TCRAP_Public/080320.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  

            Thursday, March 20, 2008, Vol. 11, No. 57

                            Headlines


A U S T R A L I A

BARNCO PTY: Joint Meeting Slated for March 26
COMMSCOPE INC: Earns US$37.6 Million in 2007 Fourth Quarter
CONSTELLATION BRANDS: UBS Reaffirms Neutral Rating on Firm
GASPA PTY: Placed Under Voluntary Liquidation
HSU NOMINEES: Members to Receive Wind-Up Report on March 27

KERN INTERNET: Members Opt to Liquidate Business
L J & H B: Declares First & Final Dividends
LYRECO (AUSTRALIA): Members' Final Meeting Set for March 26
PAVILION ADVENTURES: Placed Under Voluntary Liquidation
SUNFLOWER BAKERY: Liquidator Presents Wind-Up Report

VITTIG PTY: Commences Liquidation Proceedings
ZINIFEX LTD: Gains Control Over Allegiance Mining NL
ZINIFEX LTD: Provides Details on Merger Agreement with Oxiana


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

CHINA EASTERN: Singapore Air Continues Talks to Acquire Stake
CYBERNET (ASIA PACIFIC): Commences Liquidation Proceedings
HAINAN AIR: Expects 300% Increase in 2007 Net Profit
KERWIN LIMITED: Creditors' Proofs of Debt Due on April 14
LEXAR HONG KONG: Creditors' Proofs of Debt Due on April 14

LEXWIN DEVELOPMENT: Creditors' Proofs of Debt Due on April 10
MILE OCEAN: Creditors' Proofs of Debt Due on April 14
MJC TRADING: Creditors' Proofs of Debt Due on April 14
PAC-FUNG: Creditors' Proofs of Debt Due on March 31
PETROLEOS DE VENEZUELA: Gov't to Enforce New Tax on Oil Profits

SILVERHOOD LIMITED: Creditors' Proofs of Debt Due on April 18
TAI SHING: Creditors' Proofs of Debt Due on April 21
YETO ACCOUNTS: Creditors' Proofs of Debt Due on April 18


I N D I A

AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31
AXIS BANK: To Consider Allotment of Shares Under ESOP on Mar. 19
BIRLA VXL: Board Finalizes Terms of Preference Share Issue
BPL LTD: Board to Consider CMD Reappointment on March 31 Meeting
GENERAL MOTORS: Indian Unit To Launch Small Car in 2 Years

GENERAL MOTORS: Strike Cues S&P to Put Ratings on Negative Watch
TATA STEEL: Acquires Over 1,000 Hectares for Chattigarh Plant


I N D O N E S I A

ALCATEL-LUCENT: Unit Partners with Indonesia's Jaringan Intech
ALLIANCE ONE: S&P Changes Outlook to Stable; Retains 'B+' Rating
BEARINGPOINT INC: Names David Hunter as Chief Operating Officer
CILIANDRA PERKASA: S&P Affirms B Long-Term Corp. Credit Rating
MATAHARI PUTRA: To Invest IDR450 Billion on 15 New Hypermarkets

PERUSAHAAN GAS: Plans to Build Gas Pipeline in North Sumatra
PHILLIPS: To Hold Q4 2007 Earnings Conference Call on March 25


J A P A N

DELPHI CORP: Court Approves Denso Corp. Settlement Agreement
DELPHI CORP: Ct. Allows Plan Investors' New EPCA Interpretation
FUJI HEAVY: Incurs JPY179 Million Third Quarter Net Loss
JAPAN AIRLINES: Credit Suisse Ups Rating to "Neutral"
MAZDA MOTOR: R&I Says Primus' Acquisition Won't Affect Ratings

MITSUBISHI MOTORS: Posts Mid-Term Business Plan
SEIYU LTD: Wal-Mart Acquires Remaining 4% Stake
XERIUM TECHNOLOGIES: May File for Bankruptcy Protection


K O R E A

ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment to Bridge
DURA AUTOMOTIVE: Files Amended First Revised Chapter 11 Plan
DURA AUTO: Unveils Financial Projections Under Revised Plan


M A L A Y S I A

HARVEST COURT: Court to Hear Petition for Summons on April 15
MALAYSIAN AIRLINE: Acquires 14,999,998 Shares in FlyFirefly
MANGIUM: SC Approves MPSB's Proposed Share Disposal to GEMFI


N E W  Z E A L A N D

DAVID REID: Wind-Up Petition Hearing Set for March 31
GARRY BARNES: Appoints Crichton & Horne as Liquidators
HARKESS SHEET: Commences Liquidation Proceedings
KENNY ENGINEERING: Requires Creditors to File Claims by March 28
LONE ARROW: Court to Hear Wind-Up Petition on April 15

MELANGE HOLDINGS: Taps Parsons & Kenealy as Liquidators
NED KELLY: Fixes March 31 as Last Day to File Claims
OCEANIA PROPERTY: Creditors' Proofs of Debt Due Today
OLTRARNO LTD: Fixes May 28 as Last Day to File Claims
ROSSLYN GALLERY: Placed Under Voluntary Liquidation


P H I L I P P I N E S

PSI TECHNOLOGIES: Amends 2006 Report; Going Concern Doubt Raised


S I N G A P O R E

CHAN HO: Pays First & Final Dividends
MCILHENNY ASIA: Requires Creditors to File Claims by April 14
SHANGHAI TUNNEL: Subject to NCC International's Wind-Up Petition
WACON CONSTRUCTION: Court to Hear Wind-Up Petition on March 28



                         - - - - - - - -

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

BARNCO PTY: Joint Meeting Slated for March 26
---------------------------------------------
Barnco Pty. Ltd. will hold a joint meeting for its members
and creditors at 10:30 a.m. on March 26, 2008.  During the
meeting, the company's liquidator, K. A. Strickland at
SimsPartners, will provide the attendees with property
disposal and winding-up reports.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on Sept. 20, 2007.

The liquidator can be reached at:

          K. A. Strickland
          SimsPartners
          40 St Georges Terrace, Level 12
          Perth, Western Australia 6000
          Australia

                     About Barnco Pty.

Barnco Pty. Ltd. is a distributor of furnitures and fixtures.  
The company is located at Willetton, in Western Australia,
Australia.


COMMSCOPE INC: Earns US$37.6 Million in 2007 Fourth Quarter
-----------------------------------------------------------
CommScope Inc. reported net income of US$37.6 million and sales
of US$462.6 million for the fourth quarter ended Dec. 31, 2007.

The reported net income includes after-tax charges of
approximately US$3.1 million for interest on new term loans,
write-off of deferred financing fees and acquisition-related
expenses related to the acquisition of Andrew Corporation.  
Excluding these special items, adjusted fourth quarter 2007
earnings were
US$40.6 million.

For the fourth quarter 2006, CommScope reported net income of
US$27.2 million and sales of US$393.7 million.  The reported net
income includes after-tax charges of US$1.1 million related to
restructuring costs.  Excluding this special item, adjusted
fourth quarter 2006 earnings were US$28.3 million.

For 2007, CommScope sales rose 18.9% to US$1.93 billion and net
income rose 57.4% to US$204.8 million.  This compares to sales
of US$1.63 billion and net income of US$130.1 million for 2006.

"Despite an uncertain economic environment, we are pleased to
have delivered another record quarter and year while closing the
acquisition of Andrew Corporation," said CommScope chairman and
chief executive officer, Frank Drendel.  "We believe that the
ongoing, fundamental global demand for bandwidth will continue
to drive the need for communications infrastructure-in both
wired and wireless networks.

"Both CommScope and Andrew claim a proud past and we believe
that, together as one company, we have a promising future.  We
intend to execute on our previously announced cost reduction
plans while we build upon our industry leading portfolio of
products, broad geographic base and market diversity to create
strong cash flow from operations in 2008.  We have an
experienced management team and solid competitive position.  We
remain confident in the long-term outlook for sales growth and
profitability."

                      Sales Overview

Sales for the fourth quarter 2007 increased 17.5% year over
year, primarily driven by increased volume in all three
segments, with particular strength in the Carrier segment.  

Carrier segment sales increased 46.5% year over year to
US$91.4 million.  Sales rose significantly in all major Carrier
product areas.  CommScope experienced particularly strong
international wireless sales of its ExtremeFlex(R) smooth wall
aluminum cables for mobile cellular towers in the quarter.  
Integrated Cabinet Solutions (ICS) revenue increased as large
domestic wireline carriers continue to deploy electronics deeper
in their networks to offer higher bandwidth broadband and video
services.  Fourth quarter ICS sales reflect a less favorable
product mix than previous quarters.

                       Operating Income

Operating income for the fourth quarter 2007 increased
approximately 52.0% year over year to US$55.1 million, or 11.9%
of  sales.  In the year-ago quarter, operating income was
US$36.3 million, or 9.25.  Excluding restructuring costs in the
year ago quarter, operating income would have been US$38.1
million, or 9.7% of sales.

                    Full Year 2007 Results

CommScope reported sales of US$1.93 billion for 2007, and net
income of US$204.8 million.  The company's 2007 results included
after-tax charges of approximately US$3.8 million related to
interest on the new term loans associated with the Andrew
acquisition, write-off of deferred financing fees, restructuring
costs and acquisition costs.  Excluding these special items,
2007 adjusted earnings would have been US$208.6 million.

CommScope reported sales of US$1.62 billion for 2006, and net
income of US$130.1 million.  The company's 2006 results included
an after-tax charge of US$8.1 million related to restructuring
costs and an after-tax benefit of US$18.6 million related to a
recovery on a note receivable from OFS BrightWave LLC.  
Excluding these special items, 2006 adjusted earnings would have
been US$119.6 million.

         Andrew Acquisition and December Quarter Results

On Dec. 27, 2007, CommScope completed its acquisition of Andrew
Corporation for a total purchase price of approximately
US$2.6 billion.  In its December quarter, prior to the
acquisition by CommScope, Andrew's unaudited results included
revenues of US$546.2 million and an operating loss of US$24.7
million.  Andrew's operating loss reflected merger costs of
US$34.0 million, asset impairment of US$12.1 million,
restructuring of US$4.8 million, intangible amortization of
US$1.6 million and a gain on the sale of assets of US$900,000.

CommScope's 2007 statements of operations and cash flows do not
include any operating results for Andrew, which were immaterial
for the four-day period between closing and December 31.

"We are excited about the acquisition and the significant task
of integrating CommScope and Andrew is well underway," said
executive vice president and chief financial officer Jearld
Leonhardt.  "We face some headwinds with the recent volatility
in raw material costs.  Our calendar year 2008 guidance assumes
the ability to recover higher costs, a stable business
environment and includes the previously announced US$50 to US$60
million in cost reduction synergies.  While we face some near
term challenges, we believe that CommScope has a great
foundation for success and that the Andrew team makes us even
stronger.  We look forward to another successful year."

                        Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$5.11 billion in total assets, US$3.83 billion in total
liabilities, and US$1.28 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2007, are available for
free at http://researcharchives.com/t/s?2920  

                     About CommScope Inc.

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) --
http://www.commscope.com/-- is a provider of infrastructure  
solutions for communication networks.  CommScope is also a
manufacturer of coaxial cable for broadband cable television
networks and a provider of environmentally secure cabinets for
DSL and FTTN applications.  CommScope has facilities in Brazil,
Australia, China and Ireland.

                        *     *     *

In October 2007, Standard & Poor's Ratings Services affirmed its
ratings on CommScope Inc. and Andrew Corp. and removed them from
CreditWatch, where they were placed on June 27, 2007, with
negative implications.  S&P also affirmed the 'BB-' corporate
credit and 'B' subordinated debt ratings for both companies.  
The outlook is stable.


CONSTELLATION BRANDS: UBS Reaffirms Neutral Rating on Firm
----------------------------------------------------------
UBS analysts have reaffirmed their "neutral" rating on
Constellation Brands Inc.'s shares, Newratings.com reports.

Newratings.com relates that the target price for Constellation
Brands was reduced to US$19.50 from US$24.00.

The UBS analysts said in a research note that the "upside to the
company's share price" would be limited in the future due to:

          -- probability of a substantial harvest in Australia,
          -- hike in excise tax in the UK,
          -- exposure to value-priced spirits,
          -- restructuring in the US wine business, and
          -- difficulties at Crown.

According to Newratings.com, the analysts said that
Constellation Brands' fourth quarter 2008 earnings per share
would be "short of the consensus due to high inventories from
the Beam Estates acquisition and lower-than-anticipated Corona
volumes."

