TCRAP_Public/080325.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, March 25, 2008, Vol. 11, No. 59

                            Headlines



A U S T R A L I A

CENTRO PROPERTIES: Bankers Want Key Assets Sold Quickly
CHRYSLER LLC: Agrees to Extend Supply Agreement to April 2
CONSTRUCTION MARKETING: Liquidator Presents Wind-Up Report
FULAND DEVELOPMENT: Undergoes Liquidation Proceedings
GARVEY & GRAHAM: Commences Liquidation Proceedings

MAXIM ADVERTISING: Members & Creditors to Meet on April 2
MICROWAVE SAFE: Members & Creditors Meeting Set for April 11
MORE PROPERTY: Joint Meeting Slated for April 4
ONBECK HOLDINGS: Liquidator to Give Wind-Up Report on April 4
PSIVIDA LTD: Amends Definitive Agreement with Alimera Inc.

SYDNEY ENGINEERING: Placed Under Voluntary Liquidation
SYDNEY ENGINEERING (SALES): Members Opt to Liquidate Business


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

CHINA SOUTHERN: Inks New Code-Share Pact with Malaysia Airlines
CHINA SOUTHERN: To Open Chengdu-Zhengzhou-Ordos Flights
CITY TELECOM: To Build Broadband Network With M1 & StarHub
FERRO CORP: Posts US$94MM Net Loss for Year Ended Dec. 31, 2007
HUA XIA: Deutsche Bank to Subscribe 265.6 Million New Shares

PETROLEOS DE VENEZUELA: Aims to Produce 1.2MM Barrels Daily
VISTEON CORP: Elects Alex J. Mandl to Board of Directors
ZTE CORP: Posts 2007 Audited Annual Financial Results


I N D I A

CABLE & WIRELESS: Credit Suisse Downgrades Shares to Neutral
GMAC LLC: Financial Unit's Board Names Alvaro de Molina as CEO
QUEBECOR WORLD: Can't Timely File Financial Report for 2007


I N D O N E S I A

BANK RAKYAT: To Set Up Sharia Bank in June
GARUDA: Signs Exclusive Travel Deal with Contiki Holidays
ICICI BANK: Jefferies Downgrades Firm from Buy to Underperform
MOBILE-8: S&P Affirms 'B' Long-Term Corporate Credit Rating


J A P A N

DELPHI CORP: Completes Rights Offering for 62,707,305 Shares
DELPHI CORP: Court Allows Probe on Alleged Improper Trading
IHI CORP: In Talks with Toshiba Corp. Over Nuclear Power Tie-up
JAPAN AIRLINES: Sells Stake in Two Subsidiaries
MAZDA MOTOR: Names Philip Spender as Executive Vice-President

METHANEX CORP: Cuts Chile Work Force by 15%
SOJITZ CORP: Gets JPY7.5 Billion Order from Promtractor-Vagon
XERIUM TECH: Projected Bankruptcy Filing Spurs S&P's Junk Rating


K O R E A

EDS CORP: Augments Global Network with Nexagent Assets Buyout
GAP INC: Earns US$265 Million in Fourth Quarter Ended February 2
HYNIX: Partners with Fidelix Co. for Foundry Business Expansion
HYNIX: To Apply Nanosys' Quantum Dot Flash Memory Technologies
RHODIA SA: Yves-Rene Nanot Resigns as Chairman of the Board

SHINWA INTEREK: To Set up Plant in Taiwan
TRIGEM COMPUTER: Seeks Court Approval of Toshiba Settlement


M A L A Y S I A

OCI BERHAD: Appoints PM Securities as Advisor to Reform Scheme
PROTON HOLDINGS: Unit Appoints Mohamad Shukor Ibrahim as CEO
SHAW GROUP: Power Group President Richard F. Gill Passes Away


N E W  Z E A L A N D

BRIDGECORP LTD: Offers Settlement or Court Battle to Advisers
BRIGHTON PROPERTY: Court Enters Wind-Up Order
CLEAR CHANNEL: Extends Closing of Notes Tender Offer to March 24
D J HAIR DESIGN: Appoints Brown & Rodewald as Liquidators
FIVE STAR: Subject to Five Star Debenture's Wind-Up Petition

FS & C (2005): Placed Under Voluntary Liquidation
GOLDFEVER 2005: Appoints Official Assignee as Liquidator
GOLF LINKS: Taps van Delden & Whittfield as Liquidators
LONG PLUMBERS: Commences Liquidation Proceedings
MECHANICAL SYSTEMS: Wind-Up Petition Hearing Set for April 7

OMANA MEWS: Fixes April 11 as Last Day to File Claims
OPENEYE DISPLAYS: Commences Liquidation Proceedings


P H I L I P P I N E S

GUESS? INC: Co-Founder Wins Legal Battle Against Christie's
PRC LLC: Gets Court Nod on Jenner & Block as Special Counsel
PRC LLC: Panel Seeks to Retain Blank Rome as Bankruptcy Counsel
PRC LLC: Panel Seeks to Employ J.H. Cohn as Financial Advisors
PRC LLC: Wants Court to Approve Severance Program


S I N G A P O R E

CHEMTURA CORP: Posts US$3MM Net Loss in Year Ended Dec. 31, 2007
SEA CONTAINERS: Wants to Ink Two Charter Termination Agreements
SINGAPORE CREATIVE: Selling Headquarters for SGD$250 Million
VALEANT PHARMA: Posts US$6.2MM Net Loss in Year Ended Dec. 31

T H A I L A N D

FEDERAL-MOGUL: Professionals Bill US$323 Mil. in Fees & Expenses

* BOND PRICING: For the Week 24 March to 28 March 2008




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A U S T R A L I A
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CENTRO PROPERTIES: Bankers Want Key Assets Sold Quickly
-------------------------------------------------------
Centro Properties Group's bankers are pressing the company to
speed up the sale of its key assets to bring down its
liabilities as it fast approaches its debt refinancing deadline,
Carolyn Cummins and Danny John of The Sydney Morning Herald
report.

According to the report, Centro's group lenders and bondholders
met the company's recently appointed US chief executive, Glenn
Rufrano, in San Francisco, to discuss plans to restore financial
confidence in the company's business.  Plans include finding
buyers for Centro's stakes in its U.S. and Australian unlisted
funds that own significant chunks of its retail center property
portfolio and injecting equity into the main group itself, the
newspaper relates.

However, the banks, which are owed AU$4 billion in short-term
debt, want to see a greater commitment towards more asset sales.

Mr. Rufrano, in a statement last week, said various data rooms
were open, with companies representing local and offshore
interests granted access in order for them to undertake due
diligence, the report states.

Ms. Cummins and Mr. John relate that according to brokers,
Mirva, Mulpha, GE Capital and Blackstone have expressed interest
in conducting further diligence on the business, but were not
necessarily the frontrunners.

The Herald reports that Centro's bankers are said to be still
keen to avoid putting the company into administration given that
its complex management and financial structure will take time to
unwind and even longer to produce enough cash to go around.

                   About Centro Properties

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

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

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


CHRYSLER LLC: Agrees to Extend Supply Agreement to April 2
----------------------------------------------------------
Plastech Engineered Products Inc. and its debtor-affiliates have
reached a new interim supply agreement with Chrysler LLC.

Pursuant to the deal, the Debtors will continue making parts for
Chrysler at least through April 2, 2008, as their prior
agreement ended March 17, according to The Associated Press and
Erie Times.

Pursuant to the initial interim agreement between the parties:

   -- Plastech will continue to deliver component parts to
      Chrysler;

   -- Chrysler is obligated to make certain payments to Plastech
      in conjunction with the continued production of component
      parts; and

   -- The Debtors are to allow BBK, as agents for Chrysler, to
      have supervised access to Plastech facilities for the
      purpose of inspecting and conducting an inventory of all
      tooling used for Chrysler production.

Chrysler has filed an appeal before the U.S. District Court for
the Eastern District of Michigan, Southern Division, regarding a
prior ruling by the Bankruptcy Court barring it from recovering
certain equipment from Plastech's plants.  Bankruptcy Court
Judge Phillip Shefferly had held that while Chrysler held equity
in the US$180,400,000 worth of machinery that Plastech uses in
its plants, the Debtor would need the machinery in order to
continue its operations.

The Plastech-Chrysler agreement comes as Plastech has sought
another extension, to April 2, on the final hearing to consider
approval of a final debtor-in-possession loan.

Plastech has announced that it is negotiating the terms of a DIP
loan from its major customers, under which the major customers
will provide funding to Plastech until June 30 and assume
Plastech's debts to Bank of America for the interim DIP
financing and the prepetition loans it has provided to Plastech.

                   About Plastech Engineered

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

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

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

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

As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.  (Plastech Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or
215/945-7000)

                      About Chrysler LLC

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

                         *     *     *

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


CONSTRUCTION MARKETING: Liquidator Presents Wind-Up Report
----------------------------------------------------------
Construction Marketing Services (Aust) Pty. Limited held a final
meeting for its members and creditors on March 20, 2008.  During
the meeting, the company's liquidator, Lester James Haycock,
provided the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

          Lester James Haycock
          15 Blue Street, Level 8
          North Sydney, New South Wales 2060
          Australia

                  About Construction Marketing

Construction Marketing Services (Aust.) Pty. Ltd. provides
business services.  The company is located at Crows Nest, in New
South Wales, Australia.


FULAND DEVELOPMENT: Undergoes Liquidation Proceedings
-----------------------------------------------------
Fuland Development Pty. Ltd.'s members agreed on February 22,
2008, to voluntarily liquidate the company's business.  The
company has appointed Roderick Mackay Sutherland to facilitate
the sale of its assets.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          GPO Box 4256
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au

                    About Fuland Development

Fuland Development Pty. Ltd. is a land subdivider and developer,
except for cemeteries.  The company is located at Campsie in New
South Wales, Australia.


GARVEY & GRAHAM: Commences Liquidation Proceedings
--------------------------------------------------
Garvey & Graham Piano Removalists Pty. Ltd.'s creditors agreed
on February 21, 2008, to voluntarily liquidate the company's
business.  The company has appointed Daniel I. Cvitanovic to
facilitate the sale of its assets.

The liquidator can be reached at:

          Daniel I. Cvitanovic
          Daniel I Cvitanovic Chartered Accountant
          Shop 5 Old Potato Shed
          74-76 Hoddle Street
          Robertson, New South Wales 2577
          Australia
          Telephone:(02) 4885 2500
          Facsimile:(02) 4885 2995

                     About Garvey & Graham

Garvey & Graham Piano Removalists Pty. Ltd. is in the business
of local trucking without storage.  The company is located at
Heathcote in New South Wales, Australia.


MAXIM ADVERTISING: Members & Creditors to Meet on April 2
---------------------------------------------------------
Maxim Advertising Pty. Limited will hold a final meeting for its
members and creditors at 11:00 a.m. on April 2, 2008.  During
the meeting, the company's liquidator, Geoffrey Reidy at Rodgers
Reidy, will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

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

                     About Maxim Advertising

Maxim Advertising Pty. Limited is a distributor of heating
equipments, except electric.  The company is located at Glen
Iris in Victoria, Australia.


MICROWAVE SAFE: Members & Creditors Meeting Set for April 11
------------------------------------------------------------
Microwave Safe Australia Pty. Limited will hold a final meeting
for its members and creditors at 10:00 a.m. on April 11, 2008.
During the meeting, the company's liquidator, P. Ngan at Ngan &
Co, will provide the attendees with property disposal and
winding-up reports.

According to the Troubled Company Reporter-Asia Pacific, the
company went into liquidation on June 30, 2006.

The liquidator can be reached at:

          P. Ngan
          Ngan & Co.
          49 Market Street, Level 5
          Sydney, New South Wales 2000
          Australia

                       About Microwave Safe

Microwave Safe Australia Pty. Limited provides business
services.  The company is located at Croydon, in New South
Wales, Australia.


MORE PROPERTY: Joint Meeting Slated for April 4
-----------------------------------------------
More Property & Real Estate Pty. Limited will hold a joint
meeting for its members and creditors at 9:00 a.m. on
April 4, 2008.  During the meeting, the company's liquidator, D.
M. Morgan at Clout & Associates, will provide the attendees with
property disposal and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on September 17, 2007.

The liquidator can be reached at:

          D. M. Morgan
          c/o Clout & Associates
          144-148 West High Street, Level 1
          Coffs Harbour, New South Wales 2450
          Australia
          Telephone:(02) 6652 3288
          Facsimile:(02) 6651 9393

                       About More Property

More Property & Real Estate Pty. Limited deals with real estate
agents and managers.  The company is located at Coffs Harbour in
New South Wales, Australia.


ONBECK HOLDINGS: Liquidator to Give Wind-Up Report on April 4
-------------------------------------------------------------
Onbeck Holdings Pty. Limited will hold a final meeting for its
members and creditors at 10:00 a.m. on April 4, 2008.  During
the meeting, the company's liquidator, Roderick Mackay
Sutherland at Jirsch Sutherland, will provide the attendees with
property disposal and winding-up reports.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on April 11, 2007.

The liquidator can be reached at:

          Roderick Mackay Sutherland
          Jirsch Sutherland
          55 Hunter Street, Level 4
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334
          e-mail: admin@jirschsutherland.com.au

                      About Onbeck Holdings

Onbeck Holdings Pty. Limited is a general contractor of single-
family houses.  The company is located at Condell Park, in New
South Wales, Australia.


PSIVIDA LTD: Amends Definitive Agreement with Alimera Inc.
----------------------------------------------------------
In a filing with the U.S. Securities and Exchange commission,
pSivida, Inc., a wholly owned subsidiary of pSivida Limited, and
Alimera Sciences, Inc. amended and restated their license and
collaboration agreement relating to Medidur(TM) FA, the
companies' Phase III investigative treatment for diabetic
macular edema, and certain other products.

For consideration of up to approximately AU$78 million to
pSivida, Alimera increased its share in the future profits of
Medidur FA from 50 to 80 percent and assumed financial
responsibility for research and development of Medidur FA.  The
Amended and Restated Collaboration Agreement between pSivida and
Alimera amended and restated the Collaboration Agreement dated
February 11, 2005, as amended on February 23, 2005 and May 11,
2005.  Alimera also issued a Note to pSivida on March 14, 2008
in connection with the Restated Agreement.

Pursuant to the terms of the Restated Agreement, pSivida
continues to grant Alimera an exclusive, worldwide license to
develop and commercialize certain drug delivery devices,
including Medidur FA, designed to deliver a corticosteroid (and
no other active ingredient) to the posterior portion of the eye
and certain drug delivery devices to treat diabetic macular
edema.  The field of the license is all eye diseases in humans
other than uveitis.  The term of the license continues to be the
latest of:

   (a) February 11, 2015,

   (b) the expiration of the last licensed patent claim, and

   (c) the last date on which any product is sold anywhere in
       the world.

Alimera may enter into sub-licenses and sub-contracts without
pSivida's consent other than sub-licenses and sub-contracts with
an affiliate of Alimera or which include bundling of other
products or services.

Alimera assumes control of, and financial responsibility for,
development of licensed products under the Restated Agreement
and is required to use commercially reasonable efforts to
develop a First Product for at least one indication.  pSivida
retains certain limited development obligations relating solely
to Medidur FA, which extend until December 31, 2009, and Alimera
will reimburse pSivida monthly for budgeted or approved
development costs actually incurred.

Alimera maintains sole responsibility for, and control of,
commercialization of licensed products and is required to use
commercially reasonable efforts to commercialize a First Product
for at least one indication in the United States, the European
Union and Japan.  Alimera must also satisfy certain specified
financial commercialization milestones such as spending
minimums.

Under the Restated Agreement, pSivida will receive 20% of Net
Profits derived from the sale of licensed products by Alimera
under the Restated Agreement, and Alimera will receive the
remaining 80% of Net Profits.  Alimera will also pay to pSivida
20% of royalties received by Alimera pursuant to any third-party
agreements relating to the commercialization of the licensed
products (after deducting certain commercialization costs) and
33 1/3% of all non-royalty consideration received by Alimera
from such third parties (after deducting certain fair market
value amounts, if any, paid for equity securities of Alimera and
certain reasonable out-of-pocket expenses incurred with respect
to securing the third-party arrangement).

Alimera paid pSivida AU$12 million in cash upon the execution of
the Restated Agreement and agreed to make a AU$25 million
milestone payment to pSivida within 30 days after the first FDA
approval of the earliest of Medidur FA or certain other defined
products.

Each party was deemed to have fully paid as of March 14, 2008
all amounts owed by the other party with respect to development
activities undertaken under the Original Agreement through and
including that date, which included approximately AU$5.3 million
(including penalties and accrued interest) owed by pSivida to
Alimera as of February 29, 2008.  Alimera agreed to pay all
future development costs pursuant to the Restated Agreement.

