through third party allotment.  JCR affirmed its
rating on the Company and removed it from Credit Monitor.  JCR
also affirmed its rating on Nissin Servicer, which is strongly
united with the Company in human affairs and fundraising, and
removed it from Credit Monitor.  JCR gives the Company a high
mark for the hammering out blueprints for strengthening the
overall business selection and concentration through the
"management reform program" that includes measures for
stabilization of the financial base and readjustment of offices
and employees and for strengthening the governance as well.  On
the other hand, changes in lending postures of financial
institutions and realization of the growth strategy over the
medium term will depend on external environment to a large
degree.  There are constraints on the rating with respect to
these factors.  JCR will watch carefully these developments to
be reflected in its rating for the Company as appropriate.


TOKUSHINKAI GROUP: JCR Affirms BB Rating on Senior Debts
--------------------------------------------------------
Japan Credit Rating Agency, Ltd. has affirmed its BB/Stable
rating on Medical Corporation Tokushinkai Group's senior debts.

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




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


ARAMARK CORPORATION: Fitch Holds IDR at 'B' with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed ARAMARK Corporation's ratings as:

    -- Long-term Issuer Default Rating 'B';

    -- US$600 million revolving senior secured credit facility
       due 2013 'BB-/RR2';

    -- US$4.15 billion senior secured term loans due 2014
       'BB-/RR2';

    -- US$200 million senior secured synthetic letter of credit
       facility due 2014 'BB-/RR2';

    -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5';

    -- US$250 million senior unsecured notes due 2012
       'CCC+/RR6'.

The rating outlook is stable.

Fitch has simultaneously withdrawn the IDR rating for ARAMARK
Services, Inc., which is no longer a debt issuing entity.

These rating actions affect approximately US$6.0 billion of debt
at Dec. 28, 2007.

ARAMARK's ratings and Outlook incorporate its high financial
leverage, below average operating risk and Fitch's expectations
that credit statistics will remain at levels consistent with the
company's current ratings in the near term.  ARAMARK
significantly increased debt levels following its US$8.6 billion
management-led leverage buy-out in 2007.  However, ARAMARK's
strong global market share in food service, entrenched position
in the North American uniform rental business and high customer
retention rates provide considerable and relatively stable on-
going cash flow generation.

For the latest twelve-month period ended Dec. 28, 2007,
ARAMARK's total debt-to-operating earnings before interest,
taxes, depreciation and amortization ratio was 5.8 times and its
operating EBITDA-to-gross interest expense ratio was 2.1x.
Total adjusted debt-to-operating earnings before interest,
taxes, depreciation, amortization and rental expense (EBITDAR),
which accounts for operating leases and balances outstanding
under ARAMARK's US$250 million accounts receivable
securitization program, was 6.3x.

During this same period, ARAMARK generated approximately US$500
million of cash flow from operations and US$180 million of free
cash flow. ARAMARK's funds from operations (FFO) fixed charge
coverage ratio was 1.8x.  Although ARAMARK's debt obligations
increased considerably over the previous 12-month period, Fitch
views its credit protection measures as adequate for the current
ratings level.  Good liquidity, a proven ability to manage
through various economic cycles and a diversified customer base
should help mitigate any negative ramifications from above
average food cost inflation and a slowing U.S. economy.

ARAMARK is in compliance with all of its debt covenants.  The
most significant financial covenant in ARAMARK's bank facility
is a maximum consolidated secured debt ratio of 5.875x through
March 31, 2008, stepping down to 4.25x by Dec. 31, 2013.  At
Dec. 28, 2007, the actual ratio was 3.86x, leaving the company
significant cushion under this agreement.  ARAMARK's ability to
incur additional debt and make restricted payments is limited by
a minimum interest coverage ratio of 2.0x. At Dec. 28, 2007, the
actual ratio was 2.1x.

The recovery ratings for ARAMARK's debt consider bondholder
recovery in a distressed situation.  Given assumptions regarding
the company's enterprise value as a going concern, Fitch
anticipates 71%-90% or superior recovery for ARAMARK's first
priority secured bank debt and 11%-30% or below average recovery
for its 8.5% and floating rate unsecured notes due 2015.
Conversely, the recovery rating for ARAMARK's 5% unsecured notes
due 2012 has been notched lower at 'RR6' to reflect their
subordinate position in the company's capital structure and
Fitch's expectation that recovery for these bondholders would be
negligible in a financial restructuring.  Unlike the 2015 notes,
which are fully and unconditionally guaranteed by substantially
all of the companies domestic material subsidiaries, the 2012
notes are only guaranteed by ARAMARK and its holding company.

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  Aramark also has operations in
Belgium, Canada, China, Czech Republic, Chile, Germany, Ireland,
Japan, Korea, Mexico, Spain, and the United Kingdom.


DM TECHNOLOGY: Adjusts Exercise Price of 2nd Bonds with Warrants
----------------------------------------------------------------
DM Technology Co., Ltd., has adjusted the exercise price of its
second bonds with warrants from KRW3,620 to KRW3,230 per share,
Reuters Investing Keys reports.

According to the report, the bonds price adjusting took effect
on March 6, 2008.

The initial announcement regarding the bond issuance was made on
September 4, 2007, the report recounts.

