TCRAP_Public/080319.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 19, 2008, Vol. 9, Issue 56

                          Headlines

A U S T R A L I A

ALAN THOMPSON: Joint Meeting Slated for March 27
CABINET FABRICATIONS: Members Opt to Liquidate Business
CENTRO PROPERTIES: Advises Shareholders to Reject Pelorus Offer
CHEZANN PTY: Liquidator to Present Wind-Up Report on March 26
EGNOPS HOLDINGS: Joint Meeting Slated for April 8

FRANCHI BROTHERS: Members & Creditors Meeting Set for April 8
GILLESPIE INVESTMENTS: Members to Hear Wind-Up Report on April 4
JOHN VORRATH: Members' Final Meeting Set for March 28
PIE H PTY: Liquidator to Give Wind-Up Report on March 27
ROCKHAMPTON WRECKING: Placed Under Voluntary Liquidation

PSIVIDA LTD: Posts US$5.8 Mil. Net Loss in Qtr. Ended Dec. 31
SCO GROUP: Bankruptcy Court Sets April 21 as Claims Bar Date
VERMONT VALUE: Members to Receive Wind-Up Report on March 27
WESTPOINT GROUP: Court Extends Asset Preservation of Execs


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

1 UNION TRAVEL: Commences Liquidation Proceedings
CHINA EASTERN: Drop in H-Share Price Makes CNAHC Bid Attractive
CHINA LINK: Pays Dividend to Ordinary Creditors
CITIC SECURITIES: Pulls Out Investment Plans with Bear Stearns
COSMOTRON: Creditors' Proofs of Debt Due on April 7

DARRID ENGINEERING: Declares Dividend for Creditors
GRAND HEAVEN: Creditors & Contributors to Meet on March 19
GRAND TOYS: Names Matthew Baile as Hong Kong Toy Centre CEO
GRAND TOYS: Receives Nasdaq Letter for Non-Compliance
HEALTHCARE SERVICES: Members Meeting Fixed for April 14

HUAXIA BANK: Plans CNY11.56-Billion Private Shares Placement
INFINITY SERVICES: Commences Liquidation Proceedings
MITSUBISHI BUSINESS: Creditors' Proofs of Debt Due on April 4
PETROLEOS DE VENEZUELA: Reports Financial Results for 2007
SHENYIN WANGOU: Members Meeting Fixed for April 28

TOWNGAS CHINA: Moody's Reviews Ba1 Rating for Likely Upgrade
ZTE CORP: Inks Network Building Contract with Pakistan Telecom

* CHINA: Moody's Says Structured Finance to Pick Up This Year


I N D I A

TATA MOTORS: Signs US$3-Billion Loan with Citigroup, JPMorgan
TATA STEEL: Mulls Raising INR4,000 Crore Overseas


I N D O N E S I A

ADAM AIR: Loses Half of its Fleet After Default
DIRECTED ELECTRONICS: Posts 4Q & FY 2007 Financial Results
PARKER DRILLING: Discloses Resolution of Kazakhstan Tax Case
PARKER DRILLING: 2007 Revenue Up 12% to US$654.6 Million
PERUSAHAAN GAS: Plans to Build Gas Pipeline in North Sumatra


J A P A N

ALITALIA SPA: Board Accepts Air France-KLM's Binding Offer
ALITALIA SPA: Board Approves 2008-2010 Industrial Plan
DELPHI CORP: Moody's Holds (P)B2 Rating on US$3.7-Bln Term Loans
GOODWILL GROUP: Incurs a Net Loss of JPY759MM for 6-Month Period
MITSUBISHI MOTORS: To Offer Low-Emission Diesel Cars in Japan

MITSUBISHI MOTORS: Signs Supply Deal with Nissan Motor


K O R E A

ARROW ELECTRONICS: Court Directs Return of US$12MM to Bridge
HYNIX SEMICONDUCTOR: LG Electronics Denies Takeover Plan


M A L A Y S I A

APL INDUSTRIES: Submits Applications for Approval of Proposals
MERGE ENERGY: Unit Receives Offer for MYR90MM Contract Project
PAXELENT: Anwardi Bin Jamil Quits as Audit Committee Member


N E W  Z E A L A N D

AUTOVALUE LTD: Creditors' Proofs of Debt Due on April 25
COLLINS PAPER: Wind-Up Petition Hearing Set for April 1
F.E.B. LTD: Court to Hear Wind-Up Petition on March 27
GFL FUND: Shareholders Resolve to Liquidate Business
HENRY J PHILLIPS: Fixes April 25 as Last Day to File Claims

IMRAN TRANSPORT: Subject to CIR's Wind-Up Petition
PGL INDUSTRIES: Shareholders Opt to Liquidate Business
ULTIMAX LTD: Fixes March 30 as Last Day to File Claims
UNO WHERE: Commences Liquidation Proceedings
XJL CARTAGE: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

ATLAS CONSOLIDATED: Unit Inks Power Supply Deal with Napocor
MANILA ELECTRIC: Books PHP4.04 Billion Net Income in 2007
PRC LLC: Court Fixes May 1 as General Claims Bar Date
PRC LLC: Has Until April 1 to File Disclosure Statement
PRC LLC: Can Employ Weil Gotshal as Bankruptcy Counsel

PRC LLC: Wants to Employ Regis McElhatton as CEO
PSI TECHNOLOGIES: Reports US$3.3 Mil. Fourth Quarter Net Loss
VULCAN INDUSTRIAL: Signs Exploration Deal with Ninety Niners


S I N G A P O R E

COB TECHNOLOGY: Wind-Up Petition Hearing Set for March 28
J MORITA (S): Court to Hear Wind-Up Petition on March 28
SCOTTISH RE: NYSE Regulation Suspends Shares from Trading
SPACE TECHNOLOGIES: Subject to W Y Steel's Wind-Up Petition
STATS CHIPPAC: Shareholders Approve US$813 Mil. Capital Payout


T H A I L A N D

DOLE FOOD: Posts US$57.5 Million Net Loss in Year Ended Dec. 29

* Upcoming Meetings, Conferences and Seminars


                            - - - - -

=================
A U S T R A L I A
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ALAN THOMPSON: Joint Meeting Slated for March 27
------------------------------------------------
Alan Thompson Motors Pty. Ltd. will hold a joint meeting for its
members and creditors at 9:45 a.m. on March 27, 2008.  During
the meeting, the company's liquidator, Paul Vartelas at B.K.
Taylor & Co., will provide the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

          Paul Vartelas
          B.K. Taylor & Co.
          Certified Practising Accountants
          8/608 St Kilda Road
          Melbourne, Victoria 3004
          Australia

                    About Alan Thompson

Alan Thompson Motors Pty. Ltd. is an automotive dealer.  The
company is located at Ringwood, in Victoria, Australia.


CABINET FABRICATIONS: Members Opt to Liquidate Business
-------------------------------------------------------
Cabinet Fabrications Pty. Ltd.'s members agreed on Feb. 8, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Robert Eugene Murphy and
David James Hambleton to facilitate the sale of its assets.

The liquidators can be reached at:

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

                About Cabinet Fabrications

Cabinet Fabrications Pty. Ltd. is a distributor of wood
products.  The company is located at Enoggera, in Queensland,
Australia.


CENTRO PROPERTIES: Advises Shareholders to Reject Pelorus Offer
---------------------------------------------------------------
Centro MCS, Centro Properties Group's syndicate, claims that it
does not support the resolutions proposed by Money Managers
Limited and Pelorus Property Group Limited, Niraj Shah at Egoli
News reports.

Also, Centro MCS said it did not convene the Centro MCS 19
NZ/Institutional meeting to be held on April 2, writes Mr. Shah.
The company, which has a strong track record of performance,
does not believe the proposals put forward by Money Managers and
Pelorus are in the best interests of its investors.  In
addition, Centro MCS advises that funding for the syndicate
was at risk if it was removed as the responsible entity.

Eli Greenblat, at The Age, reports that Pelorus has partnered
with Money Managers, which won enough shareholder support to
challenge Centro's control of Centro MCS 19 NZ/I by grabbing the
management rights and the fees that flow from them.

The Pelorus-Money Managers tandem, according to The Age, will
ask unit holders to remove the debt-ridden Centro as manager at
a meeting slated for April 10.

Centro MCS, through a letter to its investors, recommends that
they vote against the resolutions, Egoli adds.

                   About Centro Properties

Centro Properties Group -- http://www.centro.com.au/-- is a
Melbourne, Australia-based company that comprises the operations
of Centro Property Trust and its entities, which are engaged in
property investment, property management, property development
and funds management.

The company operates in two business segments: property
ownership business and services business. The Company derives
income from retail property rentals of shopping center space to
retailers across Australasia and the United States.  It also
derives income from its retail property investments in listed
and unlisted entities.  Its services business activities include
incorporating funds management, property management and
development and leasing.  During the fiscal year ended
June 30, 2007, the Company acquired New Plan Excel Realty Trust,
Heritage Property Investment Trust and Galileo Funds Management,
as well as assumed full ownership of its United States
management operations.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 4, 2008, that Standard & Poor's Ratings Services lowered
its issuer credit, senior-unsecured debt and preferred stock
ratings to 'CCC+' with negative implications reflecting the
potential of the group's assets to be sold in softening market
conditions, particularly in the U.S.


CHEZANN PTY: Liquidator to Present Wind-Up Report on March 26
-------------------------------------------------------------
Chezann Pty. Ltd. will hold a joint meeting for its members and
creditors at 11:30 a.m. on March 26, 2008.  During the meeting,
the company's liquidator, R. G. Mansell at R.G. Mansell &
Associates, will provide the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

          R. G. Mansell
          R.G. Mansell & Associates
          118 Queen Street Melbourne, Level 3
          Australia
          Telephone:(03) 9603 0090
          Facsimile:(03) 9603 0099

                     About Chezann Pty.

Chezann Pty. Ltd. is involved with trusts, except educational,
religious, and charitable trusts.  The company is located at
Glen Iris, in Victoria, Australia.


EGNOPS HOLDINGS: Joint Meeting Slated for April 8
-------------------------------------------------
Egnops Holdings Pty. Ltd. will hold a joint meeting for its
members and creditors at 10:00 a.m. on April 8, 2008.  During
the meeting, the company's liquidator, Gregory J. Shilton at
Gregory J Shilton & Co., will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

          Gregory J. Shilton
          Gregory J Shilton & Co.
          58 Dow Street, Suite 4
          South Melbourne, Victoria 3205
          Australia

                   About Egnops Holdings

Egnops Holdings Pty. Ltd. is a distributor of metalworking
machineries.  The company is located at Thornbury, in Victoria,
Australia.


FRANCHI BROTHERS: Members & Creditors Meeting Set for April 8
-------------------------------------------------------------
Franchi Brothers Pty. Ltd. will hold a joint meeting for its
members and creditors at 9:30 a.m. on April 8, 2008.  During the
meeting, the company's liquidator, Gregory J. Shilton at Gregory
J Shilton & Co., will provide the attendees with property
disposal and winding-up reports.

The company commenced liquidation proceedings on Oct. 8, 2007.

The liquidator can be reached at:

          Gregory J. Shilton
          Gregory J Shilton & Co.
          58 Dow Street, Suite 4
          South Melbourne, Victoria 3205
          Australia

                   About Franchi Brothers

Franchi Brothers Pty. Ltd. provides plumbing, heating and air-
conditioning services.  The company is located at Toorak, in
Victoria, Australia.


GILLESPIE INVESTMENTS: Members to Hear Wind-Up Report on April 4
----------------------------------------------------------------
Peter J. Moran, Gillespie Investments Pty. Ltd.'s appointed
estate liquidator, will meet with the company's members on
April 4, 2008, at 11:30 a.m. to provide them with property
disposal and winding-up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Dec. 14, 2007.

The liquidator can be reached at:

          Peter J. Moran
          Moran Accountants
          584 Nicholson Street, Carlton North
          Victoria 3054
          Australia

                About Gillespie Investments

Located at Hawthorn, in Victoria, Australia, Gillespie
Investments Pty. Ltd. is an investor relation company.


JOHN VORRATH: Members' Final Meeting Set for March 28
-----------------------------------------------------
Sule Arnautovic, Geoff Ridgeway and Rod Sutherland, John Vorrath
Pty. Ltd.'s appointed estate liquidators, will meet with the
company's members on March 28, 2008, at 11:00 a.m. to provide
them with property disposal and winding-up reports.

The Troubled Company Reporter-Asia Pacific reported that the
company commenced liquidation proceedings on January 10, 2008.

The liquidators can be reached at:

          Sule Arnautovic
          Geoff Ridgeway
          Rod Sutherland
          Jenkins Peake Chartered Accountants
          PO Box 1570
          Geelong, Victoria 3220
          Australia
          Telephone:(03) 5223 1000
          Facsimile:(03) 5221 4938

                     About John Vorrath

John Vorrath Pty. Ltd. provides health and allied services.  The
company is located at Geelong, in Victoria, Australia.


PIE H PTY: Liquidator to Give Wind-Up Report on March 27
--------------------------------------------------------
Pie H Pty. Ltd. will hold a joint meeting for its members and
creditors at 10:30 a.m. on March 27, 2008.  During the meeting,
the company's liquidator, M. G. Mccann at Grant Thornton
Chartered Accountants, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          M. G. Mccann
          Grant Thornton Chartered Accountants
          Ground Floor, 102 Adelaide Street
          Brisbane, Queensland 4000
          Australia

                      About Pie H Pty.

Pie H Pty. Ltd. provides accounting, auditing, and bookkeeping
services.  The company is located at Labrador, in Queensland,
Australia.


ROCKHAMPTON WRECKING: Placed Under Voluntary Liquidation
--------------------------------------------------------
Rockhampton Wrecking Company 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
Mark Swaffield to facilitate the sale of its assets.

The liquidator can be reached at:

          Mark Swaffield
          c/o Cooper Grace Ward Lawyers
          GPO Box 834
          Brisbane, Queensland 4001
          Australia
          Telephone:(07) 3231 2565
          Facsimile:(07) 3231 8565

                 About Rockhampton Wrecking

Rockhampton Wrecking Company Pty. Ltd. operates automotive
repair shops.  The company is located at Rockhampton, in
Queensland, Australia.


PSIVIDA LTD: Posts US$5.8 Mil. Net Loss in Qtr. Ended Dec. 31
-------------------------------------------------------------
pSivida Limited reported a US$5.8 million net loss for the
second quarter ended Dec. 31, 2007, compared to a
US$10.6 million net loss for the same period ended
Dec. 31, 2006.

Revenue decreased by US$380,000, or 75%, to US$128,000 for the
three months ended Dec. 31, 2007, from US$508,000 for the three
months ended Dec. 31, 2006.  The decrease was primarily
attributable to a US$189,000 reduction of revenue related to
evaluation agreements for certain of the company's drug delivery
technologies and a US$191,000 decrease in royalty income earned
from Bausch & Lomb on its sales of Retisert.

Loss from operations was US$8.0 million, a US$464,000 decrease,
when compared to loss from operations of US$8.5 million in the
corresponding three months ended Dec. 31, 2006.  The decrease is
primarily due to the decrease in research and development and
selling, general and administrative expenses.

The company recorded income of US$1.8 million during the three
months ended Dec. 31, 2007, as a result of the change in fair
value of derivatives related to warrants issued in financing
transactions denominated in AUUS$, compared to income of
approximately US$4.1 million for the three months ended
Dec. 31, 2006, related to embedded conversion features of its
convertible notes.

Interest income increased by approximately US$148,000, or 379%,
to US$187,000 for the three months ended Dec. 31, 2007, from
US$39,000 for the three months ended Dec. 31, 2006.

Interest and finance costs decreased by approximately
US$2.9 million, or 95%, to US$151,000 for the three months ended
Dec. 31, 2007, from approximately US$3.1 million for the three
months ended Dec. 31, 2006.

Loss on extinguishment of debt totaled approximately US$3.3
million for the three months ended Dec. 31, 2006.  In December
2006, the company entered into a second amendment agreement in
connection with the Sandell convertible note.  The terms of the
second amendment agreement met the criteria that required the
previously amended note to be accounted for as an extinguishment
of debt and the second amended note to be accounted for as the
issuance of a new convertible debt instrument.  The terms of the
amendment included issuance to Sandell of additional warrants to
purchase (valued at US$1.7 million using the Binomial Tree
Model).  The calculation of the loss on extinguishment included
the value of this non-cash consideration issued to Sandell.

Other income for the three months ended Dec. 31, 2007, totaled
US$361,000 and consisted of approximately US$405,000 of income
attributable to a revenue sharing arrangement with the provider
of the company's ADS program, partially offset by net foreign
currency exchange losses.

Deferred income tax benefit decreased to US$16,000 for the three
months ended Dec. 31, 2007, from US$586,000 for the three months
ended Dec. 31, 2006.  The primary reason for the smaller benefit
in the current period is that since June 30, 2007, valuation
allowances have been required to offset essentially all net
operating loss carryforwards created during the current period,
which was not the case for the earlier period.  The limitation
on the ability to record deferred tax assets since
June 30, 2007, was primarily attributable to the significant
impairment write-down (and resulting decrease in the deferred
tax liabilities) recorded in June, 2007 related to the Retisert
intangible asset.

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$107.7 million in total assets, US$13.0 million in
total liabilities, and US$94.7 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2007, are available
for free at http://researcharchives.com/t/s?2882

                   Going Concern Disclaimer

Deloitte Touche Tohmatsu, in Perth Australia, expressed
substantial doubt about pSsivida Limited's ability to continue
as a going concern after auditing the company's consolidated
financial statements for the years ended June 30, 2007, and
2006.  The auditing firm ponted to the company's recurring
losses from operations and negative cash flows from operations.

                     About pSivida Ltd.

Headquartered in Perth, Australia, pSivida Limited (NASDAQ:
PSDV) -- http://www.psivida.com/-- is a global drug delivery
company committed to the biomedical sector and the development
of drug delivery products.  Retisert(R) is FDA approved for the
treatment of uveitis.  Vitrasert(R) is FDA approved for the
treatment of AIDS-related CMV Retinitis.  Bausch & Lomb owns the
trademarks Vitrasert(R) and Retisert(R).  pSivida has licensed
the technologies underlying both of these products to Bausch &
Lomb.  The technology underlying Medidur(TM) for diabetic
macular edema is licensed to Alimera Sciences and is in Phase
III clinical trials.  pSivida has a worldwide collaborative
research and license agreement with Pfizer Inc. for other
ophthalmic applications of the Medidur(TM) technology.

pSivida conducts its operations from facilities near Boston in
the United States, Malvern in the United Kingdom and Perth in
Australia.


SCO GROUP: Bankruptcy Court Sets April 21 as Claims Bar Date
------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
established April 21, 2008, as deadline for creditors of The SCO
Group Inc. and its debtor-affiliates to file proofs of claim.

All entities, including governmental units, which assert any
prepetition claims against the Debtors, must deliver proofs of
claim with Epiq Bankruptcy Solutions, LLC, the claims, noticing
and balloting agent of these Chapter 11 cases.