In addition, Alimera issued the Note pursuant to which Alimera
agreed to pay pSivida AU$15 million upon the occurrence prior to
September 30, 2012 of the first of certain defined liquidity
events, or series of such events, which result in aggregate
proceeds to Alimera of not less than AU$75 million.  Alimera has
agreed to prepay AU$500,000 of the principal amount of the Note
monthly, starting on April 30, 2010 until September 30, 2012 and
to pay interest on the amount outstanding quarterly in arrears
starting on March 31, 2008 at a rate of 8% per annum until
March 31, 2010, and at 20% per annum thereafter.  Upon any
Interest Payment Default or Scheduled Payment Default, then,
automatically and without further action by pSivida or Alimera,
pSivida's share of Net Profits under the Restated Agreement
shall increase to 50% and pSivida's share of the royalties and
non-royalty consideration received by Alimera pursuant to any
third-party agreements shall increase to 50%.  The Fifty/Fifty
Amendments shall apply to all payments due or paid thereafter.
In addition, the following events under the Note are each a
breach of a material term of the Restated Agreement, for which,
if not cured, pSivida may terminate the Restated Agreement:

   (a) an Event of Default,

   (b) the failure of a liquidity event to have occurred by
       September 30, 2012, and

   (c) the third occurrence of an Interest Payment Default,
       Scheduled Payment Default or any combination thereof, on
       different days and not simultaneously.

If pSivida terminates the Restated Agreement as a result of a
third payment default, or if a liquidity event failure occurs,
then the Note shall be canceled and Alimera will have no further
obligation to make any principal or interest payments on the
Note.  In the event that pSivida does not terminate the Restated
Agreement following a third payment default, Alimera will not be
required to make any monthly principal prepayments or quarterly
interest payments but will be required to pay the outstanding
principal amount of the Note and all accrued interest thereon
upon the occurrence of a liquidity event that occurs prior to
September 30, 2012.

Either Party may terminate the Restated Agreement in the event
of a material breach of the Restated Agreement that is not cured
within the applicable cure period or if the other Party enters
into bankruptcy or similar proceedings.  pSivida may also
terminate the rights of Alimera under the Restated Agreement in
respect of any licensed product or product candidate which
Alimera abandons.

Alimera's failure to reimburse budgeted or approved development
costs or certain other defined reimbursable costs does not give
rise to a right for pSivida to terminate the Restated Agreement
but does result in the application of the Fifty/Fifty Amendments
to all payments due from or paid by Alimera thereafter.  A
failure by Alimera to make a Net Profits share payment or to
satisfy a commercialization milestone will also result in the
application of the Fifty/Fifty Amendments, unless the
Fifty/Fifty Amendments already are in effect as a result of a
prior Material Payment Failure or otherwise, in which case such
a Material Payment Failure will constitute a material breach of
the Restated Agreement for which pSivida may, if not cured,
terminate the Restated Agreement.

                       About pSivida Ltd.

pSivida is a global drug delivery company committed to the
biomedical sector and the development of drug delivery products.
Retisert is FDA approved for the treatment of uveitis.
Vitrasert is FDA approved for the treatment of AIDS-related CMV
Retinitis.  Bausch & Lomb owns the trademarks Vitrasert and
Retisert.  pSivida has licensed the technologies underlying both
of these products to Bausch & Lomb.  The technology underlying
Medidur for diabetic macular edema is licensed to Alimera
Sciences and is in Phase III clinical trials.  pSivida has a
worldwide collaborative research and license agreement with
Pfizer Inc. for other ophthalmic applications of the Medidur
technology (excluding FA).

pSivida owns the rights to develop and commercialize a modified
form of silicon (porosified or nano-structured silicon) known as
BioSilicon, which has applications in drug delivery, wound
healing, orthopedics, and tissue engineering. The most advanced
BioSilicon(TM) product, BrachySil delivers a therapeutic, P32
directly to solid tumors and is presently in Phase II clinical
trials for the treatment of pancreatic cancer.

pSivida's intellectual property portfolio consists of 64 patent
families, 113 granted patents, including patents accepted for
issuance, and over 280 patent applications.  pSivida conducts
its operations from Boston in the United States, Malvern in the
United Kingdom and Perth in Australia.

pSivida is listed on NASDAQ, the Australian Stock Exchange and
on the Frankfurt Stock Exchange on the XETRA system.  pSivida is
a founding member of the NASDAQ Health Care Index and the
Merrill Lynch Nanotechnology Index.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


SYDNEY ENGINEERING: Placed Under Voluntary Liquidation
------------------------------------------------------
Sydney Engineering & Maintenance Co. Pty. Ltd.'s members agreed
on February 22, 2008, to voluntarily liquidate the company's
business.  The company has appointed David Clement Pratt and
Timothy James Cuming to facilitate the sale of its assets.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          201 Sussex Street, Level 15
          Sydney, New South Wales 1171
          Australia

                    About Sydney Engineering

Sydney Engineering & Maintenance Co. Pty. Ltd. provides
engineering services.  The company is located at Smithfield in
New South Wales, Australia.


SYDNEY ENGINEERING (SALES): Members Opt to Liquidate Business
-------------------------------------------------------------
Sydney Engineering (Sales) Pty. Ltd.'s members agreed on
February 22, 2008, to voluntarily liquidate the company's
business.  The company has appointed David Clement Pratt and
Timothy James Cuming to facilitate the sale of its assets.

The liquidators can be reached at:

          David Clement Pratt
          Timothy James Cuming
          201 Sussex Street, Level 15
          Sydney, New South Wales 1171
          Australia

                 About Sydney Engineering (Sales)

Sydney Engineering Sydney Engineering (Sales) Pty. Ltd. provides
radio and television broadcasting and communications equipment.
The company is located at Smithfield, in New South Wales,
Australia.



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C H I N A   &   H O N G  K O N G   &   T A I W A N
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CHINA SOUTHERN: Inks New Code-Share Pact with Malaysia Airlines
--------------------------------------------------------------
China Southern Airlines has signed a new code share pact with
Malaysia Airline System Bhd (MAS).

China Southern Airlines Chairman Liu Shaoyong said, "Starting
from 27 November 2007, customers of China Southern Airlines and
Malaysia Airlines have been enjoying 35 weekly flights between
Kuala Lumpur and Guangzhou, Shanghai and Beijing.  These
seamless connections between the two parties air network enable
China Southern Airlines' customers flying into Kuala Lumpur to
connect to all domestic points served by Malaysia Airlines."

Mr. Liu added that, "At the same time, Malaysia Airlines'
customers can travel on China Southern flights to more than 90
destinations in China from Guangzhou and 38 from Beijing.  This
close cooperation has opened new opportunities in the code-share
arrangement between China and Malaysia.  We firmly believe that
such a strategic partnership will offer travelers more choices
and seamless destinations served by the two airlines, further
strengthening the two parties' presence both in China and
Malaysia and tapping feeder traffic from the domestic routes of
the respective countries."

China Southern Airlines operates a fleet of 330 Airbus and
Boeing jet aircraft and is the largest carrier in The People's
Republic of China in terms of fleet, extensive air network and
annual passenger traffic.  In 2007, China Southern Airlines
transported nearly 57 million passengers, ranked #9 worldwide
and the only Chinese carrier to enter into the world Top 10
passenger airlines.

                      About China Southern

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

                        *     *     *

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


CHINA SOUTHERN: To Open Chengdu-Zhengzhou-Ordos Flights
-------------------------------------------------------
China Southern Airlines is planning to operate the Chengdu-Ordos
flight service between March 31st and October 24th this year.
It will be the first air route linking Sichuan Province with
Inner Mongolia's Ordos.

Using Boeing 733 aircrafts, it will be a one-way flight covering
a distance of 760 miles.  The flight schedule is as below
(Beijing Time):

Air Route             Flight No.    Departure   Arrival
Date

Chengdu-Zhengzhou-Ordos    CZ6921    13:50   16:05 Mon. Fri.

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

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


CITY TELECOM: To Build Broadband Network With M1 & StarHub
----------------------------------------------------------
Hong Kong's City Telecom (CTI) and Singapore's M1 and StarHub
signed a Memorandum of Understanding (MoU) to jointly form a
consortium to design, build and operate the passive
infrastructure network capable of delivering ultra high
broadband speeds for Singapore.  The consortium will jointly
submit a bid that will meet all the criteria for the Infocomm
Development Authority of Singapore's Request-for-Proposal (RFP)
for the Network Company (NetCo).

"Currently, CTI, through its wholly owned subsidiary, HKBN's
end-to-end network in Hong Kong, supports the widest range of
symmetric broadband services from 25Mbps up to 1Gbps, and has
launched Hong Kong's first Fibre-to- the-Home residential
broadband services.  We welcome StarHub to join us in this
project, as their experience and diversity complement
the strengths of CTI and M1.  We are confident that this will
create sparkling synergy for the consortium," said Ricky Wong,
Chairman of CTI.

"The proven expertise and experience that the partners bring to
the consortium, backed by their knowledge of the local operating
environment and conditions, will ensure a strong and resilient
bid.  We are committed to the building of a network
infrastructure for the future, one that will enable Singaporeans
to enjoy high-speed and cutting edge broadband technology in the
years to come," said Neil Montefiore, CEO of M1.

"This consortium brings to the table a unique set of talented
corporate shareholders who have both the vast experience in
building ultra-high speed broadband networks as well as the
local expertise in managing complex telecoms operations in
Singapore.  Together, we have the capacity to build
and deliver the key elements of an Open Access network for a
robust infocommunications service industry, as well as create a
resilient platform that can cater to a continuing stream of new
broadband technologies for the foreseeable future," said Terry
Clontz, CEO of StarHub.

The Next Gen NBN is part of Singapore's Next Generation National
Infocomm Infrastructure (Next Gen NII), formed to entrench
Singapore's Infocomm hub status and open the doors to new
business and social growth for the country.  Next Gen NII
comprises complementary wired and wirelessnetworks to ensure
Singaporeans enjoy seamless connectivity.

                       About City Telecom

Hong Kong-based City Telecom (H.K.) Limited --
http://www.ctihk.com/-- is engaged in the provision of
international telecommunications services (IDD) and fixed
telecommunications network services (FTNS) to customers in Hong
Kong and Canada.  The Company operates in two segments:
international telecommunications, which is engaged in the
provision of international long-distance calls services, and
fixed telecommunications network, which is engaged in the
provision of dial up and broadband Internet access services,
local voice-over-Internet protocol services and Internet
protocol television (IP-TV) services. City Telecom (H.K.)
Limited's wholly owned subsidiaries include Attitude Holdings
Limited, Automedia Holdings Limited, City Telecom (B.C.) Inc.,
City Telecom (Canada) Inc., City Telecom Inc., City Telecom
International Limited, Credibility Holdings Limited, CTI
Guangzhou Customer Services Co. Ltd., CTI Marketing Company
Limited, Golden Trinity Holdings Limited, Hong Kong Broadband
Network Limited and IDD 1600 Company Limited.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2007, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on City Telecom (H.K.) Ltd.
(CTI) to 'B+' from 'B'. The outlook is stable. At the same time,
Standard & Poor's also raised its issue rating on CTI's US$125
million senior unsecured notes due 2015 to 'B+' from 'B'.

Moody's Investors Service on Feb. 1. 2007, affirmed its B2
corporate family rating and senior unsecured bond rating for
City Telecom Ltd, and at the same time has revised the company's
rating outlook to positive from stable.

On December 22, 2006, TCR-AP reported that Fitch Ratings
assigned a Long-termforeign currency Issuer Default rating of
'B+' to Hong Kong-based City Telecom (HK) Limited.  The Outlook
on the rating isStable.  At the same time, Fitch assigned an
instrument rating of 'BB-' to the US$125 million senior
unsecured notes due 2015 issued by CTI on the expectation of
good recovery prospects given default as denoted by the agency's
recovery rating of 'RR3'.


FERRO CORP: Posts US$94MM Net Loss for Year Ended Dec. 31, 2007
---------------------------------------------------------------
Ferro Corporation filed its financial statements for the quarter
and year ended Dec. 31, 2007, in a Form 10-K filing with the
U.S. Securities and Exchange Commission.

Ferro Corp. posted a net loss of US$94.4 million on net sales of
US$2.2 billion for the year ended Dec. 31, 2007, compared to a
net income of US$19.3 million on net sales of US$2.0 billion in
2006.

Sales for the year ended Dec. 31, 2007, were a record US$2.2
billion, up 8% from 2006.  Sales for the fourth quarter were
US$570.7 million, an increase of 14.8% from the fourth quarter
of 2006.

Net sales increased 8% in 2007 primarily as a result of product
price increases and favorable changes in foreign currency
exchange rates.  Compared with 2006, sales increased in the
Performance Coatings, Color and Glass Performance Materials,
Electronic Materials, and Polymer Additives segments.  Sales
declined in the Specialty Plastics and Other Businesses
segments.  Sales to customers outside the United States grew by
16% while sales within the United States fell by 1%.

Increased product prices and favorable changes in foreign
currency exchange rates were the primary drivers of the
increased sales.  The effects of lower volume in Specialty
Plastics, porcelain enamel products in Performance Coatings, and
Polymer Additives partially offset the sales increases.  The
volume declines were largely the result of weak demand from U.S.
markets in automobiles, appliances and residential housing, the
company said.

Ferro Corp., at Dec. 31, 2007, had total assets of US$1.6
billion, total liabilities of US$1.1 billion, and a
stockholders' equity of US$476.2 million, compared to total
assets of US$1.7 billion, total liabilities of US$1.2 billion,
and a stockholders' equity of US$535.0 million at Dec. 31, 2006.

Total debt at the end of 2007 was US$526.1 million, a decrease
of US$66.3 million from the end of 2006.  The decline in debt
during 2007 was primarily the result of lower cash deposit
requirements for precious metal consignments.  In addition, the
company had net proceeds of US$54.6 million from its U.S.
accounts receivable securitization program at the end of 2007,
compared with US$60.6 million at the end of 2006.  The company
also had US$42.1 million in net proceeds from similar programs
outside the U.S. at the end of the year, compared with US$33.7
million at the end of 2006. The company generated US$144.6
million of net cash from operating activities during 2007.

Restructuring charges of US$16.9 million were recorded in 2007,
resulting from rationalization programs in the company's
European inorganic materials manufacturing facilities and costs
associated with discontinuing dielectric materials production at
an Electronic Materials manufacturing location in Niagara Falls,
New York.  The restructuring project in Electronic Materials was
completed in 2007, and the restructuring programs in Europe are
expected to continue through 2009.

                  2008 First-Quarter Estimates

Sales for the 2008 first quarter, ending March 31, are expected
to be approximately US$550 million to US$575 million compared
with sales of US$530 million in the first quarter of 2007,
reflecting an ongoing mix of business conditions in different
regions.  Business conditions in the U.S. are expected to be
difficult due to continued weak demand from housing, appliances
and automotive markets.

Earnings for the first quarter are expected to be in the range
of US$0.12 to US$0.17 per share.  This estimate includes
expected charges of approximately US$0.05 per share, primarily
from the continuation of manufacturing rationalization
activities.  Also included in the first quarter estimates are
pre-tax charges of US$2 million to US$3 million to complete the
restoration of full wastewater treatment capabilities at the
company's Bridgeport, New Jersey, manufacturing plant.  The
company reported income from continuing operations of US$0.14
per share in the first quarter of 2007, including charges of
approximately US$0.08 per share.

"We continue to build a foundation for the future through
aggressive restructuring efforts and organizational change,"
said Chairman, President and Chief Executive Officer James F.
Kirsch.  "While we are disappointed by our reported loss for
2007, we are encouraged by strong cash flow from net operating
activities and our ability to reduce debt.  We will continue to
drive cost and expense savings across the business, while
investing in our customer relationships and stressing the values
and behaviors that support our opportunities to win and enhance
value for our shareholders."

Kirsch added that the company is on track with the restructuring
programs it has initiated over the past 18 months, and that
Ferro remains committed to meeting its goal of 10 percent
operating margins, as a percent of sales excluding precious
metals, in 2010.  This will be achieved through organic growth
of higher-value products, coupled with incremental savings
generated from Ferro's ongoing restructuring programs,
aggressive pursuit of manufacturing productivity improvements,
improved pricing for value, and expense reductions.

                    About Ferro Corporation

Based in Cleveland, Ohio, Ferro Corporation (NYSE: FOE) --
http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.

Ferro operates through the following five primary business
segments: Performance Coatings, Electronic Materials, Color and
Performance Glass Materials, Polymer Additives, and Specialty
Plastics.  Revenues wereUS$2 billion for the FYE ended
Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                         *     *     *

Ferro Corp. carries Moody's Investors Service's B1 corporate
family rating assigned on May 2007.  Moody's also assigned a B1
rating to the company'sUS$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


HUA XIA: Deutsche Bank to Subscribe 265.6 Million New Shares
------------------------------------------------------------
Germany's Deutsche Bank has agreed to subscribe 265.6 million
new shares in Hua Xia Bank Co., Ltd., for CNY3.909 billion,
Sinocast News reports.