The earnings per share estimates for 2008 and 2009 were
decreased to US$1.34 from US$1.37 and to US$1.64 from US$1.79,
respectively, Newratings.com states.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ) -- http://www.cbrands.com/-- has more than 250
brands in its portfolio, sales in approximately 150 countries
and operates approximately 60 wineries, distilleries and
distribution facilities.  The company has market presence in
the U.K., Australia, Canada, New Zealand; Mexico.

Barton Brands Ltd. is the spirits division of Constellation
Brands Inc. is a producer, importer and exporter of a wide range
of spirits products, including brands such as Black Velvet
Canadian Whisky, Ridgemont Reserve 1792 bourbon, and Effen
vodka.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due Dec. 15,
2014.  Fitch said the rating outlook is negative.


GASPA PTY: Placed Under Voluntary Liquidation
---------------------------------------------
Gaspa Pty. Ltd.'s members agreed on February 8, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Graham Ronald Paterson to
facilitate the sale of its assets.

The liquidator can be reached at:

          Graham Ronald Paterson
          10 Addison Street, Unit 3
          South Perth, Western Australia
          Australia

                      About Gaspa Pty.

Located at South Perth, in Western Australia, Australia, Gaspa
Pty. Ltd. is an investor relation company.


HSU NOMINEES: Members to Receive Wind-Up Report on March 27
-----------------------------------------------------------
Simon Read, Hsu Nominees Pty. Ltd.'s appointed estate
liquidator, will meet with the company's members on
March 27, 2008, to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

          Simon Read
          McGrathNicol
          5 Mill Street, Level 1
          Perth, Western Australia 6000
          Australia
          Telephone:+61 8 6363 7600
          Web site: http://www.mcgrathnicol.com

                     About HSU Nominees

Located at Mount Claremont, in Western Australia, Australia, HSU
Nominees Pty. Ltd. is an investor relation company.


KERN INTERNET: Members Opt to Liquidate Business
------------------------------------------------
Kern Internet Pty. Ltd.'s members agreed on February 11, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Desmond Robert Munro and
Andre Strazdins of SimsPartners to facilitate the sale of its
assets.

The liquidators can be reached at:

          Desmond Robert Munro
          Andre Strazdins
          SimsPartners
          12 Pirie Street, Level 4
          Adelaide, South Australia 5000
          Australia

                     About Kern Internet

Kern Internet Pty. Ltd. is involved in the business of telephone
communication, except radio.  The company is located at  
Adelaide, in South Australia, Australia.


L J & H B: Declares First & Final Dividends
-------------------------------------------
L J & H B Price Pty. Ltd., which is in liquidation, declared its
first and final dividend on March 14, 2008.

Only creditors who were able to file their proofs of debt by
March 7, 2008, were included in the company's dividend
distribution.

The company's liquidator is:

          A. R. M. Taylor
          Meertens Chartered Accountants
          68 Grenfell Street, Level 10
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8418 8900
          Facsimile:(08) 8232 5077

                       About L J & H B

Located at Cumberland Park, in South Australia, Australia, L J &
H B Price Pty. Ltd. is an investor relation company.


LYRECO (AUSTRALIA): Members' Final Meeting Set for March 26
-----------------------------------------------------------
Brian Mcmaster, Lyreco (Australia) Pty Ltd's appointed estate
liquidator, will meet with the company's members on
March 26, 2008, 10:00 a.m. to provide them with property
disposal and winding-up reports.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on March 27, 2006.

The liquidator can be reached at:

          Brian Mcmaster
          KordaMentha
          37 St Georges Terrace, Level 11
          Perth, Western Australia
          Australia

                  About Lyreco (Australia)

Lyreco (Australia) Pty. Ltd. is a distributor of stationeries
and office supplies.  The company is located at Belmont, in
Western Australia, Australia.


PAVILION ADVENTURES: Placed Under Voluntary Liquidation
-------------------------------------------------------
Pavilion Adventures Pty. Ltd.'s members agreed on Feb. 7, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed David Ashley Norman Hunt
and Christopher Michael Williamson to facilitate the sale of its
assets.

The liquidators can be reached at:

          David Ashley Norman Hunt
          Christopher Michael Williamson
          SimsPartners
          40 St George's Terrace, Level 12
          Perth, Western Australia 6000
          Australia

                  About Pavilion Adventures

Pavilion Adventures Pty. Ltd. is involved with electrical work.  
The company is located at Perth East, in Western Australia,
Australia.


SUNFLOWER BAKERY: Liquidator Presents Wind-Up Report
----------------------------------------------------
Sunflower Bakery & Takeaway Pty. Ltd. held a joint meeting for
its members and creditors on March 19, 2008.  During the
meeting, the company's liquidator, John Feddema at Cranstoun &
Hussein, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

          John Feddema
          Cranstoun & Hussein
          102 Adelaide Street, Level 2
          Brisbane, Queensland 4000
          Australia

                    About Sunflower Bakery

Sunflower Bakery & Takeaway Pty. Ltd. operates retail bakeries.  
The company is located at Morayfield, in Queensland, Australia.


VITTIG PTY: Commences Liquidation Proceedings
---------------------------------------------
Vittig Pty. Ltd.'s members agreed on February 13, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Martin David Lewis to facilitate
the sale of its assets.

The liquidator can be reached at:

          Martin David Lewis
          Ferrier Hodgson
          81 Flinders Street, Level 6
          Adelaide, South Australia 5000
          Australia

                       About Vittig Pty.

Vittig Pty. Ltd. is a distributor of durable goods.  The company
is located at Salisbury South, in South Australia, Australia.


ZINIFEX LTD: Gains Control Over Allegiance Mining NL
----------------------------------------------------
Zinifex Australia Limited, on March 17, has taken a controlling
interest of more than 50% in Allegiance Mining NL.

As a result of this, the takeover bid by Zinifex for all of the
ordinary shares in Allegiance is automatically extended, and is
now scheduled to close at 7 p.m. (Melbourne time) on
March 31, 2008.

Zinifex's CEO, Andrew Michelmore, said that the company is very
pleased with reaching this milestone, which is an important step
in Zinifex's strategy of diversifying its exposure into high
margin metals and expandable mines.

Mr. Michelmore said that the acquisition of Allegiance Mining
was also a perfect fit with the recently announced merger
between Zinifex and Oxiana.  "The merged company will be the
world's second largest producer of zinc and a substantial
producer of copper, nickel, lead, gold and silver.

"The addition of Avebury to the existing asset bases of the two
companies is complementary, adding immediate nickel production
and another set of growth options in an attractive metal
market," he said.

Mr. Michelmore said that Zinifex's offer of AU$1.10 for each
Allegiance share is final.

"A majority of Allegiance directors have recommended acceptance
of the offer and have either accepted, or intend to accept, in
respect of all shares held by them or on their behalf.

"The revised price represents a premium of 55% over the closing
price before our offer was announced in December and accepting
shareholders will be paid within 5 business days of receipt of a
valid acceptance" he said.

Mr. Michelmore said that as Zinifex has an interest greater than
50%, no other bidder would now be able to acquire a controlling
interest in Allegiance.

"If you have already accepted Zinifex's offer you need not take
any action. If you have not, I strongly urge you to accept the
offer without delay," he said.

The Australian Associated Press reports that Zinifex is unlikely
to hold the 100% of Allegiance as the target's largest
shareholder, Jinchuan Group Ltd. said it plans to hold on to its
10.4% stake.

China-based Jinchuan, will see how the Zinifex-Oxiana merger
develops and may want to become a minority shareholder in the
merger to gain exposure to their combined lead, zinc, gold and
copper assets, relates AAP.

                     About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company
also has a zinc smelter in the Netherlands and the United
States.  The company sells a range of zinc metal, lead metal,
and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch said the outlook is stable.


ZINIFEX LTD: Provides Details on Merger Agreement with Oxiana
-------------------------------------------------------------
Zinifex Ltd. has posted the details of its Merger Implementation
Agreement with Oxiana Resources Ltd. which deals with
termination, exclusivity, break fee and standstill in response
to various queries from investors.

                           Termination

The MIA provides for the following termination rights:

   General

   * by either party if there is a material breach of the MIA by
     the other party, by Oxiana if there occurs a Zinifex
     Material Adverse Change or a Zinifex Regulated Event, or by
     Zinifex if there occurs an Oxiana Material Adverse Change
     or an Oxiana Regulated Event;
   
   * by either party if the Scheme is not approved by Zinifex
     shareholders or the Court refuses to convene the Scheme
     Meeting, if there is an order made restraining the Scheme,
     if the conditions precedent are not satisfied, or the
     Scheme does not otherwise come into effect by
     September 3, 2008;

   Zinifex change of recommendation or Competing Proposal
   resulting in change of control

   * by Oxiana if a majority of the Zinifex directors publicly
     change or withdraw their recommendation in respect of the
     Scheme;

   * by Zinifex if a majority of the Zinifex directors publicly
     change or withdraw their recommendation in respect of the   
     Scheme in circumstances where either the independent
     expert opines to Zinifex that the Scheme is not in the best  
     interests of Zinifex shareholders or the Zinifex directors
     determine that a Competing Proposal for Zinifex constitutes
     a Superior Proposal to the Scheme, and a majority of the  
     Zinifex directors (after consultation with Oxiana in
     relation to the proposed change of recommendation) no
     longer consider the Scheme to be in the best interests of
     Zinifex shareholders;

   * by Oxiana if there is a Competing Proposal for Zinifex by
     which a third party acquires a relevant interest in more
     than 50% of the issued shares of Zinifex on an
     unconditional basis;

   Oxiana Competing Proposals or change of control
   
   * by either party if the Oxiana directors recommend a
     Mutually Exclusive Competing Proposal
     for Oxiana;
   
   * by Zinifex if there is a Competing Proposal for Oxiana by
     which a third party acquires a relevant interest in more
     than 50% of the issued shares of Oxiana on an unconditional
     basis;

   * by Zinifex if there is a Mutually Exclusive Competing
     Proposal for Oxiana (irrespective of whether or not it has
     been recommended by the Oxiana directors) which at the time
     of termination is Not Open to Zinifex shareholders (subject
     to an obligation on the part of Zinifex to consult with
     Oxiana prior to termination); and

   * by Zinifex if there is a Competing Proposal for Oxiana
     which at the time of termination is Not Open to Zinifex
     shareholders (irrespective of whether or not it has been
     recommended by the Oxiana directors)or which at the time of
     termination is recommended by a majority of the Oxiana
     directors (subject to an obligation on the part of Zinifex
     to consult with Oxiana prior to termination).

                        Exclusivity

Oxiana and Zinifex have mutually agreed that:

   * neither party will solicit or encourage Competing
     Proposals;

   * neither party will negotiate or enter into discussions with
     any person in relation to a Competing Proposal; and

   * neither party will permit a third party to undertake due
     diligence investigations in respect of it,

However, the last two restrictions will not apply to unsolicited
Competing Proposals which the relevant Board determines are
Superior Proposals or where the relevant Board determines
further that a failure to respond to the Competing Proposal
would be a breach of their fiduciary duties.

In the event that either Zinifex or Oxiana receive a Competing
Proposal, they must give notice of the Competing Proposal to the
other party and allow the other party time to make a counter
proposal.

                       Break Up Fee

Oxiana and Zinifex have agreed that the amount of AU$55 million
("the Liquidated Amount") will become payable in the following
circumstances:

   Breach and regulated events

   * Oxiana will pay the Liquidated Amount to Zinifex if the MIA
     is terminated because of Oxiana's material breach, or the
     occurrence of an Oxiana Regulated Event;

   * Zinifex will pay the Liquidated Amount to Oxiana if the MIA
     is terminated because of Zinifex's material breach, or the
     occurrence of a Zinifex Regulated Event;

   Competing Proposal for Oxiana

   * Oxiana will pay the Liquidated Amount to Zinifex if there
     is a Competing Proposal for Oxiana which is Not Open to
     Zinifex shareholders and as a result of the Competing
     Proposal a third party acquires a relevant interest in more
     than 50% of the shares in Oxiana on an unconditional basis;

   * Oxiana will pay the Liquidated Amount to Zinifex if the
     Oxiana Board recommends a Competing Proposal for Oxiana
     which is either Not Open to Zinifex shareholders or is a
     Mutually Exclusive Competing Proposal for Oxiana, and
     either the MIA is terminated or the Scheme is not approved
     by Zinifex shareholders;

   Competing Proposal for Zinifex or change of Zinifex
   recommendation

   * Zinifex will pay the Liquidated Amount to Oxiana if a
     Competing Proposal for Zinifex is announced before the
     Scheme Meeting (or any earlier termination of the MIA) and
     prior to September 3, 2008 the applicable third party
     acquires a relevant interest in more than 50% of the
     issued shares of Zinifex on an unconditional basis, or
     control of Zinifex, or the whole or a substantial part or a
     material part of the business or property of Zinifex or the
     Zinifex Group; and

   * Zinifex will pay the Liquidated Amount to Oxiana if a
     majority of the Zinifex Board:

    -- change their recommendation of the Scheme (except if the
       change of recommendation arises as a result of the
       Independent Expert giving a report that the Scheme is not
       in the best interests of Zinifex shareholders, and after
       the Zinifex Board has consulted in good faith with Oxiana
       concerning their proposed change of recommendation); or

    -- recommend a Competing Proposal for Zinifex,

     And the MIA is terminated.