Original proofs of claims must submitted no later than 4:00
p.m., Eastern Time, at:

       The SCO Group Inc.
       c/o Epiq Bankruptcy Solutions LLC
       FDR Station
       P.O. Box 5012
       New York, NY 10150-5012

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.  The Debtors exclusive period to
file a Chapter 11 plan expires on May 11, 2008.


VERMONT VALUE: Members to Receive Wind-Up Report on March 27
------------------------------------------------------------
G. S. Andrews, Vermont Value Vet Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 27, 2008, at 3:00 p.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          G. S. Andrews
          G S Andrews & Associates
          22 Drummond Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9662 2666
          Facsimile:(03) 9662 9544

                    About Vermont Value

Vermont Value Vet Pty. Ltd. provides veterinary services for
livestock.  The company is located at Vermont, in Victoria,
Australia.


WESTPOINT GROUP: Court Extends Asset Preservation of Execs
----------------------------------------------------------
The Australian Securities & Investments Commission has obtained
orders and undertakings from the Federal Court of Australia in
Perth that continue to preserve the assets of Norman Phillip
Carey, Graeme Rundle and other entities associated with the
Westpoint Group of companies (Richstar Enterprises Pty. Ltd.,
Bowesco Pty. Ltd., Keypoint Developments Pty. Ltd. and Silkchime
Pty. Ltd.)

These orders and undertakings will expire on June 30, 2008.

The undertakings prevent the relevant defendants from
dissipating assets or transferring those assets outside of
Australia.  The undertakings also prevent the relevant Westpoint
entities from dealing or otherwise transacting with related
entities or persons.

In relation to Mr. Carey and the other Westpoint entities, these
undertakings replace existing receivership/supervisory orders.
Under the previous orders the receivers or supervisors oversaw
how the defendants spent money and dealt with assets.  The
previous orders were originally sought so any relevant assets
could be identified and preserved for creditors.

As the process of asset identification is largely complete, the
new undertakings can now relate specifically to those identified
assets to ensure they are preserved for creditors in
compensation proceedings.  The assets subject to the new
undertakings still cannot be dissipated or transferred offshore
without the approval of the Court.  The undertakings were
accepted by both ASIC and the Court as being appropriate to
protect the interests of relevant parties.

Section 1323 of the Corporations Act 2001 only empowers the
Court to make orders in various circumstances, including where
ASIC is carrying out an investigation under the Australian
Securities and Investments Commission Act 2001 or the
Corporations Act 2001.  In view of this, ASIC informed the Court
at the hearing on March 12, 2008 that ASIC would not, in these
proceedings, seek to extend asset preservation orders against
Messrs Carey, Rundle, Dixon and Beck and the other Westpoint
entities beyond June 30, 2008 on the basis that ASIC's relevant
investigations into these defendants were likely to be
substantially complete by June 30, 2008.

Instead, ASIC will consider whether steps to preserve the
property beyond June 30, 2008, should be taken in any civil
proceedings issued against the relevant defendants.




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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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1 UNION TRAVEL: Commences Liquidation Proceedings
-------------------------------------------------
1 Union Travel (Hong Kong) Limited's members agreed
Feb. 29, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Yui Cho Yan
and Lui Chi Tat Stephen to facilitate the sale of its assets.

The liquidators can be reached at:

          Yui Cho Yan
          Lui Chi Tat Stephen
          Room 1702, 17th Floor
          Asian House
          1 Hennessy Road
          Wanchai, Hong Kong


CHINA EASTERN: Drop in H-Share Price Makes CNAHC Bid Attractive
---------------------------------------------------------------
The recent drop in China Eastern's H-share price is to make the
acquisition bid proposal of Air China's parent China National
Aviation Holding Company more attractive to investors, Xihua
News reports, citing CITICS Analyst Li Lei.

H shares refer to the shares of companies incorporated in
mainland China that are traded in the Hong Kong Stock Exchange.
Many companies float their shares simultaneously in the Hong
Kong market and one of the two mainland Chinese stock exchanges.

According to the report, China Eastern's H-share price
fell below 3.8 Hong Kong dollars, the bid price of Singapore
Airlines to China Eastern, March 11, 2008, affected by the weak
performance of stock market in Hong Kong.

Li Lei believed that the H-share price's fall doesn't mean it is
favorable to the proposal of Singapore Air, the report notes.

The report relates that the analyst noted in the meantime that
the purchase proposal to be selected is yet subject to approval
of regulatory authorities.

Latest report of Citigroup also deemed that the chance for China
National to have a share participation in China Eastern depends
on the attitude of relevant authorities on aviation industry
restructuring and founding of large-scale airline company, the
same report says.

Earlier, Kong Dong, vice general manager of China National noted
that even if the H-share price of China Eastern drops below
HK$5, CNAHC will keep its offer, the report adds.

                    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 LINK: Pays Dividend to Ordinary Creditors
-----------------------------------------------
China Link Oil Company Limited, which is in liquidation, paid
0.14% dividends to its ordinary creditors on March 7, 2008.

The company's liquidator is:

          Kenny King Ching Tam
          Nan Fung Tower
          Room 908, 9th Floor
          173 Des Voeux Road Central
          Hong Kong


CITIC SECURITIES: Pulls Out Investment Plans with Bear Stearns
--------------------------------------------------------------
Citic Securities formally acknowledged it had pulled out of a
planned US$1 billion investment in Bear Stearns Cos., following
JP Morgan's purchase of the troubled Wall Street firm, The
Financial Times reports.

Citic told the news agency that it had cancelled all
negotiations over business co-operation with Bear Stearns, but
would continue to look for other opportunities to expand
overseas.

"The basis and preconditions for strategic co-operation with
Bear Stearns no longer exist," Citic told Financial Times.

According to the report, the collapse of the Bear Stearns deal
is another blow to Beijing's plan of internationalizing the
nation's state-owned financial institutions through overseas
acquisitions.  In 2007, Chinese financial groups made a series
of high-profile offshore investments.  But most of them are now
deeply in the red and officials in Beijing appear to be turning
cautious.

Bear Stearns and Citic announced a deal in Nov. 2007, in which
the Chinese brokerage would first give Bear Stearns US$1 billion
for about 6% of the US firm, Financial Times notes.  Bear
Stearns would eventually return the money for about 2% of Citic.

But after shares in Bear Stearns and Citic fell more than 50%,
the firms re-started talks in Feb. to increase the size of their
stakes in each other, Financial Times reports.  The two sides
were also planning an Asia-wide investment banking joint
venture.

Wang Dongming, chairman of Citic Securities, told the Financial
Times recently that he and other top financial officials were
keenly aware of the experience of Japan in the 1980s, when that
country's firms went on a buying spree in the west.

Mr. Wang said Chinese firms were keen to avoid mistakes made by
Japanese investors by better localising their businesses and
utilizing talent in their target markets, Financial Times
relays.

In the case of Bear Stearns, Citic narrowly avoided getting
burnt in part because of the long and laborious approval process
imposed by Chinese regulators who were yet to sign off on the
deal, Financial Times reports.

State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

The Troubled Company Reporter-Asia Pacific reported that on
Feb. 13, 2007, Standard & Poor's Ratings Services said that it
had removed the BB+ long-term and B short-term foreign currency
counterparty credit rating on CITIC Group from CreditWatch.  The
outlook on the ratings is developing.

At the same time, Standard & Poor's also removed the BB+ foreign
currency issue rating on the group's senior unsecured debt from
CreditWatch.


COSMOTRON: Creditors' Proofs of Debt Due on April 7
---------------------------------------------------
The creditors of Cosmotron Manufacturing Company Limited are
required to file their proofs of debt by April 7, 2008, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 29, 2008.

The company's liquidator is:

         Lau Vui Cheong
         7th Floor
         Hong Kong Trade Centre
         161-167 Des Voeux
         Road Central
         Hong Kong


DARRID ENGINEERING: Declares Dividend for Creditors
---------------------------------------------------
Darrid Engineering Limited, which is in liquidation, declared
its dividend for its creditors.

Only creditors who were able to file their proofs of debt by
December 25, 2007, were included in the company's dividend
distribution.

The company's liquidator is:

          E.T. O'Connell
          Official Receiver's Offices
          10th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


GRAND HEAVEN: Creditors & Contributors to Meet on March 19
----------------------------------------------------------
Grand Heaven Footwear Company Limited will hold a joint meeting
for its creditors and contributors at 10:30 a.m. and 11:30 a.m.,
on March 19, 2008.  During the meeting, the company's
liquidator, E.T. O'Connell at Official Receiver's Offices, will
provide the attendees with property disposal and winding-up
reports.

The company's liquidator can be reached at:

           E.T. O'Connell
           Official Receiver's Offices
           10th Floor, Queensway Government Offices
           66 Queensway, Hong Kong


GRAND TOYS: Names Matthew Baile as Hong Kong Toy Centre CEO
-----------------------------------------------------------
Grand Toys International Limited (Nasdaq: GRIN) announced the
appointment of Matthew T. Baile as the Chief Executive Officer
of Hong Kong Toy Centre Limited, the subsidiary responsible for
sourcing and international sales for the Group, effective from
March 17, 2008.

Mr. Baile has served as a director of Grand Toys since
July 2007.  He has 20 years experience in consumer electronics
product development, manufacturing and sales.  As well as
running his own product development consultancy firm, Centaurus
Limited, he has worked with companies such as Philips, BMW and
Rover Group as well as established consumer electronics brands
such as Franklin and Lexibook.  He has undertaken diverse
management roles including product management, outsourcing
consultancy, chief operating officer of Lexibook and Vice
President of Product Development at Franklin Electronic
Publishers Inc.  He specializes in strategic planning, rapid
product development and outsourcing.  In his spare time he
collaborates with the Hong Kong Government and the University of
Science and Technology in research into micro fuel cells.

Jeff Hsieh, Grand's Chief Executive Officer, commenting on the
appointment, said "It is great news for Grand that Matthew is
joining our team as he brings with him considerable expertise.
We are all looking forward to working with him as we continue to
develop the Group and add value to our shareholders."

Grand Toys International licenses and distributes toys for
various toy makers through a number of subsidiaries.  In
addition, the company's Hua Yang subsidiary manufactures pop-up,
novelty, and board books.  Through its Kord brand, the company
makes party and paper products such as party hats, banners,
paper plates, and costumes.  The company is undergoing a
restructuring to focus on its most profitable units.

                    Going Concern Doubt

After auditing Grand Toys International Limited's annual report
for the period ended Dec. 31, 2006, its independent auditor, BDO
McCabe Lo Limited, raised substantial doubt on the company's
ability to continue as a going concern, citing its loss from
operations for the year and substantial cumulative losses and
working capital deficiency.

The company has incurred recurring losses since 2004.  The
company's net loss from continuing operations (as restated) for
the years ended December 31, 2006, and 2005 amounted to US$11.3
million and US$0.9 million, respectively.  The company's
cumulative losses as of December 31, 2006, and 2005 were US$48.0
million and US$25.5 million, respectively.  Further, the
company's working capital deficiency amounted to US$9.3 million
as of December 31, 2006.


GRAND TOYS: Receives Nasdaq Letter for Non-Compliance
-----------------------------------------------------
Grand Toys International Limited (Nasdaq: GRIN) announced said
in a filing with the SEC that it has received a letter from The
Nasdaq Stock Market indicating that, for the last 30 consecutive
trading days, the company's American Depositary Shares have not
maintained a minimum market value of publicly held shares of
US$1,000,000 as required for continued inclusion on Nasdaq by
Marketplace Rule 4310(c)(7).  Therefore, in accordance with
Marketplace Rule 4310(c)(8)(B), the company will be provided 90
calendar days, or until May 1, 2008, to regain compliance.  The
Nasdaq letter states that, if at any time before May 1, 2008,
the minimum market value of publicly held shares of the
company's ADS is US$1,000,000 or more for a minimum of ten
consecutive trading days, Nasdaq staff will provide written
notification that the company complies with the MVPHS Rule.

The Nasdaq letter also states that, if the company does not
regain compliance with the MVPHS Rule by May 1, 2008, Nasdaq
staff will provide written notification that the company's
securities will be delisted.  At that time, the Nasdaq
Marketplace Rules would permit the company to appeal the Nasdaq
staff's determination to delist its securities to a Nasdaq
Listing Qualifications Panel.

The company also announced that it has received a letter from
The Nasdaq Stock Market indicating that, for the last 30
consecutive business days, the bid price of the company's ADS
has closed below the minimum US$1.00 per share requirement for
continued inclusion under Marketplace Rule 4310(c)(4).
Therefore, in accordance with Marketplace Rule 4310(c)(9)(D),
the Company will be provided 180 calendar days, or until
July 30, 2008, to regain compliance.  The Nasdaq letter states
that, if, at any time before July 30, 2008, the bid price of the
company's ADS closes at US$1.00 per share or more for a minimum
of 10 consecutive business days, Nasdaq staff will provide
written notification that it has achieved compliance with the
Minimum Bid Price Rule.

The Nasdaq letter also states that, if the company does not
regain compliance with the Minimum Bid Price Rule by
July 30, 2008, Nasdaq staff will provide written notification
that the company's securities will be delisted.

Both letters have no effect on the listing of the company's ADS
at this time.

Grand Toys International licenses and distributes toys for
various toy makers through a number of subsidiaries.  In
addition, the company's Hua Yang subsidiary manufactures pop-up,
novelty, and board books.  Through its Kord brand, the company
makes party and paper products such as party hats, banners,
paper plates, and costumes.  The company is undergoing a
restructuring to focus on its most profitable units.

                    Going Concern Doubt

After auditing Grand Toys International Limited's annual report
for the period ended Dec. 31, 2006, its independent auditor, BDO
McCabe Lo Limited, raised substantial doubt on the company's
ability to continue as a going concern, citing its loss from
operations for the year and substantial cumulative losses and
working capital deficiency.

The company has incurred recurring losses since 2004.  The
company's net loss from continuing operations (as restated) for
the years ended December 31, 2006, and 2005 amounted to US$11.3
million and US$0.9 million, respectively.  The company's
cumulative losses as of December 31, 2006, and 2005 were US$48.0
million and US$25.5 million, respectively.  Further, the
company's working capital deficiency amounted to US$9.3 million
as of December 31, 2006.


HEALTHCARE SERVICES: Members Meeting Fixed for April 14
-------------------------------------------------------
The members of Healthcare Services Limited will have their final
meeting on April 14, 2008, at 2701, 27th Floor, Wing On House,
71 Des Voeux, Road Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

          Yu Kwong Man
          2701, 27th Floor
          Wing On House
          71 Des Voeux
          Road Central, Hong Kong


HUAXIA BANK: Plans CNY11.56-Billion Private Shares Placement
------------------------------------------------------------
Huaxia Bank Co Ltd. plans to issue CNY11.56 billion worth of new
shares with three institutions in a private placement, Reuters
reports.

According to the report, this bank move will be subject to
shareholder and regulatory approvals, and is aimed to boost the
core capital.

Germany's Deutsche Bank, Chinese steelmaker Shougang Group and
power grid operator State Grid Corp will subscribe to the shares
in the private placement, the report notes.

Edmund Klaman of Reuters writes that the shares will be priced
at 90% of the average price over the past 20 trading days.

Moreover, the bank posted a 44% increase in net profit for 2007,
the report adds.

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers
financial services to both corporate and individual clients.  At
the end of 2005, it has 27 branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary
agreement to purchase a holding of about 10% in Huaxia Bank, a
medium-sized Beijing-based lender, for about US$200 million.
People close to the situation said Deutsche had teamed up with
another European financial institution to buy a total of about
15 per cent in Shanghai-listed Huaxia for more than US$300
million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.

Hua Xia Bank's Individual D/E rating reflects its weak capital
position, inadequate profitability, and potential asset quality
risks stemming from very rapid loan growth.  Total loans
expanded 29% in 2005, the second fastest growth among local
peers.


INFINITY SERVICES: Commences Liquidation Proceedings
----------------------------------------------------
1 Union Travel (Hong Kong) Limited's members agreed
March 7, 2008, to voluntarily liquidate the company's business.
In line with this goal, the company has appointed Tang Yau Sing
and Pang Fung Ming to facilitate the sale of its assets.

The liquidators can be reached at:

          Tang Yau Sing
          Pang Fung Ming
          Suites 2406-7
          Man Yee Building
          68 Des Voeux Road Central
          Hong Kong


MITSUBISHI BUSINESS: Creditors' Proofs of Debt Due on April 4
-------------------------------------------------------------
The creditors of Mitsubishi Business (H.K.) Limited are required
to file their proofs of debt by April 4, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2008.

The company's liquidator is:

         Ng Kit Yui
         Flat E
         5th Floor
         Block 3, Royal Ascot
         Shatin, New Territories
         Hong Kong


PETROLEOS DE VENEZUELA: Reports Financial Results for 2007
----------------------------------------------------------
Petroleos de Venezuela SA and its affiliates reported
US$99.23 billion in revenues in 2007, compared to
US$99.26 billion in revenues in 2006, according to El Universal.

Of the almost US$100 billion in revenues last year, domestic
gross income from exports and the domestic market accounted for
US$66.01 billion -- about 19.4% or US$10.74 billion greater than
in 2006, El Universal says, citing Petroleos de Venezuela's 2007
Annual Report the Ministry of Energy and Petroleum submitted to
the National Assembly.  El Universal notes that the increase in
the gross income wasn't reflected in net profits.

According to El Universal, Petroleos de Venezuela's domestic
profit decreased for the second straight year.  In 2006
Petroleos de Venezuela's domestic profit declined 65.7%, in 2007
it dropped 8.6% to US$1.81 billion.  Petroleos de Venezuela's
domestic net profits over the last two years decreased 68.6%, or
US$3.9 billion.

Petroleos de Venezuela kept 2.74% of its domestic revenues in
2007, while it kept 3.58% of its domestic revenues in 2006, the
report says.

El Universal relates that Petroleos de Venezuela's 2007 Report
indicates that operational costs increased 22.2% or
US$1.8 billion to US$9.89 billion in 2007, compared to 2006.
Expenses totaled US$19.02 billion in 2007.

Petroleos de Venezuela's consolidated "sales, management and
overhead expenses" increased 65% in 2007, from 2006, El
Universal says.

Petroleos de Venezuela's global assets increased 33% to
US$107.34 billion in 2007, with a part of such growth due to a
272% increase in restricted cash and a 106% increase in long-
term accounts to collect.  The accounts comprise the outstanding
bills related to energy accords for oil supply and the bills to
collect from related bodies and they increased to US$7.5 billion
in 2007, compared to US$3.65 billion in 2006, El Universal
relates.

El Universal notes that regarding liabilities, accounts payable
to suppliers rose 64% to US$10.46 billion in 2007, from
US$6.37 billion in 2006.  Petroleos de Venezuela's total
liabilities increased 95% to US$53.51 billion.

After social expenses and income tax both in Venezuela and
abroad, the consolidated net profits of Petroleos de Venezuela
and its affiliates decreased 35.4% to US$3.51 billion in 2007,
compared to from US$5.45 billion in 2006, accounting for 3.5% of
gross revenues, El Universal states.