According to the report, Deutsche Bank is waiting for approval
from related authorities, and then it will likely increase its
holdings in Hua Xia to 13.7% from 9.9%.  Hua Xia bank plans a
non-public share offering valued at nearly CNY11.6 billion, the
report notes.

Sinocast News relates that Rainer Neske, a top executive for the
German financial services group, said Deutsche Bank's share
acquisition indicates the bank's confidence in Hua Xia Bank.
The acquisition is expected to further extend reaches to China's
individual investment market in the near future, by virtue of
the financial platform offered by its partner, he added, the
report states.

The report recounts that in May 2006, Deutsche Bank Securities
bought into Hua Xia Bank for the first time, and nearly one year
later, they successfully unveiled a co-branded credit card
business in China.  The two parties have cooperated in the
fields of risk management, capital management, retailing, and
corporate banking, the report adds.

                    About Hua Xia Bank

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

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

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.  According to Fitch, Hua
Xia Bank's Individual D/E rating reflects its weak capital
position, inadequate profitability, and potential asset quality
risks stemming from very rapid loan growth.  Total loans
expanded 29% in 2005, the second fastest growth among local
peers.


PETROLEOS DE VENEZUELA: Aims to Produce 1.2MM Barrels Daily
-----------------------------------------------------------
Petroleos de Venezuela SA wants to bring its oil production to
1.2 million barrels a day in the west by 2013, Dow Jones
Newswires reports.

The Venezuelan Oil Ministry will concentrate on increasing
Petroleos de Venezuela SA's crude production from the country's
western region, where mature oil wells are located, Dow Jones
notes.

Venezuela will drill more wells and use more drill equipment so
that production will increase to 937,000 barrels per day in
2008, from 907,000 in 2007, Dow Jones says, citing the
ministry's 2007 year-end report.

According to Dow Jones, about 485 new wells will be drilled and
some 374 oil wells will be repaired.

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.


VISTEON CORP: Elects Alex J. Mandl to Board of Directors
--------------------------------------------------------
Alex J. Mandl has been elected to Visteon Corporation's board of
directors, effective immediately.

Mr. Mandl has nearly 40 years of leadership experience with
global companies, including serving as president and chief
operating officer of AT&T, and as chairman and chief executive
officer of Sea-Land Services, Inc.  Since December 2007, he has
been non-executive chairman of the board of Gemalto, a global
leader in digital security that is a newly merged company
between Gemplus International and Axalto.  Mr. Mandl had been
president and CEO of Gemplus International since September 2002.

"[Mr. Mandl] is a highly respected leader who has extensive
experience helping guide global companies through strategic
transformation and growth," Michael F. Johnston, Visteon
chairman and chief executive officer, said.  "Visteon will
benefit greatly from his experience and insight."

From April 2001 through August 2002, Mr. Mandl was a principal
in ASM Investments, which focuses on early-stage funding for
companies utilizing technology as a differentiator.  Before
that, he was chairman and CEO of Teligent, a company he started
in 1996.  Prior to Teligent, Mr. Mandl was with AT&T from 1990
to 1996, serving as group executive and chief financial officer
before being named president and COO.  Before joining AT&T, Mr.
Mandl was chairman and CEO of Sea-Land Services, Inc., a leading
global provider of containerized ocean transport and
distribution services.  He also served as a senior vice
president with CSX, after beginning his career with Boise
Cascade as a merger and acquisition analyst.

Mr. Mandl currently serves on the boards of Gemalto, Dell
Computer Corp., Hewitt Associates, Horizon Lines and Wilamette
University.  He has an MBA from the University of California at
Berkeley and a bachelor's degree in economics from Wilamette
University.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company's other
corporate offices are in Shanghai, China; and Kerpen, Germany.
The company has Latin America offices in Argentina, Brazil and
Mexico.  The company has facilities in 26 countries and employs
approximately 43,000 people.

                          *    *    *

Moody's Investor Service placed Visteon Corp.'s long-term
corporate family and probability of default ratings at 'B3' in
November 2006.  The ratings still hold to date with a negative
outlook.


ZTE CORP: Posts 2007 Audited Annual Financial Results
-----------------------------------------------------
ZTE Corporation posted audited annual results for the year ended
December 31, 2007.

ZTE recorded a revenue of approximately RMB34,777 million in
2007, representing an increase of 49.8% against 2006.  Net
profit was RMB1,252 million.  Basic earnings per share were
RMB1.30.

Applying PRC GAAP, for the year under review, the Group's
revenue from principal operations was approximately RMB34,777
million.  Net profit was RMB1,252 million.  Earnings per share
amounted to RMB1.30.

The Board of Directors recommended payment of a final dividend
of RMB2.5 including tax per 10 shares and the Group proposed to
increase issued capital by Reserve on a basis of 4 shares for
every 10 shares for the year ended 2007.

During the year, the Group's revenue from domestic operations
amounted to RMB14,687 million, representing a year-on-year
growth of 13.8%.  The Group continued to implement the
strategies of product differentiation and cost leadership
heeding development trends in the domestic communications
market.  At the same time, it strengthened ties with domestic
mainstream carriers in China by providing them with quality
products and services.

The Group's revenue from international principal operations grew
94.8% to RMB20,091 million and accounted for 57.8% of its total
revenue, which was 13.4 percentage points higher compared with
the previous year.  The revenue growth was driven by continued
growth of income from emerging markets and increased sales in
developed countries.

Hou Weigui, Chairman of ZTE, said, "Wireless communications
business continues to be our main income source.  Sales of the
Group's wireless communications products grew rapidly in 2007.
As for GSM products, their sales saw significant year-on-year
growth, keeping overall market dominance and extending reach to
new markets and carrier-customers.  The segment broke grounds
with high-end operators and quickly gained market share. On the
3G business front, our TD-SCDMA wireless network and core
network products secured significant shares of the tenders for
the construction of extended trial network for TD-SCDMA large-
scale network technology application of carriers.  Our WCDMA
products also gained grounds in the international market and
assumed a more premium market position.  Our CDMA products
continued to register sales growth.  As for the Group at large,
it strived to seize opportunities bred by growing broadband
services around the world to develop its optical communications
business with the aim of improving market coverage."

Mr. Hou concluded, "In the coming year, there will be
opportunities as well as challenges in the domestic
communications market as carriers transform their businesses and
competition in the global market intensifies.  The Group will
step up effort to grow itself into a mainstream global operator,
to develop new products and also tighten ties with major
domestic carriers in China.  It will seek to ride on the China
3G market, the booming handset and optical communications market
as well as the strong global market to sustain fast growth."

                        About ZTE Corp

Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.  The group operates both in
the domestic and international market.

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



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


CABLE & WIRELESS: Credit Suisse Downgrades Shares to Neutral
------------------------------------------------------------
Credit Suisse analyst R. Barker has downgraded Cable & Wireless
Plc's shares to "neutral" from "outperform," Newratings.com
reports.

Newratings.com relates that the target price for Cable &
Wireless' shares was decreased to GBP180 from GBP215.

Mr. Barker said in a research note that Cable & Wireless'
management has "altered the company's basic investment thesis by
shifting the strategy from restructuring in the near term to
value-creation in the long term."  Mr. Barker told
Newratings.com that Cable & Wireless' new strategy is not
different from those of its rivals.

"There is an absence of catalysts" for Cable & Wireless' share
price in the "near term," Newratings.com states, citing Credit
Suisse.

Headquartered in London, Cable & Wireless Plc
-- http://www.cw.com/new/-- operates through two standalone
business units -- International and Europe, Asia & US.  The
International business unit operates integrated
telecommunications companies in 33 countries offering mobile,
broadband, domestic and international fixed line services to
residential and business customers.  The company has operations
in the United Kingdom, India, China, the Cayman Islands and the
Middle East.  The Europe, Asia & U.S. business unit provides
enterprise and carrier solutions to the largest users of
telecoms services across the U.K., U.S., continental Europe and
Asia -- and wholesale broadband services in the U.K.

                        *    *    *

As of Feb. 12, 2008, Cable & Wireless Plc carried a Ba3 long-
term corporate family rating, a B1 senior unsecured debt rating
and a Ba3 probability of default rating from Moody's Investors
Service, which said the outlook is stable.

The company also carries a BB- long-term local and foreign
issuer credit ratings from Standard & Poor's Ratings Services,
which said the outlook is stable.  S&P rates its short-term
local and foreign issuer credit at B.


GMAC LLC: Financial Unit's Board Names Alvaro de Molina as CEO
--------------------------------------------------------------
The Board of Directors of GMAC LLC subsidiary, GMAC Financial
Services, named Alvaro G. de Molina as chief executive officer
of the unit, effective April 1, 2008.  Mr. de Molina will
oversee all GMAC operations and focus on strengthening the core
businesses, while positioning the company for long-term growth.
Eric Feldstein, currently chief executive officer, will join
Cerberus Capital Management L.P., an affiliate of which holds a
majority interest in GMAC.  In his new role, Mr. Feldstein will
advise Cerberus in connection with its large financial services
portfolio and with new investment opportunities in financial
services and other sectors.

"Al brings extensive experience in financial services and
banking to the GMAC CEO role, with keen insight into the needs
of customers and investors alike," said J. Ezra Merkin, chairman
of GMAC's Board of Directors.  "We are pleased that he will be
able to draw upon the experience and know-how of the senior GMAC
team.  We are confident that the combination of Al's leadership
and the contributions of senior management will enhance the
company's efforts to restore profitability and pursue growth
opportunities."

Mr. de Molina, 50, had a long and successful career with Bank of
America before joining GMAC in August 2007.  He said: "GMAC's
key strength is its strong foundation, which includes a vast
dealer network, a global footprint, a large customer base, and a
talented team of employees -# all of which are essential to the
longer-term success of the business.  Looking ahead, we need to
align our resources to reflect the current market environment
and capitalize on our competitive advantages."

During the past year, the GMAC leadership team has maintained
the company's strong liquidity position, reduced leverage,
tightened underwriting standards, reduced risk, introduced new
products for both the automotive finance and insurance
businesses, and structured the company for efficient, scalable
growth.  The company has also enhanced its global risk
management function, broadened its marketing focus, and
bolstered the leadership team in the mortgage business amid a
challenging market environment.  GMAC's management team today
reflects a complement of seasoned executives with experience at
the company and new leaders with expertise in running a global
financial services enterprise.  Looking forward, GMAC continues
to target a return to profitability, while maintaining or
improving its global leadership position in its core businesses.

Mr. Feldstein served as the chairman and then chief executive
officer at GMAC Financial Services since November 2002, and
previously served at General Motors Corp. as treasurer and vice
president of Finance, among various other executive positions.

"We are very pleased to bring Eric on board to the Cerberus
team," said Mark Neporent, chief operating officer of Cerberus.
"We expect that Cerberus and its investors will benefit from
Eric's broad expertise in financial services and other sectors."

              Background information on Al de Molina

Mr. de Molina is a proven leader with experience in effectively
managing risk and capital while building strong, talented teams.
Before he joined GMAC last year, he spent 17 years at Bank of
America, most recently serving as chief financial officer.
During his tenure at Bank of America, he also served as chief
executive officer of Banc of America Securities, president of
global corporate and investment banking, and corporate
treasurer.  Prior to joining Bank of America, de Molina served
in the lead financial role for emerging markets at J.P. Morgan.
He began his career in 1979 with PriceWaterhouse.

Mr. de Molina serves on the boards of Duke University's Fuqua
School of Business, the Foundation for the Carolinas, Florida
International University, and the Financial Services Volunteer
Corps.  Born in Cuba, he holds a bachelor's degree in accounting
from Fairleigh Dickinson University, and a master's degree in
business administration from Rutgers Business School.

                           About GMAC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.  Cerberus Capital
Management LP bought 51% GMAC LLC stake from General Motors
Corp. on December 2006.  Its Latin American operations are
located in Argentina, Brazil, Chile, Colombia, Mexico and
Venezuela.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
March 6, 2008, Fitch Ratings downgraded and removed from Rating
Watch Negative the long-term Issuer Default Rating GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.  Fitch has also
affirmed the 'B' short-term ratings.  Fitch originally placed
GMAC on Rating Watch Negative on Nov. 14, 2007.  The Rating
Outlook is Negative.  Approximately US$100 billion of unsecured
debt is affected by this action.

As reported in the Troubled Company Reporter-Latin America on
Feb. 26, 2008, Standard & Poor's Ratings Services lowered its
ratings on Residential Capital LLC and GMAC LLC.  Residential
Capital LLC was downgraded to 'B/C' from 'BB+/B'.  GMAC LLC was
downgraded to 'B+/C' from 'BB+/B'.  The outlook for both
entities is negative.


QUEBECOR WORLD: Can't Timely File Financial Report for 2007
-----------------------------------------------------------
Quebecor World Inc. said that, in view of its filing for
creditor protection in Canada and the United States, it will
delay the release and filing of its consolidated financial
statements, management's discussion and analysis and annual
information form for the year ended Dec. 31, 2007.

Quebecor World expects that it will only be in a position to
release and file its 2007 year-end audited consolidated
financial statements, management's discussion and analysis and
annual information form towards the end of April 2008.

Quebecor World is seeking an amendment to the credit agreement
with its debtor-in-possession (DIP) lenders in connection with
the delay in releasing and filing its 2007 audited financial
statements.  Due to the late filing, Quebecor World is
requesting that the Autorite des Marches Financiers of Quebec
impose a management cease trade order precluding Quebecor
World's directors and officers from trading in Quebecor World's
securities.

Quebecor World intends to provide the information required by
CSA Staff Notice 57-301 and Ontario Securities Commission Policy
57-603, including the issuance of status update reports every
two weeks, for as long as the consolidated financial statements
are not filed.

                      About Quebecor World

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.
Quebecor World has approximately 27,500 employees working in
more than 120 printing  and related facilities in the United
States, Canada, Argentina, Austria, Belgium, Brazil, Chile,
Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden,
Switzerland and the United Kingdom.

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case. The Debtors' CCAA stay
has been extended to May 12, 2008. (Quebecor World Bankruptcy
News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                         *     *     *

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




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


BANK RAKYAT: To Set Up Sharia Bank in June
------------------------------------------
Bank Rakyat Indonesia plans to set up a sharia bank as its
subsidiary by the end of June 2008, Antara News reports citing
Bank President Director Sofyan Basir.

Mr. Basir told the news agency that the bank had taken over Bank
Jasa Artha for IDR61 billion to be developed into a sharia bank
called Bank Umum Syariah BRI.

Sulaiman Arif, the bank director for small and medium
enterprises, said Bank Rakyat was in the process of selecting
its officials to sit in the sharia bank's boards of
commissioners and directors, Antara News relates.  BRI has so
far operated one sharia unit, the report adds.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 19, 2007, that Moody's Investors Service raised Bank
Rakyat's foreign currency long-term debt rating to Ba2 from Ba3
and its foreign currency long-term deposit ratings to B1 from
B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',
   * Short-term rating 'B',
   * National Long-term rating 'AA+(idn)',
   * Individual 'C/D', and
   * Support '4'.


GARUDA: Signs Exclusive Travel Deal with Contiki Holidays
---------------------------------------------------------
PT Garuda Indonesia signed a deal with Contiki Holidays to offer
discounted fares to travelers who book at Contiki Resort Bali,
Indonesia, ASIATraveltips News reports.

Nicholas Lim, Contiki Holidays' regional director for Asia, told
the news agency that Bali has been a favorite destination for
South East Asian tourists for over 40 years.

In 2007, Contiki Resort Bali saw a significant increase in the
number of reservations made, up 40% from the year before, the
report recounts.

As part of the exclusive partnership, the report relates,
travelers will be able to reserve spot on a value-packed three-
day two-night package to Contiki Resort Bali at SGS408, which
includes two nights accommodation with return airport transfers
and daily brunch and dinner.

Contiki Action Planners will also be present to take residents
through a variety of free resort activities, the report adds.

                    About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 6, 2007, that Garuda, saddled with a debt of around US$750
million including some US$475 million owed to the European
Credit Agency, is in negotiations with creditors to restructure
some of its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


ICICI BANK: Jefferies Downgrades Firm from Buy to Underperform
--------------------------------------------------------------
Equity trading firm Jefferies & Co. have downgraded ICICI Bank
Ltd. from "Buy" to "Underperform," according to a March 20 post
at StreetInsider.com.  Price target dropped from US$87 to US$29,
Jefferies pointed out.

The Troubled Company Reporter-Asia Pacific previously reported
that ICICI Bank Joint Managing Director Chanda Kochhar said that
the bank suffered US$50 million of investment losses this
quarter in addition to the US$70 million provided for in the
prior quarter.

According to various reports, the government said that ICICI
bank lost  US$264 million on account of the sub-prime crisis.
But, contrary to the reports, the bank asserted that it has no
material direct or indirect exposure to U.S. sub-prime credit.