                       Standstill

Each of Oxiana and Zinifex have agreed that they will not,
during the period of the MIA and until September 2008 acquire an
interest in the others shares
other than under the Scheme.

   Exceptions to this apply if:

   * a takeover offer or other merger proposal for Zinifex or
     Oxiana (as relevant) is made or announced by a third party;
     or

   * an acquisition of 5% or more of the shares in Zinifex or
     Oxiana (as relevant) by a person other than an
     Institutional Investor occurs, or following the occurrence
     of an Oxiana Regulated Event or a Zinifex Regulated Event.

                       About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.  
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's
'BB+' long-term foreign currency Issuer Default Rating (IDR),
following the announcement of an all cash offer for Allegiance
Mining NL (Allegiance).  Fitch said the outlook is stable.




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


CHINA EASTERN: Singapore Air Continues Talks to Acquire Stake  
-------------------------------------------------------------
Singapore Airlines disclosed that they are still negotiating for
a controlling stake in China Eastern Airlines Corporation
Limited, Reuters reports.

As reported in the Troubled Company Reporter-Asia Pacific on  
Jan. 10, 2008, nearly 78% of China Eastern shareholders earlier
rejected a bid by Singapore Airlines and Temasek Holding Pte
Limited to buy a minority stake in China Eastern after rival Air
China and its parent, China National Aviation Corp., pledged a
higher offer.  However, on Feb. 25, China Eastern rejected Air
China's proposal and pledged to instead continue seeking another
strategic investor, Reuters relates.

Reuters notes that Stephen Forshaw, Singapore Airlines
spokesman, confirmed that Singapore Air is still pursuing a
stake in China Eastern  but admits that its bid remains in China
Eastern's shareholders' fate.  "We are still  in talks with
China Eastern.  We will continue a dialogue with them, but
the question of when we may go back to shareholders and how that
will take place is a question for China Eastern and not for us,"
Mr. Forshaw said.

                   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.


CYBERNET (ASIA PACIFIC): Commences Liquidation Proceedings
----------------------------------------------------------
Cybernet (Asia Pacific) Limited's members agreed March 7, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed John Robert Lees to
facilitate the sale of its assets.

The liquidators can be reached at:

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


HAINAN AIR: Expects 300% Increase in 2007 Net Profit
-----------------------------------------------------
Hainan Airlines Co. said its 2007 unaudited net profit to
increase at least 300% from 2006, Reuters reports.

The report recounts that in January, the airline estimated the
rise in profit at 200%.

The company's 2007 revenue was helped by booming domestic demand
for travel, as well as the benefits of a rising yuan.

Hainan Airlines said details of its 2007 results would be
published in its annual report, which will be delayed by one
week, until March 25, the report notes.

Edmund Klamann of Reuters writes that the airline posted a net
profit of CNY181.6 million in 2006.

                     About Hainan Airlines

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is    
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.


KERWIN LIMITED: Creditors' Proofs of Debt Due on April 14
---------------------------------------------------------
The creditors of Kerwin Limited are required to file their
proofs of debt by April 14, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 5, 2008.

The company's liquidator is:

          Thomas Andrew Crokhill
          Iain Fegurson Bruce
          8th Floor, Gloucester Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


LEXAR HONG KONG: Creditors' Proofs of Debt Due on April 14
----------------------------------------------------------
The creditors of Lexar Hong Kong  Limited are required to file
their proofs of debt by April 14, 2008, to be included in the
company's dividend distribution.

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

The company's liquidator is:

         Thomas Andrew Crokhill
         Iain Fegurson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


LEXWIN DEVELOPMENT: Creditors' Proofs of Debt Due on April 10
-------------------------------------------------------------
The creditors of Lexwin Development Limited are required to file
their proofs of debt by April 10, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 7, 2008.

The company's liquidator is:

          Lui Siu Wor
          Room 1301, Kowloon Building
          555 Nathan Road
          Mongkok, Kowloon


MILE OCEAN: Creditors' Proofs of Debt Due on April 14
-----------------------------------------------------
The creditors of Mile Ocean Limited are required to file their
proofs of debt by April 14, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 5, 2008.

The company's liquidator is:

         Pun Chun Sun, Bernanrd
         45th Floor, Sun Hung Kai Centre
         30 Harbour Road, Hong Kong

        
MJC TRADING: Creditors' Proofs of Debt Due on April 14
-----------------------------------------------------
The creditors of MJC Trading (H.K.) Co. Limited are required to
file their proofs of debt by April 14, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 3, 2008.

The company's liquidator is:

          Thomas Andrew Crokhill
          Iain Fegurson Bruce
          8th Floor, Gloucester Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


PAC-FUNG: Creditors' Proofs of Debt Due on March 31
---------------------------------------------------
The creditors of Pac-Fung Minardi Limited are required to file
their proofs of debt by March 31, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 7, 2008.

The company's liquidator is:

         Fan Shi Hoo
         Unit 6, 9th Floor
         Tower B
         Hoi Yuen Road
         Kwun Tong, Kowloon


PETROLEOS DE VENEZUELA: Gov't to Enforce New Tax on Oil Profits
---------------------------------------------------------------
Petroleos de Venezuela SA's President and Venezuelan Energy and
Petroleum Minister Rafael Ramirez said that the Venezuelan
government will implement a new tax on oil profits,
Venezuelanalysis.com reports.

Minister Ramirez said during the World Heavy Oil Conference in
Alberta, Canada that the tax will be applied to help pay for
environmental damages and to compensate the Venezuelans through
social programs, Venezuelanalysis.com notes.

According to Venezuelanalysis.com, Minister Ramirez said that
the tax is justified as oil prices and earnings have surpassed
what was expected when contracts were signed.  Minister Ramirez
noted that international oil firms have also caused a lot of
damage, Venezuelanalysis.com adds.  The tax will help protect
oil revenues once prices decrease when the northern winter
season ends and demand declines, Minister Ramirez says,
Venezuelanalysis.com reports.

"Base price per barrel will be US$80, which is significantly
greater than previous ranges of US$20 to US$30 per barrel,
because worldwide refining capacity is reaching limits, and
creating new supply is more expensive than ever before,"
Venezuelanalysis.com quoted Minister Ramirez.

Growth in India and China has also increased worldwide demand
for oil, the report says, citing Minister Ramirez.

Prices are currently above US$109 per barrel, but the
Organization of Petroleum Exporting Countries won't increase
supply because the "the supply is in line with consumer demand,"
Minister Ramirez relates, according to Venezuelanalysis.com.

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 was negative.


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

The company commenced liquidation proceedings on March 6, 2008.

The company's liquidator is Au Yan Alfred.


TAI SHING: Creditors' Proofs of Debt Due on April 21
-----------------------------------------------------
The creditors of Tai Shing Trading Company Limited are required
to file their proofs of debt by April 21, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

          Yeung Chung Hung
          Ground Floor
          105 Portland Street
          Kowloon, Hong Kong


YETO ACCOUNTS: Creditors' Proofs of Debt Due on April 18
--------------------------------------------------------
The creditors of Yeto Accounts & Taxation Limited are required
to file their proofs of debt by April 18, 2008, to be included
in the company's dividend distribution.

The company's liquidator is:

         Lam Wing Yi, Jerry
         510 King's Road, North Point
         Hong Kong




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


AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31
------------------------------------------------------------
The AES Corporation earned US$8 million for the three months
ended Dec. 31, 2007, compared to net income of US$15 million for
the same period in 2006.  For the full year of 2007, the company
posted a net loss of US$95 million compared to net income of
US$247 million.

"We are pleased to announce that we had another good year in
2007, demonstrating the financial strength of our portfolio of
businesses," said Paul Hanrahan, AES President and Chief
Executive Officer.  He added, "We made good progress in
executing and expanding projects in our global pipeline of core
and alternative energy businesses and moved into new higher
growth markets, all of which positions us well for continued
growth going forward."

                    Fourth Quarter 2007

Revenue

During the quarter, revenues increased by US$739 million, or
25%, to US$3.7 billion.  The increase in revenues reflects
higher prices and volumes from the generation businesses of
approximately US$358 million across all four of the company's
regions, as well as favorable foreign currency translation of
approximately US$258 million.  It also reflects approximately
US$57 million from TEG and TEP, two plants the company acquired
in northern Mexico in the first quarter of 2007.

Gross Margin

Gross margin increased by US$20 million, or 3%, to US$809
million.  Gross margin benefited from a combination of
higher prices at the North American and European businesses,
favorable foreign currency translation and contributions
from new businesses of approximately US$149 million.  These
gains were offset in part by higher fixed costs at Eletropaulo,
one of our distribution companies in Brazil, and Sonel, our
integrated utility in Cameroon, coupled with the previously
anticipated tariff reset at Eletropaulo in July 2007.

Income from Continuing Operations

Fourth quarter income from continuing operations was
US$4 million versus (US$14) million in fourth quarter 2006.  The
net loss in 2006 was primarily driven by higher development and
overhead costs related to remediation work in fourth quarter
2006 (US$0.05), restatement charges in Brazil (US$0.03), charges
related to the restructuring of certain of the company's
Brazilian subsidiaries (US$0.02) and one-time costs related to
the refinancing of debt at certain of the company's subsidiaries
in Panama (US$0.01).

The US$0.00 per diluted share earned in the fourth quarter from
continuing operations includes net charges of US$0.24 related to
certain significant items.  These items include:

    * an asset impairment at Uruguaiana, a generation plant in
      Brazil that the company owns indirectly through its
      Brasiliana subsidiary (US$0.24)

    * a write-off of the Company's remaining equity investment
      in (US$0.02) and impairment of prepaid carbon emission
      credits (US$0.01) from AgCert, a UK company which produces
      Certified Emission Reductions (CERs);

    * expenses associated with deferred financing charges and
      make-whole fees related to the refinancing of corporate
      debt (US$0.08);

    * a one-time deferred tax charge arising from a change in
      Mexican tax law (US$0.07); and

    * a gain of US$0.18 realized from the secondary sale of
      shares by the company's Chilean subsidiary Gener

Excluding the net impact of these significant charges, as well
as the one-time charges in 2006 identified above, the main
driver of the year-over-year improvement in both income from
continuing operations and adjusted earnings per share (a non-
GAAP financial measure) was improved operating performance at
our North American and European businesses.

Cash Flow

Fourth quarter 2007 net cash from operating activities was
US$488 million as compared to US$476 million in fourth quarter
2006.  The increase was primarily attributable to improved
operating performance at our North American and European
businesses, which more than offset the impact of the sale of EDC
in second quarter 2007.  Excluding any contribution from EDC,
which is included in the consolidated statement of cash flows,
net cash from operating activities would have increased by
approximately US$30 million.

                      Full Year 2007

Revenue

During the year, revenues increased by US$2.0 billion, or more
than 17%, to US$13.6 billion.  The increase in revenues is
attributable to higher prices from our generation businesses
across all four of the Company's regions of US$688 million, and
US$636 million from favorable currency translation at our
utility businesses in Latin America.  The increased revenues
also reflects the contributions from new or recently acquired
generation businesses, TEG and TEP in Mexico and Itabo in the
Dominican Republic of US$286 million, as well as higher utility
volumes from our utility businesses in both Brazil and the
Ukraine.

Gross Margin

Gross margin remained relatively flat at US$3.4 billion, as
improved operations in North America, favorable foreign currency
translation in Brazil and the addition of TEG and TEP and Itabo
were largely offset by the previously anticipated Eletropaulo
tariff reset in July 2007, the impacts of gas curtailments and
drier than normal hydrology at our businesses in the Southern
Cone region of Latin America, as well as higher fixed costs at
Eletropaulo and Sonel.

Income from Continuing Operations

Income from continuing operations was US$495 million compared to
US$176 million in 2006.  Results for 2006 include the
restructuring of certain of the company's Brazilian subsidiaries
which resulted in a non-cash, after-tax charge to income from
continuing operations of US$509 million.  The net loss
in 2007 is driven by the sale of EDC, which resulted in a non-
cash, after-tax charge of US$680 million.

