TCRAP_Public/080326.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, March 26, 2008, Vol. 11, No. 60

                            Headlines



A U S T R A L I A

ABC LEARNING: Continues Talks With Morgan Stanley on Asset Sale
ACCESS GAMING SYSTEMS: Placed Under Voluntary Liquidation
ACCESS GAMING SYSTEMS ASIA: Members Opt to Liquidate Business
ALLBUILT FRAMES: Members Opt to Liquidate Business
ALLCO FINANCE: Debt Extension Approval Causes Shares to Rise

ALLCO FINANCE: Hires Marathon Capital for Energy Business Sale
ALLCO FINANCE: Unit Appoints Stephen Davey as AHI's New CEO
BEAVER NEST: Undergoes Liquidation Proceedings
BOWLES INVESTMENTS: Placed Under Voluntary Liquidation
CREDIT SUISSE: Members' Final Meeting Slated for April 4

GOODWILL GROUP: Rejects Partnership with United Technology
IS KDBOWLES: Commences Liquidation Proceedings
QUALITY FORMWORKS: Supreme Court Enters Wind-Up Order
WARNER LAMBERT CONSUMER: Members Opt to Liquidate Business
WARNER LAMBERT PTY: Members Resolve to Liquidate Business


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

BANK OF CHINA: Cooperates With Seabank for Int'l Payments
CHINA EASTERN: To Ink Code Sharing Agreement with Japan Airlines
CHINA SOUTHERN: To Open Chengdu-Zhengzhou-Ordos Flights
CHINA TEAM XXI: Creditors' Proofs of Debt Due April 18
CITIC SECURITIES: Pulls Out Investment Plans with Bear Stearns

FOREST BOARD: Creditors' Meeting Set for March 27
HAINAN AIRLINES: To Add 17 Aircraft to Fleet This Year
HONG KONG YOSHITOKU: Members' Meeting Set for April 16
KARALEE LIMITED: Members' Meeting Set for April 18
LANDWIDE DEVELOPMENT: Members' Meeting Set for April 8

ORIENTAL SUN: Creditors' Proofs of Debt Due April 21
PARONAMA MANAGMENT: Members' Meeting Set for April 18
PETROLEOS DE VENEZUELA: Migrates Sincor Project Senior Debt
RUSHMORE ENTERPRISES: Members' Meeting Set for April 16
SHANGHAI PUDONG: Shareholders Approve Plan to Raise CNY20 Bil.

SHANGHAI PUDONG: Says Share Sale Will Hike Net Profit by 50%
SHEEN FAITH: Members and Creditors to Meet on April 18
SHENZEN DEVELOPMENT BANK: Raises CNY6.5 Billion From Bond Sale
TAI SHING: Commences Liquidation Proceedings
UNICOMMU ADVERTISING: Commences Liquidation Proceedings


I N D I A

AXIS BANK: Plans to Sell MYR1 Billion in Bonds
BHARTI AIRTEL: Won't Make Aggressive Tariff Cuts, Executive Says
GMAC LLC: Michael Rossi Resigns as ResCap Chairman
QUEBECOR WORLD: Seeks Nod to Pay Prepetition Wages to Managers
TATA MOTORS: Fiat JV Increases India Investment by INR2,341 Cr.

TATA POWER: Competes for 1,320-MW Punjab Thermal Power Project
TATA TELESERVICES: Brings In Two Directors to Board


I N D O N E S I A

ADAM AIR: Air Transport Ministry Suspends Operations
CA INC: Ample Cash Flow Prompts S&P's Positive CreditWatch
GOODYEAR: S&P Lifts Rating on Class A-1 and A-2 Certs. to BB-
SEMEN GRESIK: Q4 Profit Jumps 87% to IDR503.5 Billion
TUPPERWARE: To Hold First Quarter Conference Call on April 23


J A P A N

AMR CORP: S&P Revises Outlook to Negative on Expected Loss
BANK OF IKEDA: Business Integration With Senshu to Start in 2009
GOODWILL GROUP: United Technology Acquires 30% Stake
JAPAN AIRLINES: Mitsubishi Corp. Buys 60 Mln. Preferred Shares
JAPAN AIRLINES: Expands Code Share With China Eastern Airlines

PRIMUS FINANCIAL: Fitch Puts 'B' Rating Under Positive Watch
XERIUM TECHNOLOGIES: Moody's Cuts Ratings on High Default Risk
XM SATELLITE: Merger w/ Sirius is Not Anti-Competitive, DOJ Says


K O R E A

CHONGKUNDANG CORP: Wins Drug Patent on March 12
DAEHAN PULP: Yuhan-Kimberly Corporation Drops Patent Lawsuit
DAEWOO ELECTRONIC: Korean Firm Holds Largest Stake at 11%
DURA AUTOMOTIVE: Reveals Liquidation Analysis Under Ch. 11 Plan
DURA AUTOMOTIVE: Ad Hoc Committee Seeks to Inspect Records


M A L A Y S I A

MANGIUM: FIC Approves MPSB's Proposed Share Disposal to GEMFI


N E W  Z E A L A N D

323 DISTRIBUTION: Shareholders Agree on Voluntary Liquidation
ADVANCED TECHNOLOGY: Commences Liquidation Proceedings
AQUA GLASS: Fixes March 25 as Last Day to File Claims
AUK HOLDINGS: Taps Nellies & Deuchrass as Liquidators
CALEB H CONTRACTING: Court Enters Wind-Up Order

IVY (NZ): Fixes March 31 as Last Day to File Claims
JOHN T BUILDERS: Shareholders Opt to Liquidate Business
L G ENTERPRISES: Taps Nellies & Deuchrass as Liquidators
NORTHBROOK DOWNS: High Court Directs Wind-Up Order
QT HOSPITALITY: Fixes April 18 as Last Day to File Claims


P H I L I P P I N E S

IPVG CORP: Unit Ties Up With Korean Game Developer EST Soft
IPVG CORP: To Issue as Much as 38 Million Shares to Employees
GEOGRACE: In Talks With South American Firm for Copper Project


S I N G A P O R E

SPECTRUM: Sets 2008 Annual Shareholders Meeting on April 29
STATS CHIPPAC: Intends to Terminate Its Level I ADR Program


T H A I L A N D

DOLE FOOD: S&P Downgrades Corporate Credit Rating to 'B-'

* Upcoming Meetings, Conferences and Seminars




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

ABC LEARNING: Continues Talks With Morgan Stanley on Asset Sale
---------------------------------------------------------------
ABC Learning Centres Ltd. says it is still in discussions with
Morgan Stanley Private Equity about the sale of 60% of its U.S.
assets.

The company said the exclusivity period for the negotiations
with Morgan Stanley expired on March 25, New York time, but the
discussions are continuing.

According to Reuters, the sale proceeds, estimated to be AU$750
million, will be used to pay the company's debt.  The report
relates that the deal was subject to approval from ABC's banks.
However, should the sale not push through, ABC claims that it
will still be able to meet its financial covenants under its
existing banking facilities, Reuters relates.

                     About ABC Learning

A.B.C. Learning Centres Limited provides childcare services and
education.  The company operates in Australia, New Zealand, the
United States and the United Kingdom.  The company's
subsidiaries include A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C.  Developmental Learning
Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centres Australia Ltd.

On September 25, 2006, the company acquired Hutchison Child Care
Services Ltd.  On September 7, 2006, it acquired The Children's
Courtyard LLP.  On December 18, 2006, it acquired Busy Bees
Group Ltd. On January 26, 2007, it acquired La Petite Holdings
Inc.  On February 2, 2007, it acquired Forward Steps Holdings
Ltd.  On March 23, 2007, it acquired Children's Gardens LLP. In
September 2007, the company purchased the Nursery division
(Leapfrog Nurseries) from Nord Anglia Education PLC.

As reported by the Troubled Company Reporter-Asia Pacific on
February 29, 2008, the company's Sydney trading on Feb. 26,
plunged 43% after a slump in earnings raised concerns it may
struggle to repay debt.  The drop to AU$2.14 triggered margin
calls on stakes held by some directors.  Consequently, stock
trading was halted as the company entered talks on "indications
of interest" for parts of its business.

More than 96% of the remaining 21.9 million ABC Learning shares
owned by directors, equivalent to 4.6% of stock outstanding, are
held in margin lending arrangements that may result in forced
sales.


ACCESS GAMING SYSTEMS: Placed Under Voluntary Liquidation
---------------------------------------------------------
Access Gaming Systems Pty Limited's members agreed on
February 19, 2008, to voluntarily liquidate the company's
business.  The company has appointed Chris Wykes to facilitate
the sale of its assets.

The liquidator can be reached at:

          Chris Wykes
          Lawler Partners Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney, New South Wales 2000
          Australia

                       About Access Gaming

Access Gaming Systems Pty. Limited is a distributor of
prepackaged software.  The company is located at North Sydney in
New South Wales, Australia.


ACCESS GAMING SYSTEMS ASIA: Members Opt to Liquidate Business
-------------------------------------------------------------
Access Gaming Systems Asia Pacific Pty. Ltd.'s members agreed on
February 19, 2008, to voluntarily liquidate the company's
business.  The company has appointed Chris Wykes to facilitate
the sale of its assets.

The liquidator can be reached at:

          Chris Wykes
          Lawler Partners Chartered Accountants
          1 O'Connell Street, Level 9
          Sydney, New South Wales 2000
          Australia

                   About Access Gaming Systems

Access Gaming Systems Asia Pacific Pty. Ltd. is involved with
computer integrated systems design.  The company is located at
North Sydney in New South Wales, Australia.


ALLBUILT FRAMES: Members Opt to Liquidate Business
--------------------------------------------------
Allbuilt Frames & Trusses Pty. Limited's members agreed on
February 22, 2008, to voluntarily liquidate the company's
business.  The company has appointed George Tolcher and Rowena
Margaret Sigelski to facilitate the sale of its assets.