Based in Gyeonggi Province, South Korea, DM Technology Co., Ltd.
-- http://www.dmtechnology.co.kr/eng/index.asp-- is engaged in
the manufacturing of digital home appliances.  The company
mainly provides crystal display (LCD) televisions (TVs),
portable multimedia players and home theater systems, including
digital versatile disc (DVD) receivers, DVD players and other
systems.  It has an overseas corporation each in China, Hong
Kong, Japan, the United Kingdom and Netherlands.

Korea Ratings gave the company's convertible bond with an
Aug. 8, 2008 maturity date an initial rating of B, with stable
outlook.


GENEXEL-SEIN: To Acquire Stake in Korea Schnell for KRW9.99 Bil.
---------------------------------------------------------------
Genexel-Sein Inc. will acquire a 32.13% stake (17,699,115 newly
issued shares) in Korea Schnell Pharma Co., Ltd., foraying into
pharmaceutical business, Reuters Investing Keys reports.

According to the report, Genexel-Sein brought the company for a
price of KRW 9,999,999,975.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


HANSUNG ENTERPRISES: Resumes Operations in Kimhae Factory
---------------------------------------------------------
Hansung Enterprise Co., Ltd. has established its Kimhae factory
in Korea, Reuters Investing Keys repors.

Reuters recounts that the company closed down its factory at
Ansan in order to transfer the production facilities to Kimhae
factory.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.




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


KNOLL INC: Adopts Trading Plan for Expanded Repurchase Program
--------------------------------------------------------------
Knoll Inc. adopted a written trading plan under Rule 10b5-1 of
the Securities Exchange Act of 1934 on March 6, 2008, to
facilitate purchases during the months of March and April 2008,
under its expanded repurchase program disclosed in February
2008.

Under the Company 10b5-1 Plan, Banc of America Securities LLC
will have the authority to repurchase up to an aggregate of
approximatelyUS$10 million worth of Knoll common stock on behalf
of the company during the period.  The Company 10b5-1 Plan does
not require that any shares be purchased, and there can be no
assurance that any shares will be purchased.

Purchases may be made under the Company 10b5-1 Plan beginning
March 7, 2008.  The Share Repurchase Plan will continue to be in
effect after the expiration of the Company 10b5-1 Plan, which
expires on the earlier of April 21, 2008, or the date on which
purchases are completed.

A 10b5-1 plan allows the company to repurchase shares at times
when it would ordinarily not be in the market because of the
company's trading policies or the possession of material non-
public information.

                         About Knoll

Based in East, Greenville, Pennsylvania, Knoll Inc. (NYSE:KNL)
-- http://www.knoll.com/-- designs and manufactures office
furniture products and textiles.  Knoll offers a portfolio of
office furniture, textiles and leather across five product
categories: office systems, which are typically modular and
moveable workspaces with functionally integrated panels, work
surfaces, desk components, pedestal and other storage units,
power and data systems and lighting; specialty products,
including high-image side chairs, sofas, desks and tables for
the office and home, textiles, accessories and leathers and
related products; seating; files and storage, and desks,
casegoods and tables.  The company sells its products primarily
in North America.  In October 2007, Knoll Inc. completed the
acquisition of Teddy and Arthur Edelman, Limited.

                        *     *     *

Standard & Poor's placed Knoll Inc.'s long-term foreign and
local issuer credit ratings at 'BB' in July 2006.  The rating
still holds to date with a stable outlook.


MANGIUM INDUSTRIES: Receives Writ of Summons from Alliance Bank
---------------------------------------------------------------
On March 10, 2008, Mangium Industries Bhd. and its wholly owned
subsidiaries, Mangium Plantations Sdn Bhd. and Mangium Sawmill
Sdn Bhd., received a Writ of Summons together with a Statement
of Claim from Alliance Bank Malaysia Berhad, which alleged that
Mangium Plantations had defaulted in repayments of the credit
facilities.

The claims of Alliance Bank against Mangium Plantations, Loi
Hien Khong, Loi Hien Hua, Wong Kin Nyuk, Mangium Sawmill and
Mangium Industries, are:

   a) the sums of MYR3,831,732.62;

   b) overdue interest on the outstanding Term Loan of
      MYR3,831,732.62 at the rate of 10.25% per annum from
      September 1, 2007, to date of payment;

   c) legal costs of recovering the outstanding sums on a
      solicitor/clients basis; and other relief that may be
      deemed fit and proper by the Court.

Currently, the company is seeking legal advice.

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

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


PANGLOBAL BERHAD: Appoints Affin Investment as Principal Adviser
----------------------------------------------------------------
Affin Investment Bank Berhad has been appointed as the Principal
Adviser for Panglobal Berhad's Proposed Restructuring Scheme in
place of ECM Libra Investment Berhad.

Panglobal also appointed Sage 3 Capital Sdn Bhd. as Specialist
Adviser to advise on its Proposed Restructuring Scheme.

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

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


PECD BERHAD: Posts MYR1.11 Bil. Net Loss in Qtr. Ended Dec. 31
--------------------------------------------------------------
PECD Berhad incurred a net loss of MYR1.11 billion on
MYR152.68 million of revenues in the quarter ended
Dec. 31, 2007, as compared to a net loss of MYR94.95 million on
MYR675.95 million of revenues in the same quarter of 2006.

As of December 31, 2007, the company's balance sheet showed
strained liquidity with current assets of MYR789.65 million
available to pay MYR1.57 billion of current liabilities coming
due within the next twelve months.