Excluding the impacts of the Brasiliana restructuring in 2006
and the significant charges of US$0.33 in 2007, which includes
both the US$0.24 identified above for the fourth quarter as well
as US$0.09 in net asset losses/impairments recorded during the
first three quarters, the main driver of the year-over-year
increase in earnings per diluted share and adjusted earnings per
share was improved operations at the North American and European
businesses, the addition of new businesses and favorable foreign
currency translation.  This improvement helped offset the
impacts of the gas curtailment in the Southern Cone region of
Latin America, as well as higher corporate overhead charges
related to financial restatements, remediation work and higher
business development costs.

Cash Flow

During the year, net cash from operating activities was
US$2.4 billion, an increase of US$6 million compared to 2006.
Net cash from operating activities benefited from favorable
foreign currency translation and improved operating performance
at the North American and European businesses which largely
offset the impact of the sale of EDC in May 2007.  Excluding any
contribution from EDC, net cash from operating activities would
have increased by approximately US$119 million.

                        2008 Guidance

AES expects 2008 diluted earnings per share from continuing
operations of US$2.43, including an expected net gain of US$1.29
or US$900 million related to the sale of two indirectly owned
subsidiaries in Kazakhstan.  The company expects adjusted
earnings per share of US$1.14.  For 2008, the company expects
net cash from operating activities of US$2.3 billion to US$2.4
billion, free cash flow of US$1.4 billion to US$1.6 billion and
subsidiary distributions of US$1.0 to US$1.1 billion.

                    About AES Corporation

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

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

The company has Latin America operations in Argentina, Brazil,
Chile, Dominican Republic, El Salvador and Panama.

                          *    *    *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  The company also carries Fitch Ratings' 'BB/RR1' rating
on US$500 million issue of senior unsecured notes due 2017.

As reported in the Troubled Company Reporter-Latin America on
March 7, 2008, AES Corporation is in default under its senior
secured credit facility and its senior unsecured credit facility
due to a breach of representation related to its financial
statements as set forth in the credit agreements.  As a result,
US$200 million of the debt under the company's senior secured
credit facility will be classified as current on the balance
sheet as of Dec. 31, 2007.  There are no outstanding borrowings
under the senior unsecured facility.


AXIS BANK: To Consider Allotment of Shares Under ESOP on Mar. 19
----------------------------------------------------------------
AXIS Bank Ltd.'s committee of directors will hold a meeting on
March 19, 2008, inter-alia, to consider the allotment of equity
shares under the bank's Employee Stock Option Plan.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                        *     *     *

The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which was placed on
July 1, 2005.


BIRLA VXL: Board Finalizes Terms of Preference Share Issue
----------------------------------------------------------
Birla VXL Ltd. has informed the Bombay Stock Exchange that its
Committee of the Board has finalized the indicative terms and
conditions of the offer, on private placement basis, of
25,00,000 cumulative redeemable preference shares of INR100
each.

The Committee has authorized Birla Vice Chairman/Managing
Director to discuss the interest of intercorporate depositors or
lenders to the company as well as other investors in the said
issue.

Headquartered in Gujarat, Birla VXL is a part of the S.K. Birla
Group and manufactures fabrics for suitings under the brand name
DIGJAM.

In July 2004, the High Courts of Gujarat and Punjab & Haryana
approved the company's Scheme of Arrangement, under Sections 391
to 394 of the Companies Act, 1956.  The Scheme, which took
effect on March 30, 2006, among others provides the debt and
capital restructuring and transfer of OCM Division of the
company to its wholly owned subsidiary OCM India Ltd.


BPL LTD: Board to Consider CMD Reappointment on March 31 Meeting
----------------------------------------------------------------
BPL Ltd.'s board of directors will hold a meeting on
March 31, 2008, a filing with the Bombay Stock Exchange says.

During the meeting, the board will, inter alia, consider re-
appointment Ajit G Nambiar as the company's chairman and
managing director for another five years from April 1, 2008.  
The board will also be discussing payment of remuneration to
him.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

In 2006, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

The company incurred at least two consecutive annual net losses
-- INR301.4 million in fiscal year ended March 31, 2007, and
INR2.73 billion in FY2006.


GENERAL MOTORS: Indian Unit To Launch Small Car in 2 Years
-----------------------------------------------------------
General Motors India said it will launch a new small car in the  
country in the next two years, Reuters reports.

According to the report, the new model will be priced below the
company's existing cheapest model, the Chevrolet Spark.

Also, the company plans to increase its US$300 million export
business of automotive components by 2-3 times in the next 3-4
years in the country, the report notes.

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

                        *     *     *

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

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

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


GENERAL MOTORS: Strike Cues S&P to Put Ratings on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.
     
The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/--) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expect American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.  The two sides resumed negotiations last week.
      
"We believe the strike has gone on long enough to possibly begin
to affect the financial resources of GM and those suppliers most
exposed to the automaker," said Standard & Poor's credit analyst
Robert Schulz.
     
To resolve the CreditWatch listings, Standard & Poor's will
assess the strike's impact on the companies' credit profiles,
particularly liquidity, once production resumes.  S&P could
lower the ratings any time prior to a resolution of the Axle
strike if the liquidity of the companies becomes compromised,
although downgrades are not likely for another several weeks.

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


TATA STEEL: Acquires Over 1,000 Hectares for Chattigarh Plant
-------------------------------------------------------------
Tata Steel Ltd. has acquired more than 1,000 hectares of farm
land in Chattisgarh's Bastar district, a sign of progress on the
long-delayed construction of a US$2.5 billion steel plant in the
state.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Tata Steel signed a memorandum of understanding with
the Chhattisgarh government in June 2005 to build a five-
million-tonne-per-year steel plant.  The project, however, faced
delays with landowners refusing to give up their lands.  Over
2,000 hectares reportedly is required for the plant.

Tribal group Akhil Bharatiya Adivasi Mahasabha is also
campaigning against Tata Steel and other industrial houses for
alleged "meaningless industrialization" in Basar.

According to the Indo-Asian News Service, around 1,000 farmers
have already surrendered nearly 1,050 hectares in exchange for
compensation from the government.  The government, the news
agency relates, paid INR347.5 million until February-end  

Out of the project's total required land area, 86.5% is
privately held, 8.4% belongs to the government and the rest is
revenue and forest land, IANS states.

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


ALCATEL-LUCENT: Unit Partners with Indonesia's Jaringan Intech
--------------------------------------------------------------
Alcatel-Lucent S.A.'s unit Genesys Telecommunications
Laboratories has appointed PT Jaringan Intech Indonesia as its
local partner, Antara Nes reports.

Genesys designs and provides integrated contact centers to both
large and mid-size companies.

According to the report, Joseph Lim, Genesys director for Asia
Pacific Channels & Alliance, said the alliance between the two
companies will allow both of them to expand further in
developing end-to-end customer interaction services as Genesys
looks forward to expand within the Southeast Asian region.

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                        *     *     *

As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors
Service downgraded to Ba3 from Ba2 the Corporate Family Rating
of Alcatel-Lucent.  The ratings for senior debt of the group
were equally lowered to Ba3 from Ba2 and the trust preferred
notes of Lucent Technologies Capital Trust I have been
downgraded to B2 from B1.  At the same time, Moody's affirmed
its Not-Prime rating for short-term debt of Alcatel-Lucent.
Moody's said the outlook for the ratings is stable.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALLIANCE ONE: S&P Changes Outlook to Stable; Retains 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Alliance One International Inc. and its wholly owned subsidiary,
Intabex Netherlands B.V., to stable from negative.  At the same
time, the ratings on the Morrisville, North Carolina-based
company, including the 'B+' corporate credit rating, were
affirmed.
     
"The outlook revision principally reflects steady reduction in
debt leverage since the acquisition of Standard Commercial in
May 2005, and improved liquidity," said Standard & Poor's credit
analyst Kenneth Shea.
     
The ratings on Alliance One reflect the challenging business
environment in which the company operates, marked by global
competition, political unrest in certain leaf-tobacco producing
countries, the weak U.S. dollar, and declining cigarette
consumption in most mature markets, including the U.S. and
Western Europe.  In addition, there is customer concentration
risk and relatively high debt leverage.  These concerns are
tempered by the company's position as one of the two leading
independent leaf tobacco merchants; its sourcing
diversification; and solid customer relationships with the
leading cigarette manufacturers.


BEARINGPOINT INC: Names David Hunter as Chief Operating Officer
---------------------------------------------------------------
BearingPoint Inc. has appointed David Hunter as chief operating
officer.  Mr. Hunter, who worked at Accenture for more than 30
years and rose to the position of Global Senior Partner, will be
responsible for day-to-day operations of BearingPoint across
geographies, business units and corporate services.

Mr. Hunter devoted much of his career to running and expanding
Accenture's Asia-Pacific business, as well as overseeing the
company's Government practice.  At BearingPoint, he will
spearhead BearingPoint's global operations and work closely with
members of the executive management team to bring a commitment
and focus to client service, broaden the company's growing Asia-
Pacific business and extend the reach of the Public Services
practice to governments around the world.

During his tenure at Accenture, Mr. Hunter held a variety of
senior positions including nine years as the chief executive
officer of the Government Global Operating Group and the Asia
Pacific region.  In these roles, he was responsible for business
turnarounds, resulting in significant growth and performance
increases.  In addition, he led the establishment of multiple
government practices in the largest countries in the Asia
Pacific region.

"David is an experienced leader.  In every position he has held,
he has created value for his clients and opportunities for
growth for his colleagues.  He has a proven ability to increase
operational efficiency, drive business results and expand
profitability - all qualities consistent with our objectives,"
said Ed Harbach, BearingPoint's chief executive officer.  "He
will play a key role in helping us build a stronger
organization, grow strategic areas of our client base and
execute our long-term business plan."

Mr. Hunter said, "This is the right opportunity at the right
time for me.  I have known several members of BearingPoint's
management team for decades and know them to be innovative,
straight-thinking and hard working.  I believe there is a
tremendous opportunity at BearingPoint to truly establish market
leadership in key areas around the world.  I am impressed with
the intellectual capital embedded throughout the company and am
excited to be part of the next phase of BearingPoint's history."

Mr. Hunter has extensive global experience, having lived and
worked in 15 countries around the globe and he currently resides
in Sydney, Australia.  In addition, Hunter serves on the boards
of a number of Australian public companies as a non-executive
director and has extensive experience in corporate governance.

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

As of Dec. 31, 2007, the company had total assets of
US$1,981.4 million, total liabilities of US$2,450.6 million
resulting to a total stockholders' deficit of US$469.2 million.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America
Dec. 11, 2007, Moody's Investor Service confirmed BearingPoint
Inc.'s B2 corporate family rating and assigned a negative rating
outlook.  The rating agency also downgraded the company's
US$250 million Series A Subordinated Convertible Notes to Caa1
from B3 (LGD5, 86%) and US$200 million Series B Subordinated
Convertible Notes to Caa1 from B3 (LGD5, 86%).


CILIANDRA PERKASA: S&P Affirms B Long-Term Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Indonesia-based palm oil producer, PT
Ciliandra Perkasa with a stable outlook, and the 'B' foreign
currency rating on the US$160 million senior secured notes
issued by Ciliandra's wholly owned subsidiary, Ciliandra
Perkasa Finance Co. Pte. Ltd.

At the same time, Standard & Poor's removed the ratings from
CreditWatch with negative implications, where they were placed
on March 10, 2008, after the Corruption Eradication Commission
of Indonesia announced its intention to auction several
properties.  The properties included plantation assets owned by
Ciliandra and its subsidiaries, in relation to a court case
involving Martias, one of the company's founders and former
shareholder.

According to media reports, the KPK has since withdrawn its
intention to auction the properties. Standard & Poor's
understands from Ciliandra that there will no longer be any
potential impact on the company's assets and cash flows and
Ciliandra will no longer need to pursue any legal action against
KPK.

"Furthermore, the company also announced that it has not
extended any financial assistance to Martias or any party
related to the payment of the penalty imposed on Martias," said
Standard & Poor's credit analyst Joey Chew.  "The rating
affirmation also factors in the company's confirmation that it
continues to hold the relevant land title certificates and full
operational access to these properties."

                    PT Ciliandra Perkasa

PT Ciliandra Perkasa -- http://www.ciliandraperkasa.co.id/-- is   
a private Indonesian upstream palm oil plantation
companyoperating in Sumatra.  It has 13 oil palm plantations
totalling 76,830 planted hectares, and 6 palm oil crushing mills
with a total capacity of 2.07 million tonnes of fresh fruit
brunches.