The bank recently repurchased and hence extinguished a total of
US$100 million of bonds issued in its Bahrain branch:

   -- US$50 million out of the US$750 million 5.75% bonds due
      2012 issued on Jan. 12, 2007; and

   -- US$50 million out of the US$2 billion 6.625% bonds due
      2012 issued on Oct. 3, 2007.

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

                        *     *     *

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


MOBILE-8: S&P Affirms 'B' Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Indonesia's wireless operator PT Mobile-8 Telecom Tbk. to
negative from stable.  At the same time, Standard &
Poor's affirmed its 'B' long-term corporate credit rating on the
company.

"The rating on Mobile-8 reflects the company's aggressive
expenditure plan, highly leveraged financial profile, and its
position as a small player in a scale-sensitive industry," said
Standard & Poor's credit analyst Manuel Guerena.  "These
strengths are partly offset by Mobile-8's strong subscriber
growth and favorable domestic wireless subscriber growth
prospects, and good debt maturity profile."

Mobile-8's liquidity position is adequately supported by the
company's cash balance and short term investments of Indonesian
rupiah (IDR) 1.1 trillion as of Dec. 31, 2007, which are
sufficient to cover short-term obligations of IDR26 billion.  In
the medium term, however, capital expenditures will use a large
portion of this cash reserve.

"The downward pressure on Mobile-8's rating will increase
further if:

   (1) the company doesn't start making up for the network
       expansion delay through the rest of 2008,

   (2) average revenue per user, sustained so far, shows a
       steady decline, or

   (3) the company's total debt to annualized EBITDA rises
       above 6x (its annualized ratio was 5.4x in the fourth
       quarter of 2007).

Conversely, the outlook could be revised back to stable if the
company expands its network and improves its competitive
performance on a sustainable basis, and there is significant
improvement in its financial risk such that total debt to EBITDA
stays below 5x," Mr. Guerena noted.

                     About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.




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


DELPHI CORP: Completes Rights Offering for 62,707,305 Shares
------------------------------------------------------------
Delphi Corp.'s registration statement regarding subscription
rights and warrants to purchase shares of common stock in
Reorganized Delphi became effective on March 11, 2008.

Prior to the Effective Date of its confirmed Plan of
Reorganization, Delphi will initiate a sale and offer of
subscription rights to purchase up to 62,707,305 of Reorganized
Delphi common stock.

After the Effective Date of the Plan, Reorganized Delphi will
sell warrants to purchase up to 15,384,616 shares of the
company's common stock.  The warrants are immediately
exercisable from and after the date of issuance until the six-
month anniversary of the date of issuance.

A full-text copy of Delphi's Registration Statement filed with
the U.S. Securities and Exchange Commission is available at:

                http://ResearchArchives.com/t/s?2944

                         Rights Offering

The Rights Offering is comprised of a Par Rights Offering and a
Discount Rights Offering.

Under the Par Rights Offering, each holder of Delphi common
stock will receive, for each 26 shares of common stock owned of
record at 5:00 p.m., New York City time, on Jan. 17, 2008, one
nontransferable right to purchase one share of Reorganized
Delphi common stock for US$59.61 in cash.  Fractional par rights
will not be issued.

Under the Discount Rights Offering, holders of allowed General
Unsecured Claims, Section 510(b) Note Claims, Section 510(b)
Equity Claims, or Section 510(b) ERISA Claims, as those claims
are defined in the Plan, will receive, for each US$99.07 of
their claim, one transferable right to purchase one share of
Reorganized Delphi common stock for US$38.39 in cash.

To the extent that Delphi's provisional claim allowance or
estimation results in a particular claimholder receiving more
discount rights than what the claimholder should have received
based on the ultimate allowed amount of its claim, and those
excess discount rights are transferred or exercised, Delphi, in
its sole discretion:

   (a) will withhold an amount of Reorganized Delphi common
       stock equal to the value of the Excess Discount Rights
       from the Overpaid Eligible Holder's ultimate
       distribution; or

   (b) require the Overpaid Eligible Holder to return the value
       of the Excess Discount Rights.

To the extent Delphi's provisional claim allowance or estimation
results in a particular claimholder receiving fewer discount
rights than it should have received based on the ultimate
allowed amount of its claim, no subsequent adjustment will be
made in respect of the claimholder's Claim.

Each discount right entitles a claimholder who fully exercise
its basic subscription privilege to subscribe, prior to the
expiration date of the Discount Rights Offering, for additional
shares of Reorganized Delphi common stock at an exercise price
of US$38.64 per full share.  If an insufficient number of shares
are available to fully satisfy Oversubscription Privilege
requests, the available shares, if any, will be allocated pro
rata among the applicants.  If there is a pro rata allocation of
the remaining shares and an applicant receives an larger
allocation than it subscribed for under its Oversubscription
Privilege, Reorganized Delphi will issue the number of shares
subscribed and allocate the remaining shares pro rata among the
remaining applicants.

There is no Oversubscription Privilege in the Par Rights
Offering.

The Par Rights and Discount Rights will expire at 5:00 p.m., New
York City time, on March 31, 2008.

Appaloosa Management L.P. and the other Plan Investors have
agreed to backstop the Discount Rights Offering, on the terms
and subject to the conditions of their New Equity Purchase and
Commitment Agreement with the Debtors.  Pursuant to the Backstop
Agreement, the Plan Investors will purchase, for the US$38.39 in
cash per full share, any shares that are not purchased pursuant
to the exercise of Discount Rights.

The Plan Investors' Backstop Agreement does not apply to the Par
Rights Offering.  If all of the Par Rights are not exercised in
the Par Rights Offering, the remaining shares of Reorganized
Delphi common stock will be issued to certain creditors in
partial satisfaction of their claims.

                       Use of Proceeds

The Rights Offering is conducted to raise a portion of the funds
necessary to consummate the Plan, Rodney O'Neal, Delphi Corp.'s
chief executive officer and president, related in Delphi's
Registration Statement.

On the Effective Date of the Plan, all existing shares of
Delphi's common stock, and any options, warrants, rights to
purchase shares of Delphi common stock or other outstanding
equity securities will be canceled.  On or shortly after the
Effective Date, Reorganized Delphi will make the distributions
provided for in the Plan, including issuing the shares of new
common stock for which Par Rights and Discount Rights are
exercised in the Rights Offerings.

On the Effective Date, Reorganized Delphi will have up to
160,124,155 shares of common stock outstanding assuming:

   (1) the conversion of up to 35,381,155 shares of Convertible
       Preferred Stock;

   (2) no exercise of Par Rights and exercise in full of
       Discount Rights or the Plan Investors' Backstop Agreement
       regarding the Discount Rights Offering;

   (3) the exercise in full of six-month warrants, seven-year
       warrants and ten-year warrants that are initially
       exercisable for the purchase of up to 25,113,275 shares
       of Reorganized Delphi common stock; and

   (4) the issuance of 17,237,418 shares of Reorganized Delphi
       common stock to creditors in respect of Trade and Other
       Unsecured Claims, aggregating approximately
       US$1,310,000,000.

Assuming that all Par Rights are exercised, Delphi anticipates
receiving up to US$2,900,000,000 in gross proceeds from the
Rights Offerings before deducting fees, including the Plan
Investors' backstop commitment fee, and expenses related to the
rights offerings:

   * US$1,600,000,000 from the Discount Rights Offering; and
   * US$1,300,000,000 from the Par Rights Offering.

If any shares of Reorganized Delphi common stock are purchased
pursuant to the exercise of Oversubscription Privileges in the
Discount Rights Offering, Reorganized Delphi will receive
additional gross proceeds of US$0.25 per Oversubscription
Privilege share, Mr. O'Neal disclosed.

Delphi intends to use the net proceeds from the Rights Offering
to make payments and distributions contemplated by the Plan and
for general corporate purposes.  The net proceeds from the
Discount Rights Offering will be used for general corporate
purposes, Mr. O'Neal elaborated.   On the other hand, the net
proceeds from the Par Rights Offering will be used to (i)
satisfy certain liquidity requirements and claims asserted by
the Debtors' labor unions; (ii) reduce the amount of preferred
stock distributed to General Motors Corp.; and (iii) partially
satisfy certain unsecured creditors' claims.

As of March 10, 2008, the Appaloosa Plan Investors and their
affiliates beneficially owned 125,739,448 shares, or 22.3%, of
Delphi's existing common stock.

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-Europe on March 17,
2008, Moody's Investors Service affirmed Delphi Corp.'s
Corporate Family Rating of (P)B2 but revised the rating on the
company's US$3.7 billon of first lien term loans.  Moody's also
affirmed Delphi's (P)B3 rating on the company's proposed
US$825 million of second lien term loans and its Speculative
Grade Liquidity rating of SGL-2.  The actions, Moody's said,
follow revisions to Delphi's financing arranged for its planned
emergence from Chapter 11 bankruptcy protection.  Moody's also
revised the ratings on Delphi Holdings Luxembourg S.ar.l.'s Euro
equivalent of US$200 million first lien term loan, tranche B-1,
guaranteed by Delphi Corporation to (P)Ba2 (LGD-2, 17%) from
(P)Ba3 (LGD-2, 26%).

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.


DELPHI CORP: Court Allows Probe on Alleged Improper Trading
-----------------------------------------------------------
Delphi Corp. and its debtor-affiliates sought and obtained
authority from the U.S. Bankruptcy Court for the Southern
District of New York to issue subpoenas, pursuant to Rule 2004
of the Federal Rules of Bankruptcy Procedure, directing
expedited oral examinations of, and production of documents by,
the Debtors' plan investors.

The Debtors are working to consummate their confirmed First
Amended Joint Plan of Reorganization, which is premised upon
consummation of the New Equity Purchase and Commitment Agreement
between the Debtors and seven main Plan Investors:

  * A-D Acquisition Holdings, LLC, and
    Appaloosa Management, L.P.

  * Harbinger Del-Auto Investment Company, Ltd.,
    Harbinger Capital Partners Special Situations GP, LLC, and
    Harbinger Capital Partners Master Fund I, Ltd.

  * Dolce Investments LLC and Cerberus Capital Management L.P.

  * Merrill Lynch, Pierce, Fenner & Smith Inc.

  * UBS Securities LLC and UBS AG

  * Goldman, Sachs & Co.

  * Pardus DPH Holding LLC, Pardus Capital Management L.P.,
    Pardus Special Opportunities Master Fund L.P., and
    Pardus Capital Management LLC

Pursuant to the New EPCA, the Plan Investors have agreed to
invest up to US$2,550,000,000 of equity financing in reorganized
Delphi Corp.  The Plan Investors may transfer and assign certain
of their rights and obligations under the New EPCA to additional
investors.

Albert Togut, Esq., at Togut, Segal & Segal LLP, in New York,
informs the Court that Delphi recently received information from
a stakeholder who "alleged direct knowledge of inappropriate
conduct relating to at least one Investor involved with the
Debtors' efforts to consummate the Plan."

The unnamed Stakeholder's information, Mr. Togut says, included
allegations that:

  (1) one or more Investors may have been trading in or shorting
      one or more of Delphi's outstanding public securities;

  (2) the Trading Investors may currently have material
      unrealized or realized gains on the Illegal Investments;
      and

  (3) the Trading Investors may have communicated with
      Appaloosa, the Debtors' Lead Plan Investor, or Appaloosa's
      representatives concerning scenarios or courses of conduct
      pursuant to which the New EPCA will not be consummated or
      funded to the detriment of the Debtors and their
      stakeholders.

The Debtors have no information that trading activity occurred
with the use of material non-public information or that
Appaloosa participated in the conduct, Mr. Togut relates.

Based on the Debtors' investigation to date, which is in a
preliminary stage and remains substantially incomplete, at least
six Investors have either acknowledged some short-selling
activity or have refused to cooperate with the investigation.
An Investor identified by the Stakeholder is included within
that group, Mr. Togut notes.

The Debtors subsequently wrote to each Investor to request
information concerning their activities.  Although most
Investors cooperated to some degree with the Debtors'
investigation, many did not provide complete information, and
some Investors refused to cooperate at all.  Moreover, many of
the Investors objected to providing documents and information
because the Debtors do not have formal Court authorization for
their inquiries.

None of the Lead Plan Investors refused to cooperate with the
Debtors' investigation or acknowledged significant short-selling
activity for their own account except pursuant to an asserted
contractual waiver and behind an ethical wall.

The Debtors believe that they are unlikely to obtain the
information they need through voluntary cooperation.

Judge Drain permits the Debtors to issue subpoenas requiring
each Investor to:

  (a) produce documents concerning their investigation within at
      least three business days after the date on which an
      Investor is served with the subpoena; and

  (b) appear for oral examination under oath within at least two
      business days after the date on which an Investor is
      served with the subpoena.

                  Debtors Can File Docs Under Seal

Judge Drain also permitted the Debtors to file documents
relating to the implementation of the Court's Order under seal
if they disclose the name of any Investor.

The Court's Order is without prejudice to the Debtors' right to
seek additional documents, information and testimony from the
Investors or other parties-in-interest concerning their
investigation, Judge Drain says.

To the extent that any Investor's conduct delays, makes
difficult, or interferes with consummation of the Plan in
violation of the Investors' contractual or fiduciary duties or
duties of good faith, it relates directly to the property,
liabilities and financial condition of the Debtors and plainly
may affect the administration of the Debtors' estates, Mr. Togut
points out.  The Debtors, according to him, are not abusing or
harassing the Investors.  "[T]he Debtors filed this Application
reluctantly, and only after determining that the Investors'
voluntary cooperation would not suffice to provide the Debtors
with the information they need and requested."

"[I]f an Investor lacks documents or information concerning
inappropriate or apparently inappropriate conduct by itself or
another Investor, responding to a subpoena from the Debtors
should not be burdensome," Mr. Togut asserts.

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

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
March 17, 2008, Moody's Investors Service affirmed Delphi
Corp.'s Corporate Family Rating of (P)B2 but revised the rating
on the company's US$3.7 billon of first lien term loans.
Moody's also affirmed Delphi's (P)B3 rating on the company's
proposed US$825 million of second lien term loans and its
Speculative Grade Liquidity rating of SGL-2.  The actions,
Moody's said, follow revisions to Delphi's financing arranged
for its planned emergence from Chapter 11 bankruptcy protection.
Moody's also revised the ratings on Delphi Holdings Luxembourg
S.ar.l.'s Euro equivalent of US$200 million first lien term
loan, tranche B-1, guaranteed by Delphi Corporation to (P)Ba2
(LGD-2, 17%) from (P)Ba3 (LGD-2, 26%).

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.


IHI CORP: In Talks with Toshiba Corp. Over Nuclear Power Tie-up
---------------------------------------------------------------
IHI Corp. and Toshiba Corp. have started negotiations on a
comprehensive energy business tie-up, including nuclear power
plants, reports The Yomiuri Shimbun.

The newspaper's sources disclosed that IHI may spin off a
related business and set up a new company that would then be
party capitalized by Toshiba.

According to The Yomiuri's sources, IHI and Toshiba are
considering a plan to integrate their energy business, with
Toshiba merging its nuclear power businesses and other related
ventures, with the new company at some point in the future.  The
merger is expected to have a combined annual sales of about JPY1
trillion, surpassing Mitsubishi Heavy Industries, Ltd.

Reportedly, Toshiba first sounded out the tie-up and IHI is
expected to favor the proposal, but likely will not start full
negotiations until after spring, as it is busy revising its
accounts due to deteriorating business performance.  IHI, aims
to reach a tie-up agreement in June at the earliest, after top
management is appointed for fiscal 2008.

                      About IHI Corp.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a
Japan-based company engaged in six business segments.  The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others.  The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities.  The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services.  The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services.  The
Others segment provides real estate, financial and insurance
services.

The Troubled Company Reporter-Asia Pacific reported on
Feb. 14, 2008, that Standard & Poor's Ratings Services revised
its outlook on the long-term corporate credit rating on IHI
Corp. to negative from stable, reflecting growing expectations
that the company's steady earnings recovery would be delayed,
following the Tokyo Stock Exchange's announcement that it will
place the company's stock on "alert status."  The outlook change
also reflects concerns that the company's financial flexibility
will be constrained to some extent by this action.  At the same
time, Standard & Poor's affirmed its 'BB+' long-term corporate
credit and 'BBB-' long-term senior unsecured issue ratings on
the company.


JAPAN AIRLINES: Sells Stake in Two Subsidiaries
-----------------------------------------------
Japan Airlines International's board of directors has decided to
sell its 100% shareholding in two of its hotel and travel
services subsidiaries -- Asahikawa Resort Development Co., Ltd
and Tomakomai Ryokka Kaihatsu Co., Ltd. -- whose main business
activity is the management of golf and country clubs located in
Japan.

JAL's 100% share in Asahikaw Resort, will be sold to Asahi
Corporation, while its 100% share in Tomakomai Ryokka will be
sold to Sanit Co., Ltd.

The JAL Group has stated that it is concentrating its resources
on the core air transport business segment in order to achieve
sustainable growth.  The company is trying to improve asset
efficiency by centralizing business resources in the air
transport business whilst selling non-core assets.  The sale of
these two hotel and travel services subsidiaries forms part of
this move.  The final agreement and share transfer was completed
on March 19, 2008.