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

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

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

                        *     *     *

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


SHENYIN WANGOU: Members Meeting Fixed for April 28
--------------------------------------------------
The members of Shenyin Wangou Charitable Limited will have their
final meeting on April 28, 2008, at 28th Floor, Citibank Tower,
Citibank Plaza, 3 Garden Road, Central, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

          Wong Che Keung, Leslie
          28th Floor
          Citibank Tower
          Citibank Plaza
          3 Garden Road
          Central, Hong Kong


TOWNGAS CHINA: Moody's Reviews Ba1 Rating for Likely Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba1 corporate family and senior unsecured bond
ratings of Towngas China Company Limited.

"The review has been prompted by Moody's assessment of the
company's improving operating fundamentals, due in turn to the
operational and financial support provided by its largest
shareholder, Hong Kong and China Gas (HKCG)," says Jennifer
Wong, Moody's lead analyst for Towngas China.

"Since the closing of the transaction in March 2007, whereby
HKCG became the largest shareholder, HKCG has demonstrated
strong evidence of providing stated support to Towngas China,
such as the US$25 million shareholders loan and its pro-rata
subscription to the right issue of US$90 million," says Wong.

"Many key functions have already been integrated, including
finance and treasury, internal auditing, as well as the
marketing and health and safety departments, while corporate
governance and risk management practices have seen an
improvement," says Wong.

Currently, Towngas China's ratings have been uplifted from its
fundamental rating of Ba2 and the review will assess whether
additional uplift is justified, based on the strong support
provided by HKCG.

The review will also focus on Towngas China's financial results
for FY2007 and whether this translates into a turnaround over
the results for FY2006, which were weak for its fundamental
rating.  Moody's will also evaluate its ability to sustain its
improved operating and financial profile.

Furthermore, the review will focus on the funding platform for
the company's intended acquisitions and expansion plan in the
next 1-2 years and the resultant rating impact.

Towngas China, listed on the Hong Kong Stock Exchange, is
primarily engaged in the downstream sale and distribution of
natural gas and liquid petroleum gas in Mainland China.  Its
main operations include the provision of piped natural gas, the
construction of gas pipelines, the sale of LPG in bulk and
cylinders, and, to a lesser extent, the sale of LPG household
appliances.


ZTE CORP: Inks Network Building Contract with Pakistan Telecom
--------------------------------------------------------------
ZTE Corporation won a tender from Pakistan Telecommunication
Company Limited to build part of the country's largest WDM
backbone transmission network.  The project, an expansion of the
PTCL 400G WDM backbone network also exclusively won by ZTE last
year, will involve the deployment of a WDM ring in Quetta and a
WDM chain from Rawalpindi to Mensehra.

Upon completion of the two new projects, PTCL will have the most
comprehensive WDM backbone network capable of providing the
widest range of telecom services in the country.  The network
coverage will span up to 6000km running through most of the
major cities and regions, carrying more than 60% of long haul
data, voice, internet and other services in Pakistan.

PTCL is Pakistan's largest fixed-line carrier with the biggest
all-optical network in the country.

To address increasing market demand for transmission bandwidth,
PTCL commissioned ZTE last year to build a 400G WDM backbone
network comprising ultra long-haul (ULH) and large-capacity
Dense Wavelength Division Multiplexing (DWDM) as well as new-
generation Multiple Spanning Tree Protocol (MSTP) telecom
platforms.

The entire network is based on advanced IP over DWDM solution to
run PTCL's core IP backbone network using DWDM equipment.  PTCL
was very impressed with ZTE's highly efficient deployment
expertise and outstanding performance of its network solutions
resulting in the company awarding the two new WDM backbone
network projects to ZTE.

"It is a great opportunity to again partner with PTCL in
developing their two new WDM backbone network projects," says
Yang Jun, General Manager of Global Marketing, ZTE Transmission
and Power Supply Products.  "In a very competitive telecom
market like Pakistan, we manage to provide customized services
as well as our professional technical support to PTCL, based on
PTLC's business requirements and future growth over the next
couple of years."

ZTE's expertise in network deployment has earned the trust of
many renowned international carriers. The company helped built
large-scale national backbone transmission networks for BSNL
India, CableTel Bulgaria, AR Telecom Portugal, MTN Rwanda's MTN,
Tunisie Telecom Tunisia, and national WDM/DWDM backbone
transmission networks for Paktel Pakistan, GTS Central Europe,
and Orbitel Columbia.

                       About ZTE Corp.

Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.

The group operates both in the domestic and international
market.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 1, 2006, that Fitch Ratings assigned ZTE Corp. Long-term
foreign and local currency Issuer Default ratings of 'BB+'.
Fitch said the rating outlook is stable.


* CHINA: Moody's Says Structured Finance to Pick Up This Year
-------------------------------------------------------------
A new report from Moody's Investors Service and its Beijing-
based affiliate, CCXI, says that structured finance activity in
Greater China in 2007 was low, and that any recovery is likely
to be only gradual due to uncertainty in the global credit
markets.

The report, which covers Hong Kong, China and Taiwan, notes that
total issuance in Greater China fell by 46% during 2007, or from
US$9.6 billion in 2006 to US$5.2 billion last year.

"China's market conditions were not favorable to domestic
transactions during 1H07, and no cross-border deals closed
during the year either.  A total of four pilot deals did close
in Q3 and Q4, but yearly issuance was still below the RMB60
billion (US$8 billion) expected by the market," says Moody's
Assistant Vice President and co-author of the report, Dominique
Gribot-Carroz, who also heads the company's business development
activities for structured finance in Ex-Japan Asia.

Nevertheless, the report also says that Chinese commercial banks
will seek to securitize their existing assets this year so they
can release their lending quotas; therefore, subject to official
approval and market conditions, issuance from financial
institutions is likely to rise in 2008.  For non-financial
institutions, new selective asset management plan regulations
should be promulgated in 2008, and issuance may resume as a
result.

In Taiwan, issuance was dominated by five collateralised bond
obligations out of the total 11 deals, all of which were
domestic, which closed in 2007 -- though there were no deals
closed in Q4 2007.

"Of note, in Taiwan there were two asset-backed securitisation
deals closed in 2007 with new types of underlying asset to the
Taiwan market; namely the first equipment lease and ground lease
receivables ABS," says Cheryle Chang, a Moody's analyst and also
a co-author of the report.

Meanwhile, Hong Kong's abundant liquidity provided alternative
sources of funding and there were no deals closed during the
year; market conditions may have also prevented activity towards
the end of the year.

"As and when global debt capital market conditions normalize,
Moody's sees potential for new cross-border securitizations from
China and a few RMBS in Hong Kong," says Gribot-Carroz, adding,
"In Taiwan, RMBS and CLO could emerge if market conditions
improve, while new CBO are likely even though we expect
decreased numbers of issuances."

The report, entitled "2007 Year-in Review and 2008 Outlook:
Structured Finance in Taiwan, China and Hong Kong: Low Activity
in 2007; Progressive Pick-up Expected in 2008," can be found at
http://www.moodys.comand http://www.ccxi.com.cn/ It is part of
a six-part series, called "Asian Structured Finance -- 2007 Year
in Review and 2008 Outlook":

   -- Asian Structured Finance: Will the Year of the Rat be
      More Favorable for Cross-Border Markets?

   -- Structured Finance in South Korea: Growth Driven by CDO

   -- Structured Finance in India: Growth Continues

   -- Structured Finance in Taiwan, China and Hong Kong: Low
      Activity in 2007, Progressive Pickup Expected in 2008

   -- Structured Finance in Southeast Asia: Cautious
      Environment But Growth Seen in Malaysian Domestic Market

   -- Regional Derivatives in Asia: Will 2008 Mirror 2007?




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


TATA MOTORS: Signs US$3-Billion Loan with Citigroup, JPMorgan
--------------------------------------------------------------
Tata Motors Ltd. has signed a one-year US$3 billion bridging
loan with Citigroup Inc. and JPMorgan Chase & Co. for the
purchase of Ford Motor Co.'s Jaguar and Land Rover units, Dow
Jones Newswires reports citing an unnamed person familiar with
the deal.

Citigroup and JPMorgan are Tata Motors' financial advisers on
the acquisition, the report relates.  As reported on Monday, the
State Bank of India was tapped as lead manager in raising the
funds.

Tata Motors became the front-runner to buy Jaguar and Land
Rover, outbidding Mahindra & Mahindra in collaboration with
buyout firm Apollo; and One Equity Partners LLC.  The
announcement for a deal between Tata Motors and Ford is expected
since Monday.

According to a Reuters report, the company is already keen to
close the Jaguar/Land Rover deal by the end of this month with
the rising borrowing costs.

"It's just a matter of time now ... Tata will obviously want to
do the deal by March 31 so they can account for it this fiscal,"
Reuters quoted PriceWaterhouseCoopers Partner Abdul Majeed, as
saying.  The close of the 2007/08 fiscal year is on
March 31, 2008.

With the global credit crunch, a deal now would be more
expensive than what was initially planned for, Mr. Majeed
pointed out.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA STEEL: Mulls Raising INR4,000 Crore Overseas
-------------------------------------------------
Tata Steel Ltd. is eyeing raising INR4,000 crore by issuing non-
fungible global depositary receipts that are not convertible
into equity shares, The Economic Times reports.

Tata Steel reportedly needs the money to part-finance its
acquisition of Corus.

Tata Steel bought Corus for US$12.9 billion in January last
year, contributing US$4.1 billion to fund the purchase, raising
US$6.14 billion of loans, and raising another US$2.66 billion as
bridge finance, ET relates.

The financial daily, citing unnamed merchant banking sources,
Tata Steel has already initiated talks with institutional
investors regarding the prospect of launching the instrument.
The GDRs will not carry voting rights assuring non-dilution of
the promoters' stake, ET notes.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd., and changed the
outlook to negative from stable.




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


ADAM AIR: Loses Half of its Fleet After Default
-----------------------------------------------
Adam Air may face temporary closure after a leasing firm seized
more than half its fleet when the airline defaulted on payments,
various reports say, citing Company President Director Adam
Suherman.

According to Reuters, the shortage of available planes forced
the airline to cut back several scheduled flights.
Transportation Minister Jusman Djamal told The Associated Press
that the airline has sliced its number of routes from 52 to 12.
It has three weeks to prove it is economically viable, he added.

Mr. Djamal also said that if the airline cannot meet its
financial obligations, "its operating license will be revoked.

Mr. Suherman told Reuters that the airline's 22 planes are all
in default but he still trying to work out a way to restructure
the payments.  The firm needed a cash injection and faced a
deadline later this week over insurance payments, he added.

The Press notes that Mr. Suherman said there were no plans to
file for bankruptcy.

"There is a possibility starting on March 21 Adam Air will
temporarily cease operations until there is a decision from the
shareholders regarding the insurance premium.  I have informed
the shareholders that the company needs a cash injection," Mr.
Suherman was quoted as saying.

According to The Press, Global Transport Service and Bright Star
Perkasa -- which together control 50% stake in Adam Air --
decided to sell their shares back to the owner citing financial
mismanagement.  Adam Air's "life expectancy is less than a
month," said GTS director Gustiono Kustianto told Forbes.  The
airline has outstanding debt of US$14 million to aircraft
leasing companies and free capital of just US$4.8 million, he
said.

Moreover, PT Bhakti Investama Tbk, an investment firm, which
indirectly owns 50% of Adam Air, will sell its stake in the
airline back to MR. Suherman, for IDR100 billion, Reuters
relates citing Bhakti Lawyer Hotman Paris Hutapea.  Bhakti has
injected as much as IDR157 billion in the airline, since it
agreed in April 2007 to buy a 50% stake, Hutapea added.

Nury Sybli of Reuters writes that aside from the airline's
financial problem, it is also facing safety issues.

                      About Adam Air

Adam Air, (incorporated as PT. Adam SkyConnection Airlines) --
http://www.adamair.co.id/-- is a privately owned airline based
in Jakarta, Indonesia.  It operates scheduled domestic services
to over 20 cities and international services to Penang and
Singapore.  Its main base is Soekarno-Hatta International
Airport, Jakarta.

Although sometimes referred to as a low-cost carrier, it markets
itself as an airline, which straddles between low-cost and
traditional carriers by offering on-board service with meals,
but at competitive prices, similar to the model adopted by
Singapore-based Valuair. Prior to the crash of flight 574, it
was the fastest growing low-cost carrier in Indonesia.


DIRECTED ELECTRONICS: Posts 4Q & FY 2007 Financial Results
----------------------------------------------------------
Directed Electronics, Inc. disclosed financial results for the
fourth quarter and year ended December 31, 2007.

    Fourth Quarter Financial Highlights:

    -- Q4 net sales and adjusted EBITDA of US$152 million
       and US$29 million, respectively

    -- Paid down US$40 million of term debt as compared to 2007
        requirement of US$3 million resulting in 4.5x leverage,
        well within December 31, 2007, debt compliance ratio

    -- Pro forma EPS of US$0.41 per share, excluding US$146
       million, net of tax,of non-cash impairment charges
       related to goodwill and intangibles.

       These results included US$0.05 of non-cash charges
       related to early debt retirement and certain tax
       expenses.  Excluding these non-cash items, pro forma EPS
       was US$0.46 per share

    -- Including non-cash impairment charges, GAAP net loss for
       the fourth quarter of 2007 was (US$136.0) million, or
       (US$5.25) per diluted share

    Recent Operating Highlights:

    -- Expanded distribution with Polk Audio adding Best Buy and
       Apple Stores

    -- Renegotiated debt agreement increasing total leverage
       covenant

    -- Reduced risk in satellite radio business with amended
       SIRIUS agreement

    -- Appointed Kevin Duffy to the role of Chief Financial
       Officer
    -- Implementing plan to reduce US$5 million of annualized
       operating expenses

    -- Improved cash flow from working capital and operating
       improvements

"In the fourth quarter, we accomplished most of our goals
including strong sales and EBITDA performance, as well as paying
down US$40 million in term debt bringing our full year 2007 debt
down by US$75 million, or 22%," commented James E. Minarik,
Directed's President and Chief Executive Officer.  "For the full
year of 2007, we experienced a sizeable sales mix shift as our
higher margin, branded security and entertainment business
increased by 30% due to a number of factors including our
acquisition of Polk Audio, single digit increases in security
and convenience, and continued strong performance of our
Definitive Technology home audio speakers, while our satellite
radio sales declined by 46%.  This shift caused our security and
entertainment business to increase from 51% of our sales in 2006
to 72% of our sales in 2007 while also driving our gross margins
upwards by over 600 basis points to 35%.

"Despite the strong fundamentals of our business including
approximately US$59 million in adjusted EBITDA and over US$400
million in net sales for 2007, we have taken a non-cash
impairment charge of US$146 million, net of tax, related to
goodwill and intangibles resulting in a GAAP net loss of US$140
million.  This was due primarily to the decline in our stock
price as compared to our book value. However, while this is a
large number, I want to emphasize that this was a non-cash
charge and does not affect our on-going operations.

"While the current economic environment and our market
conditions may be more difficult than in the recent past, we
expect the combination of our expanded distribution of home
audio products at Best Buy and Apple Stores, our improved debt
position, and our focus on cost cutting initiatives will
ultimately lead to a stronger company."

Fourth Quarter 2007 Versus Fourth Quarter 2006

                           Sales

Net sales in the fourth quarter of 2007 were US$152.0 million
compared with net sales of US$210.3 million in the fourth
quarter of 2006.  The fourth quarter sales decline was largely
driven by lower satellite radio sales. Gross sales of security
and entertainment products were US$101.2 million in the fourth
quarter of 2007 compared with US$103.6 million for the same
period in 2006.  Security and convenience, as well as home audio
sales, increased in Q4 driven by higher sales of remote start
due to cold weather and successful new product introductions.
These increases were offset by a decline in mobile video and an
approximate US$4 million decrease in Directed-designed satellite
radio accessories, which are included in mobile audio sales, due
to the overall slowdown in the retail satellite radio market.

As expected, fourth quarter 2007 gross sales of satellite radio
products decreased 51.0% to US$56.2 million from US$114.0
million in the fourth quarter of 2006.

                        Gross Profit

For the fourth quarter of 2007, pro forma gross margin increased
610 basis points to 34.6% compared with 28.5% in the prior year.
GAAP gross margin increased 850 basis points to 34.3% compared
with 25.8% in the prior year.  The increase during the period
was due to the sales mix shifting to higher-margin security and
entertainment product sales.

                     Operating Expenses

Pro forma operating expenses were US$26.3 million in the fourth
quarter of 2007, or 17.3% of revenue, compared with US$27.4
million, or 13.0% of revenue, in the prior year.  The company
initiated a program in the first quarter of 2008 to improve
operating efficiency and expects to save approximately US$5
million on an annualized basis.

GAAP operating expenses were US$221.1 million in the fourth
quarter of 2007 compared with US$28.8 million in the fourth
quarter of 2006.  The company's 2007 fourth quarter GAAP
operating expenses included a US$194.8 million non-cash goodwill
and intangible impairment charge.

               EBITDA and Net Income (Loss)

Fourth quarter 2007 pro forma EBITDA (earnings before interest,
taxes, depreciation and amortization, including goodwill and
intangibles impairment) was US$28.8 million compared with
US$34.7 million in the comparable prior year period.  Adjusted
EBITDA, which includes adjustments as defined by the company's
lending agreement, was US$29.1 million in the fourth quarter.  A
quantitative reconciliation from the company's GAAP results to
its pro forma and adjusted results is provided in the
accompanying tables.

Pro forma operating income was US$26.3 million in the fourth
quarter of 2007 compared to US$32.5 million in the fourth
quarter of 2006.  Pro forma net income was US$10.7 million, or
US$0.41 per diluted share, in the fourth quarter of 2007
compared with US$15.4 million, or US$0.59 million per diluted
share, in the prior year period.  Fourth quarter 2007 pro forma
net income included US$0.02 per diluted share related to the
write-off of non-cash financing fees associated with the
company's US$39.2 million prepayment of debt, as well as US$0.03
of non-cash tax expense related to the delivery of previously
scheduled RSU's.  Excluding these non-cash charges, fourth
quarter 2007 pro forma net income was US$0.46. GAAP net loss for
the fourth quarter of 2007 was (US$136.0) million, or (US$5.25)
per diluted share, compared with net income of US$10.8 million,
or US$0.41 per diluted share, in the prior year.

           Full Year 2007 Versus Full Year 2006

                           Sales

Net sales were US$401.1 million for the full year of 2007, a
decrease of 8.4% compared with net sales of US$437.8 million for
the full year of 2006.  Gross sales of security and
entertainment products were US$298.1 million for the full year
of 2007, an increase of 29.9% compared with US$229.4 million for
the full year of 2006.  Gross sales of satellite radio products
were US$117.9 million for the full year of 2007, a decrease of
46.4% compared with US$220.1 million for the full year of 2006.