MATAHARI PUTRA: To Invest IDR450 Billion on 15 New Hypermarkets
---------------------------------------------------------------
PT Matahari Putra Prima plans to invest as much as IDR450
billion on 15 new hypermarkets this year, The Jakarta Post
reports citing Director of Merchandising and Marketing for Food
Business Carmelito J. Regalado.

According to the report, Mr. Regalado said the new stores would
be concentrated in Bali, Kalimantan and Sulawesi.

Matahari's hypermarket business, under the flagship Hypermart,
contributed 42.5% to the firm's total revenue of IDR9.8 trillion
last year, the report notes.

Mr. Regalado told the news agency that starting this year the
company will build all their Hypermart stores to stand alone
from malls or other shopping centers.   The company recently
built its 38th 10,000-square-meter Hypermart store at Puri
Village, West Jakarta, the same report notes.

Furthermore, Hypermart VP for Store Operations Emi Nuel said
the firm would remain committed to supporting small-scale
suppliers with training.

                     About Matahati Putra

Headquartered in Tangerang, Indonesia, PT Matahari Putra Prima
Tbk -- http://www.matahari.co.id/-- is a consumer goods company   
engaged in the retail business, providing clothes, jewelries,
bags, shoes, cosmetics, electronics appliances, toys,
stationeries, books, drugs and other everyday needs.  It is also
engaged in the family entertainment industry through the
operation of Time Zone, a game center.  The company operates
Matahari Supermarket, Hypermart stores, Cut Price stores, Boston
Drugs pharmacies, Baker's Delight bakeries, Deli Bon stores and
Market Place grocery stores.  During the year ended
Dec. 31, 2005, the company opened its first store in Shenzhen,
China, 13 Hypermart stores, four Cut Price stores and one
Matahari Supermarket.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 14, 2007, that PT Moody's Indonesia has assigned an A1.id
national scale rating of PT Matahari Putra Prima Tbk.  At the
same time, Moody's Investor Service has affirmed Matahari's B1
corporate family rating, and the B1 senior unsecured rating on
its guaranteed US$150 million bonds due 2009.  The outlook for
the ratings is stable.

The TCR-AP reported on Oct. 2, 2006, that Standard & Poor's
Ratings Services affirmed its 'B+' rating to the proposed long-
term senior unsecured bonds to be issued by Matahari Finance
B.V., a special purpose financing vehicle wholly owned by
Indonesia-based retailer PT Matahari Putra Prima Tbk. (Matahari;
B+/Stable/--).  The bond, which will be due in 2009, will have
an issue size of US$100 million to US$150 million.


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-'.


PHILLIPS: To Hold Q4 2007 Earnings Conference Call on March 25
--------------------------------------------------------------
Phillips-Van Heusen Corporation will hold a conference call on
March 25 at 11:00 am to discuss the fourth quarter earnings for
2007.

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns      
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van HeUS$en, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass &
Co., Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth
Cole, BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by
Michael Kors, Chaps and Donald J. Trump Signature.

It has operations in the Asia-Pacific region, including
Indonesia, China, Philippines, Malaysia, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2007, Moody's Investors Service affirmed Phillips-Van
Heusen Corporation's Corporate Family and Probability of Default
ratings at Ba2, its senior secured debenture rating at Baa3, and
its senior unsecured notes rating at Ba3.  At the same time,
Moody's revised the outlook to positive from stable.




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


DELPHI CORP: Court Approves Denso Corp. Settlement Agreement
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
granted the request of Delphi Corp. and its debtor-affiliates to
enter into a settlement agreement with Denso Corp.

The DENSO Settlement resolves the parties' dispute pertaining to
certain patent rights and other forms of intellectual property,
Neil Berger, Esq., at Togut, Segal & Segal LLP, in New York,
tells the Court.

The Debtors employ variable-valve timing technology to enhance
the performance of engines by adjusting the timing of the
opening and closing of engine valves according to environmental
and performance conditions.  The Debtors' cam phaser VVT
technology uses a camshaft that varies the timing of the valves
through an extra joint that allows irregularly shaped valve-
actuating cams on the camshaft to be rotated to varying
positions relative to the position of the crankshaft.  In 2005,
the Debtors introduced a new family of cam phaser VVT products
that feature axial locking pins to prevent unwanted slippage of
camshaft joints.

In July 2005, DENSO sent correspondence to the Debtors asserting
that certain features in the Debtors' cam phaser VVT products
infringed on its patents.  DENSO subsequently filed Claim Nos.
12339, 12340, and 12341 against the Debtors as unsecured non-
priority claims for US$697,778 each.

The Debtors objected to the DENSO Claims.

The Settlement was a product of due diligence and extensive
arm's-length negotiations.

The DENSO Settlement authorizes the Debtors to use the Delphi
VVT technology pursuant to a license agreement with DENSO.  The
Debtors agree to pay DENSO a royalty based upon the sales of
products containing the Delphi VVT technology.

In exchange, DENSO agrees to withdraw the DENSO Claims.

The DENSO Settlement will avoid the risks and costs involved in
litigating the DENSO Claims, Mr. Berger relates.  The Debtors
aver that the Settlement is fair and reasonable and in the best
interests of their estates and creditors.

The Debtors have sought and obtained the Court's permission to
file the DENSO Settlement under seal.  Copies of the Settlement
will only be provided to the U.S. Trustee and counsel to the
statutory committees.

The financial and other terms of the DENSO Settlement are
commercially sensitive and their disclosure could harm the
Debtors' position in the marketplace, Mr. Berger explains.

                       About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on
March 18, 2008, Standard & Poor's Ratings Services still expects
to assign a 'B' corporate credit rating to Delphi Corp. if the
company emerges from bankruptcy in early April.

S&P revised its expected issue-level ratings because changes to
the structure of the proposed financings have affected relative
recovery prospects among the various term loans.  S&P's expected
ratings are:

  -- The US$1.7 billion "first out" first-lien term loan B-1 is
      expected to be rated 'BB-' (two notches higher than the
      expected corporate credit rating on Delphi), with a '1'
      recovery rating, indicating the expectation of very high
      (90%-100%) recovery in the event of payment default.

  -- The US$2 billion "second out" first-lien term loan B-2 is
      expected to be rated 'B' (equal to the corporate credit
      rating), with a '4' recovery rating, indicating the
      expectation of average (30%-50%) recovery in the event of
      payment default.

  -- The US$825 million second-lien term loan is expected to be
      rated 'B-' (one notch lower than the corporate credit
      rating), with a '5' recovery rating, indicating the
      expectation of modest (10%-30%) recovery in the event of
      payment default.

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


DELPHI CORP: Ct. Allows Plan Investors' New EPCA Interpretation
---------------------------------------------------------------
The Honorable Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York denied Delphi Corp. and its
debtor-affiliates' request that the Court reject the Appaloosa
Management L.P.-led Plan Investors' interpretation of the
parties' New Equity Purchase and Commitment Agreement in
connection with General Motors Corp.'s increased participation
in the syndication of the Debtors' exit facility.

Judge Drain also denied Plan Investor A-D Acquisition Holdings,
LLC's request to vacate the March 5, 2008 Court order directing
the Plan Investors to show cause as to why the Debtors' request
should not be granted.

Judge Drain determined that GM's agreements in connection with
the Debtors' proposed revision to their Exit Financing were
prohibited by the New EPCA, Appaloosa noted in a regulatory
filing with the U.S. Securities and Exchange Commission.  The
Court, according to Appaloosa, also determined that it would
require an evidentiary hearing conducted pursuant to the
adversary proceeding rules to decide the other issues raised by
the parties, including whether the changes reflected by the
Revised Exit Financing were also prohibited by the New EPCA.
Those changes include the reduction in the aggregate amount of
the Exit Financing from US$6,800,000,000 to US$6,100,000,000.

ADAH filed a redacted version of its response to the Debtors'
request, as authorized by the Court, on March 11, 2008.  The
Plan Investor contended that the action is a "regrettable
manifestation of Delphi's conviction that, notwithstanding the
present dispute, no viable path to emergence exists and Delphi
may need to remain in the protective cloak of Chapter 11 while
the domestic credit markets remain troubled."  ADAH also
asserted that Delphi is only seeking rights and remedies that it
was unable to obtain in negotiations with the Plan Investors
many months ago.  It is entitled to rely on the hard-fought
contractual rights embedded in the deal that it negotiated with
Delphi, ADAH argued.

On behalf of ADAH, Douglas P. Baumstein, Esq., at White & Case
LLP, in New York, contended that despite the Plan Investors'
willingness to maintain flexibility and provide concessions when
operating in a consensual setting, the Debtors have dragged the
parties into a contested federal judicial proceeding.  "The
demarcation between the conference room and the Courtroom must
be maintained.  There is a contract here, governed by New York
law, that establishes distinct rights, rules, and remedies, and
the Court must interpret those rules within the confines of
law."

The New EPCA is not without a history, Mr. Baumstein reminded
the Court.  Each provision, he said, had a genesis in a detailed
course of events.  He argued that the Debtors may not divorce
any context from the genesis of the New EPCA, especially the
parties' agreement that, even in the worst case scenario, each
would be exposed solely to a capped quantum of damages for any
breach of a performance obligation.

The central problem with the Debtors' request is its skewed
premise that litigation can lead to an effective date closing,
Mr. Baumstein asserted.  "This proceeding cannot fix the credit
markets, cannot make Delphi a viable candidate for exit from
Chapter 11, cannot convince either side that their subjective
beliefs underlying the deal are somehow invalid and cannot
reform the parties' objective contractual arrangements . . .
[N]othing about a Court award of damages at some point in the
future will ab initio make a closing occur or allow Delphi to
exit."

As of March 12, 2008, the Appaloosa Plan Investors may be deemed
to beneficially own 125,739,448 shares of Delphi common stock,
representing 22.31% of all outstanding Delphi shares.

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

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

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

(Delphi Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
March 18, 2008, Standard & Poor's Ratings Services still expects
to assign a 'B' corporate credit rating to Delphi Corp. if the
company emerges from bankruptcy in early April.

S&P revised its expected issue-level ratings because changes to
the structure of the proposed financings have affected relative
recovery prospects among the various term loans.  S&P's expected
ratings are:

   -- The US$1.7 billion "first out" first-lien term loan B-1 is
      expected to be rated 'BB-' (two notches higher than the
      expected corporate credit rating on Delphi), with a '1'
      recovery rating, indicating the expectation of very high
      (90%-100%) recovery in the event of payment default.

   -- The US$2 billion "second out" first-lien term loan B-2 is
      expected to be rated 'B' (equal to the corporate credit
      rating), with a '4' recovery rating, indicating the
      expectation of average (30%-50%) recovery in the event of
      payment default.

  -- The US$825 million second-lien term loan is expected to be
      rated 'B-' (one notch lower than the corporate credit
      rating), with a '5' recovery rating, indicating the
      expectation of modest (10%-30%) recovery in the event of
      payment default.

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


FUJI HEAVY: Incurs JPY179 Million Third Quarter Net Loss
--------------------------------------------------------
Fuji Heavy Industries Ltd. reports a net loss of JPY179 million
for the third quarter ended December 31, 2007, as compared to
the same period of last year's net income of JPY247 million.

Net sales for the makers of Subaru-brand vehicles increased for
this period to JPY11.1 billion from JPY10.5 billion of the
previous year.  Domestic sales amounted to JPY144 million, which
is down by 10% year-on-year.

Exported cars totaled 273 units from the previous 246 units with
North America contributing the highest number with 149 units,
followed by Europe with 58 units.

Operating income jumped to JPY366 million from JPY358 million a
year earlier.  Ordinary income went up JPY25 million to JPY327
million.

                       About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is manufacturing company engaged in four  
business segments.  The Automobile segment is engaged in the
manufacturing, repair and sale of light vehicles, compact cars
and standard vehicles.  The Industrial Machinery segment offers
motors, machinery for agricultural, forestry and constructional
use, as well as other machinery and equipment.  The Aerospace
segment offers airplanes, aerospace-related equipment and parts.
The Others segment is engaged in the manufacturing, repair and
sale of dustcarts, bus-related parts and houses, as well as the
leasing of real estates.  The Company distributes its products
in both domestic and overseas markets.  As of March 31, 2007,
Fuji Heavy Industries has 109 subsidiaries and nine associated
companies. The Company has a global network.

Standard & Poor's Ratings Services lowered its long-term credit  
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based  
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


JAPAN AIRLINES: Credit Suisse Ups Rating to "Neutral"
-----------------------------------------------------
Credit Suisse upgrades Japan Airlines International Company
Ltd.'s rating to "neutral" from "underperform," reports
Newratings.