The liquidators can be reached at:

          Paul Andrew Billingham
          Garth Desmond Olling
          c/o Grant Thornton
          383 Kent Street, Level 17
          Sydney, New South Wales 2000
          Australia

                      About Allbuilt Frames

Allbuilt Frames & Trusses Pty. Limited is a distributor of
structural wood members.  The company is located at Wyee in New
South Wales, Australia.


ALLCO FINANCE: Debt Extension Approval Causes Shares to Rise
------------------------------------------------------------
Allco Finance Group Ltd.'s shares rose after two of its funds
were granted more time to repay debts, Stuart Kelly writes for
Bloomberg News.

Allco, states Bloomberg, doubled to 42.5 Australian cents at the
4:10 p.m. close of trading in Sydney on March 25.

Bankers for Rubicon Japan Trust and Allco Commerical Real Estate
Investment Trust, both managed by Allco Finance, agreed to
extend maturity dates for loans and currency hedging
arrangements, easing concern Allco Finance will be unable to
refinance debt, relates Bloomberg.

Rubicon Japan, which invests in property, said National
Australia Bank Ltd. agreed to extend the maturity date for a
loan and currency-hedging arrangements by 12 months to March 31
next year.

Daryl Loo of Reuters reports that Allco Commercial received
approval for a 17-month extension of the maturity date for its
AU$390 million debt.

According to the report, Allco REIT's manager "is currently
reviewing the terms and conditions of the extension and will
execute binding documentation as soon as practicable," adding
that the due date has been extended from July 31 this year to
December 2009.

Reuters relates that another SGD70 million of debt due to mature
on November 22, 2008 will be repaid in full with the proceeds
from its sale of the Allco Wholesale Property Fund.

                     About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

   -- Meeting a fast-approaching deadline to refinance at least
      US$250 million in debt.

   -- Ensuring there is enough cash to cover its continuing,
      and much larger, loan commitments.

  -- Renegotiating or pulling out of a recently announced
     joint venture deal to buy US$1.7 billion of US power
     stations, of which Allco would fund half by debt and
     equity.

  -- Signing the company's accounts, for which they will be
     personally liable, that would allow the suspension on
     Allco's beleaguered shares to be lifted.


ALLCO FINANCE: Hires Marathon Capital for Energy Business Sale
--------------------------------------------------------------
Allco Finance Group has retained Marathon Capital, LLC to assist
it in the sale of its global wind energy business, Allco Wind
Energy.

AWE owns, or has rights to, a portfolio of investments in wind
energy projects totaling approximately 4,000 MW in the United
States, Europe and Australasia and features one of the largest
wind development projects in the world -- the 3,100 MW Tehachapi
project in California.  AWE can also boast a well established
and recognized global team of 23 wind energy specialist staff
with over 150 years of experience in originating, developing,
constructing, financing and operating wind and energy projects.

Commenting on AWE, Ted Brandt, chief executive officer of
Marathon stated, "Allco Wind Energy's gigantic Tehachapi project
in California is the Crown Jewel of the US and global wind
industry.  It is the largest single location development project
available in the world today and is supported by a very
conducive wind energy environment and the largest utility-backed
wind energy Power Purchase Agreement in the US market.  The
successful acquirer of this vast and highly attractive project
will gain an unrivalled renewables platform in California, the
U.S.'s largest and most energy hungry state."

Key parts of the AWE portfolio, which may be sold as a single
global business or in three separate geographic parts, include:

   (1) USA/Tehachapi: Covering 50 square miles in predominately
       Kern County, California a proven wind area in the US, the
       Tehachapi project creates a unique opportunity for a
       potential buyer to gain immediate scale in the US wind
       energy market.  This project has a multi-year development
       and power purchase agreement (PPA) with Southern
       California Edison for 1,550 MW, (this agreement is the
       largest ever signed, providing power for over a million
       households) and a 24 MW installed and soon to be
       operating "behind the meter" contract with California
       Portland Cement Company.  Further, beyond the initial
       land required for the PPA, the project company has
       additionally secured both the key land agreements and the
       transmission queue positions for the additional expansion
       capacity.  These critical development milestones are
       particularly valuable in a US state that has high
       renewable energy standards, scarcity of appropriate land
       for wind energy and where investors place a very high
       value on PPAs.

   (2) Australasia: Approximately 1,600 MW involving 8 projects
       in Australia of 1,114MW and 6 projects in New Zealand for
       538 MW

   (3) Europe: Approximately 100MW created by 6 operational wind
       farms located in Germany and 4 wind projects in
       construction and pre-construction (2 in France and 2 in
       Germany)

Commenting on the potential sale Steen Stavnsbo, chief executive
officer & managing director of Allco Wind Energy, said, "This is
a unique opportunity to secure a significant strategic stake in
the all important Californian energy market, as well as a
network and international portfolio in a sector whose long term
growth is supported by the increasing global demand for clean
energy.  In addition, the AWE team's exceptional knowledge of
the industry puts it at the forefront of this growth opportunity
as it creates a high quality pipeline of future deals and
advanced procurement of equipment."

                    About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

   -- Meeting a fast-approaching deadline to refinance at least
      US$250 million in debt.

   -- Ensuring there is enough cash to cover its continuing,
      and much larger, loan commitments.

   -- Renegotiating or pulling out of a recently announced
      joint venture deal to buy US$1.7 billion of US power
      stations, of which Allco would fund half by debt and
      equity.

   -- Signing the company's accounts, for which they will be
      personally liable, that would allow the suspension on
      Allco's beleaguered shares to be lifted.


ALLCO FINANCE: Unit Appoints Stephen Davey as AHI's New CEO
-----------------------------------------------------------
Allco HIT Limited, which is majority owned by Allco Finance
Group Limited, underwent some personnel reshuffling, Niraj Shah
of Egoli News reports.

According to the report, Allco appoint Steven Davey as the new
chief executive officer.  Neil Lewis, who was a non-executive
director of AHI, would become the chairman of the board while
former chairman Christopher West would remain as an executive
director.  John Drabble would no longer be carrying on his
duties as managing director.  No further details were provided
by Mr. Shah as to Mr. Drabble's plans.

                       About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management. The Company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private
equity and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities. It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.
The Company is a vendor of Momentum Investment Finance Pty
Limited and Allco Financial Services.  In July 2007, it acquired
Allco Equity Partners Ltd.  In December 2007, it completed the
acquisition of the remaining 79.6% stake of Rubicon Holdings
(Aust) Limited.

Published reports said that Allco is in the brink of insolvency
and is currently negotiating a new business plan that will avoid
puttings its operations in the hands of administrators.
According to The Age, Allco board is faced with four problems:

   -- Meeting a fast-approaching deadline to refinance at least
      US$250 million in debt.

   -- Ensuring there is enough cash to cover its continuing,
      and much larger, loan commitments.

  -- Renegotiating or pulling out of a recently announced
     joint venture deal to buy US$1.7 billion of US power
     stations, of which Allco would fund half by debt and
     equity.

  -- Signing the company's accounts, for which they will be
     personally liable, that would allow the suspension on
     Allco's beleaguered shares to be lifted.


BEAVER NEST: Undergoes Liquidation Proceedings
----------------------------------------------
Beaver Nest Pty. Limited's members agreed on February 22, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Raymond George Tolcher to facilitate the sale of
its assets.

The liquidator can be reached at:

          Raymond George Tolcher
          Lawler Partners Chartered Accountants
          763 Hunter Street
          Newcastle West, New South Wales 2302
          Australia

                         About Beaver Nest

Beaver Nest Pty. Limited is involved with non-residential
construction.  The company is located at Lambton in New South
Wales, Australia.


BOWLES INVESTMENTS: Placed Under Voluntary Liquidation
------------------------------------------------------
Bowling Investments Pty. Ltd.'s members agreed on June 27, 2007,
to voluntarily liquidate the company's business.  The company
has appointed Paul Andrew Billingham and Garth Desmond Olling to
facilitate the sale of its assets.

The liquidators can be reached at:

          Paul Andrew Billingham
          Garth Desmond Olling
          c/o Grant Thornton
          383 Kent Street, Level 17
          Sydney, New South Wales 2000
          Australia

                    About Bowling Investments

Located at Peppermint Grove, in Western Australia, Australia,
Bowling Investments Pty. Ltd. is an investor relation company.


CREDIT SUISSE: Members' Final Meeting Slated for April 4
--------------------------------------------------------
Keiran Hutchison, Credit Suisse First Boston Pacific Finance
Limited's appointed estate liquidator, will meet with the
company's members on April 4, 2008, at 10:00 a.m. to provide
them with property disposal and winding-up reports.

The liquidator can be reached at:

          Keiran Hutchison
          Ernst & Young
          680 George Street, Level 37
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9248 4991

                       About Credit Suisse

Credit Suisse First Boston Pacific Finance Limited is involved
with functions related to deposit banking.  The company is
located at Sydney in New South Wales, Australia.


GOODWILL GROUP: Rejects Partnership with United Technology
----------------------------------------------------------
Goodwill Group Inc. rejected a business partnership proposal by
its biggest shareholder, United Technology Holdings Co., reports
Neil Roland at Bloomberg News, citing the Nikkei English News.

Mr. Roland relates that Goodwill had warned United Technology
that if it continuesto buy the staffing company's shares it
would lead to confusion over the chip foundry's partnership
plan.

Goodwill President Shinichi Horji was scheduled to meet United
Technology President Yoichi Wakayama, says Bloomberg.

Nikkei, according to Bloomberg, states that United Technology
sought talks with Cerberus Capital Management LP, but may have
suggested that United Technology talk instead with Goodwill.

                     About Goodwill Group

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

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


IS KDBOWLES: Commences Liquidation Proceedings
----------------------------------------------
IS Kdbowles Pty. Ltd.'s members agreed on June 27, 2007, to
voluntarily liquidate the company's business.  The company has
appointed Paul Andrew Billingham and Garth Desmond Olling to
facilitate the sale of its assets.

The liquidators can be reached at:

          Paul Andrew Billingham
          Garth Desmond Olling
          c/o Grant Thornton
          383 Kent Street, Level 17
          Sydney, New South Wales 2000
          Australia

                         About IS Kdbowles

IS Kdbowles Pty. Ltd. is a distributor of metal doors, sash, and
trim.  The company is located at Mortdale in New South Wales,
Australia.