                        Gross Profit

Pro forma gross profit increased 11.4% to US$143.1 million for
the full year of 2007 compared withUS$128.5 million for the full
year of 2006.  Pro forma gross margin increased to 35.7% in 2007
from 29.4% in 2006.  GAAP gross profit increased 15.6% to
US$141.7 million for the full year of 2007 compared with
US$122.6 million for the full year of 2006.  GAAP gross margin
increased to 35.3% in 2007 from 28.0% in 2006.  The gross margin
improvement was primarily due to increased sales of higher
margin Polk Audio and Definitive Technology products combined
with reduced sales of lower margin satellite radio receivers.

                    Operating Expenses

Pro forma operating expenses were US$95.2 million, or 23.7% of
net sales, for the full year of 2007 compared with US$67.2
million, or 15.4% of net sales, in 2006.  For the full year,
operating expenses increased due to the full year inclusion of
Polk Audio and the acquisition of Trilogix.  GAAP operating
expenses were US$295.5 million in 2007 compared withUS$71.0
million in 2006.  The company's 2007 GAAP operating expenses
included a US$194.8 million non-cash goodwill and intangible
impairment charge and US$5.5 million related to the settlement
of previously disclosed patent litigation.

               EBITDA and Net Income (Loss)

For the full year of 2007, pro forma EBITDA was US$57.6 million
compared with US$68.0 million for the full year of 2006.
Adjusted EBITDA, which includes adjustments as defined by the
company's lending agreement, was US$58.7 million in 2007.

Pro forma operating income was US$47.9 million for the full year
of 2007 compared with US$61.3 million for the full year of 2006.
Pro forma net income for the full year of 2007 was US$10.7
million, or US$0.41 per diluted share.  Full year 2007 pro forma
net income included US$0.02 per diluted share related to the
write-off of non-cash financing fees associated with the
company's US$39.2 million prepayment of debt, as well as US$0.05
of non-cash tax expense related to the delivery of previously
scheduled RSU's. GAAP net loss for 2007 was (US$140.0) million,
or (US$5.40) per diluted share, compared with GAAP net income of
US$21.0 million, orUS$0.81 per diluted share, in 2006.

               Balance Sheet and Cash Flows

The company generated US$87.0 million of operating cash flow for
the full year of 2007, compared with (US$20.2) million of
operating cash used for the full year of 2006.  The company
primarily used operating cash flow to repay US$75.3 million of
debt, including US$42.3 million of term debt, and to acquire
Trilogix Systems.  As of December 31, 2007, debt totaled
US$266.9 million.  The company was in compliance with all of its
debt covenants as of December 31, 2007.

The company recently renegotiated its term debt lending
agreement including changes to the following key terms:

    -- Increased allowable total leverage ratio to 5.25x through
       Q1 2009 stepping down to 4.95x through Q4 2009 with step-
       downs thereafter consistent with the previous lending
       agreement.  Prior to the amendment, the company's total
       allowable leverage ratio was 4.85x with step-downs to
       4.60x as of June 30, 2008 and 3.95x as of June 30, 2009.

    -- Modified loan pricing to LIBOR plus 350 basis points when
       the company is under 4.5x of leverage and LIBOR plus 400
       basis points when the company is over 4.5x of leverage.
       Previously, the company's debt was priced at LIBOR plus
       250 basis points.  Taking into account the increased
       interest rate margin, the company still expects interest
       expense to decline in 2008 as compared to 2007 due to
       carrying lower levels of debt, as well as due to a
       decline in LIBOR.

    -- Modified other terms including revolver availability,
       prepayment requirements, right to execute accounts
       receivable sale/securitization, and permitted add-backs
       to adjusted EBITDA.

"For the latter part of 2007 and going forward, we are
increasing our focus on improving our overall balance sheet and
operating expense structure," stated Kevin Duffy, Chief
Financial Officer.  "Specifically, we have made improvements in
our use of working capital by improving our accounts payable
terms and implementing tighter A/R and inventory controls, which
should ultimately translate into increased debt retirement.
Additionally, with the support of our lenders, we have
successfully amended our debt agreement to provide greater
strategic and financial flexibility.

"Over the last several months, we have also analyzed and
identified cost savings across our operations.  In the first
quarter of 2008, we began implementing cost-cutting initiatives
which we ultimately expect to generate US$5 million in
annualized savings consisting of attrition, reduction in
temporary labor, and operating efficiencies."

During the fourth quarter of 2007, the company conducted its
annual impairment testing required by SFAS No. 142, "Goodwill
and Other Intangible Assets," for fiscal 2007.  As a result of
the evaluation, the company determined that the carrying amount
of the goodwill exceeded its implied fair value, and recognized
a non-cash impairment charge to goodwill and intangibles in the
amount of US$146.4 million, net of tax.  The goodwill impairment
charge was primarily the result of the decline in the company's
stock price.

                          Guidance

The company has elected to discontinue providing guidance for
2008 due to a number of factors including the historical
volatility of satellite radio sales and the pending merger
between SIRIUS and XM, which has also caused SIRIUS to suspend
guidance.  These factors, along with the slowing economy, have
increased the difficulty of accurately predicting net sales and
earnings.

                Conference Call and Webcast

Directed Electronics will host a conference call and webcast to
discuss its financial results today at 5:00 p.m. Eastern Time.
The conference call may include forward-looking statements.
This call will be webcast live on the Investor Relations section
of the company's website at http://www.directed.comand will be
archived and available for replay approximately three hours
after the live event.  The audio replay will be available
through 11:59 p.m., March 31, 2008.  The Company's financial
results are also available online at http://www.directed.com/

To participate in the conference call, investors should dial
800-762-8779 ten minutes prior to the call.  International
callers should dial 480-248- 5081.  A telephone replay of the
call will be available through 11:59 p.m. Eastern Time on
March 31, 2008, by calling 800-406-7325 (passcode: 3853738).
International callers should dial 303-590-3030 and use the same
passcode.

                 About Directed Electronics

Directed Electronics, Inc. (Nasdaq: DEIX) --
http://www.directed.com/-- is the largest designer and marketer
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radioproducts.
Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base.  The company has Asian Sales offices, including
in Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 3, 2007, Moody's Investors Service downgraded Directed
Electronics' corporate family rating to B2 from B1 and the
probability of default rating to B3 from B2 following continued
softness in the company's operating performance.  At the same
time, the ratings on the senior secured credit facility (term
loan and revolver) were also downgraded to B2 from B1 and the
ratings were placed under review for further possible downgrade.
LGD assessments are also subject to change.

Oct. 13, 2006, Standard & Poor's Ratings Services lowered its
ratings on consumer electronics maker Directed Electronics Inc.
following its acquisition of Polk Audio Inc., a provider of
loudspeakers and audio equipment for homes and cars, for US$136
million in cash.  The corporate credit rating was lowered to B+'
from 'BB-', and was removed from CreditWatch negative where it
was placed on Aug. 25.


PARKER DRILLING: Discloses Resolution of Kazakhstan Tax Case
------------------------------------------------------------
Parker Drilling Company disclosed US$20 million reduction in the
interest assessment in accordance with the recent ruling of the
Kazakhstan court.  The payment of the reduced assessment of
US$13 million is the final resolution of the pending Kazakhstan
tax case and will result in the company recognizing net income
of approximately US$11 to US$12 million.

Mr. Robert L. Parker Jr., chairman and chief executive officer
said: "We are pleased to report that this long-pending matter in
Kazakhstan has been resolved."

Separately, the company stated that a subsidiary is currently
engaged in negotiations with its Saudi Arabian partner regarding
the subsidiary's interest in the joint venture, including terms
for the subsidiary to no longer provide funds to the joint
venture.  The company can provide no assurances that the
negotiations will result in an agreement or transaction with the
Saudi Arabian partner.

                Kazakhstan Tax Case History

The final resolution of the amount of interest payable relates
to the tax case that originated in 2001 when the Tax Committee
of the Ministry of Finance of the Republic of Kazakhstan
assessed income taxes on the Kazakhstan branch of the company's
subsidiary, based on reimbursements that the subsidiary received
from its customer for performing modifications to barge rig 257
prior to its mobilization into Kazakhstan.  The branch objected
to this assessment and the Supreme Court of Kazakhstan ruled in
favor of the branch on two occasions, holding that the income
tax assessments were improper under the U.S.-Kazakhstan Tax
Treaty as U.S. taxes had already been paid on these
improvements.  In October 2005 MinFin re-assessed income taxes
on the branch, based on the same reimbursements and the SCK
ultimately ruled in favor of MinFin in July 2007.  As previously
reported, when efforts to resolve the matter pursuant to the
mutual agreement procedure of the Treaty were not successful, in
December 2007 the branch paid US$26 million in income taxes to
the Republic of Kazakhstan pursuant to a previously reported tax
assessment.  The payment was exclusive of interest and net of
estimated taxes previously paid of approximately US$12 million.
The company will receive a foreign tax credit for this payment
against future tax payments, which would otherwise be paid to
the United States Treasury, excluding any currency exchange
losses.  In response to the appeal by the branch of the interest
assessed, in February 2008 the Atyrau Economic Court ruled that
interest was only payable from and after the date of the October
2005 assessment, instead of the original 2001 assessment date.

                   About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

The Troubled Company Reporter-Asia Pacific reported on
July 4, 2007, that Standard & Poor's Ratings Services assigned
its 'B-' rating to contract drilling and rental tool provider
Parker Drilling Co.'s proposed US$115 million convertible senior
notes due 2012.  At the same time, S&P affirmed the 'B'
corporate credit rating on Parker and the 'B-' rating on its
US$150 million senior floating rate notes due 2010 and US$225
million senior notes due 2013.  The outlook is positive.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


PARKER DRILLING: 2007 Revenue Up 12% to US$654.6 Million
--------------------------------------------------------
Parker Drilling Company reported strong financial and operating
results for the three and twelve months ended December 31, 2007.
Highlights for 2007 include:

    * Record company revenues of US$654.6 million, a 12%
      increase over the prior year;

    * Record earnings before interest, taxes, depreciation and
      amortization (EBITDA) of US$261.8 million, a 28%
      increase over the prior year;

    * Record net income of US$104.1 million, a 28% increase over
      the prior year;
    * Record EBITDA for U.S. barge rig operations of US$128.7
      million, a 23% increase over 2006;

    * Record EBITDA for Quail Tools of US$83.7 million for the
      year, an 11% increase over 2006, and record quarterly
      EBITDA of US$25.0 million;

    * Fourth quarter 2007 international land rig utilization of
      83%, nearly double the 46% in the fourth quarter last
      year; and

    * A company-best safety mark of 0.81 Total Recordable
      Incident Rate (TRIR) for 2007, below last year's record
      0.86 TRIR.  TRIR is a workplace safety indicator standard
      used in the drilling industry.

Robert L. Parker Jr., chairman and chief executive officer of
Parker Drilling, said: "Parker delivered another solid quarter
and outstanding results for the year 2007, our fifth consecutive
year of rising revenues, net income and EBITDA, driven by strong
performances across our diverse businesses of contract drilling,
project management and rental tool services.  Our ability to
anticipate the geographic and technological needs of our
customers continues to be a key contributing factor in our
success, and will be the principal driver of our long-term
strategies."

For the year ended December 31, 2007, Parker reported revenues
of US$654.6 million and net income of US$104.1 million or
US$0.94 per diluted share.  This compares to revenues of
US$586.4 million and net income of US$81.0 million or US$0.75
per diluted share for the year ended December 31, 2006.  Non-
routine items in 2007 resulted in a net benefit of US$9.1
million or US$0.08 per diluted share and included after-tax gain
of US$0.07 per diluted share from the sale of two workover barge
rigs in January, a non-cash FIN 48 tax benefit of US$0.18 per
diluted share related to the Kazakhstan tax payment in December,
a US$0.16 per diluted share reserve relating to the joint
venture operations in Saudi Arabia and after-tax charges of
US$0.01 per diluted share for debt extinguishment and other
items.  Net income for 2006 included income from non-routine
items of US$0.14 per diluted share.  The details of the non-
routine items for the year and the quarter are available on
Parker's website and can be viewed or downloaded by going to
"Investor Relations" and then to "Reconciliation of Non-Routine
Items."

For the year ended December 31, 2007 total EBITDA was US$261.8
million, a 28% increase over the US$205.0 million reported for
2006.  The details of the EBITDA calculation, a non-GAAP
financial measure, for the current and prior periods are defined
and reconciled later in this press release to their most
directly comparable GAAP financial measure.

Capital expenditures for the year ended December 31, 2007,
totaled US$242.1 million.  The company's cash and cash
equivalents totaled US$60.1 million and total debt was US$373.7
million at December 31, 2007.

         Fourth Quarter Earnings and Financial Review

For the three months ended December 31, 2007, Parker reported
earnings of US$34.6 million, or US$0.31 per diluted share, on
revenues of US$180.8 million.  This compares to revenues of
US$146.3 million and net income of US$37.2 million or US$0.34
per diluted share for the fourth quarter of 2006.  Net income in
the fourth quarter 2007 included a loss of US$8.4 million or
US$0.07 per diluted share related to the financial results from
operations of the Saudi Arabia joint venture.  It also included
net non-routine income of US$0.08 per diluted share or US$8.6
million, consisting of a US$17.6 million reserve relating to the
joint venture operations in Saudi Arabia and a US$25.6 million
FIN 48 tax benefit.  Net income in the fourth quarter of 2006
included net non-routine income of US$0.12 per diluted share or
US$12.8 million, of which US$12.6 million was non-cash deferred
taxes.

EBITDA was US$69.7 million for the fourth quarter of 2007, 35%
higher than the US$51.7 million reported in the fourth quarter
of 2006.  Higher utilization and dayrates resulted in a 91%
EBITDA improvement for international operations.  Quail Tools,
Parker's drilling and production rental tools subsidiary,
achieved record EBITDA of US$25.0 million, which exceeded the
record set in the third quarter of 2007 by 20%.  Average
utilization for barge rigs drilling in the Gulf of Mexico
transition zone for the fourth quarter 2007 of 83% remained
unchanged from the third quarter 2007 and was a substantial
increase from the 68% reported for the fourth quarter 2006.
Current barge rig utilization is 75%.  The company's deep
drilling barge dayrates in the Gulf of Mexico averaged US$43,900
per day for the fourth quarter 2007, down nine% from the third
quarter.

The average utilization of international land rigs for the
fourth quarter 2007 increased to 83%, up from the 75% reported
for the third quarter 2007 and nearly doubling the 46% in the
fourth quarter 2006.  Current international utilization is 79%.

As previously disclosed in our periodic filings, the joint
venture operations in Saudi Arabia have experienced delays and
unanticipated costs.  Due to these issues, contractual deadlines
regarding the commencement of drilling operations for the rigs
have not been met.  In addition, the joint venture has incurred
and continues to incur significant capital costs and equipment
rental fees to expedite commissioning and continued operation of
the rigs and is in discussions with its customer, Saudi Aramco,
to resolve the timing and cost issues associated with the
project.

                    Kazakhstan Tax Update

Parker's Kazakhstan subsidiary received notice yesterday of a
decision from the Atyrau Economic Court canceling the previous
assessment of approximately US$33 million of interest dating
back to 2000 and requiring a recalculation of the interest
assessment from October 12, 2005, through December 12, 2007, the
date the principal amount of the tax was paid.  Although the
subsidiary believes that there is factual and legal support for
this decision, it is anticipated that the Ministry of Finance
will appeal this decision.

                          Summary

Parker continued, "We continue to realize the substantial
benefits of repositioning our international land fleet to long-
term contracts with strong margins in markets with long-term
visibility for growth.  Demand in international land markets is
solid, and we expect continued strength from this business,
considering the fourth quarter announcement of new contracts in
Mexico and Kazakhstan.

"Quail Tools continued its outstanding performance, as fourth
quarter EBITDA significantly exceeded third quarter's record
results.  Quail is reaping substantial benefits from the
increasing deepwater activity in the Gulf of Mexico, and is also
seeing an upswing in contributions from its Williston Basin and
Barnett Shale markets.  We continue to remain confident in the
strength of this segment.

"Our U.S. barge rig segment completed the fourth quarter of 2007
with strong results.  In the near term, we expect our U.S. barge
segment to remain active.  Deep barge dayrates have leveled off
and 90% of the deep barge fleet is committed through the first
quarter.  We expect our intermediate barge rig segment to
experience some weakness in the first half of 2008.

As we enter 2008, we will continue to lead the industry in
innovation with our new rig designs, will push our operational
performance to new heights in efficiency and safety, and will
grow in accordance with our disciplined strategic plan.  This
constant evolution of our high-performance drilling solutions is
the hallmark of Parker Drilling's ability to anticipate the
needs of our customers around the world.  I am confident that
this level of performance will result in strong returns across
our operating segments."

                   About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

The Troubled Company Reporter-Asia Pacific reported on
July 4, 2007, that Standard & Poor's Ratings Services assigned
its 'B-' rating to contract drilling and rental tool provider
Parker Drilling Co.'s proposed US$115 million convertible senior
notes due 2012.  At the same time, S&P affirmed the 'B'
corporate credit rating on Parker and the 'B-' rating on its
US$150 million senior floating rate notes due 2010 and US$225
million senior notes due 2013.  S&P said the outlook is
positive.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


PERUSAHAAN GAS: Plans to Build Gas Pipeline in North Sumatra
------------------------------------------------------------
Perusahaan Gas Negara Tbk plans to build a 664-kilometer gas
transmission pipeline linking Sumatra's towns of Duri, Dumai and
Medan, Thomson Financial reports.

The company, the report notes, said the construction of the
pipe, with a capacity of carrying 250-300 million standard cubic
feet per day, will begin in 2009 and will completed in 2011.

According to the report, gas will be supplied by ConocoPhillips'
gas fields in North Sumatra,

Moreover, the company has been appointed by the government as
project leader to build an LNG receiving terminal in West Java,
with the help of PT Perusahaan Listrik Negara and PT Pertamina,
the report relates.

The LNG terminal, Thomson says, will have a capacity of 3.0
million tons of LNG per year or 400 mmscfd.  Gas will be
supplied from the Bontang LNG project developed by Total, as
well as from the Tangguh LNG project developed by BP, the report
adds.

                   About Perusahaan Gas

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

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

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

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

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

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

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




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


ALITALIA SPA: Board Accepts Air France-KLM's Binding Offer
----------------------------------------------------------
Alitalia S.p.A.'s Board of Directors resolved unanimously on
March 15, 2008, in favor of Air France-KLM's proposal and
decided to give the mandate to Chairman Maurizio Prato to sign
the acceptance letter.

The offer is subject to a number of effectiveness conditions to
be fulfilled by March 31, 2008.

The Board has carried out its evaluation of the Binding Offer
also in light of the worsened airline sector and macro economic
scenario, as well as considering the critical situation of the
Company and available alternatives.

The Board believes that such proposal offers the appropriate
solution to preserve the Company's assets and to promote its
rapid and stable restructuring and its development in the long-
term, also in light of the benefits coming from the synergies
deriving from the integration with the global leader of the
airline industry.