PECD Berhad's balance sheet as of end-December 2007, went upside
down by MYR914.91 million, on total assets of MYR1.26 billion
and total liabilities of MYR2.18 billion.

                     About PECD Berhad

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

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

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

The Troubled Company Reporter-Asia Pacific reported on
March 7, 2008, that the company was classified as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad, since the
company's shareholders' equity deficit reached MYR914.9 million
as at December 31, 2007.


SOLUTIA INC: Signs Three Credit Deals with Syndicate of Banks
-------------------------------------------------------------
On the effective date of their fifth amended joint plan of
reorganization, Solutia Inc. and its subsidiaries entered into
three credit agreements with a syndicate of banks and other
financial institutions led by Citigroup Global Markets Inc.,
Goldman Sachs Credit Partners LP, and Deutsche Bank Securities
Inc.

In a regulatory filing with the U.S. Securities and Exchange
Commission, Rosemary L. Klein, Solutia's senior vice president,
general counsel and secretary, relates that the exit lenders
have agreed to provide these facilities:

   (a) Credit Agreement (Term Loan), dated as of Feb. 28, 2008,
       by and among Solutia Inc., the lender parties thereto,
       Citibank, N.A., as Administrative Agent and Collateral
       Agent, Goldman Sachs Credit Partners L.P., as Syndication
       Agent, Deutsche Bank AG New York Branch, as Documentation
       Agent, and Citigroup Global Markets Inc., Goldman Sachs
       Credit Partners L.P. and Deutsche Bank Securities Inc.,
       as Joint Lead Arrangers and as Joint Bookrunners.  The
       Term Loan Facility is a senior secured term loan facility
       in an aggregate principal amount of US$1,200,000,000 with
       a maturity of six years; and

   (b) Credit Agreement (Asset Based Revolving Credit Facility),
       dated as of Feb. 28, 2008, by and among Solutia Inc.,
       Solutia Europe SA/NV and Flexsys SA/NV, the lender
       parties thereto, Citibank, N.A., as Administrative Agent
       and Collateral Agent, Citibank International PLC, as
       European Collateral Agent, Deutsche Bank AG New York
       Branch, as Syndication Agent, Goldman Sachs Credit
       Partners L.P., as Documentation Agent, and Citigroup
       Global Markets Inc., Goldman Sachs Credit Partners L.P.
       and Deutsche Bank Securities Inc., as Joint Lead
       Arrangers and as Joint Bookrunners.  The ABL Facility is
       a senior secured asset-based revolving credit facility in
       the aggregate principal amount ofUS$450,000,000 with a
       maturity of five years, which includes borrowing capacity
       available for letters of credit in the aggregate
       principal amount of US$175,000,000, and for borrowings on
       same-day notice, referred to as swingline loans in the
       aggregate principal amount of US$50,000,000.

   (c) Credit Agreement (Bridge Facility), dated as of
       Feb. 28, 2008, by and among Solutia Inc., the lender
       parties thereto, Citibank, N.A., as Administrative Agent,
       Goldman Sachs Credit Partners L.P., as Syndication Agent,
       Deutsche Bank AG New York Branch, as Documentation Agent,
       and Citigroup Global Markets Inc., Goldman Sachs Credit
       Partners L.P. and Deutsche Bank Securities Inc., as Joint
       Lead Arrangers and as Joint Bookrunners.  The Bridge Loan
       Facility is a bridge loan facility in an aggregate
       principal amount of US$400,000,000, and will have an
       initial maturity date of Feb. 28, 2009, provided it may
       be extended by six years if certain conditions are
       complied.

Loans made under the Term Loan Facility and the Bridge Facility
will be denominated in United States Dollars only.  Loans made
under the ABL Facility may be denominated in United States
Dollars, Euros or Sterling.

Solutia will be required to pay interest on outstanding
principal under the credit facilities:

    -- The interest rates per annum applicable to loans
       denominated in United States Dollars, other than
       swingline loans, under the ABL and Term Loan Facilities
       will be, at Solutia's option, equal to either an
       alternated base rate or an adjusted Eurocurrency rate for
       a one-, two-, three- or six-month interest period, in
       each case, plus an applicable margin.

    -- The interest rate per annum applicable to loans
       denominated in Euros or Sterling, other than swingline
       loans, under the ABL and Term Loan Facilities will be
       equal to an adjusted Eurocurrency rate for a one-, two-,
       three- or six-month interest period, plus an applicable
       margin.

    -- The interest rates per annum applicable to swingline
       loans denominated in United States Dollars under the ABL
       Facility will be an alternate base rate plus an
       applicable margin.  The interest rates per annum
       applicable to swingline loans denominated in Euros or
       Sterling under the ABL Facility will be an adjusted
       Eurocurrency rate plus an applicable margin.

    -- The interest rate per annum applicable to loans under the
       Bridge Facility is 15.50%; provided, however, that (A)
       for the period commencing on the Effective Date and
       ending on the day immediately preceding the first
       anniversary of the Effective Date, no more than 3.50% per
       annum may be paid in the form of payment-in-kind
       interest, (B) for the period commencing on the first
       anniversary of the Effective Date and ending on the day
       immediately preceding the second anniversary of the
       Effective Date, no more than 2.50% per annum may be paid
       in the form of payment-in-kind interest and (C)commencing
       on the second anniversary of the Effective Date and there
       after, no more than 1.50% per annum may be paid in the
       form of payment-in-kind interest.