Both the Asahikawa Resort and Tomakomai Ryokka will be removed
from the JAL Group's consolidated statement FY2007.  Removing
the two companies' liabilities from the financial statement will
generate special income of about JPY9.0 billion, but JAL's
forecast for the current financial will remain unaffected.

                    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: Names Philip Spender as Executive Vice-President
-------------------------------------------------------------
Mazda Motor Corporation has appointed Philip G. Spender as
executive vice president of the company effective April 1, 2008.
Mr. Spender has also been appointed as vice president of Ford
Motor Company.

Mazda's former executive vice president Robert Graziano will
resign from his post but will remain a representative director
of the board.  Mr. Graziano has been appointed as president and
CEO of Ford Motor China.

Hisakazu Imak, Mazda's chairman of the board, president and CEO
said, "Phil Spender brings to Mazda his experience in a wide
range of areas, including his 20-year relationship with Mazda
which began in the early 1980s," Imaki continued.  "Over the
years, Spender has cemented and strengthened the close
relationship between Ford and Mazda in different operations.
This includes his years at Auto Alliance International, a joint
venture between Ford and Mazda in North America, as well as
presiding over Mazda's investment in Changan Ford Mazda
Automobile Co. Ltd. where he was president of the company.  We
welcome him as a strong addition to our team, and look forward
to working closely with him.

"We congratulate Bob Graziano on his new appointment.  As a
leader of Mazda, Graziano has played an integral role in a wide
range of areas and was instrumental in the development of the
Mazda Advancement Plan and in leading Mazda through the first
year of that plan.  He worked tirelessly to build the Mazda
brand around the world, and to continue to drive further
efficiencies throughout the organization.  We look forward to
working with Graziano in his new role with Ford China."

                      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 in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating to BB and the company's long-term senior unsecured
debt rating to BB+.


METHANEX CORP: Cuts Chile Work Force by 15%
-------------------------------------------
Methanex Corp. has laid off 15 percent of its Chilean workers
after cuts in natural gas supplies from Argentina hindered its
ability to operate, Reuters reports.

Methanex, since June last year, has not received natural gas
from Argentine providers, forcing it to halt operations to about
30 percent capacity in Chile, the report adds.

Citing Paul Schiodtz, senior vice president of Methanex for
Latin America, Reuters relates that the company has been forced
to restructure its Chile operations after nine months without
gas from its providers in Argentina and after exhausting all
options to re-establish it.

                  About Methanex Corporation

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex."

                        *    *    *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


SOJITZ CORP: Gets JPY7.5 Billion Order from Promtractor-Vagon
-------------------------------------------------------------
Sojitz Corp. along with Nippon Sharyo Ltd. has received a JPY7.5
billion order for railway freight car manufacturing facilities
from Promtractor-Vagon, reports Jiji Press.

Russia-based Promtractor-Vagon will deliver equipment like laser
cutting machine and welding robot, relates Jiji Press.
According to the report, the facilities will be delivered from
August to launch operations in March 2009.

The ordered facilities will have an annual production capacity
of 6,000 freight cars for transporting coal and iron ore.  The
cars, notes Jiji Press, will be supplied mainly to Russian
railways.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 23, 2007, that Standard & Poor's Ratings Services
revised the outlook on its long-term corporate credit rating on
Sojitz Corp. to positive from stable, reflecting an improved
balance between the company's risk volume and its capital
adequacy and profitability, as well as its enhanced financial
profile.  At the same time, Standard & Poor's affirmed its 'BB+'
long-term corporate credit and 'BBB-' senior unsecured debt
ratings on the company.


XERIUM TECH: Projected Bankruptcy Filing Spurs S&P's Junk Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and bank loan ratings on Youngsville, North Carolina-
based Xerium Technologies Inc. to 'CCC+' from 'B+'.  At the same
time, the ratings were placed on CreditWatch with negative
implications.

"The downgrade and CreditWatch placement reflect the increased
likelihood of a bankruptcy filing, as Xerium announced that it
expects to breach certain financial covenants under its current
credit facility during the first quarter and future periods,
which could constitute a default under the facility," said
Standard & Poor's credit analyst James Siahaan.

Xerium, a global manufacturer of clothing and roll covers used
in the paper making process, is seeking relief from creditors
and is attempting to privately place equity to help remedy the
situation.   However, these proposed solutions are unlikely to
be satisfactory, given current credit and equity market
conditions.  Xerium also filed a Form 12b-25 report with the
SEC, indicating that it would be unable to file its annual
report in a timely fashion.  The company requires additional
time to determine the specifics of a possible asset impairment
on its roll covers operation.  The confluence of these issues
has resulted in a dramatic weakening of the company's credit
quality.

S&P could lower the ratings further if Xerium fails to complete
an equity issuance and rectify its covenant violation.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.




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


EDS CORP: Augments Global Network with Nexagent Assets Buyout
-------------------------------------------------------------
EDS Corp. acquired the assets of Nexagent.  Financial terms of
the transaction were not disclosed.  The transfer of assets is
effective immediately.

The company relates that this acquisition builds upon EDS'
ongoing investment in the company's networking services
capabilities and the EDS Global Services Network.  The GSN
connects more than 500 EDS service delivery sites to clients
though a single, secure, fully redundant network.

Leveraging Nexagent's technology enables EDS to automate and
accelerate the design, transition and operation of enterprise
service delivery and sets a standard for high availability
connection of clients to the EDS Global Services Network.

"With the software, resources and technology of Nexagent, EDS
will reduce connection expense and provisioning time for
migrating clients onto the EDS network," EDS Ray Thietten, vice
president, Global Network Services, said.  "Our clients rely on
EDS for mission-critical functions to run their businesses.
Acquiring these advanced technologies allows EDS to drive even
greater operational efficiencies and improve service quality."

"We are pleased to have the opportunity to join with EDS, the
global IT services leader, and merge our advanced networking
technologies with the EDS Global Services Network," said Royce
Murphy, Nexagent's CEO.  "I am confident that with the addition
of Nexagent's talented workforce and intellectual capital, EDS
will continue to improve its already outstanding service quality
and drive even more quickly toward its 'Zero Outages' goal."

Nexagent provides a Lifecycle Management System and a Multi-
Carrier Interconnect System to EDS as a key underlying
technology for "interconnecting" EDS carrier partners to the EDS
Global Services Network.  The availability, distributed network
interconnects have had zero outages since their installation on
the EDS Global Services Network in 2006.

"By acquiring the assets of Nexagent, EDS will bolster its
ability to offer a broader set of network solutions to clients
and leverage this newly acquired expertise to further service
existing and new clients," Wu Zhou, senior research analyst,
Network Consulting and Integration Services with IDC, said.  "We
see this acquisition as a key, strategic move that will give EDS
a competitive advantage when onboarding clients to its network."

Under the terms of the acquisition, current Nexagent employees
will become employees of EDS, reporting into EDS' Global Network
Services organization, EMEA centre, located in Stockley Park,
United Kingdom.

                       About Nexagent

Nexagent, founded in July 2000, is a developer of software tools
that enable carriers, systems integrators and virtual network
operators to automate and accelerate the design, provisioning
and management of a client's IP VPN or Virtual Private Network.
This capability is particularly valuable when the network
connection spans multiple carriers and multiple regions.

                      About EDS Corp.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  EDS
founded the information technology outsourcing industry more
than 40 years ago.  EDS delivers a broad portfolio of
information technology and business process outsourcing services
to clients in the manufacturing, financial services, healthcare,
communications, energy, transportation, and consumer and retail
industries and to governments around the world.

EDS' Network Services offerings reduces carrier vendor lock-in,
eases transition from carrier to carrier and allows EDS to act
as an impartial advisor when recommending the best provider for
carrier services to clients.

EDS has locations in Argentina, Australia, Brazil, China, Chile,
Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico,
Singapore, Taiwan, Thailand and South Korea.

                        *     *     *

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  Moody's said the outlook is positive.  The
ratings still hold to date.


GAP INC: Earns US$265 Million in Fourth Quarter Ended February 2
----------------------------------------------------------------
Gap Inc. reported net earnings of US$265.0 million for the 13
weeks ended Feb. 2, 2008, compared with US$219.0 million for the
14 weeks ended Feb. 3, 2007.

Net sales for the 13 weeks ended Feb. 2, 2008, were US$4.7
billion.  Net sales for the 14 weeks ended Feb. 3, 2007, were
US$4.9 billion. Due to the 53rd week in fiscal year 2006,
comparable store sales for the fourth quarter of fiscal year
2007 are compared with the 13 weeks ended Feb. 3, 2007.  On this
basis, the company's fourth quarter comparable store sales
decreased 3.0% compared with a decrease of 7.0% in the fourth
quarter of the prior year.

"In 2007, the company made the business decisions and changes
necessary to deliver improved earnings for our shareholders,"
said Glenn Murphy, chairman and chief executive officer of Gap
Inc.  "While we're aware of the challenging economic
environment, our leadership team is committed to delivering the
right product to our customers while we bring a sharp
operational discipline to our business priorities.  We'll work
tirelessly to reconnect with customers while we continue to
improve our earnings results."

                  Fiscal Year 2007 Results

Net sales for the 52 weeks ended Feb. 2, 2008, were US$15.8
billion.   Net sales wereUS$15.9 billion for the 53 weeks ended
Feb. 3, 2007.  Due to the 53rd week in fiscal year 2006, fiscal
year 2007 comparable store sales are compared with the 52 weeks
ended Feb. 3, 2007.  On this basis, the company's fiscal year
2007 comparable store sales decreased 4.0% compared with a
decrease of 7.0% for the prior year.  The company's online sales
for the fiscal year increased 24.0% to US$903.0 million,
compared with US$730.0 million in the prior year.

Net income for the 52 weeks ended Feb. 2, 2008, was
US$833.0 million, compared with US$778.0 million for the 53
weeks ended Feb. 3, 2007.

The company's fourth quarter tax rate was 38.8%.  The effective
tax rate for fiscal year 2007 was 38.3%.

               Cash and Short-Term Investments

The company ended the fourth quarter with US$1.9 billion in cash
and short-term investments.  Fiscal year 2007 free cash flow was
an inflow of US$1.4 billion compared with US$678.0 million last
year.   The increase was driven primarily by lower inventory
levels as well as changes in vendor payment terms.

                      Share Repurchases

During the fourth quarter, the company completed its US$1.5
billion share repurchase program and repurchased about 30
million shares for a total of US$613.0 million in the quarter.

                  Store Openings and Closings

During fiscal year 2007, the company opened 214 store locations
and closed 178 store locations.  Openings and closings include
18 store repositions and 45 Old Navy Outlet store conversions,
while closings also include 19 Forth & Towne stores.  Net square
footage at the end of the fourth quarter of 2007 was up 1.8%
compared with last year.

                         Balance Sheet

At Feb. 2, 2008, the company's consolidated balance sheet showed
US$7.84 billion in total assets, US$3.56 billion in total
liabilities, and US$4.27 billion in total stockholders' equity.

                         About Gap Inc.

Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS)
-- http://www.gapinc.com/-- is an international specialty
retailer offering clothing, accessories and personal care
products for men, women, children and babies under the Gap,
Banana Republic, Old Navy, Forth & Towne and Piperlime brand
names.  Gap Inc. operates more than 3,100 stores in the United
States, the United Kingdom, Canada, France, Ireland and Japan.
In addition, Gap Inc. is expanding its international presence
with franchise agreements for Gap and Banana Republic in
Southeast Asia and the Middle East.

                        *     *     *

Moody's Investor Service placed Gap Inc.'s corporate family,
senior unsecured debt and probability of default ratings at
'Ba1' in February 2007.  The ratings still hold to date with a
stable outlook.


HYNIX: Partners with Fidelix Co. for Foundry Business Expansion
---------------------------------------------------------------
Hynix Semiconductor Inc. partners with Fidelix Co. Ltd. in a bid
to expand its foundry business and trim losses from weak chip
prices, Thomson Financial reports.

According to the report, under the deal, Hynix will offer its
foundry service to Fidelix and then buy a stake in that company.
Details on the terms of the equity deal were not given.

Fidelix will be designing a variety of consumer-specified chips
under the new arrangement, the report notes.

Thomson relates that the alliance was decided amid growing
worries that Hynix may slip into deeper losses in the first
quarter due to the sharp decline in semiconductor chip prices.

Hynix is expected to incur an operating loss of KRW457 billion
in the first quarter to March, with the second-quarter also
looking bleak, according to a forecast by brokerage Shinyoung
Securities in a recent research note, the report adds.

                About Hynix Semiconductor

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

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

                        *     *     *

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

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


HYNIX: To Apply Nanosys' Quantum Dot Flash Memory Technologies
--------------------------------------------------------------
Hynix Semiconductor Inc. collaborates with Nanosys, Inc., to
apply Nanosys' quantum dot flash memory technologies -- QDM(TM)
-- for NAND-based flash memory.  Specific terms of the agreement
were not disclosed.

Nanosys has developed its QDM (TM) flash technologies to improve
the performance and continued scaling capabilities for a wide
variety of NAND-based flash memory designs.  Participants in
Nanosys' M-TAP collaborate to apply these proprietary technology
solutions for current and future generations of memory products.

"We are very pleased to be collaborating with Hynix under our M-
TAP program," said Calvin Chow, Nanosys' Chief Executive
Officer.  "Hynix's vision and proven ability to deploy new
technologies rapidly and successfully into the marketplace makes
them an excellent collaborator."

"New enabling technologies that can be rapidly implemented are
required to address the immediate and escalating demand for cost
effective, high-performance flash memory," said Dr. Seok Kiu
Lee, Vice President of the R&D Division at Hynix.  "We look
forward to applying Nanosys' QDM flash technology towards this
significant need and opportunity."

                       About Nanosys

Headquartered in Palo Alto, Calif., Nanosys, Inc. --
http://www.nanosysinc.com/-- develops nanotechnology enabled
products utilizing high-performance inorganic nanostructures.
Nanosys has built one of the broadest technology platforms in
the industry with over 500 patents and patent applications
covering fundamental areas of nanotechnology.

                About Hynix Semiconductor

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

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

                        *     *     *

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

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


RHODIA SA: Yves-Rene Nanot Resigns as Chairman of the Board
-----------------------------------------------------------
Yves-Rene Nanot resigned as chairman of the Rhodia S.A.'s board
on March 17, 2008, in accordance with provisions of Rhodia's by-
laws concerning the age limit for chairmen.

The board also decided to combine the functions of chairman and
chief executive officer to streamline decision-making and
accountability.  The board also wanted to extend the
responsibilities of the compensation and appointments committee
to governance issues, to maintain the group's outstanding
corporate governance practices.

In this context, the board decided to appoint Jean-Pierre
Clamadieu chairman and chief executive officer of Rhodia,
thereby expressing its confidence in his ability to pursue
implementation of the group's profitable growth strategy.

Mr. Clamadieu has been CEO of the Rhodia Group since October
2003.  Between 1993 and 2003 he held several executive positions
in the group, as President of Rhodia Chemicals, Latin America,
President of the Eco Services Business, Senior Vice-President,
Corporate Purchasing and President of the Pharmaceuticals &
Agrochemicals Division.

                        About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA)
-- http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil and Korea.

                        *     *     *

As of Feb. 19, 2008, Rhodia S.A. carries Moody's long-term
corporate family rating of Ba3 and senior unsecured debt rating
of B1 with positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings, and B short-term foreign and
local issuer credit ratings.  S&P said the ratings outlook is
stable.

Fitch Ratings assigned long-term issuer default rating at BB-
and senior unsecured debt rating at BB- with outlook positive.


SHINWA INTEREK: To Set up Plant in Taiwan
-----------------------------------------
Shinwha Intertek Corporation is expanding its overseas
production bases by constructing more plants outside the country
in areas like Taiwan, DigiTimes News reports citing Company Vice
President Hyeong-Jun Kim.

According to the report, Mr. Kim said the company is building
plants in Slovakia, China's Suzhou, and Taiwan.  Shinwha expects
to start volume production at the Suzhou plant in March, and at
the Taiwan plant in May, he added.

Max Wang and Rodney Chan at DigiTimes write that the Taiwan
plant will need an investment of US$2 million, with its initial
focus on back-end optical film cutting.  Its second-stage
development will see it enter the deposition process for optical
film, the same report notes.

Mr. Kim told the news agency that Shinwha's optical film
shipments will grow 57% in 2008 compared to last year ,With the
expansion.

According to industry sources, Shinwha's clients include
Samsung, AU Optronics, Chunghwa Picture Tubes, and HannStar
Display, and the biggest supplier for Samsung, supplying 56% of
the optical films that Samsung needed in 2007, the report
relates.

The same report adds that at present, the company supplies 75%
of HannStar's optical films, and towards the end of last month,
it succeeded in entering the supply chain for Chi Mei
Optoelectronics.

Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation
-- http://www.shinwha.com/main01_E.html-- is engaged in the
manufacture and sale of adhesive tapes for the electronic,
electronic equipment, architecture and other industry fields.

Korea Ratings gave the company's convertible bonds a BB rating
on Oct. 24, 2006. The company's commercial papers also carry
Korea Rating's B rating effective Feb. 2, 2007.


TRIGEM COMPUTER: Seeks Court Approval of Toshiba Settlement
-----------------------------------------------------------
Il-Hwan Park, foreign representative for TriGem Computer, Inc.,
asks the U.S. Bankruptcy Court for the Central District of
California, Los Angeles Division, to approve a settlement
agreement TriGem entered with Toshiba Corporation.

TriGem commenced an adversary proceeding to permanently enjoin
the continuation of a prepetition lawsuit initiated by Toshiba,
David Packard and John E. Hock against TriGem in the U.S.
District Court for the Central District of California; or in the
alternative, allow the TriGem case under Chapter 15 of the
Bankruptcy Code to remain open in perpetuity so the automatic
stay will continue and obviate the need to enjoin the
continuation of the Toshiba Lawsuit.

Toshiba and Messrs. Packard and Hock sued TriGem in the
California District Court for alleged infringement of several
Toshiba Patents.

The salient terms of the Settlement are:

  (a) The Adversary Proceeding will be dismissed with prejudice
      solely against Toshiba, with each party bearing its own
      costs.

  (b) Toshiba will forever refrain from initiating, filing,
      instituting, maintaining or continuing any claim against
      TriGem arising from or relating to the infringement of the
      five Toshiba U.S. Patents related to sales of desktop
      computers by TriGem prior to June 16, 2005.  The five
      Toshiba U.S. Patents are:

         * Patent No. 6,230,209;
         * Patent No. 6,128,015;
         * Patent No. 5,475,762;
         * Patent No. 5,430,867; and
         * Patent No. 6,463,396.

  (c) TriGem and Toshiba will stipulate to dismiss without
      prejudice the prepetition plenary lawsuit filed by Toshiba
      in the U.S. District Court for the Central District of
      California, with each party bearing its own costs.

The Settlement does not affect the Adversary Proceeding as
against David Packard and John E. Hock.

Charles D. Axelrod, Esq., at Stutman Treister & Glatt PC, in Los
Angeles, California, asserts that the Settlement is fair and
reasonable and achieves the goal of the Adversary Proceeding in
all material respects.  The Settlement, he adds, is the product
of good faith and arm's-length negotiations between TriGem and
Toshiba.  It takes into account the potential concerns raised by
Toshiba, with respect to potentially unfair, unintended, and
unnecessary consequences it might experience if the permanent
injunction, rather than the "covenant not to sue" procedure, was
followed.

Mr. Axelrod avers that additional litigation fees and
costs that could be relatively significant are avoided by the
Settlement.

If the Bankruptcy Court does not approve the Toshiba Settlement,
TriGem said it intends to pursue its summary judgment request
against Toshiba.

TriGem informs the Bankruptcy Court that it is ready for trial
in relation to the Adversary Proceeding, and that no discovery
is needed to prepare for that trial.  TriGem, however, said that
it has not engaged in formal mediation with Toshiba because of
the Settlement.  TriGem noted that it would take it more than
half a day to present its case.  TriGem intends to call on at
least five witnesses and present 10 exhibits during the trial.

           TriGem Agrees to Extend Response Deadline

In separate Bankruptcy Court-approved stipulations, TriGem
agreed to extend the deadline for Toshiba, if the Settlement is
not approved, and Messrs. Packard and Hock to respond to the
Complaint until April 4, 2008.

To note, TriGem previously asked the Bankruptcy Court in
February 2008 to enforce a default judgment on Messrs. Packard
and Hock because they have not filed any response to the
Adversary Proceeding.  In response, Messrs. Packard and Hock
told the Bankruptcy Court that TriGem improperly served the
Complaint and summonses, which resulted to them not receiving
the documents on time.

Toshiba is represented by Evan Finkel, Esq., at Pillsbury
Winthrop Shaw Pittman LLP, in Los Angeles, California.

Messrs. Packard and Hock are represented by Thomas H. Prouty,
Esq., at Ross, Dixon & Bell, LLP, in Irvine, California.

                   About TriGem Computer

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on
June 8, 2005 (Bankr. C.D. Calif. Case No. 05-14047).

On Sept. 13, 2007, TriGem filed Draft Plan Amendments in Korea
and on September 20 filed a Final Plan Amendment.  The Korean
Court confirmed Trigem's Amended Plan on Oct. 4, 2007.  (TriGem
Bankruptcy News, Issue No. 14 Bankruptcy Creditors' Service,
Inc., 215/945-7000).




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


OCI BERHAD: Appoints PM Securities as Advisor to Reform Scheme
--------------------------------------------------------------
OCI Berhad has appointed PM Securities Sdn Bhd as the Advisor to
its Proposed Restructuring Scheme in place of MIMB Investment
Bank Berhad, fka Malaysian International Merchant Bankers
Berhad.

The company's Proposed Restructuring Scheme includes:

   * Proposed Scheme of Arrangement with Shareholders;
   * proposed Rights Issue;
   * proposed Exemption;
   * proposed Scheme of Arrangement with creditors;
   * proposed Transfer of listing status; and
   * proposed Disposal

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as Ernst & Young
expressed substantial doubt regarding the company's ability to
continue as a going concern after having audited the company's
financial statements for the year ended June 30, 2007.  The
auditor points to the company's losses and, together with its
subsidiaries, the default on the repayment of various financial
obligations.


PROTON HOLDINGS: Unit Appoints Mohamad Shukor Ibrahim as CEO
------------------------------------------------------------
Proton Holdings Bhd has appointed Mohamad Shukor Ibrahim as new
chief executive officer for its frontline marketing arm, Proton
Edar Sdn Bhd, the EdgeDaily reports.

Mr. Mohamad will also take over Datuk Maruan Mohd Said's
position as the company's director of domestic sales.

As one of the pioneers in Perodua Sales Sdn Bhd, Mr. Mohamad
also served as the president and chief operating officer of
Honda Malaysia Sdn Bhd in late 2007.  Prior to his 14-year stint
at Perodua, Mr. Mohamad spent six years at Petronas Dagangan Sdn
Bhd in the field of sales engineering, the report added .

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles,
related spare parts and accessories, holds intellectual
property, provides engineering consultancy, operates single make
race series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on
May 4, 2006, that Proton was expected to finalize a recovery
plan and seal an alliance with a strategic partner, in order to
boost sales and become more competitive.


SHAW GROUP: Power Group President Richard F. Gill Passes Away
-------------------------------------------------------------
The Shaw Group Inc. disclosed the passing of Mr. Richard F.
Gill, president of Shaw's Power Group and chairman of its
executive committee.

"On behalf of all Shaw employees, we extend our deepest
condolences to Richard's family and friends during this
extremely difficult time," said J.M. Bernhard Jr., Shaw's
chairman, president and chief executive officer.  "This is a
significant loss for our company, the community, and the
engineering and construction industry, as Richard's passion,
leadership and legacy in all three are matchless."

Mr. Gill served as president of Shaw's Power Group since
September 2006 and as executive vice president and chairman of
Shaw's Executive Committee for the past four years.  Mr. Gill
joined Shaw in 1997 when the company acquired Merit Industrial
Constructors, Inc., an industrial construction and maintenance
firm of which he was the founder and president.  Over the years,
he has served Shaw in various capacities, including vice
president and chief operating officer of The Shaw Group Inc.

As an active member of the business community, Mr. Gill served
on the board of directors of the Nuclear Energy Institute, as
well as the Louisiana Blue Ribbon Compensation Review Committee.
He also was named MBA Alumnus of the Year by Louisiana State
University (LSU) in July 2004 and in 2005 was named as a
Significant Sig by the Sigma Chi national fraternity, the
highest honor the fraternity can bestow on a member.  A
passionate supporter of LSU athletics, Mr. Gill held board
positions with the Tiger Athletic Foundation, including two
terms as president in 1995 and 1996.

In addition, Mr. Gill also was an active member in his local
community, where he served on boards and chaired committees for
the Red Cross, Jaycees, Boy Scouts, Boys Club, YMCA, Fellowship
of Christian Athletes, Mary Bird Perkins Cancer Center, Special
Olympics, the National Sports Festival, the Baton Rouge Center
for World Affairs, Baton Rouge General Hospital and the Public
Affairs Research Council.  Richard received numerous
recognitions and awards for his efforts over the years.

"Richard played an instrumental role in Shaw's growth and
success, and the positive influence of his leadership on our
employees and his peers is irreplaceable," Bernhard said.  "We
cannot sufficiently express the overwhelming loss that the Shaw
family feels at this time."

Visitation and the memorial service for Richard will be held on
Saturday, March 22, in Baton Rouge.  In lieu of flowers, the
family requests donations be made in Richard F. Gill's name to
The Chapel on the Campus, the LSU Tiger Athletic Foundation or
the LSU Foundation.  Further information can be found at
http://www.shawgrp.com

                     About Shaw Group

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

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

                        *     *     *

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




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


BRIDGECORP LTD: Offers Settlement or Court Battle to Advisers
-------------------------------------------------------------
According to Jenni McManus at Sunday Star Times, Bridgecorp
Ltd.'s investors are set to offer the company's more than 30
financial advisers two options: settlement or a lawsuit.

More than 100 disgruntled investors, Ms. McManus relates, are
currently working with their lawyers in pursuit of the advisers
that put their money in the company.

The investors asserted that they lost their money because they
were advised that the Bridgecorp investments were guaranteed,
underwritten by Lloys of London when in fact they weren't, Star
Times says.  Some of investors alleged that they were not given
adequate or any information about the risk, the report adds.

New Zealand-based Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.


BRIGHTON PROPERTY: Court Enters Wind-Up Order
---------------------------------------------
On February 18, 2008, the High Court of Christchurch entered an
order to have Brighton Property Investments Ltd.'s operations
wound up.  Iain Andrew Nellies and Wayne John Deuchrass were
appointed as liquidators.

The liquidators can be reached at:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch
          New Zealand


CLEAR CHANNEL: Extends Closing of Notes Tender Offer to March 24
----------------------------------------------------------------
Clear Channel Communications Inc. extended dates for the tender
offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No.
184502AK  and Clear Channel's subsidiary AMFM Operating Inc.'s
tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP
No. 158916AL0).  Clear Channel extended the date on which:

   -- the pricing for the Notes will be established from 2:00
      p.m. New York City time on March 18, 2008, to 2:00 p.m.
      New York City time on March 20, 2008;

   -- the tender offers are scheduled to expire from 8:00 a.m.
      New York City time on March 20, 2008, to 8:00 a.m. New
      York City time on March 24, 2008; and

   -- the consent payment deadline for the Notes from 8:00 a.m.
      New York City time on March 20, 2008, to 8:00 a.m. New
      York City time on March 24, 2008.

Each of the Price Determination Date, the Offer Expiration Date
and the Consent Payment Deadline is subject to extension by
Clear Channel, with respect to the CCU Notes, and AMFM, with
respect to the AMFM Notes, in their sole discretion.

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

As of March 18, approximately 87% of the AMFM Notes have been
validly tendered and not withdrawn and approximately 98% of the
CCU Notes have been validly tendered and not withdrawn.  The
Clear Channel tender offer and consent solicitation was made
pursuant to the terms and conditions set forth in the Clear
Channel Offer to Purchase and Consent Solicitation Statement for
the CCU Notes dated Dec. 17, 2007, and the related Letter of
Transmittal and Consent.

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

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

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

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

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

                     About Clear Channel

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

                        *     *     *

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


D J HAIR DESIGN: Appoints Brown & Rodewald as Liquidators
---------------------------------------------------------
On February 21, 2008, Kenneth Peter Brown and Thomas Lee
Rodewald were appointed liquidators of D J Hair Design (2006)
Ltd.

The liquidators can be reached at:

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


FIVE STAR: Subject to Five Star Debenture's Wind-Up Petition
------------------------------------------------------------
On February 8, 2008, Five Star Debenture Nominee Limited filed a
petition to have Five Star Finance Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
June 13, 2008, at 10:00 a.m.

Five Star Debenture's solicitor is:

          Sean O. McAnally
          Keegan Alexander, Barristers & Solicitors
          AMI Insurance Building, Level 12
          63 Albert Street
          Auckland
          New Zealand


FS & C (2005): Placed Under Voluntary Liquidation
-------------------------------------------------
On February 28, 2008, FS & C (2005) Ltd. commenced liquidation
proceedings.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as liquidators.

The liquidators can be reached at:

          Iain Andrew Nellies
          Paul William Gerrard Jenkins
          c/o Insolvency Management Limited
          Burns House, 3rd Floor
          10 George Street
          PO Box 1058, Dunedin
          New Zealand


GOLDFEVER 2005: Appoints Official Assignee as Liquidator
--------------------------------------------------------
On February 27, 2008, the official assignee was appointed
liquidator of Goldfever 2005 Limited.

The liquidator can be reached at:

          Official Assignee
          Private Bag 4714, Christchurch
          Web site: http://www.insolvency.govt.nz
          Freephone: 0508 467 658


GOLF LINKS: Taps van Delden & Whittfield as Liquidators
-------------------------------------------------------
The shareholders of Golf Links Vistas Limited met on
Feb. 28, 2008, and appointed Boris van Delden and John Trevor
Whittfield as the company's liquidators.

Creditors are required to file their proofs of debt by
April 11, 2008, to be included in the company's dividend
distribution.

The liquidators can be reached at:

          Boris van Delden
          John Trevor Whittfield
          c/o McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


LONG PLUMBERS: Commences Liquidation Proceedings
------------------------------------------------
Long Plumbers Ltd. commenced liquidation proceedings on
Feb. 15, 2008.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as
liquidators.

The liquidators can be reached at:

          Iain Andrew Nellies
          Wayne John Deuchrass
          c/o Insolvency Management Limited
          148 Victoria Street, Level 1
          PO Box 13401, Christchurch
          New Zealand


MECHANICAL SYSTEMS: Wind-Up Petition Hearing Set for April 7
------------------------------------------------------------
A petition to have Mechanical Systems (2005) Ltd.'s operations
wound up will be heard before the High Court of Hamilton on
April 7, 2008, at 10:45 a.m.

Forte Stainless Limited filed the petition on February 11, 2007.

Forte Stainless' solicitor is:

          L. F. Muldowney
          Tompkins Wake, Westpac House
          430 Victoria Street, Hamilton
          New Zealand


OMANA MEWS: Fixes April 11 as Last Day to File Claims
-----------------------------------------------------
The creditors of Omana Mews Developments Ltd. are required to
file their proofs of debt by April 11, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Boris van Delden
          John Trevor Whittfield
          c/o McDonald Vague
          PO Box 6092, Wellesley Street Post Office
          Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


OPENEYE DISPLAYS: Commences Liquidation Proceedings
---------------------------------------------------
Openeye Displays NZ Ltd. commenced liquidation proceedings on
February 29, 2008.

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

The company's liquidators are:

          Grant Robert Graham
          Brendon James Gibson
          KordaMentha
          Tower Centre, Level 16
          45 Queen Street
          PO Box 982, Auckland
          New Zealand
          Telephone:(09) 307 7865
          Facsimile:(09) 377 7794




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


GUESS? INC: Co-Founder Wins Legal Battle Against Christie's
-----------------------------------------------------------
Georges Marciano, co-founder of Guess? Inc. won a two year legal
battle with the famed Beverly Hills auction house Christie's,
Inc., when attorneys for the company agreed to provide documents
that Marciano had been seeking in connection with the theft of
his art works valued at tens of millions of dollars.

Mr. Marciano represented himself during a hearing in Los Angeles
Superior Court.  Attorneys for Christie's had sought to quash
Mr. Marciano's motion seeking documents related to the missing
art.  However, during the hearing, Judge Elisabeth White
suggested both sides meet in the court's jury room and see
whether some agreement could be reached.  After meeting for 45
minutes, Mr. Marciano and Christie's attorneys reached an
agreement providing Mr. Marciano with key documents that he had
been seeking.  The agreement is seen as a key step in
Mr. Marciano's efforts to recover his missing art works.

Mr. Marciano maintains these documents will be crucial to
investigating the disappearance of more than 600 works of art,
including:

   * original paintings by Indiana, Rauschenberg, and Ruscha;

   * monumental sculptures, including Chamberlain sculpture and
     Miro sculptures;

   * prints, including Warhol, Chagall, Indiana, Dine, Jasper
     Jones and more;

   * a wine collection of over 26,000 bottles, including Petrus,
     Margaux, Lafitte, Yquiem, and Cheval Blanc Vintage from the
     1970's to 2000, and sales proceeds.

After the hearing, Mr. Marciano declared, "Today, my position
was vindicated and now and I look forward to pursuing the return
of my missing art collection.  I have been asking Christie's to
produce these documents for over two years."