Consistently with the resolution taken, the Chairman signed the
acceptance letter of the Agreement.

                    Strategic Premises

The scenario and the competitive environment of the air
transport sector are rapidly moving towards forms of integration
and consolidation involving a very limited number of hub
carriers, which enable the achievement of some important
benefits:

    * Higher critical mass, which allows to benefit from
      relevant economies of scale in terms of costs and
      revenues, and decreases the carrier's vulnerability to the
      high cyclicality and volatility that characterize the
      industry;

    * Access to very significant and stable synergies, which
      cannot be achieved through traditional alliances amongst
      airlines.

In this environment, there is an emerging trend in the industry
to leave only niche positioning to traditional carriers, which
although operating efficiently, have a limited size and operate
on a stand-alone basis.

The airline industry is currently facing a cyclical downturn,
worsened by the steep increase in fuel costs during these last
months and by the general deterioration of the macro economic
scenario.

Alitalia is going through a highly critical situation, causing a
progressive erosion of its liquidity position worsened by the
aforementioned economic and industrial scenario.

The Company has confirmed on a number of occasions, including
when it approved the 2008 Budget, the need of a significant
capital increase and to reduce in a sizeable manner
its losses and the erosion of its equity through strategic
actions marked by strong discontinuity with the past.

The Plan for Survival/Transition, approved by the Company in
September 2007, already included such actions of discontinuity
through the new network design, the suspension of flights
recording significantly negative economic results, and the
subsequent downsizing of the fleet.  Key strategic premise to
that plan was the impossibility to pursue a stand alone
positioning of the Company outside an industrial and financial
integration with a strong carrier able to generate synergies.

Following the approval of the Plan, the Company initiated a
process aimed at identifying a partner who would share the need
to favor the restructuring, the re-launch and the development of
the Company.

On Dec. 6, 2007, Air France-KLM presented a non-binding offer
for the potential integration with Alitalia.  On Dec. 21, 2007,
the Board of Directors resolved in favur of Air France-KLM's
proposal considering it appropriate to offer to the Company the
adequate solution to preserve the Company's assets and to
promote its rapid and stable restructuring, giving mandate to
the Chairman to start a period of exclusive negotiations.

The Industrial Plan 2008-2010, prepared during the exclusivity
period -- Jan. 18, 2008, to March 14, 2008, ended the and
assumes the execution of a EUR1billion rights issue.

Such Plan is the platform on which to add the synergies deriving
from the integration of the Company with the Air France-KLM
group.

For Air France-KLM the approval of such plan represents an
essential condition for the integration of Alitalia in the
French-Dutch Group.

                       About Alitalia

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

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

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


ALITALIA SPA: Board Approves 2008-2010 Industrial Plan
------------------------------------------------------
Alitalia S.p.A.'s Board of Directors has approved a new three
year industrial plan (2008-2010).  This plan was prepared by
Alitalia starting from the Plan for Survival Transition as a
basis and incorporating the outcomes of the exclusivity
negotiations completed with Air France-KLM SA for the Company's
restructuring and relaunch in the context of the integration
with the Franco-Dutch group.

                         Assumptions

The Industrial Plan 2008-2010, which maintains a close
continuity with the Plan of Survival/Transition approved in
September 2007 and is in line with the 2008 Budget, envisages:

    * an initial restructuring phase -- pursued through a
      shrinking of the fleet, suspend flights with strongly
      negative economic results, an increase in the efficiency
      of the cost structure and a significant recovery in
      productivity; and

    * A re-launch and development phase from 2010, through the
      renewal of the fleet.

The new strategic positioning Alitalia confirms its historical
mission: a carrier, which serves Italy, focusing on Italy as
the center of its network, offering better schedules and
connections from all the most important Italian cities to the
rest of the world and vice versa.

The new Alitalia's industrial mission hinges on:

    * choosing Roma Fiumicino as reference hub, pivotal to the
      Italian market and a natural traffic basin, to maximize
      exploitation of Fiumicino's characteristics;

    * focusing on Milan as a key gateway, with point-to-point
      activity from/to international and intercontinental
      destinations;

    * suspending flights with negative economic results and
      increasing connections and frequencies;

    * re-launching Alitalia's brand in Italy and all over the
      world, in line with the new network positioning;

    * focusing product and marketing investments on the most
      important origin/destination markets from and to Italy:
      United States, Canada, Japan, South America and
      Mediterranean basin.

                  Key Strategic Actions

Hub and Spoke

There will be a single "hub and spoke" network organization,
offering a financially sound portfolio of international and
intercontinental destinations to Italian customers as well as to
customers from foreign countries.  The choice of Rome as
Alitalia's single hub is consistent with the features of point-
to-point traffic to Rome, mainly inbound, which is better and
more efficiently served with a hub and spoke network
organization, on a single airport concentrating strong services
to major medium and short haul destinations.

Milan as Gateway

Milan will be a strong gateway, with services to and from
international cities and selected intercontinental destinations
characterized by consistent traffic flows.

The network strategy for the Milanese airports platform will be
organized to recover Alitalia's market share in Milan through:

    * meeting business travelers needs through morning
      departures and late afternoon return flights to targeted
      domestic and international destinations;

    * additional developments within the SkyTeam alliance;

    * development of low-cost activities of Volare as done by
      Transavia Netherlands from Amsterdam and Rotterdam and
      more recently by Transavia France from Orly; and

Flight Suspensions

The company will Suspend flights with strongly negative economic
results and with no prospects for recovery in the short term
and, in light of the sharp increase of fuel cost, preserve group
profitability by further rationalizing the network compared to
the Plan for Survival/Transition.

It is important to note that the implementation of such network
adjustments will begin from the 2008 summer season and therefore
the network's structure envisaged in the Industrial Plan is
already reflected on the Alitalia's offer as of March 31, 2008.

Such plan does not envisage any additional relevant changes to
the network for 2009 and 2010, maintaining a nearly constant
product offering over the three years.

Therefore it becomes relevant to highlight the key
characteristics of the product on offer during the 2008 summer
season, comparing it with the 2007 summer season:

    * destinations where the Company operated at a loss in Italy
      and in Europe (Zagreb, Sarajevo, etc) and in the rest of
      the world (Dakar, Shanghai, Mumbai and Delhi) have been
      suspended;

    * increase of the number of connections, with a focus on
      Rome, which in terms of weekly frequencies increase from
      1,406 to 1,601;

    * the new Company's network sizing synthetically envisages
      for the domestic market 24 destinations (served by 44
      routes and 1,265 weekly frequencies), for the
      international market 45 destinations (served by 73
      routes and 928 weekly frequencies) and for the
      intercontinental market 14 destinations (served by 17
      routes and 101 weekly frequencies), considering the
      opening from June 1, 2008, of the new destination of Los
      Angeles;

    * Turin, Verona, Cagliari and Brindisi will be connected
      again to Alitalia's intercontinental network;

    * significant improvement of connectivity between Italian
      cities and intercontinental destinations, with transit via
      Fiumicino reducing connection timing;

    * the connectivity also improves for foreign customers who
      want to get to an Italian city, passing through the
      Alitalia hub, thanks to the wide offering of domestic
      connections throughout the day for each destination (for
      example: flights to Genoa increase from 3 to 6, to Catania
      from 3 to 11, to Venice from 3 to 8, etc.).

Until 2010, as a result of the network redesign, the Industrial
Plan 2008-2010 considers a decrease in activity and passengers,
with a strong increase in the load factor (increase of 1.5
percentage points without considering Volare).

In summary, the overall passenger capacity reduction in 2010 as
compared to 2007 in terms of Average Seats Kilometres offered,
excluding Volare, will be around 10% with a 1% reduction in the
domestic network, 19% in the international network and 6% in the
intercontinental one.

The rationalization of the passenger network will lead to an
increased in yield stemming from the targeted cuts on the worse
performing routes and from a renewed revenue management strategy
able to improve the traffic mix (total increase of average
revenues in passenger business in 2010 for around 9%).

Once the results of the new network structure are consolidated
in 2009 and 2010, the Industrial Plan 2008-2010 envisages a
return to activity growth and to development starting from 2011.

The fleet plan foresees as a consequence a decrease in the short
term, with fewer MD80 and regional aircraft, with growth from
2011 with the entrance of new generation aircrafts.

In 2010 the passenger fleet, excluding Volare, will consist of
137 aircrafts, of which 20 are long haul aircrafts, 101
medium/short haul and 16 regional (of which 4 of the new
generation).

Starting from 2011, the Company will start expanding with the
addition of new generation aircrafts and the complete phase out
of the B767 fleet by 2016 and of the MD80 fleet by 2020.

The 2008-2010 Industrial Plan envisages total investments in the
three years of around EUR850 million mainly related to the
renewal of the fleet and to marketing initiatives aimed to the
product re-launch.

Revenue Improvement

Alitalia will Implement specific commercial actions aimed at
improving revenue and distribution cost performance through:

    * strengthening Alitalia's leadership on the Italian
      domestic market with an improved focus on high value
      customers and an easier access to product;

    * increasing direct sales through a more effective web
      proposition to customers;

    * GDS (Global Distribution System) cost reduction;

    * Leveraging direct marketing strategies.

Service Quality Improvement

Alitalia will implement specific actions to improve the quality
of service to the client, both on the ground and in the air,
through:

    * the renewal of the Fiumicino-Linate shuttle brand, with
      dedicated services at the airports and new services on
      board;

    * the improvement of services for higher value customers
      (check-in, transit desk, fast track at airport security,
      etc.);

    * the improvement of VIP airport lounges with a new design
      and improvement of services (catering, magazine, free
      WI-FI, etc.);

    * the launch of a new policy for punctuality recovery,
      decrease cancellations and baggage handling;

    * the Airbus fleet cabin reconfiguration, with new high
      comfort solutions;

    * the long-haul aircraft cabin reconfiguration with the
      introduction of the Lie-Flat seats in the Magnifica class;

    * the aircraft cabin style refurbishment (colors and
      materials) with a continuous focus on cabin maintenance
      and cleaning;

    * the in flight entertainment improvements in line with the
      Air France-KLM standards;

    * the launch of new catering concept for the Business Class
      and the Magnifica class leveraging on Italian style and
      heritage;

    * the overall brand re-launch, also through new image and
      communication guidelines.

Streamline Cost Structure

The company will implement specific actions to streamline cost
structure.

Concerning labor cost the plan identifies an efficient sizing of
labor force with an overall personnel reduction of around
1,600 units in line with the Plan of Survival/Transition in 2010
compared to 2007.  Redundancies will be managed via normal staff
turnover, incentives for voluntary leaves, utilization of social
tools.

Reduction of costs related to services provided by Alitalia
Servizi, thanks to the revision of service tariffs to market
levels.

In short, the increase in the total cost structure efficiency
generates a decrease in the passenger area unit costs, which
without considering the fuel cost evolution, is in the order of
2% despite the activities reduction versus 2007 earlier
described.

Cargo Business

The Cargo business continues to show extremely critical economic
performances due to a series of reasons:

    * excess capacity due to constant increase in gap between
      offer and demand;

    * consequent yield reduction;

    * rising fuel cost;

    * unfavorable exchange rates evolution (Euro/dollar); and

    * MD11 operating features which combines a high level of
      fuel consumption with constraints on transportable load,
      especially on long-haul routes over nine hours.

The Industrial Plan 2008-2010 assumes that the cargo bellies
activity will continue its normal operations, whereas in 2008
and 2009, the activity of the all-cargo fleet will focus on
those routes with higher operating margins, towards the Far East
and North America, to decrease progressively until closure in
2010.

Expected results from the 2008-2010 Business Plan The Industrial
Plan prepared by Alitalia and Air France-KLM does not include
the synergies generated from the integration.  The plan is, in
fact, developed on a stand alone basis and envisages an
important economic turn around, which will enable the Company
to achieve a positive operating result in 2010.

The synergies arising from the integration with the Air France-
KLM Group will allow the Company to improve the Plan operating
result and, in the medium-long term, to achieve EBITDAR and EBIT
margins in line with those of the main European carriers.

In particular, thanks to the industrial agreement with Air
France-KLM, Alitalia will be able to obtain significant economic
benefits which, as already experienced in the past in other
similar integrations, will involve many business areas, like:
revenue management, network, sales, distribution, purchases, IT,
fleet, etc.

The path aimed at achieving these results requires a capital
increase without which the goals set out in the Industrial Plan
2008-2010 would surely not be achievable.

Thus, the capital increase of EUR1 billion, fully guaranteed by
Air France-KLM, is an essential element for the successful
implementation of the new plan.  The resources given by Air
France-KLM will allow Alitalia to re-balance its financial
structure, as well as providing the Company with the necessary
resources to face an important investment plan.

                       About Alitalia

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

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

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


DELPHI CORP: Moody's Holds (P)B2 Rating on US$3.7-Bln Term Loans
----------------------------------------------------------------
Moody's Investors Service affirmed Delphi Corporation's
Corporate Family Rating of (P)B2 but revised the rating on the
company's US$3.7 billon of first lien term loans.  Moody's also
affirmed Delphi's (P)B3 rating on the company's proposed US$825
million of second lien term loans and its Speculative Grade
Liquidity rating of SGL-2.

The actions follow revisions to Delphi's financing arranged for
its planned emergence from Chapter 11 bankruptcy protection.
While the total amount of the first lien term loan is unchanged
at US$3.7 billion, it will now be separated into a senior
tranche (B-1) for US$1.7 billion, and a junior tranche (B-2) for
US$2.0 billion which an affiliate of General Motors Corporation
will hold as consideration as part of GM's emergence claims.

Moody's upgraded the rating on US$1.7 billion of the more senior
B-1 tranche to (P)Ba2 from (P)Ba3 (the rating applies to both
the domestic portion of US$1.5 billion (previously US$2.95
billion), and the equivalent of US$0.2 billion to its European
subsidiary borrower (previously the equivalent of US$0.75
billion)).  Moody's assigned a rating of (P)B2 to the B-2
tranche.  Moody's said the outlook is stable.

Moody's assigned prospective ratings to Delphi's emergence
financing on Jan. 14, 2008.  Those facilities were launched on a
"best efforts" basis.  In response to challenging credit
markets, certain provisions to the earlier structure have been
revised.  GM will now receive a lower amount of cash at the time
of Delphi's emergence and will accept Delphi notes.  An
affiliate of GM has agreed to accept US$2.0 billion of notes
under the B-2 tranche whose principal will be junior in a
bankruptcy waterfall to claims of the B-1 tranche.  The amount
of cash GM will receive will depend upon amounts raised from
market sources of the second lien term loan issuance but will be
at least US$175 million.  The first US$75 million obtained from
market sources from the second lien term loan would be retained
by Delphi.  GM would be paid any amounts received above US$75
million.  To the extent that market sources subscribe to less
than US$825 million, GM would accept the remainder of the notes
as reimbursement.

Pricing and certain other provisions have also been altered from
the earlier structure.  While lending margins have been
increased from previous levels, LIBOR rates to which those
margins would be added have materially declined in response to
actions taken by the Federal Reserve Bank.  As a result, Delphi
anticipates that its prospective interest expense post emergence
will be slightly less than earlier expectations, but it has
agreed to a floor on LIBOR and would be exposed to any increases
in LIBOR above the floor to the extent it has not hedged that
exposure.

Delphi's operating performance in the final quarter of 2007
exceeded levels in its approved Plan of Reorganization, and, on
a pro forma basis, it would expect to emerge with slightly more
consolidated cash balances than previously contemplated.  While
such trends are encouraging, prospects for North American
automotive production in 2008 have dimmed as macro-economic
factors have increased uncertainty on consumer expenditures on
durable goods such as automobiles.  Should North American
production volumes decline as a result, operating profitability
would likely diminish and could offset any assumption of
incremental performance based on recent experience.  In Moody's
view, there has been no material change in Delphi's prospective
aggregate indebtedness, interest expense or cash flows from
previous expectations.  As a result, Moody's affirmed the (P)B2
Corporate Family Rating since many key metrics remain consistent
with the B2 rating category.

The (P)B2 CFR reflects the magnitude of the company's
indebtedness upon emergence, weak but improving coverage over
the intermediate term as the anticipated benefits of
restructuring initiatives take hold, and the absence of free
cash flow in its initial year after emergence.  The rating
recognizes substantial improvements in the company's cost
structure and operational efficiencies achieved during its
period of bankruptcy re-organization and ongoing benefits from
its global scale and manufacturing footprint.  However, the
rating also considers the extent of the company's exposure to
General Motors Corporation's North American operations.  While
GMNA exposure has significantly declined, it will continue as
the largest individual component in the customer base, leaving
Delphi vulnerable to any further reduction in GM's production
volumes or market share in this critical region.

Delphi's strengths include its geographic diversification, and
large book of long term contracts to supply components for
various vehicle platforms.  The company will have significantly
reduced its legacy liabilities through the bankruptcy process,
shed unprofitable operations, and identified other initiatives
that should improve its operating cost structure and better
position it to compete in the auto parts supply business.
However, the full benefit of these initiatives will only be
achieved over time, and during the near term the company's
financial metrics will remain consistent with ratings at the low
end of the B range.

In particular, it is noted that Delphi will require incremental
restructuring disbursements of roughly US$800 million over the
next few years, which will likely preclude free cash flow
generation during 2008.  It is also noted that Delphi will be
emerging from bankruptcy at a time when economic trends suggest
potential for further weakness in automotive sales.  While the
benefits of restructuring initiatives should yield improvement
in financial metrics over time, economic pressures could temper
the rate of improvement.  Consequently, Moody's continues to
view the company's rating profile as more consistent with the B2
rating category at this time.

The stable outlook is supported by Delphi's liquidity profile,
expectations that the pace of operational improvements will gain
traction over the intermediate term, and the company's
participation in multiple geographic regions with different
growth prospects.  These factors along with an expected
transition to positive free cash flow in 2009 have the potential
to produce stronger coverage ratios and lower leverage going
forward.  Nonetheless, should a weaker environment for
automotive sales develop in 2008, pressure on Delphi's liquidity
and outlook could ensue.

Ratings affirmed with updated LGD assessment:

Delphi Corporation

-- Corporate Family Rating, (P)B2
-- Probability of Default Rating, (P)B2
-- US$825 million second lien term loan, (P)B3 (LGD-4, 65%)
-- Speculative Grade Liquidity rating, SGL-2

Ratings revised on reduced amounts issued:

Delphi Corporation

-- US$1,500 million first lien secured term loan, tranche B-1,
    (P)Ba2 (LGD 2, 17%) from (P)Ba3, (LGD-2-62%)

Delphi Holdings Luxembourg S.ar.l.