QUALITY FORMWORKS: Supreme Court Enters Wind-Up Order
-----------------------------------------------------
On February 22, 2008, the Supreme Court of New South Wales
entered an order to have Quality Formworks Pty. Limited's
operations wound up.  D. I. Mansfield was appointed as
liquidator.

The liquidator can be reached at:

          D. I. Mansfield
          Moore Stephens Chartered Accountants
          460 Church Street, Level 6
          Parramatta, New South Wales 2150
          Australia

                      About Quality Formworks

Quality Formworks Pty. Limited is involved with residential
construction.  The company is located at Merrylands in New South
Wales, Australia.


WARNER LAMBERT CONSUMER: Members Opt to Liquidate Business
----------------------------------------------------------
Warner Lambert Consumer Healthcare Pty. Limited's members agreed
on January 21, 2008, to voluntarily liquidate the company's
business.  The company has appointed Simon J. Cathro and David
J. F. Lombe to facilitate the sale of its assets.

The liquidators can be reached at:

          Simon J. Cathro
          David J. F. Lombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                   About Warner Lambert Consumer

Warner Lambert Consumer Healthcare Pty. Limited is involved with
pharmaceutical preparations.  The company is located at
Caringbah in New South Wales, Australia.


WARNER LAMBERT PTY: Members Resolve to Liquidate Business
---------------------------------------------------------
Warner Lambert Pty Ltd's members agreed on January 21, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Simon J. Cathro and David J. F. Lombe to facilitate
the sale of its assets.

The liquidators can be reached at:

          Simon J. Cathro
          David J. F. Lombe
          Deloitte Touche Tohmatsu
          Grosvenor Place
          225 George Street
          Sydney, New South Wales 2000
          Australia

                       About Warner Lambert

Warner Lambert Pty. Ltd. is involved with pharmaceutical
preparations.  The company is located at Caringbah 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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BANK OF CHINA: Cooperates With Seabank for Int'l Payments
---------------------------------------------------------
Bank of China Limited has agreed to cooperate with the Southeast
Asian Bank in international payments, TradingMarkets.com
reports.  Under the agreement, Bank of China will transfer funds
to the Chinese market for Seabank as well as provide letters of
credit and handle orders of payment in US dollars.

Seabank leaders say China is a promising market for Vietnamese
businesses, and in order to meet growing client demands the bank
has had to establish relations with a major local bank like Bank
of China, TradingMarkets.com reports.  The two banks'
cooperation will also help Seabank expand its service network
and cooperation with other banks over the world.

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

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

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


CHINA EASTERN: To Ink Code Sharing Agreement with Japan Airlines
----------------------------------------------------------------
From March 30, 2008, Japan Airlines will start code sharing on
six additional routes operated by China Eastern Airlines between
China and Japan.  The new code share agreement will enable Japan
Airlines to place its "JL" designator on China Eastern's flights
operating between Shanghai - Kagoshima, Shanghai - Matsuyama,
Shanghai- Niigata, Shanghai - Okinawa (Naha) Qingdao - Fukuoka,
and Qingdao - Nagoya (Chubu).

With this code share expansion, Japan Airlines' Japan-China
network will serve 13 cities in China on 36 routes with a total
of 318 flights per week.  Of these flights Japan Airlines
operates some 180 flights per week to 10 airports in China.

From the point of customer convenience, Japan Airlines is
expanding flight frequency between Japan and the high growth
market of China and offers the largest network between the two
countries.

Japan Airlines and China Eastern have been code share partners
since September 2002.  The new agreement increases to 15 the
number of routes on which the airlines code share.

Furthermore, Japan Airlines inaugurated a reciprocal frequent
flyer program agreement with China Eastern, on Feb. 1, 2008.
Members of Japan Airlines' frequent flyer program, JAL Mileage
Bank, can now accumulate mileage when traveling on China Eastern
flights and redeem award tickets on China Eastern flights.

                   About Japan Airlines

Asia's largest airline group, the JAL Group serves 213 airports
in 33 countries and territories, including 61 airports in Japan.
The Group network extends over 235 international passenger, 39
international cargo, and 160 domestic routes.  Altogether, the
nine airlines of the JAL Group make a total of over 1,200
flights a day, and in fiscal year 2006 carried nearly 58 million
passengers. JAL Group operates a fleet of 276 aircraft including
64 Boeing 747s and 39 state-of-the-art B777s and is gradually
introducing more fuel efficient medium and small-size aircraft
such as the new high-tech Boeing 787 and B737 New Generation.
For more information, please visit http://www.jal.com/

                    About China Eastern

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

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

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


CHINA SOUTHERN: 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.

CHINA TEAM XXI: Creditors' Proofs of Debt Due April 18
------------------------------------------------------
Creditors of China Team XXI Limited are required to file their
proofs of debt by April 18, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 6, 2008.

The company's liquidator is:

         Cheung Po Kwan
         Euro Trade Centre, 20th Floor
         21-23 Des Voeux Road
         Central, Hong Kong


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

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

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

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

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

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

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

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

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

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

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

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


FOREST BOARD: Creditors' Meeting Set for March 27
-------------------------------------------------
Members of Forest Board and Paper Limited will have their final
meeting on March 27, 2008, at the 14th Floor of the Hong Kong
Club Building, 3A Charter Road in Central, Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.


HAINAN AIRLINES: To Add 17 Aircraft to Fleet This Year
------------------------------------------------------
Hainan Airlines Co. plans to add 17 new aircraft to its fleet
this year, including 12 Boeing 737-800 jets, two Airbus A330s
and three Airbus A340s, Reuters reports.

The company, the report notes, also reported a 290% increase in
its 2007 net profit to CNY651.39 million, lower than its
forecast of a 300% increase.

The company's sales rose 6% to CNY13.56 billion, the report
relates.

Edmund Klamann of Reuters writes that the company, in 2008, will
buy the 10 B737-800s at a total price of about CNY3.5 billion,
and will lease the remaining seven aircraft.

                     About Hainan Airlines

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

The airline currently holds Xinhua Far East China Rating's CC
issuer credit rating that was placed on October 31, 2005.


HONG KONG YOSHITOKU: Members' Meeting Set for April 16
------------------------------------------------------
Members of Hong Kong Yoshitoku Company Limited will have their
final meeting on April 16, 2008, on the 35th Floor of One
Pacific Place at 88 Queensway in Hong Kong, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidators are:

          Lain Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway, Hong Kong


KARALEE LIMITED: Members' Meeting Set for April 18
--------------------------------------------------
Members of Karalee Limited will have their final meeting on
April 18, 2008, on the 23rd Floor of Wheelock House at 20 Pedder
Street in Hong Kong, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The liquidator is:

          Kevin Chung Ying Hui
          Wheelock House, 23rd Floor
          20 Pedder Street, Hong Kong


LANDWIDE DEVELOPMENT: Members' Meeting Set for April 8
------------------------------------------------------
Members of Landwide Development Company Limited will have their
final meeting on April 8, 2008, in Room 403 on the 4th Floor of
Wing On House at 71 Des Vouex Road, Central, in Hong Kong to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The liquidators are:

          Tse Chiang Kwok, Nassar
          Tam Chun Wan
          Wing On House, Room 403, 4th Floor
          71 Des Vouex Road
          Central, Hong Kong


ORIENTAL SUN: Creditors' Proofs of Debt Due April 21
----------------------------------------------------
Creditors of Oriental Sun Industrial Limited are required to
file their proofs of debt by April 21, 2008, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2008.

The company's liquidator is:

         Wong Pong Kwok Ivan
         Lippo Sun Plaza, Unit 1110
         28 Canton Road
         Tsimshatsui
         Kowloon, Hong Kong


PARONAMA MANAGMENT: Members' Meeting Set for April 18
-----------------------------------------------------
Members of Paronama Management Company Limited will have their
final meeting on April 18, 2008, on the 23rd Floor of Wheelock
House at 20 Pedder Street, in Hong Kong, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator is:

          Kevin Chung Ying Hui
          Wheelock House, 23rd Floor
          20 Pedder Street, Hong Kong


PETROLEOS DE VENEZUELA: Migrates Sincor Project Senior Debt
-----------------------------------------------------------
Petroleos de Venezuela S.A. has achieved a successful migration
of the senior debt of the Sincor project to the new empresa
mixta (mixed company), Petrocedeno, S.A., created to carry on
the project in accordance with the applicable legislation
governing the Venezuelan petroleum industry.

Corporacion Venezolana del Petroleo, S.A. (CVP), a subsidiary of
PDVSA, holds a 60% interest in Petrocedeno, which assumed the
senior debt obligations while PDVSA guaranteed 60% of the bank
debt.  Total (France) and Statoil (Norway) are the foreign
shareholders in Petrocedeno, holding 30.33% and 9.67% interests,
repectively.

Prior to the migration of the project debt, the senior debt
consisted of bank loans in the aggregate amount of
US$620 million and loans from affiliates of the project
sponsors, PDVSA, Total and Statoil, in the aggregate amount of
US$1,338 million, adding up to a total of US$1,958 million.
Following the prepayments made in connection with the migration,
the total outstanding debt is US$1,419 million.

The negotiations were conducted with JPMorgan Chase, the
administrative agent, and a steering committee of major
international banks, including BNP Paribas, Calyon, Royal Bank
of Scotland, Societe Generale and WestLB.  Other participating
banks were Banco Bilbao Vizcaya Argentaria, S.A., Banco
Provincial, S.A. Banco Universal, Santander Investment Bank
Ltd., Barclays Bank Plc, Bayerische Hypo-und Vereinsbank AG,
Bayerische Landesbank, IXIS Corporate & Investment Bank, Banque
Federale des Banques Populaires, Natixis, Credit Industriel et
Commercial, DekaBank Deutsche Girozentrale, Deutsche Bank AG
London Branch, Dexia Bank Belgium S.A., Lispenard Street Credit
(Master) Ltd., DnB NOR Bank ASA, Export Development Canada,
Industrial & Commercial Bank of China, ING Belgium S.A.,
Succursale en France, ING Bank N.V., LRP Landesbank Rheinland-
Pfalz, Mizuho Corporate Bank (USA), Nordea Bank Finland Plc,
Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

With the migration of the Petrocedeno debt, the confidence and
support of the financial community to PDVSA and the migration
process of the extinct association agreements of the Faja of the
Orinoco to the new empresa mixta, under the Full Oil
Sovereignity policy carried by the Government of the Bolivarian
Republic of Venezuela is consolidated.