In 2007, Mr. Marciano sued several of his former employees and
others on a variety of charges including art theft and
negligence, theft of millions of dollars worth of funds, art,
and wine and the destruction of his computer, financial and
personal records, as well as conspiring to commit theft.  Mr.
Marciano has been seeking records from Christie's to help in
legal actions against his former accountant, a former Christie's
employee, and several ex-employees.

These actions allege that five former employees, a former
accountant, a former employee of Christie's and an art shipping
company illegally conspired to deliver a one-two punch to Mr.
Marciano -- first stealing millions of dollars worth of funds
and then tens of millions in fine art.

"I was shocked at this massive betrayal by people I had known,
loved and trusted for so many years," Mr. Marciano said upon the
discovery of this massive theft.  "This is one of the largest,
if not the largest, art thefts as measured by the quantity of
art stolen in the history of America," he said.

While no criminal charges have been brought by law enforcement
to date, Marciano hopes that his efforts to prove civil
liability will produce a body of evidence that can be used to
bring this virtually unprecedented conspiracy and theft into the
criminal courts in the future.

As a first step, Marciano's attorneys have brought a civil
action which seeks to prove that he was damaged in an amount of
more than US$60 million.  He is seeking those damages, plus
punitive or exemplary damages, to punish the wrongdoers for
egregious conduct and to deter the wrongdoers and others from
similar conduct in the future.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


PRC LLC: Gets Court Nod on Jenner & Block as Special Counsel
------------------------------------------------------------
PRC LLC and its debtor-affiliates obtained permission from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Jenner & Block LLP, as their special conflicts counsel as
of the Debtors' date of bankruptcy on Jan. 23, 2008.

As conflicts counsel, Jenner & Block is expected to represent
the Debtors on matters that may not be appropriately handled by
Weil Gotshal & Ganges, LLP, the Debtors' primary bankruptcy
counsel.

According to the Debtors, Weil Gotshal is unable to represent
the Debtors in any matters concerning Verizon Communications,
Inc., or its affiliates due to a conflict of interest.

Weil Gotshal currently represents WorldCom, Inc., and its
debtor-affiliates in their Chapter 11 cases, which were
purchased by Verizon Communications in 2005.

The Debtors proposed that Jenner & Block be paid on an hourly
basis and be reimbursed for the expenses it may incur for any
related works undertaken.  The hourly rates of attorneys working
for the firm are:

              Designation        Hourly Rate
              -----------        -------------
              Partners        US$525 - US$1,000
              Associates      US$325 - US$495
              Paralegals      US$220 - US$260

Daniel R. Murray, Esq., at Jenner & Block, in Chicago, Illinois,
assured the Court that his firm is a disinterested person" as
that phrase is defined in Section 101(14) of the U.S. Bankruptcy
Code, as modified by Section 1107(b).

                       About PRC LLC

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

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

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

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

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

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

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


PRC LLC: Panel Seeks to Retain Blank Rome as Bankruptcy Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in PRC LLC and its
debtor-affiliates Chapter 11 cases seeks permission from the U.S
Bankruptcy Court for the Southern District of New York to retain
Blank Rome LLP, as its counsel effective as of Feb. 4, 2008.

The Creditors Committee selected Blank Rome because of the
firm's broad-based practice, which includes expertise in the
areas of bankruptcy, finance, corporate law, litigation, labor
relations and tax.

As the Creditors Committee's counsel, Blank Rome will:

  * administer the cases and exercise oversight with respect to
    the Debtors' affairs;

  * prepare legal papers on behalf of the Creditors Committee;

  * appear in Court and at statutory meetings of creditors to
    represent the Creditors Committee's interests;

  * negotiate, formulate, draft and confirm any reorganization
    plan and other plan-related matters;

  * exercise oversight with respect to any transfer,
    pledge, conveyance, sale or other liquidation of the
    Debtors' assets;

  * investigate, as the Creditors Committee may desire, the
    assets, liabilities, financial condition and other issues
    concerning the Debtors that are relevant to the cases;

  * communicate with the Creditors Committee's constituents and
    others, as the panel may consider desirable to further its
    responsibilities; and

  * perform all the Creditors Committee's duties and powers
    under the Bankruptcy Code and the Bankruptcy Rules.

In exchange for its services, Blank Rome will be paid based on
its applicable hourly rates:

      Designation                    Hourly Rate
      -----------                    -----------
      Partners                      US$380 - US$745
      Associates                    US$245 - US$475
      Assistants                    US$105 - US$280
      Law Clerks                    US$105 - US$280
      Paraprofessionals            US$105 - US$280

Andrew B. Eckstein and Regina Stango, members of Blank Rome,
will be paid US$615 and US$55 per hour.  They will serve as lead
partners in administering the Debtors' bankruptcy cases on
behalf of the Creditors Committee.

The Debtors will also reimburse the firm for reasonable out-of-
pocket expenses it incurred or will incur, including meals and
travel costs.  Blank Rome will increase its hourly rates if the
Debtors fail to reimburse it for those expenses.

Mr. Eckstein tells the Court that the firm is not connected to
the Debtors, their creditors or any parties-in-interest in the
Debtors' cases.  He assures the Court that the firm is a
"disinterested person" within the meaning of Section 101(14) of
the U.S. Bankruptcy Code.

                       About PRC LLC

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

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

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

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

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

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

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


PRC LLC: Panel Seeks to Employ J.H. Cohn as Financial Advisors
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in PRC LLC and its
debtor-affiliates Chapter 11 cases seeks authority from the U.S
Bankruptcy Court for the Southern District of New York to retain
J.H. Cohn LLP, as its financial advisors and forensic
accountants, effective as of Feb. 6, 2008.

The Creditors Committee selected J.H. Cohn because of its
extensive experience working with financially troubled companies
in complex Chapter 11 cases.

The Creditors Committee expects J.H. Cohn to:

  (1) review reasonableness of the cash collateral or DIP
      arrangements as to its cost to the Debtors and the
      likelihood that the Debtors will be able to comply with
      the terms of a cash collateral or DIP Order;

  (2) analyze and review key motions to identify strategic case
      issues;

  (3) gain an understanding of the Debtors' corporate structure,
      including non-debtor entities;

  (4) assess the Debtors' short-term budgets;

  (5) establish reporting procedures to monitor the Debtors'
      activities;

  (6) ascertain reasonable level of normalized and projected
      EBITDA performance;

  (7) prepare a valuation of the Debtors' business and determine
      proper capitalization structure;

  (8) scrutinize proposed reorganization, including the
      assumption and rejection of executory contracts;

  (9) perform lease value analysis;

  (10) identify, analyze and investigate transactions with
      non-debtor entities and other related parties;

  (11) monitor the Debtors' weekly operating results,
      availability and borrowing base certificates, if
      applicable;

  (12) monitor the reorganization process and suggest
       alternative paths;

  (13) analyze the Debtors' budget to actual results on an
      ongoing basis for reasonableness and cost control;

  (14) communicate findings to the Creditors Committee;

  (15) perform forensic accounting procedures, as directed by
      the Creditors Committee;

  (16) assist the Creditors Committee in negotiating the key
      terms of a reorganization plan; and

  (17) review the nature and origin of other significant claims
      asserted against the Debtors.

The Debtors will pay for J.H. Cohn's services according to the
firm's hourly rates:

      Designation                  Hourly Rate
      -----------                  -----------
      Senior Partner                  US$615
      Partner                        US$570
      Director                        US$465
      Senior Manager                  US$440
      Manager                        US$425
      Senior Accountant              US$310
      Staff                          US$230
      Paraprofessional                US$145

The firm will also be reimbursed for necessary and reasonable
expenses it will incur in connection with the contemplated
services.

Clifford A. Zucker, a certified public accountant at J.H. Cohn,
assures the Court that his firm is a "disinterested person"
within the meaning of Sections 101(14) of the Bankruptcy Code.

                        About PRC LLC

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

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

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

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

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

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

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


PRC LLC: Wants Court to Approve Severance Program
-------------------------------------------------
PRC LLC and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the Southern District of New York to
implement a uniform postpetition severance program for their
employees.

Prior to the date of bankruptcy, the Debtors had varied
practices for providing severance benefits when they carried out
reductions in their workforce.  The Prepetition Severance
Practices were designed to, among other things, minimize the
disruption of workflow and provide support for any employees who
are displaced due to business circumstances.

The Debtors have determined that the adoption of a postpetition
severance program is necessary to the successful reorganization
of their businesses.

Alfredo R. Perez, Esq., at Weil, Gotshal & Manges LLP, in
Houston, Texas, relates that the Debtors propose a Severance
Program that will permit them to manage employee separations in
a cost efficient manner.  The Program will also provide the
Debtors with greater flexibility regarding the application of
severance benefits and in the adjustment of their workforce to
their business requirements, he adds.

"Without approval of the postpetition severance program,
valuable employees may become fearful of their own financial
security and seek new employment," Mr. Perez says.  "Decreased
employee morale and the loss of a significant number of
employees would hamper the Debtors' ability to serve existing
clients, earn revenues, reorganize and maximize the value of
their estates."

Under the Postpetition Severance Program, the Debtors propose to
pay severance to their employees in this manner:

    Employee Category                Severance Pay
    -----------------                -------------
  Non-exempt employees hired      2 weeks, less any paid
  for less than 5 years          WARN Act notice period
                                  wages

  Non-exempt employees hired      1 week plus 1 week per year
  for 5 years or more            (maximum 15 weeks), less
                                  any paid WARN Act notice
                                  period wages

  Exempt employees below          4 weeks
  Director hired for less
  than 5 years

  Exempt employees below          2 weeks plus 1 week per
  Director hired for 5            year (maximum 15 weeks)
  years or more

  Exempt employees Director      6 weeks
  and higher employed less
  than 3 years

  Exempt employees Director      8 weeks
  and higher employed less
  than 3 years and greater
  than 5 years

  Exempt employees Director      4 weeks plus 1 week per
  and higher employed 5          year (maximum 15 weeks)
  years or more

Non-exempt Employees will be paid out on termination while
Exempt Employees will be paid out on termination only in states
whose laws require them to be paid.

The Debtors further propose that they be permitted to provide
their employees, who will be terminated in sufficient numbers to
trigger the applicability of the Worker Adjustment and
Retraining Notification Act, an amount of additional base pay
equal to the difference between the 60-day notice period and the
notice actually provided to employees.  For Non-exempt
Employees, the additional base pay would be treated as WARN Act
notice period wages.

                       About PRC LLC

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

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

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

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

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

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

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




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


CHEMTURA CORP: Posts US$3MM Net Loss in Year Ended Dec. 31, 2007
----------------------------------------------------------------
Chemtura Corp. reported a net loss of US$3.0 million on net
sales of US$3.75 billion for the year ended Dec. 31, 2007,
compared with a net loss of US$206.0 million on net sales of
US$3.46 billion for the year ended Dec. 31, 2006.

The increase in sales primarily reflects a net US$173.0 million
attributable to acquisitions and divestitures,US$61.0 million of
favorable foreign currency impact, US$43.0 million from higher
selling prices and other increases of US$12.0 million, primarily
related to sales volume and product mix.

The increases in selling prices occurred within the Polymer
Additives, Performance Specialties and Consumer Products
segments and were the result of passing raw material cost
increases through to customers.  The company's selling prices
increases during the year have not offset increases in raw
material costs during 2007.

Operating profit of US$59.0 million for 2007 increased US$54.0
million as compared to operating profit of US$5.0 million for
2006.  This increase is primarily due a increase in gross profit
of US$29.0 million, lower antitrust costs of US$55.0 million,
lower merger costs of US$17.0 million and a US$61.0 million
reduction in charges for the impairment of long-lived assets,
partially offset by a US$65.0 million increase in depreciation
and amortization expense, US$31.0 million higher facility
closures, severance and related costs, higher SG&A of US$6.0
million, an increased loss on sale of businesses ofUS$4.0
million, a US$1.0 million increase in research and development
costs and other cost increases of US$1.0 million.

Loss from continuing operations for 2007 was US$45.0 million, as
compared to a loss of US$273.0 million for the same period of
2006.

This increase is primarily due to the increase in operating
profit and decreases in interest expense, loss on early
extinguishment of debt and income tax expense.

Interest expense decreased by US$15.0 million for 2007 compared
with the same period in 2006.  The decrease was due primarily to
the early retirement of the company's 9.875% Senior Notes due
2012 and the Floating Rate Notes due 2010 in 2006.

During 2006, the company recorded a loss on early extinguishment
of debt of US$44.0 million, which includes a US$20.0 million
loss from the May 2006 retirement of the 2010 Notes and a
US$24.0 million loss from the July 2006 retirement of the 2012
Notes.

The company's income tax expense for continuing operations was
US$4.0 million for 2007 as compared with income tax expense of
US$126.0 million for the same period of 2006.

The tax benefit of the company's pre-tax loss in 2007 was
reduced by non-deductible antitrust costs, the establishment of
tax reserves for uncertain tax positions and foreign income
subject to U.S. taxation, net of the relief from tax law changes
and income tax credits, resulting in tax expense ofUS$4.0
million for the year.

                  Discontinued Operations

For 2007, the company recorded a gain on sale of discontinued
operations of US$24.0 million.  The net after-tax gain is
comprised of a gain of US$3.0 million related to the sale of the
OrganoSilicones business representing the recognition of final
contingent earn-out proceeds, a gain of US$23.0 million related
to the sale of the EPDM business on July 29, 2007, and a loss of
US$2.0 million related to the sale of optical monomers on
Oct. 31, 2007.

For 2006, the company recorded a gain on sale of discontinued
operations o fUS$47.0 million related to the sale of the
OrganoSilicones business to General Electric Company in July of
2003.  This gain primarily represents the recognition of the
additional contingent earn-out proceeds.

Earnings from discontinued operations in 2007 of US$18.0 million
related to the EPDM business sold in June 2007, the optical
monomers business sold in October 2007, the fluorine business
sold in January 2008 and adjustments related to the sale of the
OrganoSilicones business sold in July 2003.  Earnings from
discontinued operations in 2006 of US$20.0 million related to
the EPDM business, the optical monomers business and the
fluorine business.

                           Total Debt

The company's total debt as of Dec. 31, 2007, was US$1.06
billion as compared with US$1.11 billion as of Dec. 31, 2006.
Cash and cash equivalents were US$77.0 million as of
Dec. 31, 2007, compared toUSUS$95.0 million as of Dec. 31, 2006.

                         Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$4.41 billion in total assets,US$2.56 billion in total
liabilities, and US$1.85 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?2957

                   About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE: CEM) -- http://www.chemtura.com/-- is a manufacturer and
marketer of polymer additives, performance specialties, consumer
products and crop protection.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 21, 2007,
Moody's Investors Service placed Chemtura Corporation's
corporate family rating of Ba2 under review for possible
downgrade after reports that its "board of directors has
authorized management to consider a wide range of strategic
alternatives available to the company to enhance shareholder
value."

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and senior unsecured debt ratings of Chemtura Corp. on
CreditWatch with developing implications, after reports that
management is considering strategic alternatives, including sale
or merger of the company.


SEA CONTAINERS: Wants to Ink Two Charter Termination Agreements
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to allow Sea
Containers Ltd. to enter into two Charter Termination Agreements
in connection with the sale of SeaStreak America, Inc., and
Highlands Landing Corporation by non-debtor affiliate Sea
Containers America, Inc., to New England Fast Ferries for
US$3,000,000.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, relates that although SeaStreak
conducts the operations of a fleet of vessels consisting of four
high- speed passenger catamarans in New York Harbor, banks
CitiCapital Commercial Leasing Corporation and Chase Equipment
Leasing, Inc., own the Vessels.

The Banks bareboat-chartered the Vessels to Circle Navigation,
Inc., and its affiliates, pursuant to various bareboat charter
agreements.  Circle Navigation, in turn, time-chartered the
Vessels to SeaStreak pursuant to various time charter
agreements.

As payment for SeaStreak's obligations under the Time Charters,
SCL and SCA issued guarantees to CitiCapital and Chase
Equipment.  As of January 31, 2008, the outstanding obligation
under the Time Charters is US$17,600,000.  Mr. Brady discloses
that SeaStreak has been in default under the charters since May
2006 due to the financial condition of the Debtors.

As part of the Debtors' restructuring efforts, and after
negotiations with various interested entities, SCL decided to
sell SeaStreak's equity to New England through a stock purchase
agreement.

As a condition to the sale's closing, SCL, SCA and Circle
Navigation must execute separate Charter Termination Agreements
with CitiCapital and Chase Equipment to facilitate the
transaction for all the parties involved.  Pursuant to the
Agreements, all the Bareboat and Time Charters will be
terminated, so the Banks can sell the Vessels to New England,
free and clear of the Banks' liens and interests.  In addition,
SCL and SCA will be relieved of their obligations as guarantors.

Under the Agreements, certain indemnification provisions
contained in the Charters, and certain tax indemnification
agreements between the Banks and SeaStreak will be ratified, and
thus, survive the termination.