Analyst O Itazaki states that the ugprade in rating reflects the
prospects of brisk demand for business class within the
company's international passenger business, additional
cost-saving initiatives focused on personal expenses and fuel
savings due to the shrinkage of the international airfreight
operations, relates Newratings.

According to Mr. Itazaki, although JAL's new midterm plan is
marginally different from the previous one, JAL has introduced
new measures, such as the private placement of preferred shares.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, Standard & Poor's Ratings  Services
affirmed its 'B+' long-term corporate credit and issue ratings
on Japan Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  S&P said
the outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, Moody's Investors Service affirmed
its Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co.,
Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.
Moody's said the rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MAZDA MOTOR: R&I Says Primus' Acquisition Won't Affect Ratings
--------------------------------------------------------------
On March 17, Mazda Motor Corp. reached an agreement with
Sumitomo Mitsui Banking Corp. and Central Finance Co., Ltd. to
jointly acquire the majority shares of Primus Financial Services
Inc., a wholly owned sales finance subsidiary of Ford Motor
Credit Company LLC in Japan, and will re-enter the auto finance
business in Japan.  Primus was founded in 1993, and after
acquiring Mazda Credit, the subsidiary of Mazda then, in 1999,
it has provided auto finance services to Mazda and Ford group
auto dealers in Japan.  As of April 1, 2008, SMBC, Mazda and CF
will respectively hold 41%, 40% and 15% of the outstanding
shares of Primus, and Primus will become a consolidated
subsidiary of SMBC and an equity method affiliate of Mazda and
CF.

Mazda has engaged in strengthening dealers' performances by
integrating domestic sales channels and by increasing incomes
other than new car sales.  However, it is assumed that Mazda
has decided to re-enter the sales financing business, since it
has become inevitable to implement measures on the sales
financing side, such as the introduction of loans to reflect
residual value risks, amid the sluggish domestic car sales.

The acquisition cost for Mazda is estimated to be lower than
JPY10 billion, and R&I assumes the impact on Mazda's financial
position will remain limited.  Therefore, the acquisition itself
will not have any impact on Mazda's credit rating.

Nevertheless, considering it's contribution in Primus, Mazda
will likely to make a certain commitment to the management
including personnel, although any details on the New Primus'
management and business plans have been disclosed.  R&I will
follow to what extent Mazda will concentrate management
resources into the sales finance business, which it had once
withdrawn.  R&I will also observe how that will shore up the
sluggish domestic sales, especially under the current uncertain
global economy.

                     About Mazda Motor

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+


MITSUBISHI MOTORS: Posts Mid-Term Business Plan
------------------------------------------------
Mitsubishi Motors Corporation disclosed a new mid-term business
plan, called Step Up 2010, for fiscal years 2008 through 2010
(ending March 31, 2011).


1. Recap of the Mitsubishi Motors Business Revitalization
   Plan

Having announced the Mitsubishi Motors Business Revitalization
Plan on January 28, 2005, the company has been working on
various measures toward revitalization based on the two pillars
of recovering trust and restoring earnings.  On the matter of
trust, it has strived to improve employees' awareness,
strengthen its quality management system, and create a
thoroughly customer-centered culture.  These achievements have
all received favorable evaluations from the Business Ethics
Committee, an external advisory body to the board of directors
and chaired by Mr. Noboru Matsuda, consisting of experts and
specialists.  On the matter of earnings, the company now  
expects to achieve its fiscal 2007 target of solid
profitability, and has, through an emphasis on "selection and
focus":

   (a) Reduced development of regionally specific vehicles and
       expanded development of global vehicles;

   (b) Rationalized overseas production;

   (c) Strengthened domestic sales networks;

   (d) Expanded collaborative alliances.

2. Performance targets
   (Units: Thousands of units, 100 million yen)

                            FY2010 Target    FY2007 Forecast
      Sales volume(retail)       1,422             1,337
      Net sales                  27,600            26,700
      Operating profit               900               800
      Ordinary profit               710               600
      Net profit                     500               200

Target sales volume (retail) in fiscal 2010 will be 1,422,000
units, on the back of growing markets such as Russia and
Ukraine, as well as expanded sales in resource-rich areas such
as the Middle East and Latin America.  This exceeds by 85,000
units the fiscal 2007 forecast of 1,337,000 units.  Increased
sales including an increased%age of built-up vehicles will yield
sales of 2 trillion, JPY760 billion.  In turn, the company
expects JPY90 billion in operating profit, JPY71 billion in
ordinary profit, and JPY50 billion in net profit.

3. Policy

"Stepping up" from the Revitalization Plan to a new stage in
which the company will build a base for sustainable growth,
Mitsubishi Motors will seek to do the following, through a basic
policy of "bolstering strengths and securing steady profits":

      A. Provide competitive products in its "focus" markets  
         (see below) and increase unit volumes

      B. Ensure steady profits through cost reductions and
         improved profitability in after-sales

      C. Improve efficiency of its global production
         operations in line with its sales strategy

      D. R&D for leading-edge environmental technology

      E. Invest in areas that will provide a base for
         sustainable growth

4. Business Strategy

     (1) Product strategy

         * Development of global products that reflect both
           financial and environmental responsibility

         * Focus on minicars and small cars, medium-sized
           cars, and SUVs

         * In the area of environmental technology, in
           addition to upgrading its current technologies, the  
           company will concentrate on the development of core
           technologies, including emphasis on the development   
           of clean diesel engines and the high-efficiency  
           automated manual transmission Twin Clutch SST   
           (Sport Shift Transmission).

         * Representing the pinnacle of MMC's environmental
           technology, the company will release the next-
           generation electric vehicle i MiEV, which is
           currently under development, ahead of competitors
           in the marketplace.
       
     (2) New Product Launch Plan

          -- Expand number of mid-size platform models

          -- Add an SUV based on the one-ton pickup
     
          -- Add small, 'lower-impact' SUV
     
          -- Adapt minicars for overseas use, add global models
     
          -- Bring an electric vehicle to world markets
       
     (3) Regional strategies

         * Japan

           Mitsubishi Motors aims to be operating in the black
           in its domestic operations by fiscal 2010, by
           improving business efficiency in addition to adhering
           to a focus on profitable sales.  It will improve the
           profitability of new vehicles by marketing
           distinctive products, implementing measures to
           strengthen sales capabilities across the country
           while improving the percentage of dealership sales,
           and by working to increase customer satisfaction.  It
           will also improve the efficiency of its sales
           network, including by streamlining back-offices.

         * North America

           Mitsubishi Motors will further strengthen trust            
           between the company and its dealers and make            
           concerted efforts with dealers in providing service            
           to customers, as well as working to improve the brand
           image in the mid- to long term.  The company will
           also expand sales by, for example, marketing the new
           model of the Lancer Evolution released in January
           2008 and adding a sport hatchback Lancer model
           hereafter.  Best use will be made of the local
           production plant in the U.S. through continued
           efforts at overall cost-cutting, including fixed
           costs, and by expanding export opportunities.

         * Europe (Western and Central Europe)

           In the mature Western European market, Mitsubishi
           Motors will address environmental awareness and
           tightening CO2 emissions regulations by promoting
           environmental technologies and compact vehicles. At
           the same time, in the expanding Central European
           market, it will strive to increase sales with a focus
           on SUVs.

         * "Focus" markets

          - In Russia and the Ukraine, Mitsubishi Motors will
            aim to further expand sales by increasing the number
            of its sales outlets, enhancing its SUV lineup and
            other measures.  It is also considering possible
            local production in Russia for the import tax
            benefits such an arrangement would offer.

          - In the Middle East, a company will be established to
            integrate all functions - sales, marketing, parts
            and after-sales service; and to strengthen
            comprehensive sales support.

          - In Brazil, new products and variations of SUVs will
            be added to local production.  The company will also
            strive to increase sales by filling out its lineup
            of full-range (0%-100% gasoline / bioethanol-
            compatible) flexible fuel vehicles (FFV).

          - In China, the company will strengthen sales networks
            for Mitsubishi brand vehicles, including those
            locally produced by South East Motor Co., Ltd.

          - In India, Mitsubishi Motors will expand sales of
            locally produced vehicles including new model SUVs,
            as well as growing the sales network.

     (4) Improved Efficiency in Global Production

         In addition to transferring production of the Outlander
         for Europe from Japan to the European production base,
         preparations will be made to bring production of
         another Europe-bound SUV to the facility.  In this way,
         sales opportunities will not be lost due to
         overcapacity at production facilities in Japan, paving
         the way to an efficient and more profitable production
         system responsive to increasing demand in the global            
         market.
       
     (5) Alliances

         Mitsubishi Motors and Nissan Motor have agreed to
         strengthen their collaborative operations by adding a
         minicar model to their OEM business, and to pursue
         possible collaboration on development, production and
         OEM supply of light commercial vehicles for the
         Japanese and overseas markets.  Mitsubishi Motors will
         positively promote tie-ups and cooperation in
         individual areas deemed to have sufficient merit in
         respect of supplementing products and technology and
         reducing costs.
       
     (6) Measures to improve profitability

         (x) Process improvement.  Mitsubishi Motors will aim to
             reduce costs by improving its ability to adjust
             supply in response to demand, and through
             comprehensive inventory management.

         (y) Strengthening after-sales service in mature markets
             Expansion of peripheral businesses, including the
             promotion of service products to meet customer
             needs.

         (z) Strengthening cost-cutting measures from R&D onward
             Mitsubishi Motors will establish a solid
             procurement foundation by strengthening internal
             cooperation among development, production and
             procurement departments, enhancing relationships
             with parts manufacturers, and by making every
             effort to achieve substantial cost reductions from
             the initial stage of development.

     (7) Investment in areas that will provide a base for
         sustainable future growth

         Capital investment will be focused on: the expanded
         development of models based on the mid-sized platform;
         on reducing environmental impact through measures such
         as the new paint facility at Okazaki; and on increasing
         production capacity.  R&D expenditures will be
         concentrated on "distinctively Mitsubishi" areas such
         as SUVs and the S-AWC (Super All Wheel Control) vehicle
         dynamics control system as well as environmental
         technologies.
       
     (8) Other

         * Continuing and enhancing compliance and CSR
           activities.  Placing top priority on corporate social
           responsibility (CSR), Mitsubishi Motors seeks, in
           addition to continuing conventional compliance and
           CSR activities, to move toward a prosperous and
           sustainable relationship with society. The company
           announces the establishment of a Corporate
           Citizenship Promotion Office as a first step in that
           direction.

         * Human resources strategy.  Mitsubishi Motors will
           promote human resource development, the foundation of
           any growth strategy, and continue its tradition of
           car craftsmanship.

                  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.


SEIYU LTD: Wal-Mart Acquires Remaining 4% Stake
-----------------------------------------------
Seiyu Ltd. shareholders has approved a move allowing Wal-Mart
Stores to buy the remaining 4% of Japan's retailing company, The
Associated Press reports.

According to the report, Wal-Mart, through this buyout, seeks
the flexibility it says it needs to turn around the money-losing
Seiyu.

In a report by Jiji Press, it relates that Seiyu's shareholders
also approved the appointment of five Wal-Mart officials as
board of directors of Seiyu.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 14, 2008, that Seiyu posted a net loss of JPY20.9 billion
for the year ended December 31, 2007.  Seiyu cited weak sales in
its clothing lines and household goods, and a write down of its
assets.

Seiyu is seen to be delisted from the Tokyo Stock Exchange on
April 19, Jiji Press relates.

                       About Seiyu Ltd.

Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a
Japanese company that is involved in two business segments.  The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services.  This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products.  The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.
Seiyu has 17 subsidiaries and two associated companies.

Seiyu Ltd. incurred a net loss of JPY17.77 billion in the year
ended  December 31, 2005, versus a loss of JPY12.32 billion in
2004.  It also posted a JPY55.79 billion loss in 2006.


XERIUM TECHNOLOGIES: May File for Bankruptcy Protection
-------------------------------------------------------
Xerium Technologies Inc. said that it may file for bankruptcy if
it failed to meet the terms of a financial covenant with lenders
under a credit agreement, according to the company regulatory
filing with the Securities and Exchange Commission.

In light of Xerium's risk of financial covenant default under
its credit and guaranty agreement, Stephen Light, Xerium's new
chief executive officer, and other members of senior management
have been devoting the substantial portion of their time seeking
solutions to these financial covenant issues.

Xerium says that its board of directors has determined not to
declare a dividend on its common stock in the first quarter of
2008, but instead, determined to retain cash that would have
otherwise been used for a dividend for the repayment of debt or
other purposes.

Xerium adds that it does not currently expect to pay dividends
on its common stock for the foreseeable future.