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

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

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

                          *     *     *

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


RUSHMORE ENTERPRISES: Members' Meeting Set for April 16
-------------------------------------------------------
Members of Rushmore Enterprises Limited will have their final
meeting on April 16, 2008, on the 20th Floor of Prince's
Building in Central, Hong Kong, to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The liquidators are Lain Kar Yan (Derek) and Darach E. Haughey.


SHANGHAI PUDONG: Shareholders Approve Plan to Raise CNY20 Bil.
--------------------------------------------------------------
Shareholders of Shanghai Pudong Development Bank Co., Ltd. has
approved a plan to raise no more than CNY20 billion (US$2.83
billion) via a sale of new shares to boost its capital base,
Reuters reports.  Shareholders representing about 80% of the
bank's shares voted to approve the fund-raising plan.

According to Reuters, Shanghai Pudong announced in late February
it planned to issue up to 800 million new shares to raise about
CNY25 billion, down from an initial plan for around CNY40
billion.

But Shanghai Pudong's Chairman Ji Xiaohui has told shareholders
at a meeting in Shanghai to vote on the bank's plan to raise at
most CNY20 billion, a further reduction from its original
target, Reuters relates, citing shareholders who attended the
meeting.

Mr. Ji said that the timing for implementing the fund-raising
plan would depend mainly on market conditions, and that all
proceeds raised by the new share issuance would be used to boost
the bank's capital adequacy ratio, Reuters says.

The bank hopes to increase its capital adequacy ratio to 11%
after the share sale, compared with 9.15% at the end of 2007 and
the minimum regulatory requirement of 8%, Reuters reports.

Mr. Ji told Reuters in an interview in Bejing early this month
that the bank would not need to tap capital markets for a major
fund-raising for another three years after the planned sale of
new shares.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carried Moody's Investors
Service's Ba1 financial strength rating.


SHANGHAI PUDONG: Says Share Sale Will Hike Net Profit by 50%
------------------------------------------------------------
Shanghai Pudong Development Bank Co., Ltd. said the bank can
boost its net profit 50% or more in 2008 if it completes its
planned sale of new shares within the year, reports Fang Yan of
Reuters.

The bank's president Fu Jianhua told shareholders at a meeting
that he was confident of boosting net profit by at least 50%
this year if the bank carries out its plan to raise up to CNY20
billion, Mr. Fang relates.  Shanghai Pudong reported a net
profit of CNY5.5 billion for 2007.  According to the report, Mr.
Fu also told shareholders that the bank will strive to boost net
profit to CNY10 billion this year.  The new share plan was
already approved by shareholders.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carried Moody's Investors
Service's Ba1 financial strength rating.


SHEEN FAITH: Members and Creditors to Meet on April 18
------------------------------------------------------
Sheen Faith Limited will hold a joint meeting for its members
and creditors at 4:00 p.m. on April 18, 2008.  During the
meeting, the company's liquidator, Kwan Pak Kong
at Room 1304, C C Wu Building, 302-8 Hennessy Road, Wanchai, in
Hong Kong, will provide the attendees with property
disposal and winding-up reports.


SHENZEN DEVELOPMENT BANK: Raises CNY6.5 Billion From Bond Sale
--------------------------------------------------------------
Shenzhen Development Bank sold CNY6.5 billion in 10-year bonds,
Reuters reports citing sole underwriter UBS.

According to the report, the bank, through UBS Securities, sold
lower Tier 2 fixed-rate bonds, with a 10-year maturity and not
callable for five years at a 6.10% coupon, and a floating-rate
tranche at 140 basis points over SHIBOR.

UBS Securities said both coupons will increase by 300 basis
points if the instruments are not called, the news agency
reported.

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd.'s --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

The Troubled Company Reporter-Asia Pacific reported that
Moody's Investors Service, on May 4, 2007, assigned a bank
financial strength rating of E+.  The long-term Foreign
Currency Deposit Rating is Ba3.  The short-term Foreign Currency
Deposit Rating is NP.  Moody's said the outlook for all ratings
is positive.


TAI SHING: Commences Liquidation Proceedings
--------------------------------------------
Tai Shing Trading Company Limited's members agreed on March 12,
2008, to voluntarily liquidate the company's business.  The
company has appointed Yeung Chung Hung to facilitate the sale of
its assets.

The liquidator can be reached at:

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


UNICOMMU ADVERTISING: Commences Liquidation Proceedings
-------------------------------------------------------
Unicommu Advertising Limited's members agreed on March 5, 2008,
to voluntarily liquidate the company's business.  The company
has appointed Leung Chi Wing to facilitate the sale of its
assets.

The liquidator can be reached at:

          Leung Chi Wing
          Kiu Fu Commercial Building, Room B, 4th Floor
          300 Lockhart Road
          Wan Chai, Hong Kong




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

AXIS BANK: Plans to Sell MYR1 Billion in Bonds
----------------------------------------------
Axis Bank is considering to raise MYR1 billion through bonds in
2008, Reuters reports citing people familiar with the
development.

According to the report, one of its sources said the first
tranche of 500 million ringgit-denominated bonds is expected in
the coming months, and the timing will depend on global market
conditions.  "We are talking with banks.  The overall programme
is for 1 billion ringgits of bonds," he said.

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

The bank currently holds Moody's Investors Service's Ba2 rating
that was placed on July 1, 2005.


BHARTI AIRTEL: Won't Make Aggressive Tariff Cuts, Executive Says
----------------------------------------------------------------
A Bharti Airtel Ltd. joint managing director told Reuters in an
interview last week that the company does not expect to make
aggressive tariff cuts to keep its share in the market.

There may be some tariff reduction to save on cost but Bharti
Airtel won't make any aggressive cuts, the director reportedly
said.

The telecom industry may have become extremely competitive but
Bharti Airtel managed a record number of customers.  In a Feb.
13 filing with the Bombay Stock Exchange, the company disclosed
that it has achieved the 60 million customer mark.

Headquartered in New Delhi, India, -- Bharti Airtel
Limited's -- http://www.bhartiairtel.in-- is a telecom services
provider.  The company has three business units: Mobile
Services, Broadband & Telephone Services and Enterprise
Services.

                        *     *      *

Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel
Limited's Long-term foreign currency Issuer Default Rating at
'BB+'.  Fitch said the outlook on the rating is stable.


GMAC LLC: Michael Rossi Resigns as ResCap Chairman
--------------------------------------------------
GMAC LLC said in a regulatory filing with the U.S. Securities
and Exchange Commission Friday that Michael Rossi, chairman of
Residential Capital LLC, has resigned for medical reasons
effective March 17, 2008.  No immediate replacement has been
appointed.  James Jones will continue to serve as ResCap chief
executive officer.

Mr. Rossi was chairman of ResCap since September 2007.  In 1993,
Mr. Rossi was named Bank of America's vice chairman and senior
credit officer.  He served as vice chairman until his retirement
in 1997.  Mr. Rossi later became an adviser for Cerberus Capital
Management and a senior member of the firm's operations team.
In 2004, he was named a director of Japan-based Aozora Bank.  In
early 2005, Mr. Rossi was appointed chairman and chief executive
officer at Aozora Bank and held that post until February 2007.

                    About Residential Capital

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by
GMAC LLC.

As reported in the Troubled Company Reporter on March 5, 2008,
Fitch Ratings downgraded Residential Capital LLC's long-term
Issuer Default Rating to 'BB-' from 'BB+'.  In addition, the
ratings remain on Rating Watch Negative by Fitch.

                         About GMAC LLC

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
currently employs about 31,000 people worldwide.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.  GMAC LLC has a subsidiary in India called GMAC
Financial Services India Limited.

As reported in the Troubled Company Reporter on March 5, 2008,
Fitch Ratings downgraded and removed from Rating Watch
Negative the long-term Issuer Default Rating of GMAC LLC and
related subsidiaries to 'BB' from 'BB+'.  Fitch also affirmed
the 'B' short-term ratings.  Fitch originally placed GMAC on
Rating Watch Negative on Nov. 14, 2007.  The Rating Outlook is
Negative.


QUEBECOR WORLD: Seeks Nod to Pay Prepetition Wages to Managers
--------------------------------------------------------------
Quebecor World Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of New
York to pay 376 managers prepetition payments due under certain
incentive plans for the second half of 2007, which will become
due and owing on March 31, 2008.

According to Michael Canning, Esq. at Arnold & Porter LLP, in
New York, the Debtors maintain two annual incentive plans for
its management employees: the Management Incentive Compensation
Plan and the Plant Based Incentive Plan.  Mr. Canning notes that
these Incentive Plans are integral components of how the Debtors
reward and encourage their important managerial employees.

Approximately 238 employees are participants in the MICP, and
348 employees are participants in the PBIP.  Of these employees,
approximately 376 are owed or will be owed prepetition incentive
payments.  Mr. Canning says that of the 376 employees, 135 are
owed under MICP and 241 under PBIP.  Mr. Canning adds that 80%
of these employees have earned less than US$150,000 in 2007.

The total amount of incentive compensation due prepetition to
the approximately 135 employees under the MICP is US$2,627,776,
which, on average, represents an average incentive bonus of
approximately US$20,000 per employee.

Mr. Canning says that the amount of an employee's incentive
bonus is based on the satisfaction of one or more performance
criteria.  In any given year, this criteria may include these
targets:

   (1) Earnings Before Interests and Taxes
   (2) Return on Capital Employed
   (3) Return on Average Shareholder Equity
   (4) Cost of Capital
   (5) Earnings per Share

The total amount of incentive compensation due prepetition to
approximately 241 individuals under the PBIP is US$1,949,760,
which, on average, represents an average incentive bonus of
approximately US$8,000 per employee.