The Debtors submit that the minimal obligations contemplated by
the Agreements outweigh the benefits that they will obtain from
the transaction.  The Debtors assure the Court that SCL's
participation in the sale through the Agreements provides
significant benefit to the bankruptcy estates by eliminating
substantial guaranty obligations, some of which are presently in
default.

In addition, the parties to the SPA and the Agreements have
worked diligently to finalize the documents so that the
transaction may be consummated by March 31, 2008.  Accordingly,
the Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(h) of the Federal Rules of Bankruptcy Procedure.

                    About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court gave the Debtors until April 15, 2008, to file
a plan of reorganization.


SINGAPORE CREATIVE: Selling Headquarters for SGD$250 Million
------------------------------------------------------------
Singapore's Creative Technology Ltd. agreed to sell and lease
back its headquarters in the city-state for SGD$250 million,
Reuters reports.

According to the report, the company said in a statement it was
expected to reap a gain of SGD$200 million from the deal.  The
gain would be treated as a deferred gain that would be amortized
and recognized in its income statement over the lease term of
five years, the report notes.

Koh Gui Qing at Reuters writes that the deal was likely to be
completed by the end of June.  The building's buyer was not
named, the report adds.

Singapore-based Creative Technology Ltd. --
http://www.creative.com -- makes digital entertainment
products, including portable audio players, PC sound cards,
graphics accelerator cards, and digital cameras.  The company
also makes modems and CD and DVD drives for PCs.  Subsidiaries
include Cambridge Soundworks, Creative Labs, and E- MU/ENSONIQ.

Tough competition in the electronics market has hurt Creative,
causing it to incur recurring losses.  The company reported a
net loss of US$114.33 million in the three months to
March 31, 2006, reversing the year-ago profit of US$15.91
million due to one-time charges and a drop in flash memory
prices, which led to an inventory writedown.  The company is
also facing ongoing disputes with several companies in the
United States.  Creative also periodically receives licensing
inquiries and threats of potential future patent claims from a
variety of entities, including Lucent Technologies, MPEG LA,
Dyancore Holdings, Advanced Audio Devices and Nichia
Corporation.


VALEANT PHARMA: Posts US$6.2MM Net Loss in Year Ended Dec. 31
-------------------------------------------------------------
Valeant Pharmaceuticals International reported a net loss of
US$6.2 million on total revenues of US$872.2 million for the
year ended Dec. 31, 2007, compared with a net loss of US$57.6
million on total revenues of US$862.8 million for the year ended
Dec. 31, 2006.

In 2007, the company recorded a restructuring charge of
US$23.2 million, which consisted of US$13.6 million for the 2006
Restructuring and US$9.6 million related to the 2008 Strategic
Review.

This compared with a restructuring charge of US$138.2 million
for 2006.  The 2006 Restructuring was primarily focused on the
company's research and development and manufacturing operations.

The charges in the 2006 Restructuring included impairment
charges of US$97.3 million resulting from the sale of the
company's former headquarters facility, discovery and pre-
clinical operations equipment, and its former manufacturing
facilities in Puerto Rico and Basel, Switzerland.

         2008 Strategic Review and Restructuring

In October 2007, the company's board of directors initiated a
strategic review of its business direction, geographic
operations, product portfolio, growth opportunities, and
acquisition strategy.  The company expects to make an
announcement pertaining to its 2008 Strategic Review in late
March 2008.  The company said that this review will lead to
significant changes in its business.

                     Income from Operations

Income from operations increased to US$75.3 million for the year
ended Dec. 31, 2007, compared to income ofUS$8.0 million during
the year ended Dec. 31, 2006.

               Income from Continuing Operations

Income from continuing operations was US$26.1 million in 2007,
compared with a loss from continuing operations of US$56.8
million in 2006.

               Loss from Discontinued Operations

The loss from discontinued operations was US$32.2 million in
2007 compared to a loss of US$751,000 for 2006.  The losses in
2007 and 2006 related to the company's Infergen business.

                         Balance Sheet

At Dec. 31, 2007, the company's consolidated balance sheet
showed US$1.49 billion in total assets, US$1.08 billion in total
liabilities, and US$414.1 million in total shareholders' 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?295d

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE: VRX) -- http://www.valeant.com/-- is a
global specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical
products primarily in the areas of neurology, infectious disease
and dermatology.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Ratings hold to date.




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


FEDERAL-MOGUL: Professionals Bill US$323 Mil. in Fees & Expenses
----------------------------------------------------------------
Thirty-three professionals have sought final allowance of their
fees and expenses incurred in Federal-Mogul Corp. and its
debtor-affiliates' bankruptcy cases:

                                Final
Professional                 Fee Period      Fees      Expenses
------------                 ----------      ----      --------
                              11/18/02 -
AlixPartners, LLP            12/27/07   US$5,517,712  US$34,839

Analysis, Research, &        01/16/02 -
Planning Corp.               12/27/07      4,383,484     29,992

Anderson, Kill &             02/20/03 -
Olick, P.C.                  12/27/07      1,805,826     62,070

                              05/01/07 -
Baker & McKenzie LLP         12/27/07        530,218      7,116

                              10/23/01 -
Bayard, P.A.                 12/27/07      1,364,465    218,176

                              12/13/02 -
Bederson & Company, LLP      12/27/07      3,493,141     37,333

                              06/17/02 -
Bifferato Gentilotti LLC     12/27/07        211,428     78,687

Bilzin Sumberg Baena         11/17/03 -
Price & Axelrod LLP          10/31/04        182,971     23,265

                              11/13/01 -
Campbell & Levine, LLC       12/27/07      1,306,504    188,782

Caplin & Drysdale,           11/13/01 -
Chartered                    02/07/08      8,854,961    635,299

Deloitte Financial           07/11/02 -
Advisory Services LLP        12/27/07      2,181,374     19,805

                              10/01/01 -
Dykema Gossett PLLC          12/27/07      4,543,701     86,146

                              11/13/01 -
Elizabeth Warren             12/27/07          2,531          -

                              02/11/02 -
Eric D. Green                12/27/07        752,886     45,057

                              10/01/01 -
Ernst & Young LLP            12/28/07     40,339,616  1,058,947

Ferry, Joseph &              11/06/03 -
Pearce, P.A.                 12/27/07        518,993     53,931

                              09/01/02 -
FTI Consulting, Inc.         12/27/07      1,991,634     50,524

                              10/01/01 -
Gilbert Randolph, LLP        12/27/07      9,134,237    504,449

                              01/14/02 -
Hanly & Conroy LLP           12/27/07      5,149,916    307,992

                              02/19/02 -
Herbert Smith LLP            12/27/07      3,174,253    182,914

                              12/03/03 -
J.H. Cohn LLP                12/27/07        894,238     14,212

                              09/18/06 -
Killian & Salisbury, P.C.    12/27/07         32,945      5,321

Legal Analysis               12/01/01 -
Systems, Inc.                12/27/07      1,830,547     81,127

                              01/23/02 -
Lovells, Inc.                12/27/07      7,474,452    831,206

Pachulski Stang              10/01/01 -
Ziehl & Jones LLP            12/27/07      3,000,578  3,097,847

                              10/01/01 -
PricewaterhouseCoopers LLP   12/27/07     14,859,721  1,347,569

                              05/01/02 -
Resolutions, LLC             12/27/07        458,462     35,467

                              10/01/01 -
Rothschild Inc.              09/30/03      4,800,000    362,857

                              11/09/01 -
Sidley Austin LLP            12/27/07    101,991,251  5,689,097

Sonnenschein Nath &          10/23/01 -
Rosenthal LLP                12/27/07     30,748,517  1,132,742

                              05/08/06 -
The Kenesis Group, LLC       12/27/07      3,217,501     27,392

                              06/01/04 -
Weil, Gotshal & Manges LLP   12/27/07      3,312,299    319,327

Young Conaway Stargatt &     01/07/02 -
Taylor, LLP                  12/27/07     12,102,382  1,966,023

Bell, Boyd & Lloyd LLP also seeks payment of US$6,109,055 for
its fees and expenses during the period from June 17, 2002,
through Dec. 27, 2007.  In addition, Jefferies & Company, Inc.,
asks the Court to award it US$19,145,389 for its fees and
expenses for the period from Oct. 26, 2001, through
Dec. 27, 2007.

The Professionals' fees and expenses total approximately
US$323,952,000.

The Official Committee of Asbestos Property Damage Claimants
also seeks reimbursement of US$41,592 for the actual and
necessary expenses incurred by its committee members for the
period from Oct. 23, 2001, through Dec. 27, 2007.  The costs and
expenses incurred by the Asbestos Committee Members are in
connection with committee meetings that were actual and
necessary to the preservation of the Reorganized Debtors'
Chapter 11 estates, Kathleen Campbell Davis, Esq., at Campbell &
Levine, LLC, in Wilmington, Delaware, avers.

The Reorganized Debtors hired AlixPartners, Dykema Gossett,
Ernst & Young, FTI Consulting, Gilbert Randolph, Hanly & Conroy,
Kenesis, Killian & Salisbury, Pachulski Stang, PwC, Rothschild,
and Sidley Austin.

The Official Committee of Unsecured Creditors retained
Sonnenschein Nath, as counsel; Bayard, as co-counsel; and
Jefferies & Co., as financial advisor.

Baker & McKenzie, Bell Boyd and Bifferato Gentilotti act as
counsel to the Official Committee of Equity Security Holders.
Deloitte FAS serves as the Equity Committee' financial advisor.

Anderson Kill, Bilzin Sumberg, Campbell & Levine, Caplin &
Drysdale, Ferry Joseph, J.H. Cohn, Legal Analysis, Lovells, Ms.
Warren, and Weil Gotshal were retained by the Asbestos
Committee.

Eric D. Green is the legal representative for Future Asbestos
Claimants.  As the Futures Representative, Mr. Green is
responsible for protecting the rights of all entities who have
not asserted asbestos-related claims against the Debtors prior
to the confirmation of the Plan of Reorganization but properly
assert Demands, as that term is defined in Section 524(g)(5) of
the Code, subsequent to the order confirming the Plan.  Mr.
Green, with the assistance of Analysis Research, Bederson & Co.,
Herbert Smith, Resolutions, and Young Conaway, has investigated
the Reorganized Debtors' acts, conduct, and property on a
regular basis, including matters in connection with the
operation and reorganization of the Debtors' businesses.

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

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

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The Fourth Amended Plan
was confirmed by the Bankruptcy Court on Nov. 8, 2007, and
affirmed by the District Court on Nov. 14.  Federal-Mogul
emerged from Chapter 11 on Dec. 27, 2007.

                        *     *     *

In January 2008, Moody's Investors Service's confirmed the
ratings of the reorganized Federal-Mogul Corporation --
Corporate Family Rating, Ba3; Probability of Default Rating,
Ba3; and senior secured bank credit facilities, Ba2.  Moody's
said the outlook is stable.

At the same time, Standard & Poor's Ratings Services assigned
its 'BB-' corporate credit rating to Federal-Mogul following the
company's emergence from Chapter 11 on Dec. 27, 2007.  S&P said
the outlook is stable.


* BOND PRICING: For the Week 24 March to 28 March 2008
------------------------------------------------------


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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game Technology Ltd  8.000%  12/31/09     AUD     0.71
A&R Whitcoulls Group           9.500%  12/15/10     NZD    11.10
Allco Hit Ltd                  9.000%  08/17/09     AUD     6.00
Antares Energy Limited        10.000%  10/31/13     AUD     0.90
Arrow Energy NL               10.000%  03/31/08     AUD     1.75
Avoca Resources Limited        6.000%  05/14/12     AUD     6.49
Babcock & Brown Pty Ltd        8.500%  11/17/09     NZD    20.00
Babcock & Brown Pty Ltd        9.010%  09/15/16     NZD    15.05
Becton Property Group          9.500%  06/30/10     AUD     0.58
Bounty Industries Limited     10.000%  06/30/10     AUD     0.08
Capital Properties NZ Ltd      8.500%  04/15/09     NZD    12.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    16.00
Capral Aluminum Limited       10.000%  03/29/12     AUD    70.00
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
CIT Group Au Ltd.              6.000%  03/03/11     AUD    69.74
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     3.90
Fletcher Building Ltd          7.800%  03/15/09     NZD    10.10
Fletcher Building Ltd          7.550%  03/15/11     NZD    11.00
Griffin Coal Mining Co.        9.500%  12/01/16     USD    73.05
Heemskirk Consolidated
  Limited                      8.000%  04/29/11     AUD     2.55
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    13.10
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    12.10
Infrastructure & Utilities     8.500%  09/15/13     NZD    11.00
LongReach Group Limited       10.000%  10/31/08     AUD     0.32
Macquarie Comm                 2.500%  08/23/13     USD    72.83
Metal Storm Ltd               10.000%  09/01/09     AUD     0.09
Minerals Corp                  9.000%  03/31/08     AUD     0.99
Minerals Corp                 10.500%  09/30/08     AUD     0.85
Nylex Limited                 10.000%  12/08/09     AUD     1.76
PPCS Limited                  11.500%  12/15/10     NZD    70.05
Record Funds Man              11.000%  09/01/10     AUD    40.00
Salomon SB Aust                4.250%  02/01/19     USD     6.75
South Canterbury              10.430%  12/15/12     NZD     0.99
Speirs Group Ltd.             13.160%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD    12.25
TrustPower Ltd                 8.500%  09/15/12     NZD    10.50
TrustPower Ltd                 8.500%  03/15/14     NZD    10.00

CHINA
-----
China Govt Bond                4.860%  08/10/14    CNY      0.00


JAPAN
-----
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.00
Nara Prefecture                1.520%  10/31/14     JPY     9.32
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    71.99
Suruga Corp                    2.890%  10/20/09     JPY    50.00

KOREA
-----
Hynix Semi Inc.                7.875%  06/27/17     USD    68.50
Korea Dev. Bank                7.350%  10/27/21     KRW    49.42
Korea Dev. Bank                7.450%  10/31/21     KRW    49.39
Korea Dev. Bank                7.400%  11/02/21     KRW    49.37
Korea Dev. Bank                7.310%  11/08/21     KRW    49.32
Korea Dev. Bank                8.450%  12/15/26     KRW    72.28

MALAYSIA
--------
Advance Synergy Berhad         2.000%  01/26/18     MYR     0.05
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.94
Berjaya Land Bhd               5.000%  12/30/09     MYR     5.20
Binariang GSM SD               5.650%  12/26/14     MYR    31.00
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/16/08     MYR     1.00
Cagamas Berhad                 3.610%  04/10/08     MYR     7.00
Cagamas Berhad                 3.650%  05/28/08     MYR    14.00
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.45
EG Industries Berhad           5.000%  06/16/10     MYR     0.32
Equine Capital Berhad          3.000%  08/26/08     MYR     1.63
Greatpac Holdings              2.000%  12/11/08     MYR     0.18
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.53
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.35
Insas Berhad                   8.000%  04/19/09     MYR     0.56
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.23
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.10
Kumpulan Jetson Berhad         5.000%  11/27/12     MYR     0.43
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.34
Malaysian Gov't                4.305%  02/27/09     MYR    59.00
Malaysian Gov't                6.844%  10/01/09     MYR    58.00
Malaysian Gov't                3.702%  02/25/13     MYR    61.00
Malaysian Gov't                8.000%  10/30/13     MYR    62.00
Malaysian Gov't                4.410%  01/29/18     MYR    60.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.12
Mithril Bhd                    8.000%  04/05/09     MYR     0.12
Mithril Bhd                    3.000%  04/05/12     MYR     0.58
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.51
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.18
Pelikan International          3.000%  04/08/10     MYR     1.90
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.77
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.09
Rubberex Corporation Berhad    4.000%  08/14/12     MYR     0.63
Silver Bird Group Bhd          1.000%  02/15/09     MYR     1.00
Southern Steel                 5.500%  07/31/08     MYR     2.00
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.22
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.63
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.36
Wah Seong Corp.                3.000%  05/21/12     MYR     6.00
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.63
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.81

SRI LANKA
---------
Sri Lanka Govt                6.850%  04/15/12     LKR     72.69
Sri Lanka Govt                6.850%  10/15/12     LKR     70.84
Sri Lanka Govt                8.500%  07/15/13     LKR     74.36
Sri Lanka Govt                7.500%  08/01/13     LKR     69.80
Sri Lanka Govt                7.500%  11/01/13     LKR     70.25
Sri Lanka Govt                8.500%  02/01/18     LKR     68.95
Sri Lanka Govt                8.500%  07/15/18     LKR     70.66
Sri Lanka Govt                7.500%  08/15/18     LKR     65.37
Sri Lanka Govt                7.000%  10/01/23     LKR     58.04


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, Rousel Elaine Tumanda,
Valerie Udtuhan, Patrick Abing, Tara Eliza Tecarro, Marjorie C.
Sabijon, 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
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Information contained herein is obtained from sources believed
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                   *** End of Transmission ***