According to Peter J. Brennan of Bloomberg News, Xerium took a
slide from US$3.28 to US$1.15 in New York Stock Exchange
composite trading Tuesday.  Xerium shares also dropped 78%, He
adds.

Furthermore, Xerium filed a notice of late filing with the SEC
in regard to its annual report on Form 10-K for the period ended
Dec. 31, 2008.

                   About Xerium Technologies

Based on Youngsville, North Carolina, Xerium Technologies Inc.
(NYSE: XRM) -- http://www.xerium.com/--manufactures and  
supplies consumable products used primarily in the production of
paper: clothing and roll covers.  The company has approximately
3,800 employees and 35 manufacturing facilities in 15 countries
around the world.




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


ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment 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.


DURA AUTOMOTIVE: Files Amended First Revised Chapter 11 Plan
------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates filed
an amended First Revised Joint Plan of Reorganization and
Disclosure Statement explaining the Plan on March 13, 2008.

The Hon. Kevin Carey of the U.S. Bankruptcy Court for the
District of Delaware will convene a hearing on April 3, 2008, to
determine whether the Disclosure Statement contains adequate
information.  Disclosure Statement Objections must be filed on
or before March 28.  The Debtors will begin soliciting votes on
the Revised Plan upon approval of the Disclosure Statement.

According to Lawrence A. Denton, DURA's chairman, president and
chief executive officer, despite the Debtors' progress -- with
the overwhelming support of their creditor constituencies -- to
the very cusp of confirmation, they were unable to proceed
further with the Original Plan, filed Aug. 22, 2007, because
they could not obtain the sufficient exit financing on
acceptable terms in view of tightening credit markets and a
deteriorating outlook in the North American automotive sector.

The Original Plan had contemplated payment in cash, in full, of
all Class 2 - Second Lien Facility Claims, a backstopped rights
offering open to certain Class 3 Claims and certain Class 5
claims, and an equity or cash distribution equal to
approximately 55% for the Class 3 Claims and 22% for the Class 5
Claims.  However, without the level of exit financing envisioned
by the Original Plan, these recoveries are no longer realistic.  
The Debtors and their creditor constituencies, therefore,
devised the Revised Plan based upon equitizing claims in Classes
2, 3 and 5.

                         Exit Financing

The Revised Plan contemplates that on or before the Effective
Date, the Reorganized Debtors will enter into definitive
documentation with respect to:

   (a) an exit credit facility comprised of:

          -- a US$150,000,000, first lien term loan, and

          -- a US$110,000,000, revolving credit facility, which
             includes a US$25,000,000, letter of credit sub
             facility; and

   (b) a New Money Second Lien Loan with certain existing
       creditors that will provide a second lien secured term
       loan with a new capital infusion of US$80,000,000, and a
       face amount of US$100,000,000.

          US$440-Mil. to US$550-Mil. Reorganization Value

DURA, with the help of its financial advisor, Miller Buckfire &
Co., LLC, prepared a valuation of the company's going concern
value post-confirmation.

Miller Buckfire estimates that the total enterprise value of the
Reorganized Debtors will be between US$440,000,000, and
US$550,000,000, with a mid-point of US$495,000,000, as of an
assumed May 31, 2008 Effective Date.

In August 2007, Miller Buckfire estimated that the total
enterprise value of the Reorganized Debtors is between
US$540,000,000 and US$660,000,000, with a US$600,000,000 mid-
point, as of an assumed Effective Date of November 1, 2007.

Miller Buckfire also estimates that the range of total equity is
between US$257,000,000 and US$367,000,000, with a mid-point of
US$312,000,000.

To calculate the estimated value of common equity, Mr. Denton
relates that Miller Buckfire deducted Convertible Preferred
Stock at its liquidation preference as of the Effective Date of
US$228,000,000, from total equity value.  Miller Buckfire
estimates the range of common equity value to be between
US$29,000,000 and US$319,000,000, with a mid-point of
US$84,000,000.

                         Pension Plans

The Reorganized Debtors will continue to sponsor and maintain
pension plans unless terminated before the entry of the
Confirmation Order.  All Compensation and Benefits Programs will
be treated as executory contracts and deemed assumed on the
Effective Date, except for, among others, Compensation and
Benefits Programs specifically rejected pursuant to the Plan and
all employee equity or equity based incentive plans.

Mr. Denton relates that each of the Debtors is either a sponsor
or a controlled group member of a sponsor of four pension plans
covered by the Employee Retirement Income Security Act:

   Pension Plan                     EIN-PN
   ------------                     ------
   DURA Master Pension Plan         382961431/001
   
   DURA Automotive Systems, Inc.    382961431/004
   Mancelona Union-Represented
   Employees' Pension Plan

   Atwood Mobile Products, Inc.     364334203/005
   Supplementary Retirement
   Plan

   DURA Retirement Plan for         364334203/024
   La Grange Bargaining
   Employees

Mr. Denton says the Pension Benefit Guaranty Corporation has the
authority to initiate termination proceedings, subject to
certain statutory rights, regarding the Pension Plans.  If the
Pension Plans were to terminate before the date of Plan
confirmation, certain claims, including claims that may be
entitled to priority under various Bankruptcy Code provisions,
would arise.  

In the event that the Pension Plans do not terminate before the
Confirmation Date, all claims of, or with respect to, the
Pension Plans, including the PBGC's claims for unfunded benefit
liabilities, for termination premiums, and for unpaid
contributions owing to the Pension Plans, will become
obligations of the Reorganized Debtors and each member of any
controlled group, and will be unaffected by the confirmation of
the Plan.  There will be no discharge in favor of any
Reorganized Debtors with respect to any  fiduciary Claims under
ERISA, any Pension Plan-related Claims, and any PBGC Claims.

                  Special Transaction Committee

The Revised Plan provides that a Special Transactions Committee
will be created to initiate a redemption of Convertible
Preferred Stock at any time, provided that the post-transaction
cost of funds meets certain customary parameters for refinancing
indebtedness typically found in an indenture.  Any redemption
using funds from debt senior to the Convertible Preferred Stock
if the size of the proposed redemption is less than
US$112,500,000, must be approved by the entire Board of
Directors.

                  Canadian Creditor Distribution

The Revised Plan also provides that cash will be distributed pro
rata to holders of Allowed Canadian General Unsecured Claims
equal to the higher of (a) the median value of Dura Automotive
Systems (Canada), Ltd.'s assets in a liquidation; or (b) the
median value of the Dura Canada's assets in a liquidation.

Allowed Canadian General Unsecured Claims are claims filed
against Dura Canada.  Mr. Denton says no claims, other than
intercompany claims, are pending against the other Dura
affiliates in reorganization under the Canadian Companies'
Creditors Arrangement Act.

                 Proposed Confirmation Timeline

DURA asks the Court to set this time line for the solicitation
of votes and confirmation of its Plan:

   April 10, 2008 -- Commencement of solicitation on the Plan

   May 2, 2008    -- Confirmation Objection Deadline

   May 7, 2008    -- Voting Deadline

   May 13, 2008   -- Confirmation Hearing

Mr. Denton asserts that a "fast-paced confirmation time line" is
needed to accommodate the terms of the $170,000,000 Replacement
Facility extended by Ableco Finance LLC.  The Replacement
Financing provides that DURA has to have the revised Disclosure
Statement approved by May 15 and the Plan confirmed by June 9.  
The Replacement Financing gives DURA until June 20 to exit from
Chapter 11.  The Replacement Financing will mature on June 30.

A full-text copy of a blacklined version of the Plan is
available for free at
http://bankrupt.com/misc/DURAblacklinedPlan.pdf

A full-text copy of the Disclosure Statement is available for
free at http://bankrupt.com/misc/DURA_AmendedDiscStatement.pdf

                         About DURA

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or         
215/945-7000).


DURA AUTO: Unveils Financial Projections Under Revised Plan
-----------------------------------------------------------
For the purpose of demonstrating the feasibility of the Revised
First Amended Joint Plan of Reorganization, DURA Automotive
Systems, Inc. and its debtor-affiliates, with the help of
various professionals, prepared financial projections for the
seven-month ended Dec. 31, 2008, and the three years ending
Dec. 31, 2009, 2010, and 2011:

                      Reorganized Debtors
          Unaudited Projected Consolidated Balance Sheet
                         (US$ in millions)

                                   At December 31
                              ----------------------------------
                               2008     2009     2010     2011
                              -------  -------  -------  -------
ASSETS:
  Cash & Equivalents            $88.3    $98.9   $148.5   $188.1
  Net Accounts
     Receivable, Trade          241.1    230.8    229.3    221.3
  Other Accounts Receivable      20.7     19.7     19.3     18.6
  Net Inventory                 124.4    122.5    120.9    118.7
  Other Current Assets           98.6     95.1     92.4     89.3
                              -------  -------  -------  -------
Total Current Assets            573.2    567.1    610.3    636.1
  
Net Property, Plant & Equipment 397.2    369.8    348.8    324.8
Other Long-term Assets           49.2     35.3     26.6     16.0
                              -------  -------  -------  -------
Total Assets                 $1,019.5   $972.2   $985.8   $976.9
                              =======  =======  =======  =======

LIABILITIES:
  Accounts Payable             $180.1   $166.8   $169.6   $166.1
  Exit Line of Credit            11.5        -        -        -
  Foreign Debt                    4.8      4.5      6.6      7.8
  Accruals                      143.8    139.1    133.6    123.4
  Short-Term Deferred Taxes       7.0      6.6      6.3      6.1
                              -------  -------  -------  -------
Total Current Liabilities       347.2    317.1    316.2    303.4

First Lien Term Debt            149.3    147.8    146.3    144.8
Second Lien Term Debt           111.2    133.2    159.6    191.2
Long-term Deferred Taxes          8.9      8.6      8.4      8.1
Other Long-term Liabilities      96.2     87.4     79.8     71.2
                              -------  -------  -------  -------
Total Liabilities               712.7    694.1    710.3    718.7

Convertible Preferred Stock     255.6    310.7    377.7    459.1
                              -------  -------  -------  -------
Total Equity                     51.2    (32.6)  (102.1) (200.9)
                              -------  -------  -------  -------
Total Liabilities & Equity   $1,019.5   $972.2   $985.8   $976.9
                              =======  =======  =======  =======

                       Reorganized Debtors
     Unaudited Projected Consolidated Statement of Operations
                         (in millions)

                      For the       
                      seven      For the year ended December 31
                      mos. ended ------------------------------
                      12/31/08       2009       2010       2011
                      --------   --------   --------   --------
Total Sales             $975.9   $1,600.6   $1,593.4   $1,576.4

Direct Manufacturing
   Costs                 618.2      995.5      988.4      981.0
                      --------   --------   --------   --------
Contribution Margin      357.7      605.1      605.0      595.4
                                               
Manufacturing
Overhead and
Selling, General
& Administrative         284.9      465.1      463.1      455.7
                      --------   --------   --------   --------
EBITDA                    72.8      139.9      141.9      139.7

Other Expense (Income)     3.3       (1.5)      (1.3)      (0.0)
Professional Fees          4.1        -          -          -
Interest Expense (Net)    28.0       47.8       51.4       56.4
Restructuring Cost        13.2       13.9        1.0        -
Depreciation              46.8       74.2       73.3       70.7
                      --------   --------   --------   --------
Pre-Tax Income           (22.7)       5.6       17.5       12.6

  Income Tax Expense       4.3        5.3        4.8        6.0
                      --------   --------   --------   --------
Net Income              ($27.0)      $0.3      $12.7       $6.6
                      ========   ========   ========   ========

                       Reorganized Debtors
           Unaudited Projected Statement of Cash Flows
                         (US$ in millions)

                              For the          For the year
                              seven         ended December 31
                              mos. ended  ----------------------
                              12/31/08    2009    2010    2011
                              --------    ------  ------  ------
Net Income                      ($27.0)     $0.3   $12.7    $6.6
Depreciation                      46.8      74.2    73.3    70.7
Other                              0.1      (6.4)   (5.4)  (9.5)
Changes in Working Capital:
  Accounts Receivable             37.8      (0.5)   (4.2)  (0.5)
  Inventory                        2.7      (3.8)   (1.4)  (2.1)
  Accounts Payable                (3.8)     (3.2)    7.9     4.3
  All Other                      (35.4)      0.2    (2.1)  (6.3)
                              --------    ------  ------  ------
Cash flow from Operations         21.2      60.7    80.9    63.1
  Capital Expenditures           (33.2)    (59.2)  (58.5) (55.2)
  Proceeds from Sale of Assets       -         -       -       -
                              --------    ------  ------  ------
Cash flow from Investing         (33.2)    (59.2)  (58.5) (55.2)
  Change in Exit Revolver          3.4     (11.5)      -       -
  Foreign Debt                       -       0.0     2.3     1.6
  First Lien Debt Amortization     (0.8)    (1.5)   (1.5)  (1.5)
  Second Lien Debt                 11.2     22.0    26.4    31.6
                              --------    ------  ------  ------
Cash flow from Financing          13.8       9.1    27.2    31.7
Net Cashflow                       1.8      10.6    49.6    39.6
Beginning Cash                    86.5      88.3    98.9   148.5
                              --------    ------  ------  ------
  Ending Cash                    $88.3     $98.9  $148.5  $188.1
                              ========    ======  ======  ======

A full-text copy of the Financial Projections is available for
free at http://bankrupt.com/misc/DURAFinancialProjections.pdf

                            About DURA

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

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

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

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

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

(Dura Automotive Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or         
215/945-7000).