According to Mr. Canning, the PBIP program is based on
performance indicators that allow for the assessment of managers
by using objectives set for the managers at the beginning of
each year.  These performance indicators address five main
areas:

   (1) Capacity
   (2) Productivity
   (3) Quality
   (4) Health and Safety
   (5) Earnings Before Interests and Taxes (EBIT)

The incentive bonus payable for each employee varies since it is
expressed under the PBIP as a percentage of base salary earned
by the employee and is determined based on performance measured
against certain pre-established criteria.

Mr. Canning believes that the failure to grant the Debtors'
request with regard to these incentive payments, even for a
brief period of time, could have a material adverse impact on
the Debtors' businesses operations and their reorganization
efforts, and would run afoul of the rehabilitative nature of the
Bankruptcy Code.

                      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.

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; 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.


TATA MOTORS: Fiat JV Increases India Investment by INR2,341 Cr.
---------------------------------------------------------------
Fiat India Automobiles, the 50:50 joint venture between Tata
Motors Ltd. and Fiat Group Automobiles, has entered into a
memorandum of understanding with the Maharashtra government for
an additional investment of INR2,341 crore as part of the JV's
plan to expand capacity, The Economic Times reports.  This makes
the investment of Fiat India aggregate INR4,020 crore, ET notes.

According to the report, the Tata Motors-Fiat JV plans to expand
production capacity of its Ranjangaon facility in Pune.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 21, 2007, Fiat Group and Tata Motors signed a definitive
agreement for the establishment of the industrial joint venture
to manufacture passenger cars, engines and transmissions for the
Indian and overseas markets.  The JV will manufacture Fiat's
premium cars, Grande Punto and Linea (respectively in the B and
C segments), its successful 1.3 litre Multijet diesel engine,
its 1.2 and 1.4 litre Fire gasoline engine and matching
transmissions.  The JV will also manufacture one of Tata's next
generation vehicles.

ET, citing CEO Rajeev Kapoor, says the additional INR2,341 crore
investment will be a boost to the JV's launching of Grande Punto
and Linea, which will roll out from the Ranjangaon facility
later this year.  By 2012, the plant's annual capacity would be
expanded to: two lakh cars, three lakh diesel engines, and three
lakh spare parts and accessories, Mr. Kapoor told ET.

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

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

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


TATA POWER: Competes for 1,320-MW Punjab Thermal Power Project
--------------------------------------------------------------
Tata Power Company Ltd. is among those in the race for the
1,320-MW Rajpura Thermal Power Project in Punjab, The Hindu
reports.

According to the report, the company has submitted a Request for
Qualification for the Punjab project, which project will involve
an investment of INR5,000-6,000 crore.

Other companies vying for the project reportedly include
Reliance Power Limited, Sterlite Industries, Larsen & Toubro,
Essar, Lanco Infratech, Bhilwara Energy, Indiabulls Power
Projects, consortium of JSW and IDFC, and a consortium of Union
Fenosa International, Isolux Corse and Emco Ltd.

The Hindu, citing unnamed sources, said the eligible bidders
will be named next month after the technical evaluation

As reported by the Troubled Company Reporter-Asia Pacific on
March 18, 2008, Tata Power also bid for a hydropower project in
Thailand.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                        *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  S&P said the outlook is stable.  At the same
time, the rating on Tata Power's US$300 million senior unsecured
bonds has been lowered to 'BB-' from 'BB+'.

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's downgraded its senior unsecured
bond rating to B1 from Ba2.  Moody's said the ratings outlook is
negative.


TATA TELESERVICES: Brings In Two Directors to Board
---------------------------------------------------
Tata Teleservices Maharashtra Ltd. has appointed two new
directors:

   1. Anil Sardana as Non-Executive Director, and

   2. Nadir Godrej as an Independent Director.

The appointments took effect on March 12, 2008.

A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services.  The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.

The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.




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


ADAM AIR: Air Transport Ministry Suspends Operations
----------------------------------------------------
The Department of Transportation canceled Adam Air's airline
operations starting March 19 due to failure to comply with the
agency's safety standards, various reports say.

According to Tempo Interactive, the decision came after the
transport ministry conducted its quarterly safety aspects audit.
Director General of Air Transportation Budhi Mulyawan Suyitno
said the audit concluded that Adam Air had made several
violations in its operations that could endanger flight safety,
Tempo reports.  Adam Air's violations related to aspects of
plane operation and maintenance, as well as human resources
training, Tempo notes.

The airline, Antara News relates, would be grounded until it
passes it scheduled evaluation three months from now.
The airline's air operator certificate, a separate safety
certification, will also be permanently removed if no
improvements were found, that could result to an ultimate
closure, Antara reports.

Adam Air was involved in a string of serious safety incidents
since its launch in 2003, Antara recounts.  The Ministry's
decision also came after the airline's latest safety incident,
wherein an Adam Air Boeing 737-400 with 175 people on board skid
off the runway in foul weather in Batam, Antara relates.  The
accident also prompted a private consortium led by PT Bhakti
Investama to unload its 50% stake in the airline, citing
dissatisfaction with its safety performance, leading the cash-
strapped airline to cut the number of flights it was operating
down to a fraction of usual, Antara says.

Antara adds that Adam Air President Adam Aditya Suherman said it
will all depend on the shareholders, as to the airline's plans
to improve its safety standards in the next three months to head
off closure.

                         About Adam Air

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

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

As reported by the Troubled Company Reporter - Asia Pacific on
March 19, 2008, Adam Air may face temporary closure after a
leasing firm seized more than half its fleet when the airline
defaulted on payments.  Transportation Minister Jusman Djamal
said that that if the airline cannot meet its financial
obligations, "its operating license will be revoked."


CA INC: Ample Cash Flow Prompts S&P's Positive CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit and senior unsecured debt ratings on Islandia, New York-
based CA Inc. on CreditWatch with positive implications.

The CreditWatch listing reflects the company's prospects for
sustained profitability and cash flow and capacity to fund
moderate-size share repurchases and acquisitions.  Free cash
flow in fiscal 2007 totaled about US$800 million, and S&P
expects it could increase to the US$1 billion area over time as
improvements in CA's expense structure are realized.  As of
Dec. 31, 2007, cash and securities totaled about US$2 billion,
and funded debt amounted to about US$2.6 billion.  Additionally,
the company had US$250 million available under its US$1 billion
revolving credit facility expiring in August 2012.

The CreditWatch placement also incorporates the dismissal of all
pending charges against the company by the U.S. Attorney's
Office for the Eastern District of New York and CA's fulfillment
of the terms of its deferred prosecution agreement.  CA also has
remedied all prior outstanding accounting issues and material
weaknesses.

"We will meet with management to review CA's strategic direction
and financial policy before resolving the CreditWatch," said
Standard & Poor's credit analyst Phil Schrank.  "Any upgrade
likely will be limited to one notch because we expect that CA
will still use its balance sheet strength to support
acquisitions and share repurchases."

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

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 19, 2007, Fitch Ratings affirmed these ratings of CA, Inc.:

   -- Issuer Default Rating at 'BB+';
   -- Senior unsecured revolving credit facility at 'BB+';
   -- Senior unsecured debt at 'BB+'.

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


GOODYEAR: S&P Lifts Rating on Class A-1 and A-2 Certs. to BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class A-1 and A-2 certificates from the $46 million Corporate
Backed Trust Certificates Goodyear Tire & Rubber Note-Backed
Series 2001-34 Trust to 'BB-' from 'B'.

The upgrades reflect the March 19, 2008, raising of the rating
on the 7% notes due March 15, 2028, issued by Goodyear Tire &
Rubber Co. to 'BB-' from 'B'.

Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust is a pass-through transaction, the
ratings on which are based solely on the rating assigned to the
underlying collateral, Goodyear Tire & Rubber Co.'s 7% notes due
March 15, 2028 ('BB-').

         About The Goodyear Tire & Rubber Company

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,and
Thailand.  Goodyear employs more than 80,000 people worldwide.


SEMEN GRESIK: Q4 Profit Jumps 87% to IDR503.5 Billion
-----------------------------------------------------
PT Semen Gresik Tbk's fourth-quarter net profit increased 87% to
IDR503.5 billion from IDR268.7 billion on building boom and more
efficient operations, Reuters reports.

"Our sales this year will be largely in line with the overall
industry, hopefully we can reach 7% sales growth assuming (more)
infrastructure projects will kick off and consumer purchasing
power increases," Company President Director Dwi Soetjipto was
quoted by Reuters as saying.

According to the report, the company's revenues climbed 11.8% in
the quarter to IDR2.51 trillion, as its sales volume for the
period climbed 35% to 3.9 million tonnes, outpacing a 6.1% rise
in national consumption.

Analysts polled by Reuters Estimates forecast that the company's
revenues will increase around 12% to IDR10.8 trillion in 2008.

Harry Suhartono and Nury Sybli of Reuters write that the company
plans to construct new factories and power plants to boost
annual capacity by 5 million tonnes, to meet anticipated higher
demand for cement.  The investment is expected to total up to
US$1.5 billion.

Moreover, Gresik plans to seek alternative fuel sources to
cushion the impact of higher oil prices, including by securing a
long-terms coal supply contract for 70% of its total
consumption, Reuters says.

The report adds that the company aims to boost its capacity by
40% to 22.9 million tonnes by 2013.

                       About Semen Gresik

PT Semen Gresik Tbk is the largest cement player in Indonesia
with a 46% market share.  It has a total production capacity of
16.9 mtpa with facilities located in Tuban, Padang and Tonasa.
As of June 2007, SGG was 51% owned by the government and 24.9%
by the Rajawali Group, with the remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.


TUPPERWARE: To Hold First Quarter Conference Call on April 23
-------------------------------------------------------------
Tupperware Brands Corporation will hold its quarterly conference
call to discuss First Quarter 2008 Earnings on Wednesday,
April 23, 2008 at 9:30 a.m. Eastern Time.