In addition to paying interest on outstanding principal, Solutia
is required to pay letter of credit fronting fees and other
customary letter of credit fees to the letter of credit issuers
and a commitment fee to the lenders under the ABL Facility in
respect of un-utilized commitments.

Solutia is also required to prepay the outstanding amount of the
Term Loan Facility, subject to certain exceptions.

The Term Loan Facility will amortize each year in an amount
equal to 1% per annum in equal quarterly installments for the
first five years and nine months, with the remaining amount
payable on the date that is six years from the date of the
closing of the Senior Secured Facilities.

Principal amounts outstanding under the ABL Facility will be due
and payable in full at maturity, five years from the date of the
closing of the ABL Facility.

Principal amounts outstanding under the Bridge Facility will be
due and payable in full on the initial maturity date, one year
from the date of the closing of the Bridge Facility, provided
that unless certain events of default exist under the Bridge
Facility, principal amounts outstanding will be automatically
extended to be payable on seventh anniversary of the closing
date of the Bridge Facility.

A full text copy of the Term-Loan Agreement is available for
free at: http://ResearchArchives.com/t/s?28eb

A full-text of the ABL Facility Agreement is available for free
at: http://ResearchArchives.com/t/s?28ec

A full-text copy of the Bridge Loan Agreement is available for
free at: http://ResearchArchives.com/t/s?28ed

Solutia Inc. and its debtor-affiliates have emerged from Chapter
11 reorganization, pursuant to an agreement with their lenders
who will provide exit financing to the Debtors.

             Exit Financing and Bankruptcy Emergence

As reported in the Troubled Company Reporter on Feb. 29, 2008,
that the Debtors have emerged from Chapter 11 reorganization,
pursuant to an agreement with their lenders who will provide
them with exit financing.

The TCR related on Feb. 26, 2008, that the Debtors reached an
agreement with Citigroup Global Markets Inc., Goldman Sachs
Credit Partners L.P., and Deutsche Bank Securities Inc. to fund
Solutia's exit financing package and scheduled a closing date on
Feb. 28, 2008.

                     About Solutia Inc.

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

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  S&P said the outlook is
stable.

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


UBG BERHAD: Earns MYR7.08 Mil. in Quarter Ended Dec. 31, 2007
-------------------------------------------------------------
UBG Berhad posted a net profit of MYR7.08 million on
MYR11.29 million of revenues in the quarter ended Dec. 31, 2007,
as compared to a net profit of MYR14.96 million on MYR107,000 of
revenues in the same quarter of 2006.

As of December 31, 2007, the company's balance showed
MYR822.52 million of total assets and MYR13.29 million of total
liabilities resulting in a shareholders' equity of
MYR809.23 million.

                      About UBG Berhad

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.




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


AB FAB: Commences Liquidation Proceedings
-----------------------------------------
On February 15, 2008, the shareholders of AB Fab Fashion Ltd.
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by March 20,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

          Digby John Noyce
          Keith Mawdsley
          RES Corporate Services Limited
          PO Box 302612, North Harbour
          Auckland
          New Zealand
          Telephone:(09) 918 3690
          Facsimile:(09) 918 3691


ASSET MANAGEMENT: Taps Fisk & Sanson as Liquidators
---------------------------------------------------
On February 18, 2008, John Howard Ross Fisk and Craig Alexander
Sanson were named liquidators of Asset Management & Logistics
Limited.

Messrs. Fisk and Sanson are accepting creditors' proofs of debt
until April 18, 2008.

The liquidators can be reached at:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


DENNY'S CORP: Dec. 26 Balance Sheet Upside-Down by US$178.9 MM
--------------------------------------------------------------
Denny's Corp.'s consolidated balance sheet at Dec. 26, 2007,
showed US$381.1 million in total assets and US$560.0 million in
total liabilities, resulting in a US$178.9 million total
shareholders' deficit.

At Dec. 26, 2007, the company's consolidated balance sheet also
showed strained liquidity with US$57.9 million in total current
assets available to pay US$131.5 million in total current
liabilities.

The company reported net income of US$34.7 million on total
operating revenue of US$939.4 million for the fiscal year ended
Dec. 26, 2007, compared with net income of US$30.3 million on
total operating revenue ofUS$994.0 million for the fiscal year
ended Dec. 27, 2006.

Company restaurant sales decreased US$59.8 million or 6.6%.
Decreased sales resulted primarily from a 42 equivalent-unit
decrease in company-owned restaurants, offset by the increase in
same-store sales for the current year.  The decrease in company-
owned restaurants primarily resulted from the sale of 130
company-owned restaurants to franchisees under the company's
Franchise Growth Initiative (FGI) during fiscal 2007.

Royalties increased by US$2.9 million, or 4.8%, and initial fees
increased US$5.3 million primarily resulting from the sale of
130 company-owned restaurants to franchisees.  Occupancy revenue
declined US$3.1 million, or 10.9%, primarily resulting from a
US$5.4 million decrease attributable to the sale of franchisee-
operated real estate properties during 2006 and 2007, offset by
a US$2.3 million increase in occupancy revenue primarily related
to the sale of company-owned restaurants to franchisees.

Operating income was US$83.5 million during 2007 compared with
US$110.5 million during 2006.