-- equivalent of US$200 million first lien term loan, tranche
    B-1, guaranteed by Delphi Corporation, (P)Ba2 (LGD-2, 17%)
    from (P)Ba3 (LGD-2, 26%)

Ratings assigned

Delphi Corporation

-- US$2,000 million first lien secured term loan, tranche B-2,
    (P)B2 (LGD-3, 47%)

The higher rating on the B-1 tranche of the first lien term loan
reflects the application of a probability of default rating of
(P)B2 and a loss given default assessment of LGD-2, 17%.  The
rating benefits from the priority of its secured claims and a
substantial increase in the amount of junior debt from the
introduction of the B-2 tranche.  The assigned rating of (P)B2
to the B-2 tranche results from the application of the same PDR
and an LGD of LGD-3, 47%.  Its rating, level with the underlying
CFR, flows from its secured position in the waterfall behind the
B-1 tranche but ahead of the second lien obligation.  The rating
on the second lien term loan is unchanged as the total amount of
more senior claims has not changed.  Its LGD assessment has
changed slightly as a result of up-dated amounts of unsecured
non-debt claims.

The above ratings were assigned on a prospective basis and
assumed a full subscription to Delphi's proposed financing as
well as recieving bankruptcy court affirmation of an effective
date of emergence.  Upon confirmation that those events have
occurred, the (P) modifier will be removed.  Should any of those
assumptions prove to be incorrect, the ratings may be subject to
change or could be withdrawn.

Delphi Corporation, headquartered in Troy, MI, is a global
tier-1 automotive supplier with products and services addressing
electrical/electronic architecture, electronics & safety,
powertrain systems, thermal systems, and aftermarket product and
service solutions.  The company expects to have revenues from
continuing operations of roughly US$20 billion and employs
approximately 171,000 people at 163 manufacturing sites around
the world.

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.


GOODWILL GROUP: Incurs a Net Loss of JPY759MM for 6-Month Period
----------------------------------------------------------------
Goodwill Group Inc. has incurred a net loss of JPY759 million in
the 6-month period ended December 31, 2007, compared with a net
loss of JPY28 billion a year earlier, reports Kyodo News.

Kyodo notes that the company reported an operating loss of JPY1
billion for the same period due largely to expenses connected to
the improvement of legal compliance by its temp staff subsidiary
Goodwill Inc.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 15, 2008, that Goodwill's staffing subsidiary was ordered
by the Health, Labor and Welfare Ministry to suspend its
operations for violating the law which involved dispatching
temporary workers to jobs they were not permitted to undertake

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.

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 the Japanese
government banned it from renewing its licenses due to its
involvement in a fraud scandal.  The article conveys 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.


MITSUBISHI MOTORS: To Offer Low-Emission Diesel Cars in Japan
-------------------------------------------------------------
Mitsubishi Motors Corp. will sell low-emission diesel vehicles
in Japan, Antara News reports citing President Osamu Masuko.

According to the report, Mr. Masuko said market conditions have
ripened for diesel vehicles in Japan, in reference to such
factors as higher environmental awareness.

Mitsubishi Motors plans to sell diesel vehicles domestically
following their 2009 European launch, the report notes.

The company, the report relates, said in its three-year business
plan through fiscal 2010, drawn up at the end of last month, it
will spend an average of JPY90 billion a year on capital
investment, up 7% from the average for the previous three years,
and an average of 80 billion yen a year on R&D, up 8%.

Most of this money is to be spent on environmental technologies,
including electric vehicle, the report adds.

                  About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

As reported on Feb. 25, 2008, Moody's Investors Service placed
the Ba3 long-term debt ratings of Mitsubishi Motors Corporation
and its supported subsidiaries, Mitsubishi Motors Credit of
America, Inc. and MMC International Finance (Netherlands) B.V.
under review for possible upgrade.  The rating action reflects
MMC's successful implementation of its business strategy, which
involves revitalizing its business in line with its turnaround
plan for FYE 3/2008, the plan's final year.

As reported on Feb. 22, 2008, Standard & Poor's Ratings Services
placed its 'B' long-term corporate credit and 'B+' senior
unsecured debt ratings on Mitsubishi Motors Corp. on CreditWatch
with positive implications.  This follows the increased
likelihood that the company will achieve most of the profit
targets set forth in its revitalization plan, and the progress
the company has made in optimizing its global production system
following its decision to close its assembly plant in Australia.


MITSUBISHI MOTORS: Signs Supply Deal with Nissan Motor
------------------------------------------------------
Mitsubishi Motors Corporation and Nissan Motor Co., Ltd. joined
to expand their original equipment manufacturing supply
involving mini-cars.

Nissan and Mitsubishi currently have OEM agreements in Japan,
where Mitsubishi supplies Nissan with mini-cars and small light
commercial vehicles while Nissan supplies light commercial
vehicles to Mitsubishi.

The expanded agreement will add two new scopes of co-operation:

   1. Expanded OEM supply in Japan.  Mitsubishi will supply its
      Pajero Mini SUV to Nissan starting from autumn 2008 on an
      OEM basis.

   2. Explore opportunities for expanded light commercial
      vehicle supply.  Both companies will explore collaboration
      on the development, production and OEM supply of small
      light commercial vehicles for Japan and overseas markets.

Nissan has a proven track record of successful OEM product
exchanges.  These extend across many automakers and into
multiple global markets, each one executed on a win-win basis
for both parties involved.

Mitsubishi aims to improve its productivity and management
efficiencies by growing its OEM business, and will continue to
pursue a win-win strategy between collaborative partners on a
global level.

                  About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

As reported on Feb. 25, 2008, Moody's Investors Service placed
the Ba3 long-term debt ratings of Mitsubishi Motors Corporation
and its supported subsidiaries, Mitsubishi Motors Credit of
America, Inc. and MMC International Finance (Netherlands) B.V.
under review for possible upgrade.  The rating action reflects
MMC's successful implementation of its business strategy, which
involves revitalizing its business in line with its turnaround
plan for FYE 3/2008, the plan's final year.

As reported on Feb. 22, 2008, Standard & Poor's Ratings Services
placed its 'B' long-term corporate credit and 'B+' senior
unsecured debt ratings on Mitsubishi Motors Corp. on CreditWatch
with positive implications.  This follows the increased
likelihood that the company will achieve most of the profit
targets set forth in its revitalization plan, and the progress
the company has made in optimizing its global production system
following its decision to close its assembly plant in Australia.




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


ARROW ELECTRONICS: Court Directs Return of US$12MM to Bridge
------------------------------------------------------------
Arrow Electronics, Inc. disclosed last week that an opinion has
been rendered in the proceeding Bridge Information Systems, et.
anno v. Merisel Americas, Inc. & MOCA., in favor of Bridge
Information Systems Inc., the estate of a former Global
Enterprise Computing Solutions customer that declared bankruptcy
in 2001.  The proceeding is related to sales made by the MOCA
division of ECS in 2000 and early 2001.

The administrator of the Bridge estate had sought the return of
approximately US$24.0 million plus interest with respect to
allegedly preferential payments made to MOCA, a company Arrow
purchased from Merisel Americas in the fourth quarter of 2000,
shortly before Bridge declared bankruptcy.  In the opinion, the
Bankruptcy Court found that a total of US$12.5 million of the
payments received were preferential, and must be returned to
Bridge.

Arrow intends to continue to defend its position through post-
trial motions and an appeal if necessary.  This amount will be
accrued in the first quarter of 2008 and therefore impact the
comparability of the company's results.

                    About Bridge Information

Bridge Information Systems Inc. filed a voluntary petition
for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on
Feb. 15, 2001 (Bankr. E.D. Mo. Case Nos. 01-41593 through
01-41614, inclusive).  On February 13, 2002, Judge McDonald
confirmed a chapter 11 plan of liquidation, which, among other
items, transferred ownership of the company's assets to the
holders of Bridge's secured creditors.  Thomas J. Moloney, Esq.,
Seth A. Stuhl, Esq., and Kurt A. Mayr, Esq., at Cleary,
Gottlieb, Steen & Hamilton in New York served as lead counsel to
Bridge in its chapter 11 cases.  Gregory D. Willard, Esq., Lloyd
A. Palans, Esq., and David M. Unseth, Esq., at Bryan Cave LLP in
St. Louis, served as local counsel.

                   About Arrow Electronics

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

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

                        *     *     *

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


HYNIX SEMICONDUCTOR: LG Electronics Denies Takeover Plan
--------------------------------------------------------
LG Electronics has clarified that it has no plans to acquire
Hynix Semiconductor Inc., Korea Times reports.

According to the report, LG CEO Nam Yong said they learned how
to live without a semiconductor business.  They made the final
decision because an acquisition will not generate significant
synergy for LG, he added.

LG's decision, the report notes, came as a surprise because
rumors had been high that LG might embrace the semiconductor
business again for the electronics giant's new growth engine.

Kim Yoo-chul of The Times writes that Mr. Yong said even LG
Group Chairman Koo Bon-moo seems disinterested in acquiring
Hynix.

Korea Exchange Bank and other local creditors hold a combined
36.03% stake in Hynix, the report relates.  The creditors-
turned-shareholders are looking to sell the stakes to a
strategic investor, The Times adds.

                 About Hynix Semiconductor

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

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

                        *     *     *

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

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




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


APL INDUSTRIES: Submits Applications for Approval of Proposals
--------------------------------------------------------------
APL Industries Berhad has submitted an application to the Bank
Negara Malaysia in order to obtain the prior permission for the
issuance of Warrants to non-residents pursuant to the Proposed
Rights Issue.  The company also submitted applications to the
Securities Issues Department and the Equity Compliance Unit of
the Securities Commission for their approval of the Proposals.

As reported by the Troubled Company Reporter-Asia Pacific on
March 18, 2008, APL Industries' shareholders have approved some
revisions to its Proposed Capital Reconstruction and Proposed
Rights Issue under its proposals.

The Details of the Revised Terms include:

  * Proposed Capital Reduction

APL will undertake a capital reduction of its existing issued
and paid-up share capital of MYR347,612,028 comprising
347,612,028 ordinary shares of MYR1.00 each via a cancellation
of MYR0.93 of the par value of ordinary shares of MYR1.00 each
in the company.  The issued and paid-up share capital of APL
will be reduced to MYR24,332,842 comprising 347,612,028 ordinary
shares of MYR0.07 each upon the completion of the Proposed
Capital Reduction.

The Proposed Capital Reduction would give rise to a credit of
MYR323,279,186 which would be utilized to reduce APL's audited
accumulated losses as at June 30, 2007, of MYR324,593,335 to
MYR1,314,149.  Consequently, the audited merger deficit and the
accumulated losses of the APL Group of MYR251,961,467 and
MYR49,567,394 respectively as at June 30, 2007, will be
completely eliminated and APL Group will be operating with
retained profits of MYE21,750,325.

  * Proposed Capital Consolidation

The issued and paid-up share capital of APL will be
MYE24,332,842 comprising 347,612,028 ordinary shares of MYR0.07
after the Proposed Capital Reduction.  Subsequently, APL will
undertake the consolidation of the then entire issued and paid-
up share capital of 347,612,028 ordinary shares of MYR0.07 each
via the consolidation of 100 ordinary shares of MYR0.07 each and
re-issuance in replacement thereof, with 70 ordinary shares of
MYR0.10 each in APL after the Proposed Capital Reconstruction.
The issued and paid-up share capital of APL will be
MYR24,332,842 comprising 243,328,420 Shares upon completion of
the Proposed Capital Consolidation.

The resultant Shares after the Proposed Capital Reconstruction
will rank equally in all respects with each other.

  * Proposed Rights Issue

After the completion of the Proposed Capital Reconstruction, APL
will undertake a renounceable rights issue of 729,985,260 Rights
Shares at an indicative issue price of MYR0.11 per Rights Share,
on the basis of three Rights Shares for each Share held by the
entitled shareholders of the company after the Proposed Capital
Reconstruction, whose names appear in the Record of Depositors
on the entitlement date to be determined later, together with
two free detachable warrants for every three Rights Shares
subscribed.

APL Industries Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company operates in two
business segments: Gloves, which is engaged in the manufacture
and sale of gloves and other healthcare products, and
Investments, which is engaged in investment holding. The gloves
segment is operated in three other principal geographical areas
apart from Malaysia, which include North America, Asia (other
than Malaysia) and Europe.  Its direct wholly owned subsidiaries
include Asia Pacific Latex Sdn Bhd, which is engaged in
manufacturing and sales of latex examination gloves, Medipure
Corporation (M) Sdn Bhd, which is engaged in provision of
chlorination services and trading of powder free latex gloves,
and Norwell International Inc, which is engaged in marketing and
distribution of healthcare products.

The company is currently listed as an affected issuer under the
Amended PN17 category of the Bursa Malaysia Securities Bhd.


MERGE ENERGY: Unit Receives Offer for MYR90MM Contract Project
--------------------------------------------------------------
Mewah Kota Sdn Bhd., a wholly-owned subsidiary company of Merge
Energy Bhd., has received a letter of award from Jalur Cahaya
Sdn Bhd, for the design and construction of permanent meter
installations, leak repairs and maintenance of district metering
zones and permanent meter equipment in the State of Selangor,
Kuala Lumpur and Putrajaya, for a total contract value of
MYR90 million.

The proposed project, which will require the approval from Merge
Energy's shareholders, is expected to start in the second
quarter of 2008 and will continue until December 31, 2013.

If the company's shareholders will approve to execute the
proposed project, it is expected that it will contribute
positively to the company's future profitability and growth.

   * Risk Factors

The Proposed Project has been awarded to Mewah Kota based on a
lump sum contract value of MYR90 million and the profitability
of the project may be exposed to cost fluctuations.

In the course of performing the sub-contract construction works,
leak repairs and maintenance works for the Proposed Project
within the project period, Mewah Kota may face the risk of
fluctuations in the cost of wages and cost of materials, which
may lead to potential cost overruns that may have an impact on
the profit margin of the Merge Energy group.  Hence, the Board
believes that with careful and proper planning of manpower and
materials requirements, timely delivery of the construction of
permanent meter within the stipulated time frame agreed by Jalur
Cahaya, coupled with the direct supervision and monitoring of
Merge Energy group, the risk of potential cost escalation from
price fluctuation in the cost of wages and cost of materials is
minimal.  Notwithstanding that, there is no assurance that in
the unlikely event of an increase in the cost of wages and
materials will not have any impact on Merge Energy's profit
margin.

                       About Mewah Kota

Mewah Kota Sdn Bhd.'s principal activities are in the
construction of various kinds of civil and structural works
particularly water works, buildings, structural and engineering
works.

                      About Merge Energy

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

On May 8, 2006, the company has been classified as an affected
listed issuer pursuant to the Amended Practice Note No. 17/2005
whereby the company's shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up share capital of
MYR67.00 million.


PAXELENT: Anwardi Bin Jamil Quits as Audit Committee Member
-----------------------------------------------------------
Anwardi Bin Jamil has stepped down as Paxelent Corporation
Berhad's Executive Director and as a member of Audit Committee.

With Mr. Bin Jamil's resignation, the company's Audit Committee
will now only comprise of Dato' Abdul Rahman Bin Dato' Mohammed
Hashim, as its Chairman.

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

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

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

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




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


AUTOVALUE LTD: Creditors' Proofs of Debt Due on April 25
--------------------------------------------------------
Autovalue Ltd. requires its creditors to file their proofs of
debt by April 5, 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 7238
          Facsimile:(04) 462 7492


COLLINS PAPER: Wind-Up Petition Hearing Set for April 1
-------------------------------------------------------
The High Court of Auckland will hear on April 1, 2008, at
10:00 a.m., a petition to have Collins Paper Haulage Ltd.'s
operations wound up.

Colin Charles McKay and Barry Arthur Sapwell filed the petition
on November 20, 2007.

The Petitioners' solicitor is:

          S. J. Ropati
          88 Jervois Road, Level 1
          Herne Bay, Auckland
          New Zealand
          Telephone:(09) 376 6530
          Facsimile:(09) 376 6539


F.E.B. LTD: Court to Hear Wind-Up Petition on March 27
------------------------------------------------------
A petition to have F.E.B. Ltd.'s operations wound up will be
heard before the High Court of Napier on March 27, 2008, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Dec. 18, 2007.

The CIR's solicitor is:

          R. J. Collins
          Elvidge & Partners
          c/o Raffles and Bower Streets
          Napier
          New Zealand


GFL FUND: Shareholders Resolve to Liquidate Business
----------------------------------------------------
On February 14, 2008, the shareholders of GFL Fund Ltd. resolved
to liquidate the company's business.  Douglas P. Haines was
appointed as liquidator.

The liquidator can be reached at:

          Douglas P. Haines
          c/o BDO Spicers (Wellington) Limited
          Chartered Accountants
          BDO House, Level 2
          99-105 Customhouse Quay
          PO Box 10340, Wellington
          New Zealand
          Telephone:(04) 472 5850
          Facsimile:(04) 473 3582
          e-mail: doug.haines@wlg.bdospicers.com


HENRY J PHILLIPS: Fixes April 25 as Last Day to File Claims
-----------------------------------------------------------
The creditors of Henry J Phillips Electrical Services Limited
are required to file their proofs of debt by April 25, 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 7238
          Facsimile:(04) 462 7492


IMRAN TRANSPORT: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On December 14, 2007, the Commissioner of Inland Revenue filed a
petition to have Imran Transport Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
May 2, 2008, at 10:00 a.m.

The CIR's solicitor is:

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


PGL INDUSTRIES: Shareholders Opt to Liquidate Business
------------------------------------------------------
On February 25, 2008, the shareholders of PGL Industries Ltd.
resolved to liquidate the company's business.

Creditors are required to file their proofs of debt by
March 28, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

          David Donald Crichton
          Keiran Anne Horne
          Crichton Horne & Associates Limited
          Old Library Chambers
          109 Cambridge Terrace
          PO Box 3978, Christchurch
          New Zealand
          Telephone:(03) 379 7929


ULTIMAX LTD: Fixes March 30 as Last Day to File Claims
------------------------------------------------------
Ultimax Ltd. requires its creditors to file their proofs of debt
by March 30, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

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


UNO WHERE: Commences Liquidation Proceedings
--------------------------------------------
Uno Where Ltd. commenced liquidation proceedings on
Feb. 18, 2008.  Timothy Wilson Downes and Stephanie Beth
Jeffreys of Grant Thornton Auckland Limited were appointed as
liquidators.

The liquidators can be reached at:

          Timothy Wilson Downes
          Stephanie Beth Jeffreys
          Grant Thornton Auckland Limited
          152 Fanshawe Street
          Auckland
          New Zealand
          Telephone:(09) 308 2570


XJL CARTAGE: Subject to CIR's Wind-Up Petition
----------------------------------------------
On November 27, 2007, the the Commissioner of Inland Revenue
filed a petition to have XJL Cartage Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
April 1, 2008, at 10:45 a.m.

The CIR's solicitor is:

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




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


ATLAS CONSOLIDATED: Unit Inks Power Supply Deal with Napocor
------------------------------------------------------------
Carmen Copper Corp., a subsidiary of Atlas Consolidated Mining
and Development Corp., entered into a power supply agreement
with government-owned National Power Corp., the company
disclosed in a regulatory filing with the Philippine Stock
Exchange.