This call is being webcast by Thomson/CCBN and can be accessed
at: http://www.tupperwarebrands.com/

To participate in the call, please dial 719-325- 4927, Code:
7924184

The webcast is also being distributed through the Thomson
StreetEvents Network to both institutional and individual
investors.  Individual investors can listen to the call at
http://www.fulldisclosure.com-- Thomson/CCBN's individual
investor portal, powered by StreetEvents.  Institutional
investors can access the call via Thomson's password-protected
event management site, StreetEvents --
http://www.streetevents.com/

Headquartered in Orlando, Florida, Tupperware Brands Corporation
(NYSE: TUP)-- http://www.tupperware.com/-- is a portfolio of
global direct selling companies, selling premium innovative
products across multiple brands and categories through an
independent sales force of 2.0 million.  Product brands and
categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products for
consumers through the Avroy Shlain, BeautiControl, Fuller,
NaturCare, Nutrimetics, Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.




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

AMR CORP: S&P Revises Outlook to Negative on Expected Loss
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term ratings on AMR Corp. (B/Negative/B-3) and subsidiary
American Airlines Inc. (B/Negative/--) to negative from
positive.   S&P also lowered its short-term rating on AMR to
'B-3' from 'B-2' and affirmed all other ratings on AMR and
American.

"The outlook revision and short-term rating downgrade are based
on the expected impact of much higher jet fuel prices and a
weakening U.S. economy, which we believe will cause AMR to
report a loss this year," said Standard & Poor's credit analyst
Philip Baggaley.   "AMR's earnings, cash flow, and credit
protection measures are likely to be materially lower in 2008
than last year, though the company continues to have adequate
liquidity and projects
$4.4 billion of unrestricted cash and short-term investments at
March 31, 2008," the credit analyst continued.

Ratings on Fort Worth, Texas-based AMR and subsidiary American
Airlines reflect participation in the competitive, cyclical, and
capital-intensive airline industry; a heavy debt and pension
burden; and substantial capital spending needs to modernize the
airline's fleet.  Satisfactory liquidity, with $4.5 billion of
unrestricted cash and short-term investments at Dec. 31, 2007,
and substantial market positions in the U.S. domestic, trans-
Atlantic, and Latin American markets (though a minimal presence
in the Pacific) are positives.

American, like other large U.S. airlines, reported much improved
earnings in 2006 and 2007, benefiting from cost-cutting and a
more favorable balance of supply and demand, particularly on
international routes.  Fully adjusted EBITDA interest coverage
improved to 2.0x and funds flow to debt to 11%, compared with
1.8x and 8% in 2006.  However, the recent surge in fuel prices
and rapidly weakening U.S. economy (which Standard & Poor's
economists believe is already in a recession) are likely to
result in materially worse results in 2008.  If crude oil
averages about $97 per barrel, as S&P currently forecasts, and
further fare increases become progressively more difficult to
achieve because of the weak economy, AMR could lose more than $1
billion this year.

AMR currently has adequate liquidity, with unrestricted cash and
short-term investments of $4.5 billion (none of which is
invested in auction-rate securities) at Dec. 31, 2007, and $4.4
billion forecast (by the company) for March 31, 2008.  American
has access to an undrawn $255 million revolving credit that
matures June 17, 2009, part of a credit facility that includes
also a $440 million term loan due June 17, 2010.  Key financial
covenants under that facility include a quarterly cash flow
coverage test (AMR consolidated EBITDAR divided by interest and
rentals, on a 12-month rolling basis), of 1.4 to 1, stepping up
to 1.5 to 1 in the second quarter of 2009.  S&P estimates that a
pretax loss that exceeds about $450 million to $500 million
would trip the coverage covenant.  Accordingly, if high fuel
prices persist, the company may seek to amend or obtain a waiver
of that covenant.   Alternatively, American could borrow against
unencumbered aircraft or use cash to pay down the remaining $440
million term loan.

Very high fuel prices and a weak economy could cause material
losses and a potential covenant problem this year.  S&P could
lower ratings if it appears that a deep or prolonged downturn
will erode liquidity or the company's financial profile.

                      About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc. -
- http://www.aa.com/-- a worldwide scheduled passenger airline.
At the end of 2006, American provided scheduled jet service to
about 150 destinations throughout North America, the Caribbean,
Latin America, Europe and Asia, including Belgium, Brazil,
Japan, among others.  American is also a scheduled airfreight
carrier, providing freight and mail services to shippers
throughout its system.


BANK OF IKEDA: Business Integration With Senshu to Start in 2009
----------------------------------------------------------------
Bank of Ikeda Ltd. and Senshu Bank Ltd. made official their
plans for business integration by spring 2009, Reuters
Key Development reports.

In a separate report, Reuters relates that Bank of Ikeda and
Senshu Bank hopes to better deal with intensifying competition
in the Kansai region of western Japan.

Senshu Bank is a unit of Tokyo-Mitsubish UFJ, Ltd.

Headquartered in Osaka, The Bank of Ikeda, Ltd. --
http://www.ikedabank.co.jp/-- operates in four main business
segments.  The Banking segment provides banking, loan, stock
investment and currency exchange services through a network of
the leasing of industrial machinery, construction machinery, 66
branches and five offices.  The Leasing segment is engaged in
computers and office equipments, among others.  The Credit
Guarantee segment provides credit guarantee services for housing
loans.  The Card segment is engaged in the credit card-related
business.  Other businesses include venture capital business,
investment consulting business, the development and sale of
computer software, as well as the provision of information
services.  The Bank of Ikeda has 11 subsidiaries and one
associated company.

On March 5, 2008, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a BB+ rating on the Bank
of Ikeda's subordinated notes:

    -- JPY15,000,000,000, due Feb. 23, 2015
    -- JPY15,000,000,000, due Sept. 29, 2016
    -- JPY5,000,000,000, due March 17, 2017


GOODWILL GROUP: United Technology Acquires 30% Stake
----------------------------------------------------
United Technology Holdings Co. has bought 30% of Goodwill Group
Inc. for US$120 million, setting the stage for a potential
battle with U.S. fund Cerberus Partners LP and Morgan Stanley
for control of the firm, Taiga Uranaka writes for Reuters.

Takahiko Hyuga of Bloomberg News reports that Cerberus and
Morgan Stanley will buy loans to Goodwill from Mizuho Financial
Group Inc.

On March 12, 2008, Troubled Company Reporter Asia-Pacific
reported that Mizuho, the main bank of Goodwill, will sell about
JPY100 billion worth of loans to both U.S. firms potentially
becoming the top shareholders in the company.

Bloomberg relates that Cerberus and Morgan Stanley will convert
JPY15.5 billion of loans to preferred shares and will also buy
JPY4.5 billion of new shares that Goodwill will issue.

In a report by Jiji Press, Goodwill asked United Technology,
through a letter, not to buy additional shares without consent
as it will cause trouble because Goodwill is in the midst of
reconstruction with support from Cerberus and Morgan Stanley.

United Technology, relates Reuters, admits it had not contacted
Goodwill, Cerberus, and Morgan Stanley before buying the shares
on the open market.  "We are a small company and not famous.  We
had doubts that our proposals would ever make it to the table
unless we showed a big commitment," Reuters quoted United
Technology spokesman Kuninori Akita as saying.

Jiji Press relates that a spokesman for United Technology said
that it has no plans to buy additional shares without consent as
the company does not intend to cause trouble.

United Technology, Jiji Press says, will present its tie-up
proposals to Goodwill Group's management and capital partners.

                     About Goodwill Group

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

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


JAPAN AIRLINES: Mitsubishi Corp. Buys 60 Mln. Preferred Shares
--------------------------------------------------------------
Mitsubishi Corp. purchased 60 million preferred shares, worth
about JPY15 billion, issued by Japan Airlines International Co.,
Ltd. from UBS Securities Japan Ltd., Thomson Financial reports.

According to Thomson Financial, Mitsubishi seeks to explore the
possibility of entering new business areas by capitalizing on a
strengthening partnership with JAL.

JAL issued the shares as part of its recapitalization efforts.
Last month, the company said it would raise about JPY150 billion
in fresh capital by selling new shares.

The Troubled Company Reporter-Asia Pacific reported on March 5,
2008, that the JPY150 billion will be used for the upgrade of
JAL's planes.

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 issuer 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.

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.


JAPAN AIRLINES: Expands Code Share With China Eastern Airlines
--------------------------------------------------------------
Starting March 30, 2006, Japan Airlines International Co., Ltd.
will start code sharing on 6 additional routes operated by China
Eastern Airlines between China and Japan.

The new code share agreement will enable JAL to place its "JL"
designator on China Eastern Airlines' flights operating between
Shanghai - Kagoshima, Shanghai - Matsuyama, Shanghai- Niigata,
Shanghai - Okinawa (Naha) Qingdao - Fukuoka, and Qingdao -
Nagoya (Chubu).

With this code share expansion, JAL's Japan-China network will
serve 13 cities in China on 36 routes with a total of 318
flights per week.  Of these flights JAL operates some 180
flights per week to 10 airports in China.

From the point of customer convenience, JAL is expanding flight
frequency between Japan and the high growth market of China and
offers the largest network between the two countries.

JAL and China Eastern have been code share partners since
September 2002.  The new agreement increases to 15 the number of
routes on which the airlines code share.

Furthermore, JAL inaugurated a reciprocal frequent flyer program
agreement with China Eastern Airlines, on February 1, 2008.
Members of JAL's frequent flyer program, JAL Mileage Bank, can
now accumulate mileage when traveling on China Eastern Airlines
flights and redeem award tickets on China Eastern Airlines
flights.

For more details on the new code share routes, you can visit
JAL's Web site:

     http://press.jal.co.jp/en/release/200803/000885.html

                     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 issuer 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.

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.