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


HARVEST COURT: Court to Hear Petition for Summons on April 15
-------------------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific, the
High Court of Malaya, on March 18, 2008, heard Harvest Court
Industries Bhd.'s Summons for Directions in respect
of its Proposed Share Capital Reduction and Proposed Share
Premium Reduction.  At the hearing, the Court ordered that the
Petition is fixed for hearing on April 15, 2008.

Moreover, the Court also ordered that:

   -- it is directed that Section 64(2) of the Companies Act
      1965 will not apply to the company's class of creditors
      and that the inquiry in relation to creditors in respect
      of it including the settling of the list of creditors and
      affidavit verifying the same as referred to pursuant to
      Order 88 Rule 7 of the Rules of the High Court 1980 and/or
      the Companies (Reduction of Capital) Rules 1972 is
      dispensed with; and

   -- a notice of presentation and hearing of the Petition will
      be advertised once in the "The Star" newspaper at least
      seven days before the Petition's hearing.

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board is now in talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million.


MALAYSIAN AIRLINE: Acquires 14,999,998 Shares in FlyFirefly
-----------------------------------------------------------
On March 18, 2008, Malaysian Airline System Berhad acquired an
additional 14,999,998 ordinary shares of MYR1 each in FlyFirefly
Sdn. Bhd. by way of loan capitalization.

The acquisition is not expected to have any material impact on
the consolidated earnings of Malaysian Airline for the financial
year ending December 31, 2007.

                      About FlyFirefly Sdn.

FlyFirefly Sdn. was incorporated under the Companies Act, 1965
on June 13, 1995, under the name of Kelas Services Sdn. Bhd.  On
March 12, 2007, FlyFirefly changed its name to FlyFirefly Sdn.
Bhd.  FlyFirefly is principally engaged in the business of air
transportation and the provision of related services.  Its
authorized capital is MYR25,000,000 divided into 25,000,000
ordinary shares of MYR1 each, of which 15,000,000 has been
issued and fully paid-up after the acquisition.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


MANGIUM: SC Approves MPSB's Proposed Share Disposal to GEMFI
------------------------------------------------------------
The Securities Commission has approved the proposed disposal of
the entire issued and paid-up share capital of Mangium
Industries Bhd.'s subsidiary, Mangium Plantations Sdn Bhd, to
Global Emerging Markets Forestry Investors LLC for a cash
consideration of US$6.025 million.  The approval is subject to
these conditions:

    (i) Disposal of the entire issued and paid-up share capital
        of Mangium Plantations to Global Emerging for a cash
        consideration of US$6.025 million subject to adjustments
        as per the terms and conditions of the Sale and Purchase
        Agreement; and

   (ii) Utilization of disposal consideration through:

      Item                                     MYR'000
      ----                                      -------
   Repayment of creditors                   16,500
   Working capital for Mangium Group        2,633
   Estimated expenses                            750
                                                ------
                                      Total: 19,883

Conditions:

     (i) Kenanga/Mangium to submit a comprehensive proposal that
         is capable of resolving its financial problems within
         the timeframe as stipulated under the Listing
         Requirements of Bursa Malaysia Securities Berhad;

    (ii) Kenanga/Mangium to fully comply with the relevant
         requirements under the Policies and Guidelines on
         Issue/Offer of Securities pertaining to the  
         implementation of the Proposed Disposal; and

   (iii) Kenanga/Mangium to inform the Securities Commission of
         the completion of the Proposed Disposal.

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

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




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


DAVID REID: Wind-Up Petition Hearing Set for March 31
-----------------------------------------------------
A petition to have David Reid Homes (Nelson) Ltd.'s operations
wound up will be heard before the High Court of Christchurch on
March 31, 2008, at 10:00 a.m.

Smiths City (Southern) Limited filed the petition on
Feb. 12, 2008.

Smiths City (Southern)'s solicitor is:

          P. A. C. Maw
          Wynn Williams & Co.
          PO Box 4341, Christchurch
          New Zealand


GARRY BARNES: Appoints Crichton & Horne as Liquidators
------------------------------------------------------
On February 27, 2008, David Donald Crichton and Keiran Anne
Horne were appointed liquidators of Garry Barnes Interiors Ltd.

Messrs. Crichton and Horne are accepting creditors' proofs of
debt until March 28, 2008.

The liquidators can be reached at:

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


HARKESS SHEET: Commences Liquidation Proceedings
------------------------------------------------
The shareholders of Harkess Sheet Metal (2003) Limited, on
October 27, 2007, resolved to liquidate the company's business.
Trevor Edwin Laing was then appointed as liquidator.

The liquidator can be reached at:

          Trevor Edwin Laing
          Trevor Laing & Associates
          PO Box 2468, Dunedin
          New Zealand
          Telephone:(03) 454 4559


KENNY ENGINEERING: Requires Creditors to File Claims by March 28
----------------------------------------------------------------
The creditors of Kenny Engineering Ltd. 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:

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


LONE ARROW: Court to Hear Wind-Up Petition on April 15
------------------------------------------------------
The High Court of Timaru will hear on April 15, 2008, at
2:15 p.m., a petition to have Lone Arrow Stud Ltd.'s operations
wound up.

Mark Clifton Tolley and Footes Trustees Limited filed the
petition on February 7, 2008.

The Petitioners' solicitor is:

          Maarten Dirkzwager
          Timpany Walton
          11 Strathallan Street
          Timaru
          New Zealand


MELANGE HOLDINGS: Taps Parsons & Kenealy as Liquidators
-------------------------------------------------------
On February 28, 2008, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed liquidators of Melange Holdings
Ltd.

The liquidators can be reached at:

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


NED KELLY: Fixes March 31 as Last Day to File Claims
----------------------------------------------------
Ned Kelly Building Supplies Ltd. requires its creditors to file
their proofs of debt by March 31, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          John Trevor Whittfield
          Kevin Warwick Bromwich
          c/o McDonald Vague
          PO Box 6092, Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


OCEANIA PROPERTY: Creditors' Proofs of Debt Due Today
-----------------------------------------------------
The creditors of Oceania Property Development Ltd. are required
to file their proofs of debt until today to be included in the
company's dividend distribution.

The company's liquidators are:

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


OLTRARNO LTD: Fixes May 28 as Last Day to File Claims
-----------------------------------------------------
Oltrarno Ltd. requires its creditors to file their proofs of
debt by May 28, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

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


ROSSLYN GALLERY: Placed Under Voluntary Liquidation
---------------------------------------------------
On October 27, 2007, the shareholders of Rosslyn Gallery Ltd.
resolved to liquidate the company's business.  Trevor Edwin
Laing was then appointed as liquidator.

The liquidator can be reached at:

          Trevor Edwin Laing
          Trevor Laing & Associates
          PO Box 2468, Dunedin
          New Zealand
          Telephone:(03) 454 4559




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


PSI TECHNOLOGIES: Amends 2006 Report; Going Concern Doubt Raised
----------------------------------------------------------------
PSi Technologies Holdings, Inc., filed on March 14, 2008, on
Form 20-F/A an amendment to its annual report for the year ended
Dec. 31, 2006, with the U.S. Securities and Exchange Commission.

The company restated its consolidated statements of income and
updated the notes to the consolidated financial statements for
the years ended Dec. 31, 2006, and 2005.

The amended report reflected changes in the financial statements
related to:

  (1) correction of provision for inventory losses and
      inventory write-offs that should be presented as cost of
      sales but were incorrectly presented as special charges
      for the years ended Dec. 31, 2006, and 2005,

  (2) correction of loss on disposal of obsolete inventories
      that should be presented as cost of sales but were
      incorrectly presented as other income (expense) for the
      years ended Dec. 31, 2006,

  (3) disclosure of the number of potentially dilutive shares
      in accordance with paragraph 40 of SFAS 128, "Earnings
      per Share",

  (4) inclusion of the signed audit report in compliance with
      Instructions to Item 8.A.2 of Form 20-F and Rule 2-02(a)
      of Regulations S-X ;

  (5) as well as changes related to its management discussion
      and analysis on:

      (a) disclosure on the determination of the discount rate
          used to determine the actuarial present value of the
          projected benefit obligation, and

      (b) disclosure to clearly state that the contingencies
          were evaluated under Statement of Financial
          Accounting Standards No. 5, "Accounting for
          Contingencies" on gross basis before consideration of
          any possible insurance claims.

                          Going Concern

SyCip Gorres Velayo & Co. raised substantial doubt about PSi
Technologies Holdings' ability to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's recurring losses from operations and negative net
working capital position.

                           Financials

PSi Technologies reported a restated US$11,601,050 net loss on
US$89,736,608 of revenues for the year ended Dec. 31, 2006.

For the year ended Dec. 31, 2005, the company reported a
restated US$19,749,547 net loss on US$72,867,634 of revenues.

At Dec. 31, 2006, the company's balance sheet showed
US$61,777,464 in total assets, US$45,427,729 in total
liabilities, and US$16,349,735 in total stockholders' equity.

The company's balance sheet at Dec. 31, 2006, showed strained
liquidity with US$24,400,602 in total current assets available
to pay US$37,793,382 in total current liabilities.

A full-text copy of the company's restated 2006 annual report is
available for free at http://ResearchArchives.com/t/s?2948

                About PSi Technologies Holdings

Based in Taguig City, The Philippines, PSi Technologies
Holdings, Inc. -- http://www.psitechnologies.com/-- is an  
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.

PSi Technologies-issued American Depository Receipts are traded
on the NASDAQ under the symbol "PSIT".

                          *     *     *

PSi Technologies received a Nasdaq Staff Deficiency letter on
Jan. 31, 2008, indicating that the company failed to comply with
the minimum bid price requirement for continued listing set
forth in Marketplace Rule 4320(e)(2)(E)(i).  The company will be
provided 180 calendar days, or until July 29, 2008, to regain
compliance with the minimum bid price requirement of $1.00 per
American Depositary Share of the company for a minimum of 10
consecutive business days.  If the minimum bid price requirement
has not been met by July 29, 2008, Nasdaq Staff will provide the  
company with an additional 180 calendar day compliance period
only if it meets certain other listing criteria.




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


CHAN HO: Pays First & Final Dividends
-------------------------------------
Chan Ho Engineering Pte. Ltd., which is in voluntary
liquidation, paid its first and final dividend to its unsecured
creditors on March 14, 2008.

The company paid 100% of dividend to all received claims

The company's liquidator is:

          Neo Keng Jin
          c/o 11 Collyer Quay
          #10-02 The Arcade
          Singapore 049317


MCILHENNY ASIA: Requires Creditors to File Claims by April 14
-------------------------------------------------------------
Mcilhenny Asia Pacific Pte. Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by April 14, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

          Hamish Alexander Christie
          c/o 16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


SHANGHAI TUNNEL: Subject to NCC International's Wind-Up Petition
----------------------------------------------------------------
On March 5, 2008, NCC International filed a petition to have AB
Shanghai Tunnel Engineering Co. 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.

NCC International's solicitors are:

          Rajah & Tann LLP
          4 Battery Road
          #15-01 Bank of China Building
          Singapore 049908


WACON CONSTRUCTION: Court to Hear Wind-Up Petition on March 28
--------------------------------------------------------------
A petition to have Wacon Construction & Trading Pte. Ltd.'s
operations wound up will be heard before the High Court of
Singapore on March 28, 2008, at 10:00 a.m.

Diethelm Keller Engineering Pte. Ltd. filed the petition on
March 6, 2008.

Diethelm Keller's solicitor is:

          Raymond Lam & Co.
          Messrs. Raymond Lam & Co.
          63A Tras Street
          Singapore 079002


                         *********

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, Tara Eliza Tecarro, Marjorie C. Sabijon,
Frauline Abangan, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***