Interest expense, net decreased to US$42.9 million from
US$57.7 million in fiscal 2006.  The decrease in interest
expense resulted primarily from the repayment of US$100.3
million and US$100.5 million of debt during the years ended
Dec. 26, 2007, and Dec. 27, 2006, respectively, as well as lower
interest rates resulting from the refinancing of the company's
credit facilities during 2006.

Other non-operating expenses, net were US$668,000 for the year
ended Dec. 26, 2007, compared with US$8.0 million for the year
ended Dec. 27, 2006.  The expense for the 2006 period primarily
represents an US$8.5 million loss on early extinguishment of
debt from the write-off of deferred financing costs associated
with the debt prepayments made during the year and the
refinancing of the company's credit facilities.

The provision for income taxes was US$5.2 million compared with
US$14.7 million for the years ended Dec. 26, 2007, and
Dec. 27, 2006, respectively.

               Liquidity and Capital Resources

Cash flows used in financing activities were US$102.6 million
for the year ended Dec. 26, 2007, which included US$90.9 million
of term loan prepayments and US$2.2 million of scheduled term
loan payments made through a combination of asset sale proceeds
and cash generated from operations.

The company's credit facility consists of a US$50.0 million
revolving credit facility (including up to US$10.0 million for a
revolving letter of credit facility), a US$152.5 million term
loan and an additional US$40.0 million letter of credit
facility.  During the fourth quarter of 2007, the previous
US$40.0 million letter of credit facility was reduced to US$37.0
million.

At Dec. 26, 2007, the company had outstanding letters of credit
of US$37.3 million (comprised of US$36.6 million under the
company's letter of credit facility and US$700,000 under the
company's revolving facility).  There were no revolving loans
outstanding at Dec. 26, 2007.  These balances result in
availability of US$400,000 under the company's letter of credit
facility and US$49.3 million under the revolving facility.

Full-text copies of the company's consolidated financial
statements for the fiscal year ended Dec. 26, 2007, are
available for free at http://researcharchives.com/t/s?28e3

                  About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain, consisting of 394 company-
owned units and 1,152 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                        *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long-Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


GOLF WINE: Appoints Grant Bruce Reynolds as Liquidator
------------------------------------------------------
On February 14, 2008, Grant Bruce Reynolds was appointed as
liquidator of Golf Wine New Zealand Ltd.

Mr. Reynolds is accepting creditors' proofs of debt until
March 30, 2008.

The liquidator can be reached at:

          Grant Bruce Reynolds
          Grant Reynolds, Insolvency Practitioners
          PO Box 259059, Greenmount
          Auckland
          New Zealand
          Mobile:(027) 577 0162
          Facsimile:(09) 534 5699


GRAVEL ROAD: Appoints Levin & Vance as Liquidators
--------------------------------------------------
Henry David Levin and David Stuart Vance were appointed
liquidators of Gravel Road Ltd.

Messrs. Levin and Vance are accepting creditors' proofs of debt
until March 21, 2008.

The liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street, Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


HARPER BUILDERS: Fixes May 18 as Last Day to File Claims
--------------------------------------------------------
Harper Builders Ltd. requires its creditors to file their proofs
of debt by May 18, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

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


IMPACT PLASTERING: Creditors' Proofs of Debt Due on April 18
------------------------------------------------------------
The creditors of Impact Plastering Ltd. are required to file
their proofs of debt by April 18, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


MITEX HYGIENICS: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On January 17, 2008, the Commissioner of Inland Revenue filed a
petition to have Mitex Hygienics (NZ) Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland
today, March 12, 2008, at 10:45 a.m.

The CIR's solicitor is:

          Sandra Joy North
          c/o Inland Revenue Department
          Legal and Technical Services
          17 Putney Way
          PO Box 76198, Manukau
          Auckland 2241
          New Zealand
          Telephone:(09) 985 7274
          Facsimile:(09) 985 9473


PROGRESSIVE HOUSING: Creditors' Proofs of Debt Due on April 18
--------------------------------------------------------------
The creditors of Progressive Housing Solutions Limited are
required to file their proofs of debt by April 18, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          John Howard Ross Fisk
          Craig Alexander Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace
          PO Box 243, Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


SEAVIEW ENGINEERING: Fixes March 15 as Last day to File Claims
--------------------------------------------------------------
The creditors of Seaview Engineering Ltd. are required to file
their proofs of debt by March 15, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Iain Shephard
          Shephard Dunphy Limited
          PO Box 11793, Wellington
          New Zealand
          Telephone:(04) 473 6747


UPG LTD: Court to Hear Wind-Up Petition on April 18
---------------------------------------------------
A petition to have UPG Ltd.'s operations wound up will be heard
before the High Court of Auckland on April 18, 2008, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
December 6, 2007.

The CIR's solicitor is:

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




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


INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO
--------------------------------------------------------
International Rectifier Corporation has appointed Donald Dancer
as Executive Vice President and Chief Administrative Officer.
In this role, Mr. Dancer will oversee International Rectifier's
legal, human resources, compliance, mergers and acquisitions and
investor relations functions and will report directly to
the company's Chief Executive Officer, Oleg Khaykin.

Mr. Dancer most recently served as acting Chief Executive
Officer since late August 2007.  He joined International
Rectifier in 2002 and was previously Executive Vice President,
Secretary and General Counsel.  Prior to 2002, Mr. Dancer had 22
years of corporate practice including managing legal affairs for
a number of divisions and affiliates of the General Electric
Company.