In a Memorandum of Agreement dated March 14, 2008, Napocor
agreed to supply electricity to Carmen Copper's mine in Toledo
City in Cebu from 2008 to 2011.  The power company will supply
40MW of its excess power generation that will be available from
the Leyte Geothermal Power Plant.  The supply of power to
Carment Copper is expected to commence after the completion of
standard safety tests carried out by the National Transmission
Corp.

According to the stock exchange filing, Carmen Copper is
rehabilitating the Toledo copper mine, which rehabilitation is
currently 60% complete.  The mine is expected to have a daily
ore throughput of 42,000 metric tons and will make its first
shipment of copper concentrate output during the third quarter
of 2008.  The average annual production of copper at the mine is
at 47,000 tons along with gold, silver, iron ore magnetite and
pyrite by-products, according to Atlas Consolidated's estimates.

The Napocor deal fasttracks the resumption of copper concentrate
production at our Toledo mine, soon to be once again become the
nation's largest copper mine, Carmen Copper President Alfredo C.
Ramos says.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million.  Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.


MANILA ELECTRIC: Books PHP4.04 Billion Net Income in 2007
---------------------------------------------------------
Manila Electric Company earned a net income of PHP4.04 billion
in 2007, the audited financial statements of the company showed.

The bottom line dipped by PHP13.88 billion compared to that
booked in 2006 because of the reversal of losses in that year.
The company pointed out that 2006 net income would have been
just PHP3.66 billion if not for the reversal of probable losses
in that year of PHP15.73 million.  The reversal in 2006 was a
result of the favorable ruling of the Supreme Court on Meralco's
Unbundled Rate Case that questioned the granting of a rate
increase to the company by the Energy Regulatory Commission in
2003.

Total revenues increased by 5.19% from PHP190.79 in 2006 to
PHP200.69 billion in 2007.  Revenues from the sale of
electricity grew b y 5.14% from PHP186.58 billion in 2006 to
PHP196.17 billion in 2007.  This was brought about by the
increase in overall electricity sales of 4.6%, the company
states.  Sales to commercial customers grew by 6.0%, followed by
industrial customers at 4.2% and residential customers by 3.3%.
Revenues from real estate through Rockwell Land Corp. grew by
18.75% from PHP179 billion in 2006 to PHP2.12 billion in 2007.

Total expenses increased by 5.43%.  The company notes that the
increase was mitigated by a decrease in interest expense of
40.09% from PHP5.10 billion in 2006 to PHP3.06 billion in 2007,
and reversals of provisions for tax assessment and legal claims
amounting to PHP327 million and provisions for probable losses
on disallowed receivables amounting to PHP646 million.

Capital expenditure for the year totaled PHP6.79 billion.
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 14, 2007, that Standard & Poor's Ratings Services revised
the outlook on its ratings on Meralco to stable from negative.
The 'B-' long-term issuer credit rating on Meralco was affirmed.


PRC LLC: Court Fixes May 1 as General Claims Bar Date
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
established May 1, 2008, at 5:00 p.m., as the deadline for
creditors to file proofs of claim that arose before the
bankruptcy filing against PRC LLC and its debtor-affiliates.

In addition, the Court fixed July 21, 2008, as the deadline for
governmental units to file proofs of claim.

                       About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
--http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Has Until April 1 to File Disclosure Statement
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
established April 1, 2008, as the date by which PRC LLC and its
debtor-affiliates must file a disclosure statement with respect
to their Joint Plan of Reorganization.

The Debtors initially asked the Court to set March 13, 2008 as
the deadline for filing their disclosure statement.

The Debtors filed their Joint Plan of Reorganization on
Feb. 12, 2008.  Since then, the Debtors consulted with their
secured lenders and the Official Committee of Unsecured
Creditors to determine if the concerns of unsecured creditors
about the Reorganization Plan can be resolved consensually.

"In light of these discussions, the Debtors determined that a
20-day extension of the time to file a disclosure statement is
warranted in order to garner additional support for the proposed
Reorganization Plan from unsecured creditors," Alfredo R. Perez,
Esq., at Weil, Gotshal & Manges LLP, in Houston, Texas, said.
Hence, the Debtors filed a supplemental request to extend the
proposed deadline to April 1.

In connection with the adjusted schedule, the Debtors anticipate
seeking approval of the disclosure statement at a hearing on
May 8, 2008, and confirmation of the Reorganization Plan at a
hearing on June 19, 2008.

                        About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
--http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Can Employ Weil Gotshal as Bankruptcy Counsel
------------------------------------------------------
PRC LLC and its debtor-affiliates obtained authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Weil, Gotshal & Manges LLP, as their primary bankruptcy
counsel.

Weil Gotshal is expected to:

  a. take all actions to protect and preserve the Debtors'
     estates;

  b. prepare legal documents on behalf of the Debtors;

  c. take necessary or appropriate actions in connection with a
     plan or plans of reorganization, disclosure statement and
     related documents; and

  d. provide other necessary legal services in connection with
     the prosecution of the bankruptcy cases.

Weil Gotshal will be paid on an hourly basis and be reimbursed
for the expenses it may incur for any related works undertaken.
The firm's hourly rates range from US$155 to US$950, depending
upon the level of seniority and expertise of the lawyer or
paralegal involved.  The firm also received a retainer fee and
an advance against expenses for US$2,022,780.

Alfredo R. Perez, Esq., at Weil Gotshal & Manges, LLP, in
Houston, Texas, assured the Court that the firm does not have
any connection with any of the Debtors or parties-in-interest.
He added that Weil Gotshal is a "disinterested person" as that
phrase is defined in Section 101(14) of the Bankruptcy Code, as
modified by Section 1107(b).

                        About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
--http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007, showed total assets of US$354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PRC LLC: Wants to Employ Regis McElhatton as CEO
------------------------------------------------
PRC LLC and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Regis McElhatton as their chief executive officer effective as
of the date of bankruptcy.

The Debtors assert that Mr. McElhatton's employment is critical
to their efforts to effectively reorganize and emerge from
bankruptcy.  Mr. McElhatton brings a 40-year background in
banking and financial services to the Debtors, Alfredo R. Perez,
Esq., at Weil, Gotshal & Manges LLP, in Houston, Texas, informs
the Court.

Mr. Perez relates that Mr. McElhatton spent 10-1/2 years at
MasterCard Worldwide, as President of Global Technology and
Operations and Senior Executive Vice President.  Prior to
that, he spent seven years as President of Payment Systems
Technology and Consulting, a global payments consulting company
in the United Kingdom.  He has also held various executive
management positions at banking institutions in the United
States.

Moreover, before the bankruptcy filing, Mr. McElhatton served as
Debtor PRC LLC's consultant under a Consulting Services
Agreement dated March 27, 2007.  Simultaneously, Mr. McElhatton
served as chief executive officer of PRC from Aug. 13, 2007
through the date of bankruptcy.  He also serves as the Vice-
Chair of the Board of Managers for Debtor Panther/DCP Holdings,
LLC.

As CEO for PRC, Mr. McElhatton has worked closely with other
members of the Debtors' management, creditors, other
professionals and advisors in exploring various restructuring
alternatives and otherwise assisting the Debtors during these
cases, Mr. Perez relates.

"If the Debtors were required to hire another person to serve as
CEO in connection with these cases, the Debtors, their estates
and all parties-in-interest would be unduly prejudiced by the
loss of Mr. McElhatton's familiarization with the intricacies of
the Debtors' business operations and restructuring efforts," Mr.
Perez says.

In light of these, the Debtors and Mr. McElhatton entered into
an employment agreement on Jan. 23, 2008.  The Employment
Agreement provides, among other things, that:

  (1) Mr. McElhatton will serve as chief executive officer of
      PRC from Jan. 23, 2008, through Jan. 23, 2009;

  (2) Mr. McElhatton is entitled to avail of the benefits
      provided under PRC's employee benefit plans or programs
      for its senior executives;

  (3) Mr. McElhatton is not entitled to any fee for serving in
      Panther/DCP Holdings' Board of Managers;

  (4) PRC has the right to terminate the employment upon 30
      days' notice; and

  (5) Mr. McElhatton may terminate his employment for good
      reason within 30 days after the occurrence of a change of
      control, consummation of a Chapter 11 plan, a material
      breach of the employment agreement by PRC, among others.

In exchange for his services, Mr. McElhatton will be entitled
for receive a US$75,000 monthly salary and will be reimbursed
for the expenses he may incur in discharging his duties.

Mr. McElhatton will also be entitled to a bonus of between:

  (i) 0% to 125% of a target Client Retention Incentive Bonus of
      US$100,000;

(ii) 0% to 110% of a target Exit Incentive Bonus of US$100,000;
      and

(iii) 0% to 100% of a target Restructuring Incentive Bonus of
      US$100,000.

Moreover, PRC agrees to indemnify Mr. McElhatton under the terms
of the company's operating agreement and directors and senior
officers' liability insurance.

A full-text copy of the McElhatton Employment Agreement is
available for free at:

             http://researcharchives.com/t/s?2934

                        About PRC LLC

Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC
--http://www.prcnet.com/-- is a leading provider of customer
management solutions.  PRC markets its services to brand-
focused, Fortune 500 U.S. corporations and delivers these
services through a global network of call centers in the U.S.,
Philippines, India, and the Dominican Republic.

PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of
Access Direct Telemarketing, Inc., each of which is a debtor and
debtor-in-possession in PRC's joint Chapter 11 cases.

Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.

PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry.  Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.

The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No.
08-10239).  Alfredo R. Perez, Esq., at Weil, Gotshal & Manges,
LLP, represents the Debtors in their restructuring efforts.  The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring
and turnaround advisor.  Additionally, Evercore Group LLC
provides investment and financial counsel to the Debtors.

The Debtors' consolidated financial condition as of
Dec. 31, 2007 showed total assets of US$354,000,000 and total
debts of US$261,000,000.

The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008.  (PRC LLC Bankruptcy News,
Issue No. 7; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PSI TECHNOLOGIES: Reports US$3.3 Mil. Fourth Quarter Net Loss
-------------------------------------------------------------
PSi Technologies Holdings, Inc., disclosed financial results for
the fourth quarter ended December 31, 2007.  The company
incurred a higher net loss of US$3.3 million for the fourth
quarter, up from US$2.1 million in the third quarter.

             Fourth Quarter Financial Results

The fourth quarter revenue totaled US$23.5 million, an increase
of 4.3% as compared to US$22.5 million in the previous quarter,
and a decline of 5.6% as compared to the same quarter in 2006.
The increase in sales over third quarter was largely driven by a
steady increase in our standard package for high power, medium
current and fast-switching power devices.

The top five customers for the fourth quarter of 2007 (in
alphabetical order) were Infineon Technologies, NXP
Semiconductors, ON Semiconductors, Power Integrations, and ST
Microelectronics.  The products assembled and tested for these
customers are used in various end user applications, such as
automotive systems, consumer electronics, communications
equipment, industrial applications, home appliances and PC
motherboards.

The cost of sales increased from US$21.3 million in the third
quarter of 2007 to US$22.7 million in the fourth quarter. The
increase is attributable to raw materials and the strong
Philippine Peso.  The higher cost of raw materials in the fourth
quarter was largely driven by the increase in copper, gold and
oil-based materials, and an increase in sales volume of packages
with a higher raw materials component.  As a result, gross
profit was US$0.8 million in the fourth quarter, down from
US$1.2 million during the third quarter.

Operating expenses were higher by 8.8% in the fourth quarter of
2007, amounting to US$2.6 million compared to US$2.4 million in
the previous quarter.  Fourth quarter operating expenses
included US$0.2 million of employee separation/restructuring
costs and a US$0.3 million provision for disputed purchase
orders.  Net Other Expenses for the fourth quarter increased to
US$1.5 million from US$0.9 million during the third quarter, due
to the continued appreciation of the Philippine peso.

             2007 Full Year Financial Results

Revenues were US$93.3 million in 2007, representing an increase
of 4.0% over revenues of US$89.7 million excluding revenue from
discontinued operations for the same period last year.

In 2007, the continued appreciation of the Philippine currency
against the U.S. dollar and an overall increase in the prices of
raw materials, such as copper, gold and oil based materials had
negatively affected our gross profit.  The Philippine peso, on
the average, has appreciated by 18.8%. Copper prices have
increased by an average of 33%, from US$5.3/kg in 2006 to
US$7.05/kg in 2007.  These external factors weighed on the
Company's financial operations during 2007.  The cost reduction
initiatives and productivity improvement programs implemented
during the year has partly reduced the negative financial impact
of these external factors.

In 2007, gross profit increased to US$4.1 million, a 10.8%
increase over gross profit of US$3.7 million in 2006.  The
operating expenses decreased to US$9.3 million in 2007 from
US$10.6 million in 2006 due to managements focus on efficiency
and on driving cost reductions.  The foreign exchange loss
partly offset the efficiency gains, resulting in an improved net
loss of US$9.97 million in 2007, down from US$11.6 million in
2006.

                 Balance Sheet Highlights

Cash and cash equivalents totaled US$5.9 million as of
Dec. 31, 2007, compared to US$3.3 million as of Dec. 31, 2006.
The increase in cash is largely attributable to improved
collections and reduced inventories.

New acquisitions in property, plant and equipment totaled US$3.3
million in 2007.  These expenditures are mostly related to the
purchase of machineries and equipment to improve capacity and
support ramp up for new products.

Total current liabilities decreased by US$4.4 million, from
US$37.8 million as of December 31, 2006, to US$33.4 million as
of December 31, 2007, mainly due to payment of trade and capital
liabilities.

Non-current liabilities account includes the carrying amount of
US$6.8 million Exchangeable Notes issued in July 2003 and
June 2005, net of discount representing the embedded conversion
feature of the Note.

                      Business Outlook

Arthur J. Young, Jr., Chairman and CEO said, "During the fourth
quarter, we were faced with the challenges related to product
mix changes and the continuing appreciation of the Philippine
Peso.  Given these challenges, we continue to enhance our focus
on productivity and cost reduction measures, in anticipation of
a seasonally flat market during the first quarter. We have seen
and identified areas of growth in our company that we are
actively pursuing.  Specifically, these are in the power
management segment of our QFN and Single Gauge DPAK family of
packages.  We have done strategic hiring, such as our new VP of
Marketing and Sales based in the United States, as well as our
new Taiwan marketing organization to support the new areas of
growth. Our initiatives have shown very positive developments
though we continue to be cautiously optimistic given the current
worldwide market situation."

                   About Psi Technologies

PSi Technologies-http://www.psitechnologies.com/-isan
independent semiconductor assembly and test service provider to
the power semiconductor market.  The company provides
comprehensive package design, assembly and test services for
power semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.

                     Going Concern Doubt

SyCip Gorres & Velayo Co. raised substantial doubt about PSi
Technologies Holdings Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Dec. 31, 2006, due to recurring losses from
operations and negative net working capital position.

The company incurred net losses of US$11.6 million for the year
2006, us$19.7 million for 2005 and US$14.6 million for 2004.
The company's deficit amounted to US$61.7 million as of
Dec. 31, 2006, and US$50.1 million as of Dec. 31, 2005.  The
company also reported successive annual illiquidity, as its
negative working capital amounted to US$13.4 million as of
Dec. 31, 2006, and US$13.0 million as of Dec. 31, 2005.


VULCAN INDUSTRIAL: Signs Exploration Deal with Ninety Niners
------------------------------------------------------------
Vulcan Industrial & Mining Corporation has signed an agreement
with Ninety Niners Development Corporation for exploration
activities, a filing with the Philippine Stock Exchange
discloses.

Pursuant to the MoA, the company will evaluate previous
exploration works of Ninety Niners and do series of
metallurgical testings of the gold resource covered by EP No.
OEP-2006-001

Vulcan assures the stock exchange that it will disclose the
exploration results as soon as available.

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

                        *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern after auditing the company's financials for
the fiscal year ended Dec. 31, 2006.  Mr. Cruz cited the
company's and its subsidiary's current liabilities exceeding
their current assets by PHP204.5 million and PHP231.3 million,
respectively.  In addition, the company and its subsidiary had
difficulty meeting their obligations to their creditor banks.

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.




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


COB TECHNOLOGY: Wind-Up Petition Hearing Set for March 28
---------------------------------------------------------
The High Court of Singapore will hear on March 28, 2008, at
10:00 a.m., a petition to have Cob Technology Pte. Ltd.'s
operations wound up.

Avnet Asia Pte. Ltd. filed the petition on March 4, 2008.

Avnet Asia's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


J MORITA (S): Court to Hear Wind-Up Petition on March 28
--------------------------------------------------------
A petition to have J Morita (S) Pte. Ltd.'s operations wound up
will be heard before the High Court of Singapore on
March 28, 2008, at 10:00 a.m.

Mallal & Namazie filed the petition on March 3, 2008.

Mallal & Namazie's solicitors are:

          Lim & Lim
          18 Cross Street
          #07-01 Marsh & McLennan Centre
          Singapore 048423


SCOTTISH RE: NYSE Regulation Suspends Shares from Trading
---------------------------------------------------------
Scottish Re Group Limited has received notification from NYSE
Regulation Inc. that its common stock and 7.25% non-cumulative
perpetual preferred stock was suspended March 14, 2008, prior to
the market opening.

NYSE Regulation also stated that an application to the
Securities and Exchange Commission to delist the Company is
pending completion of applicable procedures.

                     About Scottish Re

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 26, 2008, Fitch Ratings has downgraded Scottish Re Group
Limited's Issuer Default Rating to 'B' from 'BB-' and the
Insurer Financial Strength ratings of its primary operating
subsidiaries to 'BB' from 'BBB-'.  All ratings have been placed
on Rating Watch Negative with the exception of Scottish Re
Limited which has been placed on Rating Watch Evolving.

As reported in the Troubled Company Reporter-Europe on
Feb. 21, 2008, Moody's Investors Service placed Scottish Re
Group Limited's Senior unsecured shelf of (P)Ba3; subordinate
shelf of (P)B1; junior subordinate shelf of (P)B1; preferred
stock of B2; and preferred stock shelf of (P)B2 ratings on
review for downgrade.

As reported in the Troubled Company Reporter-Europe on
Feb. 5, 2008, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B' from
'B+'.   At the same time, it lowered its counterparty credit and
financial strength ratings on Scottish Re's operating companies
to 'BB' from 'BB+' and also lowered the ratings on all these
companies' dependent unwrapped securitized deals by one notch.
In addition, S&P placed the ratings on all these companies on
CreditWatch with negative implications.


SPACE TECHNOLOGIES: Subject to W Y Steel's Wind-Up Petition
-----------------------------------------------------------
On February 26, 2008, W Y Steel Construction Pte. Ltd. filed a
petition to have Space Technologies (S) Pte. Ltd.'s operations
wound up.

The petition will be heard before the High Court of Singapore on
March 28, 2008, at 10:00 a.m.