PRIMUS FINANCIAL: Fitch Puts 'B' Rating Under Positive Watch
------------------------------------------------------------
Fitch Ratings placed the Long-term and Short-term Issuer Default
Ratings of PRIMUS Financial Services, both at 'B', on Rating
Watch Positive, following the announcement by Sumitomo Mitsui
Banking Corporation on its plans to acquire a major stake in
PRIMUS in March 2008

SMBC (Long-term IDR 'A+'/Stable; Short-term IDR 'F1') plans to
acquire a 41% interest in PRIMUS, which is currently a
subsidiary of Ford Motor Credit Company LLC (Ford Motor Credit,
Long-term IDR 'B'/Negative; Short-term IDR 'B') via Ford Credit
International Inc.  Ford Motor Credit is in turn 100%-owned by
Ford Motor Company (Ford Motor, Long-term IDR 'B'/Negative).
Fitch will resolve the Rating Watch after reviewing the new
organisation and financial prospects of PRIMUS, as well as
SMBC's commitment to the company.

Upon approval from Japan's Financial Services Agency, SMBC will
acquire the 41% stake and consolidate PRIMUS from 1 April 2008.
An additional 15% is planned to be acquired by a SMBC affiliate,
Central Finance Co.  A further 40% of PRIMUS, which provides
loans to sales agents as well as purchasers of cars made by
Mazda and Ford group, will be acquired by Mazda, currently 33%-
owned by Ford Motor; FCI will keep the remaining stake (4%) in
PRIMUS.  Fitch notes that the change in ownership will not
affect PRIMUS's business lines.

This is a strategic acquisition by SMBC to further add to the
banking group's franchise in the non-bank consumer finance
business.  The group acquired a 25% stake in Central Finance in
2007, with which the bank plans to merge its other non-bank
finance affiliates -- OMC Card (purchased in 2007) and Quoq --
in 2009.  Adding PRIMUS, SMBC will have the largest market share
in auto loans in Japan.  Separately, the bank has a consumer
finance affiliate, Promise Co., Ltd, which in 2007 acquired
another consumer finance company, Sanyo Shinpan Finance Co.,
Ltd, and became the largest consumer finance company in Japan in
terms of assets.


XERIUM TECHNOLOGIES: Moody's Cuts Ratings on High Default Risk
--------------------------------------------------------------
Moody's Investors Service downgraded Xerium Technologies, Inc.'s
ratings due to the company's recent announcement that it expects
to be non-compliant with its financial covenants in the first
quarter of 2008 and future periods, without an amendment to its
credit facility.

Moody's specifically downgraded the company's corporate family
rating to Caa1 from B2, its senior secured credit facilities to
Caa1 from B2, its probability of default rating to Caa2 from B2,
and its speculative grade liquidity rating to SGL-4 from SGL-3.
The rating outlook is negative.

The rating action reflects the heightened risk of a default
under the company's credit agreement and the possibility of a
bankruptcy filing if management is unsuccessful in obtaining
financial covenant amendments from its lenders.  The company is
also in discussions with potential investors to raise equity
securities that would be used to pay down debt.  In addition,
the company is in the process of assessing a potential
impairment to its goodwill related to its roll covers business
but may not be able to complete its analysis before the filing
deadline for its Form 10-K.  Moody's believes that the delayed
filing of its Form 10-K may trigger a default under its credit
agreement if the annual report is not filed by April 1, 2008.
These matters create a high level of uncertainty surrounding
Xerium's liquidity and the potential for triggering an event of
default and, therefore, Moody's lowered the company's
Probability of Default rating to Caa2, indicating an estimated
30% probability of default over a one-year time horizon.
Xerium's corporate family rating and its senior secured debt
ratings were lowered to Caa1 based on Moody's belief that
creditors' recovery, in the event of default, would be
relatively high.

Moody's last rating occurred on Feb. 8, 2007, when Moody's
downgraded the long-term debt and corporate family ratings of
Xerium to B2 from B1 and maintained a stable outlook.  Moody's
continues to believe that Xerium's operating performance will
remain weak.  Xerium's customers continue to struggle
operationally due to a slowdown in global paper production and
significant overcapacity, especially in newsprint and fine
paper.   Moody's believes that this trend will continue with the
closure of additional mills and further downtime at existing
facilities in North America and Europe, Xerium's primary
markets.  Moody's also anticipates that previous volume losses
will take longer than expected to recover and that recent
investments in developing economies will take several years
before they have a meaningful positive impact on cash flow.

Downgrades:

Issuer: Xerium Technologies, Inc.

  -- Corporate Family Rating, Downgraded to Caa1 from B2

  -- Senior Secured Term Loan, Downgraded to Caa1 from B2
     (LGD3, 33%)

  -- Senior Secured Revolving Credit Facility, Downgraded to
     Caa1 from B2 (LGD3, 33%)

  -- Probability of Default Rating, Downgraded to Caa2 from B2

  -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
     from SGL-3

Outlook Actions:

Issuer: Xerium Technologies, Inc.

  -- Outlook, Changed To Negative from Stable

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.


XM SATELLITE: Merger w/ Sirius is Not Anti-Competitive, DOJ Says
----------------------------------------------------------------
The U.S. Department of Justice has informed SIRIUS Satellite
Radio Inc. and XM Satellite Radio Holdings Inc. that it has
ended its investigation into the pending merger of SIRIUS and XM
without taking action to block the transaction.  This decision
means the DOJ has concluded that the merger is not anti-
competitive and it will allow the transaction to proceed. SIRIUS
and XM each obtained stockholder approval for the deal in
November 2007. The pending merger is still subject to approval
of the Federal Communications Commission.

                      About SIRIUS Satellite

Based in New York, SIRIUS Satellite Radio Inc. (NASDAQ: SIRI) --
http://www.sirius.com/ -- provides sports radio programming,
broadcasting play-by-play action of more than 350 pro and
college teams.  SIRIUS features news, talk and play-by-play
action from the NFL, NASCAR, NBA, NHL, Barclays English Premier
League soccer, UEFA Champions League, the Wimbledon
Championships and more than 125 colleges, plus live coverage of
several of the year's top thoroughbred horse races.  SIRIUS also
features programming from ESPN Radio and ESPNews.

                          About XM

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) -- http://www.xmradio.com/-- is a wholly owned
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2006 lineup includes more than 170 digital channels of choice
from coast to coast: the most commercial-free music channels,
plus premier sports, talk, comedy, children's and entertainment
programming; and 21 channels of the most advanced traffic and
weather information.  XM has broadcast facilities in New York
and Nashville, and additional offices in Boca Raton, Florida;
Southfield, Michigan; and Yokohama, Japan.

                        *     *     *

As reported in the Troubled Company Reporter on March 6, 2008,
Standard & Poor's Ratings Services revised the CreditWatch
implications of the ratings on XM Satellite Radio Holdings Inc.
and XM Satellite Radio Inc. (CCC+/Watch Developing/--) to
developing from positive.  S&P initially placed the ratings on
CreditWatch, with positive implications, on Feb. 20, 2007, based
on the company's definitive agreement to an all-stock "merger of
equals" with Sirius Satellite Radio Inc. (CCC+/Watch
Developing/--).




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

CHONGKUNDANG CORP: Wins Drug Patent on March 12
-----------------------------------------------
Chongkundang Corp. has been awarded a patent on March 12, 2008,
covering pharmaceutical compositions containing bisphosphonate
for improving oral absorption, Reuters Investing Keys reports.

Chongkundang Pharmaceutical Corporation --
http://www.ckdpharm.com/-- manufactures and distributes
pharmaceutical products.  The company produces medical drugs in
the fields of systemic anti-infective, cardiovascular system,
alimentary tract, metabolism, and sensory organs.  Chongkundang
Pharmaceutical also constructs apartments and factories.

Korea Investors Service gave Chong Kun Dang's senior unsecured
debt a BB+ rating, while its commercial paper merited a B
rating.


DAEHAN PULP: Yuhan-Kimberly Corporation Drops Patent Lawsuit
------------------------------------------------------------
Yuhan-Kimberly Corporation has dropped a lawsuit against Daehan
Pulp Co., Ltd., and agreed to accept the first court judgment,
Reuters Investing Keys reports.

Yuhan-Kimberly Corporation, the report recounts, appealed to
Seoul High Court against the first judgment for the patent
infringement lawsuit filed against the Company, on November 21,
2005.

Based in Seoul, South Korea, Daehan Pulp Co., Ltd.
-- http://www.dhpulp.co.kr/-- specializes in the provision of
paper products.  The company categorizes its products under
industrial and hygienic paper.  Its industrial paper includes
manila paperboard used in commercial packaging; ivory paperboard
for tissue paper production; royal ivory used for tissue paper
production; cup liner used in the production of paper cups;
carrier boards used to make cardboard carriers for beverages and
frozen food, and kraft boards used in the production of book
covers and laminated paper.  Its hygienic paper includes toilet
paper, paper towels, facial tissues, wet wipes, sanitary napkins
and baby and adult diapers.

The company's convertible bonds with a maturity date of Nov. 12,
2007, carries Korea Rating's BB rating with a stable outlook,
effective on June 21, 2006.


DAEWOO ELECTRONIC: Korean Firm Holds Largest Stake at 11%
---------------------------------------------------------
An unidentified Korea-based company and its three related
parties have acquired a 10.92% stake in Daewoo Electronic
Components Co., Ltd., from Hyundai Beverly Hills Town Co. Ltd.
and an individual investor, Reuters Investing Keys reports.

According to the report, the Korea-based company and the three
related parties are now the largest shareholders of Daewoo.

The identities of the three parties were not disclosed.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter-Asia Pacific, Daewoo
Electronics has been under a debt workout program since January
2000, months after its parent group -- the Daewoo Group --
collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale at US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.  As reported in the Troubled
Company Reporter-Asia Pacific on Nov. 28, 2007, Daewoo
Electronics is put up for sale a second time as the US$746-
million Videocon-Ripplewood bid fails.  Morgan Stanley's private
equity unit has emerged as the preferred bidder to acquire
Daewoo Electronics.