"We are all very pleased that Don will remain with IR in the
newly created position of Chief Administrative Officer to
improve the organizational effectiveness of our corporate
operations," said Oleg Khaykin, International Rectifier's Chief
Executive Officer.  "Don's breadth of experience and credibility
as an acting CEO, General Counsel, business advisor and skilled
manager make him well suited for his new role.  I look forward
to working with Don as we continue to strengthen our internal
control environment and improve the areas of corporate
governance and compliance."

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and
defense systems rely on IR's power management solutions to power
their next generation products.  The company has manufacturing
facilities in the U.S., Mexico, United Kingdom, Germany and
Italy; and has subsidiaries in Japan and Singapore.

                        *     *     *

In September, 2007, Standard & Poor's Ratings Services said that
its 'BB' corporate credit rating on International Rectifier
Corp. remains on CreditWatch with negative implications.




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


KELLWOOD GLOBAL: Requires Creditors to File Claims by April 7
-------------------------------------------------------------
Kellwood Global Pte. Ltd. requires its creditors to file their
proofs of debt by April 7, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

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


NATIONAL CHEMICALS: Creditors' Proofs of Debt Due on April 7
------------------------------------------------------------
The creditors of National Chemicals (Pte.) Ltd. requires its
creditors to file their proofs of debt by April 7, 2008, to be
included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai


VISION MARINE: Fixes April 7 as Last Day to File Claims
-------------------------------------------------------
Vision Marine Pte. Ltd. requires its creditors to file their
proofs of debt by April 7, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

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


* SINGAPORE: Fitch Says Banks Well Poised To Meet Challenges
------------------------------------------------------------
Fitch Ratings has said that the Singapore banking system remains
well positioned to face future challenges posed by the ongoing
turmoil in global financial markets and the expected slowdown in
Asia as a consequence of recessionary conditions in the U.S.
Fitch notes that the credit ratings of Singapore banks continue
to be amongst the highest in the Asia Pacific region, while the
strong supervisory environment provided by the country's
regulator, Monetary Authority of Singapore, also contributes to
the stability and the strong health of the banking system.  As a
measure of intrinsic banking system strength, Singapore's
banking system has a Fitch Banking System Indicator score of "B"
(high quality) and Macro-Prudential Indicator of "1" (which
means it is least vulnerable to shocks that might arise due to
above-trend private credit growth, equity or property prices).

In a forthcoming report, the agency notes that all Singapore
banks are now more diversified -- both by products and geography
-- compared with six to seven years ago.  Although regional
expansion, especially in less developed markets such as
Thailand, Indonesia, China and India, add to Singapore banks'
risk profiles, all banks have since strengthened their cross-
border management skills, and pursued their regionalisation
plans in a disciplined manner.  Together with substantial
investments in their risk management infrastructure and amidst a
benign credit environment, Singapore banks' financial indicators
(NPL ratios, NPL coverage, net-NPL-to-equity ratio etc.) have
further improved compared with four to five years ago.  Looking
ahead, the operating environment would be more challenging in
the banks' major markets (notably in Singapore and Malaysia),
which would not only result in slower loan growth and underlying
profitability, but NPL ratios may also begin to rise modestly
from their recent lows (1%-2% at end-2007).  Nonetheless, thanks
to their strong risk profiles and healthy capitalization, Fitch
expects the local banks to stay resilient to such risks, which
is reflected in the Stable Outlooks on their ratings.

Fitch notes that investments in structured products of Singapore
banks were relatively low at 1%-5% of their equity at end-2007.
More importantly, prudent provisions have been made for such
investments, which have some exposure to the US subprime
mortgage assets.  Therefore, in Fitch's view, this issue per se
will unlikely impact the Singapore banks' credit ratings.

All the three local banking groups in Singapore have adopted the
IRB based approach for credit risk under Basel II, and will
start reporting their regulatory capital ratios in 2008 using
this approach. Simultaneously, they are also working on their
economic capital models, which together with their ongoing
capital management efforts may result in a slight reduction in
their headline capital ratios in future.  However, the agency
believes that the banks will adopt a cautious stance in shedding
capital -- especially when the credit cycle is turning less
benign.  MAS too, in Fitch's opinion, may take a conservative
stance on this matter -- and therefore, the Singapore banking
system's loss absorption capacity is likely to remain strong
over the foreseeable future.




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


FEDERAL: Johns-Manville Case Forms Plan A Disapproval Basis
-----------------------------------------------------------
In a letter addressed to the U.S. Bankruptcy Court for the
District of Delaware, Craig Goldblatt, Esq., counsel for
Hartford Accident and Indemnity Company, First State Insurance
Company, and New England Insurance Company, called Judge Judith
Fitzgerald's attention to the Second Circuit's recent decision
in In re Johns-Manville Corp., No. 06-2099 (2d Cir.
Feb. 15, 2008).

Mr. Goldblatt believes that the Second Circuit's decision bears
directly on the permissibility of the modifications to the
Section 524(g) injunction sought by the Reorganized Debtors and
the other Plan Proponents under the Plan A Settlement.  The
Second Circuit issued its decision after the close of briefing
on the modifications to the Plan A Settlement.