W Y Steel's solicitor is:

          Messrs. Gomez & Vasu
          20 Kramat Lane
          #04-12 United House
          Singapore 228773


STATS CHIPPAC: Shareholders Approve US$813 Mil. Capital Payout
--------------------------------------------------------------
STATS ChipPac's shareholders have approved its proposal to
distribute capital reduction exercise, Reuters reports.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 25, 2008, the company disclosed that it will convene an
extraordinary general meeting of its shareholders on
March 17, 2008, to seek shareholders approval of its plan to
undertake a proposed capital reduction exercise, with the
intention to effect a proposed payout of up to US$813 million to
shareholders of the company, as stated on Jan. 11, 2008.

The company, the report notes, said in a statement that it will
announce the amount to be returned to shareholders for each
share held, and the date of payment, soon.

STATS had proposed the capital reduction exercise to return
surplus capital to shareholders, the report adds.

                    About STATS ChipPAC

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

                        *     *     *

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




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


DOLE FOOD: Posts US$57.5 Million Net Loss in Year Ended Dec. 29
---------------------------------------------------------------
Dole Food Company Inc. reported a net loss of US$57.5 million
for the year ended Dec. 29, 2007, compared to a net loss of
US$89.6 million for the year ended Dec. 30, 2006.

For the year ended Dec. 29, 2007, revenues increased 13.0% to
US$6.93 billion from US$6.15 billion in the prior year.  Higher
worldwide sales of fresh fruit and packaged foods products in
North America and Europe drove the increase in revenues during
2007.

Higher volumes of bananas and pineapples accounted for
approximately US$222.0 million or 28.0% of the overall revenues
increase.  Higher revenues in the company's European ripening
and distribution operations contributed an additional
US$528.0 million.  Higher sales of packaged foods products,
primarily for FRUIT BOWLS, fruit in plastic jars, pineapple
juice and packaged frozen fruit accounted for approximately
US$85.0 million or 11.0% of the overall revenues increase.
Favorable foreign currency exchange movements in the company's
selling locations also positively impacted revenues by
approximately US$171 million.

These increases were partially offset by a reduction in fresh
vegetables sales due to lower volumes of commodity vegetables
sold in North America and Asia. In addition, the company's
fresh-cut flowers business reported overall lower sales volumes
due primarily to the changes in the customer base and product
offerings attributable to the implementation of the 2006
restructuring plan.

                      Operating Income

For the year ended Dec. 29, 2007, operating income was
US$130.1 million compared with US$79.0 million in 2006.  The
increase was primarily attributable to improved operating
results in the company's banana operations worldwide which
benefited from stronger pricing and higher volumes.  In
addition, operating income improved in the European ripening and
distribution business and the fresh-cut flowers segment due to
the absence of restructuring costs of US$12.8 million and
US$29.0 million, respectively.

These improvements were partially offset by lower earnings in
the company's packaged salads business and packaged foods
segment primarily due to higher product costs.

        Interest Income and Other Income (Expense), Net

For the year ended Dec. 29, 2007, interest income increased
slightly to US$7.6 million from US$7.2 million in 2006. The
slight increase in interest income was primarily related to
higher levels of cash at JP Fresh during 2007.

Other income (expense), net decreased to income of US$1.8
million in 2007 from income of US$15.2 million in 2006.  The
decrease was due to a reduction in the gain generated on the
company's cross currency swap of US$22.7 million, partially
offset by a reduction in the foreign currency exchange loss on
the company's British pound sterling capital lease vessel
obligation of US$9.2 million.

                      Interest Expense

Interest expense for the year ended Dec. 29, 2007, was
US$194.9 million compared to US$174.7 million in 2006.  The
increase was primarily related to higher levels of borrowings
during 2007 on the company's term loan facilities and the asset
based revolving credit facility.

                        Income Taxes

The company recorded US$1.1 million of income tax expense on
US$55.3 million of pretax losses from continuing operations for
the year ended Dec. 29, 2007, reflecting a 1.9% effective income
tax rate for the year.  Income tax expense decreased US$17.1
million from US$18.2 million in 2006 primarily due to a shift in
the mix of earnings in foreign jurisdictions taxed at a lower
rate than in the U.S.  The effective tax rate in 2006 was 24.8%.

        Equity in Earnings of Unconsolidated Subsidiaries

Equity in earnings of unconsolidated subsidiaries for the year
ended Dec. 29, 2007, increased to US$1.7 million from US$177,000
in 2006.  The increase was primarily related to higher earnings
generated by one of the company's European investments.

                  Discontinued Operations

During the fourth quarter of 2006, the company sold all of the
assets and substantially all of the liabilities associated with
its Pacific Coast Truck operations for US$20.7 million.  The
company received net proceeds of US$15.3 million from the sale
after the assumption of US$5.4 million of debt, realizing a gain
of approximately US$2.8 million, net of income taxes of
US$2.0 million.

                       Long-Term Debt

At Dec. 29, 2007, the company had total outstanding long-term
borrowings of US$2.41 billion, consisting primarily of
US$1.10 billion of unsecured senior notes and debentures due
2009 through 2013 and US$1.22 billion of secured debt
(consisting of revolving credit and term loan facilities and
capital lease obligations).

The company has US$350.0 million of unsecured senior notes
maturing May 1, 2009.  The company is currently evaluating its
available options to refinance the notes.

                        Balance Sheet

At Dec. 29, 2007, the company's consolidated balance sheet
showed US$4.64 billion in total assets, US$4.29 billion in total
liabilities, US$29.9 million in minority interests, and
US$325.0 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 29, 2007, are available for
free at http://researcharchives.com/t/s?2910

                       About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia, including Thailand.  The packaged foods segment contains
several operating segments that produce and market packaged
foods, including fruit, juices and snack foods.  Dole's fresh-
cut! flowers segment sources, imports and markets fresh-cut
flowers, grown mainly in Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 28, 2008, Moody's Investors Service lowered Dole Food
Company Inc.'s corporate family rating and probability of
default ratings to B3 from B2, and downgraded the ratings of the
company's unsecured shelf filings. Moody's said the rating
outlook is stable.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
March 19, 2008
Turnaround Management Association
   South Florida Dinner
     Bankers Club of Miami, Florida
       Telephone: 561-882-1331
         Web site: http://www.turnaround.org/

March 25, 2008
Turnaround Management Association
   Luncheon - Maggie Good
     Centre Club, Tampa, Florida
       Telephone: 561-882-1331
         Web site: http://www.turnaround.org/

March 25-29, 2008
Turnaround Management Association - Australia
   TMA Spring Conference
     Ritz Carlton Grande Lakes, Orlando, FL, USA
       e-mail: livaldi@turnaround.org

March 27-30, 2008
Norton Institutes on Bankruptcy Law
   Bankruptcy Litigation Seminar II
     Las Vegas, Nevada
       Web site: http://www.nortoninstitutes.org/

April 2-4, 2008
Moody's Investors Service
   Fundamentals of Debt Capital Markets and Instruments
     Sydney, Australia
       Web site: http://www.moodys.com/trainingservices

April 3, 2008
International Women's Insolvency & Restructuring Confederation
   Annual Spring Luncheon
     Renaissance Hotel, Washington, District of Columbia
       Telephone: 703-449-1316
         Web site: http://www.iwirc.org

April 3, 2008
American Bankruptcy Institute
   Nuts and Bolts for Young Practitioners - East
     The Renaissance, Washington, District of Columbia
       Web site: http://www.abiworld.org/

April 3-6, 2008
American Bankruptcy Institute
   26th Annual Spring Meeting
     The Renaissance, Washington, District of Columbia
       Web site: http://www.abiworld.org/

April 7-8, 2008
Moody's Investors Service
   Introduction to Collateralised Debt Obligations (CDOs)
     Sydney, Australia
       Web site: http://www.moodys.com/trainingservices

April 10-11, 2008
Moody's Investors Service
   Introduction to Credit Derivatives - Structures &
     Applications
       Singapore
         Web site: http://www.moodys.com/trainingservices

April 14-15, 2008
Moody's Investors Service
   Corporate Credit Rating Analysis
     Beijing, China
       Web site: http://www.moodys.com/trainingservices

April 17-18, 2008
Moody's Investors Service
   Corporate Credit Rating Analysis
     Shanghai, China
       Web site: http://www.moodys.com/trainingservices

April 25-27, 2008
National Association of Bankruptcy Judges
   NABT Spring Seminar
     Eldorado Hotel & Spa, Santa Fe, New Mexico
       Web site: http://www.nabt.com/

May 1-2, 2008
American Bankruptcy Institute
   Debt Symposium
     Hilton Garden Inn, Champagne/Urbana, Illinois
       Telephone: 1-703-739-0800
         Web site: http://www.abiworld.org/

May 5-6, 2008
Moody's Investors Service
   Islamic Bank Analysis
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

May 7-9, 2008
Moody's Investors Service
   Bank Credit Risk Analysis
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

May 9, 2008
American Bankruptcy Institute
   Nuts and Bolts for Young Practitioners - NYC
     Alexander Hamilton U.S. Custom House, New York
       Telephone: 1-703-739-0800
         Web site: http://www.abiworld.org/

May 12, 2008
American Bankruptcy Institute
   New York City Bankruptcy Conference
     Millennium Broadway Hotel & Conference Center, New York
       Telephone: 1-703-739-0800
         Web site: http://www.abiworld.org/

May 12-14, 2008
Moody's Investors Service
   Bank Credit Risk Analysis
     Sydney, Australia
       Web site: http://www.moodys.com/trainingservices

May 13-16, 2008
American Bankruptcy Institute
   Litigation Skills Symposium
     Tulane University, New Orleans, Louisiana
       Telephone: 1-703-739-0800
         Web site: http://www.abiworld.org/

May 18-20, 2008
International Bar Association
   14th Annual Global Insolvency & Restructuring Conference
     Stockholm, Sweden
       Web site: http://www.ibanet.org/

May 20-21, 2008
Moody's Investors Service
   Corporate Credit Rating Analysis
     Seoul, South Korea
       Web site: http://www.moodys.com/trainingservices

May 22, 2008
Moody's Investors Service
   Financial Statement Adjustments and Ratios
     Seoul, South Korea
       Web site: http://www.moodys.com/trainingservices

June 2-4, 2008
Moody's Investors Service
   Corporate Credit Analysis Series: General Corporate Credit
     Singapore
       Web site: http://www.moodys.com/trainingservices

June 5, 2008
Moody's Investors Service
   Financial Statement Adjustments and Ratios
     Hong Kong
       Contact: http://www.moodys.com/trainingservices

June 4-7, 2008
Association of Insolvency & Restructuring Advisors
   24th Annual Bankruptcy & Restructuring Conference
     J.W. Marriott Spa and Resort, Las Vegas, Nevada
       Web site: http://www.airacira.org/

June 12-14, 2008
American Bankruptcy Institute
   15th Annual Central States Bankruptcy Workshop
     Grand Traverse Resort and Spa, Traverse City, Michigan
       Web site: http://www.abiworld.org/

June 18-20, 2008
Moody's Investors Service
   Bank Credit Risk Analysis
     Singapore
       Web site: http://www.moodys.com/trainingservices

June 19-21, 2008
ALI-ABA
   Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
     Drafting, Securities, and Bankruptcy
       Omni Hotel, San Francisco, California
         Web site: http://www.ali-aba.org/

June 23, 2008
Moody's Investors Service
   Hedge Fund Analysis
     Singapore
       Web site: http://www.moodys.com/trainingservices

June 24-25, 2008
Moody's Investors Service
   Sovereign and Sub-Sovereign Analysis
     Singapore
       Web site: http://www.moodys.com/trainingservices

June 26, 2008
Moody's Investors Service
   Economic Capital: Pillar II and ICAAP under Basel II
     Singapore
       Web site: http://www.moodys.com/trainingservices

June 26-29, 2008
Norton Institutes on Bankruptcy Law
   Western Mountains Bankruptcy Law Seminar
     Jackson Hole, Wyoming
       Web site: http://www.nortoninstitutes.org/

July 1-2, 2008
Moody's Investors Service
   Corporate Credit Rating Analysis
     Sydney, Australia
       Web site: http://www.moodys.com/trainingservices

July 3, 2008
Moody's Investors Service
   Financial Statement Adjustments and Ratios
     Sydney, Australia
       Web site: http://www.moodys.com/trainingservices

July 4, 2008
Moody's Investors Service
   Analyzing and Rating Hybrid Securities
     Sydney, Australia
       Web site: http://www.moodys.com/trainingservices

July 10-13, 2008
American Bankruptcy Institute
   16th Annual Northeast Bankruptcy Conference
     Ocean Edge Resort
       Brewster, Massachussets
         Web site: http://www.abiworld.org/events

July 31 - Aug. 2, 2008
American Bankruptcy Institute
   4th Annual Mid-Atlantic Bankruptcy Workshop
     Hyatt Regency Chesapeake Bay
       Cambridge, Maryland
         Web site: http://www.abiworld.org/

August 16-19, 2008
American Bankruptcy Institute
   13th Annual Southeast Bankruptcy Workshop
     Ritz-Carlton, Amelia Island, Florida
       Web site: http://www.abiworld.org/

August 20-24, 2008
National Association of Bankruptcy Judges
   NABT Convention
     Captain Cook, Anchorage, Alaska
       Web site: http://www.nabt.com/

September 4-5, 2008
American Bankruptcy Institute
   Complex Financial Restructuring Program
     Four Seasons, Las Vegas, Nevada
       Web site: http://www.abiworld.org/

September 4-6, 2008
American Bankruptcy Institute
   Southwest Bankruptcy Conference
     Four Seasons, Las Vegas, Nevada
       Web site: http://www.abiworld.org/

September 8, 2008
Moody's Investors Service
   Financial Statement Adjustments and Ratios
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

September 22-23, 2008
Moody's Investors Service
   High Yield and Leveraged Finance Credit Analysis
     Singapore
       Web site: http://www.moodys.com/trainingservices

September 24-26, 2008
International Women's Insolvency & Restructuring Confederation
   IWIRC 15th Annual Fall Conference
     Scottsdale, Arizona
       Web site: http://www.ncbj.org/

September 24-27, 2008
National Conference of Bankruptcy Judges
   National Conference of Bankruptcy Judges
     Desert Ridge Marriott, Scottsdale, Arizona
       Web site: http://www.iwirc.org/

October 9, 2008
Turnaround Management Association
   TMA Luncheon - Chapter 11
     University Club, Jacksonville, Florida
       Web site: http://www.turnaround.org/

October 15-16, 2008
Moody's Investors Service
   High Yield and Leveraged Finance Credit Analysis
     Seoul, South Korea
       Web site: http://www.moodys.com/trainingservices

October 22-23, 2008
Moody's Investors Service
   Securities Firms Analysis \u2013 Including Broker-Dealers
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

October 24, 2008
Moody's Investors Service
   Hedge Fund Analysis
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

October 27, 2008
Moody's Investors Service
   Economic Capital: Pillar II and ICAAP under Basel II
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
Moody's Investors Service
   Sovereign and Sub-Sovereign Analysis
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

October 28-29, 2008
Moody's Investors Service
   High Yield and Leveraged Finance Credit Analysis
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

October 28-31, 2008
Turnaround Management Association - Australia
   TMA 2008 Annual Convention
     New Orleans Marriott, New Orleans, LA, USA
       e-mail: livaldi@turnaround.org

November 4-5, 2008
Moody's Investors Service
   Corporate Credit Rating Analysis
     Hong Kong, China
       Web site: http://www.moodys.com/trainingservices

November 11-12, 2008
Moody's Investors Service
   Introduction to Collateralised Debt Obligations (CDOs)
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

November 13-14, 2008
Moody's Investors Service
   Introduction to Credit Derivatives-Structures & Applications
     Hong Kong
       Web site: http://www.moodys.com/trainingservices

November 17-19, 2008
Moody's Investors Service
   Fundamentals of Debt Capital Markets and Instruments
     Singapore
       Web site: http://www.moodys.com/trainingservices

November 17-18, 2008
Moody's Investors Service
   Corporate Credit Rating Analysis
     Beijing, China
       Web site: http://www.moodys.com/trainingservices

November 20-21, 2008
Moody's Investors Service
   Corporate Credit Rating Analysis
     Shanghai, China
       Web site: http://www.moodys.com/trainingservices

December 3-5, 2008
American Bankruptcy Institute
   20th Annual Winter Leadership Conference
     Westin La Paloma Resort & Spa
       Tucson, Arizona
         Web site: http://www.abiworld.org/

TBA 2008
INSOL
   Annual Pan Pacific Rim Conference
     Shanghai, China
       Web site: http://www.insol.org/

May 7-10, 2009
American Bankruptcy Institute
   27th Annual Spring Meeting
     Gaylord National Resort & Convention Center
       National Harbor, Maryland
         Web site: http://www.abiworld.org/

June 11-13, 2009
American Bankruptcy Institute
   Central States Bankruptcy Workshop
     Grand Traverse Resort and Spa
       Traverse City, Michigan
         Web site: http://www.abiworld.org/

June 21-24, 2009
International Association of Restructuring, Insolvency &
   Bankruptcy Professionals
     8th International World Congress
       TBA
         Web site: http://www.insol.org/

July 16-19, 2009
American Bankruptcy Institute
   Northeast Bankruptcy Conference
     Mt. Washington Inn
       Bretton Woods, New Hampshire
         Web site: http://www.abiworld.org/

September 10-12, 2009
American Bankruptcy Institute
   17th Annual Southwest Bankruptcy Conference
     Hyatt Regency Lake Tahoe, Incline Village, Nevada
       Web site: http://www.abiworld.org/

October 5-9, 2009
Turnaround Management Association - Australia
   TMA 2009 Annual Convention
     JW Marriott Desert Ridge, Phoenix, AZ, USA
       e-mail: livaldi@turnaround.org

December 3-5, 2009
American Bankruptcy Institute
   21st Annual Winter Leadership Conference
     La Quinta Resort & Spa, La Quinta, California
       Telephone: 1-703-739-0800
         Web site: http://www.abiworld.org/

October 4-8, 2010
Turnaround Management Association - Australia
   TMA 2010 Annual Convention
     JW Marriot Grande Lakes, Orlando, FL, USA
       e-mail: livaldi@turnaround.org

Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
Beard Audio Conferences
   Distressed Real Estate under BAPCPA
     Audio Conference Recording
       Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Changes to Cross-Border Insolvencies
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Healthcare Bankruptcy Reforms
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Calpine's Chapter 11 Filing
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
   Validation and Risk Assessment
     Audio Conference Recording
       Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Employee Benefits and Executive Compensation
   under the New Code
     Audio Conference Recording
       Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Dana's Chapter 11 Filing
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Reverse Mergers-the New IPO?
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
   Audio Conference Recording
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Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Distressed Market Opportunities
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Homestead Exemptions under BAPCPA
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Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
   Audio Conference Recording
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Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
   E-Discovery and Records Management for Bankruptcy
     Practitioners and Litigators
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Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
   Latest Decisions
     Audio Conference Recording
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Beard Audio Conferences
KERPs and Bonuses under BAPCPA
   Audio Conference Recording
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Beard Audio Conferences
Diagnosing Problems in Troubled Companies
   Audio Conference Recording
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Beard Audio Conferences
Equitable Subordination and Recharacterization
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/


                         *********

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

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

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


                          *********


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

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

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

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