In Johns-Manville, the Second Circuit, relying heavily on the
Third Circuit's decision in In re Combustion Engineering, Inc.,
391 F.3d 190 (3d Cir. 2004), held that a bankruptcy court did
not have authority to enjoin claims that run against non-debtor
third parties merely because those claims shared a common
factual nexus with claims against the debtor, Mr. Goldblatt
notes.  Rather, the Second Circuit held that "a bankruptcy court
only has jurisdiction to enjoin third-party non-debtor claims
that directly affect the res of the bankruptcy estate."  For
that reason, the Second Circuit ruled that the Johns-Manville
bankruptcy court lacked authority to enjoin "direct action"
claims against Travelers, notwithstanding the bankruptcy court's
factual findings that Travelers learned virtually everything it
knew about asbestos from its relationship with Manville, Mr.
Goldblatt points out.

The principal basis for the Second Circuit's conclusion,
according to Mr. Goldblatt, was that the claims enjoined did not
run "against an asset of the bankruptcy estate, nor [did the
claims] affect the estate."  Instead, just like the claims
asserted against Pneumo Abex in the Debtors' bankruptcy
proceedings, the claims sought to recover directly from
Traveler, the alleged wrongdoer, on account of Travelers'
alleged "own independent wrongdoing."  Mr. Goldblatt notes that
in language fully applicable to the Debtors' cases, the Second
Circuit pointed out that "a nondebtor release is a device that
lends itself to abuse.  By it, a nondebtor can shield itself
from liability to third parties.  In form, it is a release; in
effect, it may operate as a bankruptcy discharge arranged
without a filing and without the safeguards of the Code."

In concluding that the Johns-Manville bankruptcy court lacked
the jurisdiction to enter the proposed injunction, the Second
Circuit pointed directly to Section 524(g) of the Bankruptcy
Code, which it said "must be interpreted in the same manner,"
Mr. Goldblatt relates.  The Second Circuit, he says, explained
that the central problem with the injunction it was reviewing
was that the claims against Travelers that were enjoined "are
not derivative of Manville's liability, but rather seek to
recover directly from Travelers for its own alleged misconduct."
Section 524(g) does not allow that.  "While Congress enacted
Section 524(g) to reflect the injunction/channeling mechanism
that the Manville bankruptcy court developed in response to
various derivative claims, the provision was not intended to
reach non-derivative claims. Because the claims here are non-
derivative and have no effect on the res, they are outside the
limits of Section 524(g)," Mr. Goldblatt quotes the Second
Circuit as saying.  The Second Circuit concluded by noting that
while it was sympathetic to the "bankruptcy court's desire to
facilitate global finality for Travelers," the desire for
finality was not a basis for the entry of an injunction that
exceeded the bankruptcy court's authority.

The same situation is true in the Debtors' bankruptcy cases, Mr.
Goldblatt tells Judge Fitzgerald.  The Johns-Manville opinion --
which makes unmistakably clear that the injunction contemplated
by the Plan A settlement will exceed the Bankruptcy Court's
authority -- breaks no new doctrinal ground, he contends.  The
opinion, he says, amplifies the fact that the Plan A injunction
will have no effect on the Reorganized Debtors and has no
relation to any of the Debtors' property beyond the
impermissible connection that a third party will make a
financial contribution to the estate in exchange for obtaining
that injunction.  The Johns-Manville opinion provides ample
basis to deny approval of Plan A, Mr. Goldblatt argues.

Allianz Global Corporate & Specialty AG, Allianz Global Risks
U.S. Insurance Company, and Allianz Underwriters Insurance
Company join in Mr. Goldblatt's contentions.

                   Plan Proponents Disagree

In response to Mr. Goldblatt's letter, the Plan Proponents argue
that contrary to Mr. Goldblatt's broad reading of the Manville
Opinion, the opinion is a narrow ruling on facts distinct from
those in the Debtors' bankruptcy cases, and thus, provides no
basis for denying approval of the Plan A Settlement.

In Manville, the Second Circuit dealt with claims brought by
asbestos plaintiffs against certain of Manville's insurers,
Peter Van N. Lockwood, Esq., at Caplin & Drysdale, Chartered, in
Washington, D.C., relates.  "These claims did not concern the
Manville insurance policies or policy proceeds, but rather
involved separate and independent tort actions against the
insurers," Mr. Lockwood points out.

In the Johns-Manville case, asbestos claimants alleged that the
insurers had violated direct duties to warn the plaintiffs of
asbestos hazards learned as a consequence of insuring Manville.
The Second Circuit ruled that because the plaintiffs sought a
recovery from the insurers, and not with respect to Manville's
policies, the claims did not affect the res of the bankruptcy
estate and the bankruptcy court therefore lacked jurisdiction to
enjoin the claims, Mr. Lockwood notes.

In addition, and in dictum, the Second Circuit said that Section
524(g), enacted in response to the 1986 Manville injunction,
"must be interpreted in the same manner," Mr. Lockwood informs
Judge Fitzgerald.  The Second Circuit also, in dictum, referred
to the Combustion Engineering's use of the term "derivative
liability" in discussing the scope of Section 524(g), he adds.

"None of this has any bearing on the situation here," Mr.
Lockwood contends.  The claims at issue in Manville merely
shared a "common factual nexus" with the claims alleged against
Manville, he argues.  In contrast to the Debtors' bankruptcy
cases, the Pneumo Asbestos Claims asserted against the Pneumo
Protected Parties do not involve separate and independent
claims, unrelated to those asserted against the Debtors.
Instead, the Pneumo Asbestos Claims assert the very same
liability against the Pneumo Protected Parties as that asserted
against the Debtors -- liability that allegedly derives from the
manufacture and sale of asbestos-containing products by the Abex
Brake Business, a business that the Debtors now own, Mr.
Lockwood emphasizes.  The Pneumo Asbestos Claims involve the
same alleged contaminated products, the same alleged conduct,
the same alleged wrongdoing, and thus the same alleged claims as
those asserted against the Debtors themselves, he points out.

Accordingly, the Pneumo Protected Parties' alleged liability for
Pneumo Asbestos Claims squarely fits the requirements of Section
524(g)(4)(a)(ii), and presents a paradigm case of what the
Second Circuit, and the Third Circuit in Combustion Engineering,
refer to as "derivative" liability, Mr. Lockwood argues.

The Plan Proponents maintain that the Bankruptcy Court
unquestionably has subject matter jurisdiction over the Pneumo
Asbestos Claims.  Unlike the claims asserted against the
insurers in Manville, the Pneumo Asbestos Claims are "actions
that affect the estate" and "have [an] effect on the res [of the
estate]," the Plan Proponents aver.  Unlike Manville where the
claims of the plaintiffs against the insurers were not alleged
to create claims on the part of the insurers against the
Manville estate, every dollar paid on a Pneumo Asbestos Claim
will give rise to an indemnity claim by Cooper or Pneumo against
the Debtors' estates absent the Plan A or Plan B Settlement, Mr.
Lockwood relates.

Approval of Plan A, Mr. Lockwood maintains, is entirely
consistent with the Manville Opinion to the extent that decision
applies beyond its limited facts.

                    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.

                        *     *     *

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.


* BOND PRICING: For the Week March 10 to March 14, 2008
-------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.72
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.90
Allco Hit Ltd                  9.000%  08/17/09     AUD    18.60
Allco Hit Ltd                  9.000%  12/31/10     AUD    23.00
Antares Energy Limited        10.000%  10/31/13     AUD     0.80
Arrow Energy NL               10.000%  03/31/08     AUD     2.15
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    13.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    12.75
Becton Property Group          9.500%  06/30/10     AUD     0.66
Bounty Industries Limited     10.000%  06/30/10     AUD     0.16
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    11.60
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    14.00
China Century Capital Ltd     12.000%  09/30/10     AUD     0.70
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.45
FGL Finance                    6.250%  03/17/10     AUD     8.98
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.50
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.40
Fletcher Building Ltd          7.550%  03/15/11     NZD    10.00
Heemskirk Consolidated
  Limited                      8.000%  09/30/11     AUD     2.75
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    12.10
LongReach Group Limited       10.000%  10/31/08     AUD     0.27
Metal Storm Ltd               10.000%  09/01/09     AUD     0.12
Minerals Corp                  9.000%  03/31/08     AUD     0.94
Nylex Limited                 10.000%  12/08/09     AUD     1.87
PPCS Limited                  11.500%  12/15/10     NZD    57.88
Salomon SB Aust                4.250%  02/01/19     USD     6.91
South Canterbury              10.430%  12/15/12     NZD     1.00
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    10.80
TrustPower Ltd                 8.500%  09/15/12     NZD     9.88
TrustPower Ltd                 8.500%  03/15/14     NZD     8.65

CHINA
-----
CITIC Guoan Information
  Indust. Co., Ltd             1.200%  09/14/13    CNY     73.98
Saic Motor                     0.800%  12/19/13    CNY     74.02

JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.14
Nara Prefecture                1.520%  10/31/14     JPY     9.32
NIS Group Co., Ltd.            2.290%  03/23/09     JPY    70.10

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    49.95
Korea Dev. Bank                7.450%  10/31/21     KRW    49.92
Korea Dev. Bank                7.400%  11/02/21     KRW    49.90
Korea Dev. Bank                7.310%  11/08/21     KRW    48.85
Korea Dev. Bank                8.450%  12/15/26     KRW    73.35

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.07
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.02
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.50
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.20
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.80
EG Industries Berhad           5.000%  06/16/10     MYR     0.30
Greatpac Holdings              2.000%  12/11/08     MYR     0.11
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.54
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Berhad                   8.000%  04/19/09     MYR     0.66
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.31
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.30
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.40
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.45
Media Prima Bhd                2.000%  07/18/08     MYR     1.59
Mithril Bhd                    8.000%  04/05/09     MYR     0.61
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.30
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.22
Pelikan International          3.000%  04/08/10     MYR     1.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.80
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.11
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.57
Southern Steel                 5.500%  07/31/08     MYR     2.21
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.01
Tradewinds Corp.               2.000%  02/08/12     MYR     0.91
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
Wah Seong Corp.                3.000%  05/21/12     MYR     6.50
WCT Land Bhd                   3.000%  08/02/09     MYR     4.66
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.65
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.50

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     72.69
Sri Lanka Govt                6.850%  10/15/12     LKR     70.90
Sri Lanka Govt                8.500%  01/15/13     LKR     74.63
Sri Lanka Govt                7.500%  08/01/13     LKR     70.47
Sri Lanka Govt                7.500%  11/01/13     LKR     69.37
Sri Lanka Govt                8.500%  02/01/18     LKR     68.86
Sri Lanka Govt                8.500%  07/15/18     LKR     71.14
Sri Lanka Govt                7.500%  08/15/18     LKR     65.78
Sri Lanka Govt                7.000%  10/01/23     LKR     58.03


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                          *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Marjorie C.
Sabijon, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                *** End of Transmission ***