DURA AUTOMOTIVE: Reveals Liquidation Analysis Under Ch. 11 Plan
---------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates
prepared a liquidation analysis to create a reasonable good-
faith estimate of the proceeds that might be generated if their
estates were liquidated under Chapter 7 of the Bankruptcy Code.

As reported in the Troubled Company Reporter on March 19, 2008,
the Debtors filed an amended First Revised Joint Plan of
Reorganization and Disclosure Statement explaining the Plan on
March 13, 2008.

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

Pursuant to the liquidation analysis, if no Chapter 11 Plan is
confirmed, the Debtors' Chapter 11 cases would be converted to
cases under Chapter 7.  In this event, a trustee will be
appointed to liquidate the Debtors' assets.

The Liquidation Analysis assumes that each of the Debtors' cases
will convert to Chapter 7 on June 1, 2008.

                       Liquidation Analysis
            Dura Automotive Systems, Inc. & affiliates
                      As of June 1, 2007
                          (in thousands)

                                   Hypothetical Recovery Amount
                                   ----------------------------
                                     Low       High    Midpoint
                                   --------  --------  --------
Cash and Cash Equivalents          US$8,339  US$8,339  US$8,339
Accounts Receivable                  64,980    74,939    69,960
Inventory                            29,203    35,920    32,562
Plant, Property and Equipment, net   49,973    58,018    53,995
Other Assets                          2,843     3,056     2,949
Preference Analysis                   8,900    21,800    15,350
Intercompany Receivables            179,869   186,829   183,349
                                   --------  --------  --------
Equity Value - Non-Debtors          200,030   211,871   205,951
                                   --------  --------  --------
Total Proceeds from Assets          544,137   600,772   572,455

Costs Associated With Liquidation:
Chapter 7 Trustee Fees               16,290    17,815    17,052
Other Professionals                   7,200     5,400     6,300
Wind -Down Costs                     15,960    15,420    15,690
                                   --------  --------  --------
Total                                39,450    38,635    39,042

Estimated Net Proceeds
Available for Distribution      US$504,687 US$562,138 US$533,412

DIP Facility Claims:
DIP Revolver                         44,680    44,680    44,680
DIP Term                            151,500   151,500   151,500
Professional Fee Carve Out           13,000    13,000    13,000
                                   --------  --------  --------
  Total                             209,180   209,180   209,180
  Recovery Rate                         100%      100%      100%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution        295,507   352,958   324,232

Prepetition Secured Debt            228,589   228,589   228,589
  Recovery Rate                         100%      100%      100%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution         66,919   124,369    95,644

Administrative Claims:
Lease Rejection Claims                1,311     1,463     1,387
Post-Petition Trade Payables         30,839    34,413    32,626
Other Postpetition Liabilities       30,776    34,342    32,559
503(b)(9)                             1,461     1,631     1,546
Intercompany Payables/Notes           2,471     2,757     2,614
Other                                    61        68        64
                                   --------  --------  --------
   Total                             66,919    74,674    70,797
   Recovery Rate                         90%      100%       95%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution              -    49,695    24,847

Priority Prepetition Unsecured Claims:
Tax obligations                           -     5,433     2,716
Other                                     -         8         4
                                   --------  --------  --------
   Total                                  -     5,441     2,721
   Recovery Rate                          0%      100%       50%
                                   --------  --------  --------
  Estimated Net Proceeds
  Available for Distribution              -    44,254    22,127

General Unsecured Claims:
Rejection Damage Claims                   -       241       121
Prepetition Trade Payables                -     1,099       550
Prepetition Intercompany Payables/Notes   -       621       310
Pension Claims                            -     1,129       565
Senior Unsecured Notes                    -    15,761     7,881
Senior Subordinated Notes                 -    21,108    10,554
Convertible Trust Securities              -     2,196     1,098
Employee Benefits                         -     1,364       682
Other                                     -       734       367
                                   --------  --------  --------
  Total                                   -    44,254    22,127
  Recovery Rate                         0.0%      3.8%      1.9%

Senior Unsecured Notes -
Including Subordinated Debt               -    39,066    19,533
  Proceeds                              0.0%      9.3%      4.7%

A full-text copy of the Liquidation Analysis is available for
free at http://bankrupt.com/misc/DURALiquidationAnalysis.pdf

                           About DURA

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

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

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

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

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

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


DURA AUTOMOTIVE: Ad Hoc Committee Seeks to Inspect Records
----------------------------------------------------------
James W. Korth -- managing partner at J.W. Korth & Company, on
behalf of an ad hoc committee of holders of more than
US$100,000,000 of 8-5/8% Senior Bonds and 9.0% Subordinated
Bonds issued by DURA Automotive Systems, Inc. -- seeks
permission from the U.S. Bankruptcy Court for the District of
Delaware to examine the books and records of DURA under Rule
2004 of the Federal Rules of Bankruptcy Procedure to
independently assess the value of the Debtors.

Under DURA's Plan of Reorganization, noteholders are going to
receive either 19.0% value of their investments or nothing
depending on whether they own the senior or junior bonds.

The Ad Hoc Committee also asks the Court to extend the time for
parties-in-interest to file objections to the Plan and the
Disclosure Statement explaining the Plan until April 10, 2008.

The Ad Hoc Committee wants to examine and retain copies of
certain DURA documents, including:

   * the monthly income statements and balance sheets of each
     subsidiary of DURA, or subsidiaries of subsidiaries, and
     subsidiaries of subsidiaries of subsidiaries, of DURA for
     the past two years until the end of February 2008;

   * the general ledger for each subsidiary for the past two
     years up until the end of February 2008;

   * the detail of the analysis of the goodwill of each
     subsidiary whereby the Debtor last certified that goodwill
     and then wrote off that goodwill in November 2006;

   * the notes and aggregation statements that form the basis
     for all Monthly Operating Reports filed in the Court;

   * a specific written statement line by line from the Debtor
     on how the planned Fresh Start balance sheet will differ
     from the balance sheet included in the Monthly Operating
     Reports and justification for the differences;

   * the contracts and any amendments with the Debtors and Alix
     Partners and Miller Buckfire and Kirkland & Ellis LLP;

   * the background notes and compilations that went into
     creating the latest Disclosure Statement;

   * copies of the presentation to potential lenders for the
     failed Exit Financing in December 2007;

   * the original underwriting files for the bonds including all
     notes regarding the creation of each issue's indenture and
     the original proposals by the underwriters for those issues
     along with the underwriting agreements;

   * detailed analysis behind the income projections for the
     next three years as stated in the Disclosure Statement; and

   * invoices and notes from the trustees for the senior or
     subordinated bonds.

                         About DURA

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

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

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

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

As of Jan. 31, 2008, the Debtor had US$1,503,682, 000 in total
assets and US$1,623,632,000 in total liabilities.  The Debtors
have asked the Court to extend their plan filing period to
April 30, 2008.

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




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

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

    (i) Mangium Plantations to obtain approval under the Foreign
        Investment's Guidelines on the Acquisition of Interests,
        Mergers and Take-Overs by Local and Foreign Interests on
        any corporate proposal (apart from rights issue and
        bonus issue) in the future; and

   (ii) Kenanga/ Global Emerging to inform the Securities
        Commission of the completion of the Proposed Disposal.

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

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




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

323 DISTRIBUTION: Shareholders Agree on Voluntary Liquidation
-------------------------------------------------------------
The shareholders of 323 Distribution Limited met on February 27,
2008, and agreed to voluntarily wind up the company's
operations.  Grant Bruce Reynolds was appointed as liquidator.

The liquidator can be reached at:

          Grant Bruce Reynolds
          Grant Reynolds
          PO Box 259059, Greenmount
          Auckland
          New Zealand
          Telephone:(09) 526 0743
          Facsimile:(09) 526 0748


ADVANCED TECHNOLOGY: Commences Liquidation Proceedings
------------------------------------------------------
Advanced Technology and Fibreglass Ltd. commenced liquidation
proceedings on February 18, 2008.  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


AQUA GLASS: Fixes March 25 as Last Day to File Claims
-----------------------------------------------------
The creditors of Aqua Glass and Aluminium Ltd. are required to
file their proofs of debt by March 25, 2008, to be included in
the company's dividend distribution.

The company's liquidators are:

          Kevin Warwick Bromwich
          Boris van Delden
          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


AUK HOLDINGS: Taps Nellies & Deuchrass as Liquidators
-----------------------------------------------------
Iain Andrew Nellies and Wayne John Deuchrass were named
liquidators of Auk Holdings Ltd. on February 18, 2008.  The
company commenced liquidation proceedings on that day.

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


CALEB H CONTRACTING: Court Enters Wind-Up Order
-----------------------------------------------
On February 20, 2008, the High Court of Blenheim entered a n
order to have Caleb H Contracting 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


IVY (NZ): Fixes March 31 as Last Day to File Claims
---------------------------------------------------
Ivy (NZ) Ltd. requires its creditors to file their proofs of
debt by March 31, 2008, to be included in the company's dividend
distribution.   Stephen Mark Lawrence and Anthony John McCullagh
were appointed as liquidators.

The liquidators can be reached at:

          Stephen Mark Lawrence
          Anthony John McCullagh
          c/o Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          New Zealand
          Telephone:(09) 306 7425
          Facsimile:(09) 302 0536


JOHN T BUILDERS: Shareholders Opt to Liquidate Business
-------------------------------------------------------
The shareholders of John T Builders Ltd. met on February 27,
2008, and resolved to liquidate the company's business.

The company's liquidator is:

          Grant Bruce Reynolds
          c/o Grant Reynolds
          PO Box 259059, Greenmount
          Auckland
          New Zealand
          Telephone:(09) 526 0743
          Facsimile:(09) 526 0748


L G ENTERPRISES: Taps Nellies & Deuchrass as Liquidators
--------------------------------------------------------
On February 28, 2008, Iain Andrew Nellies and Wayne John
Deuchrass were appointed liquidators of  L G Enterprises Ltd.
The company commenced liquidation proceedings on that day.

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


NORTHBROOK DOWNS: High Court Directs Wind-Up Order
--------------------------------------------------
The High Court of Christchurch, on February 18, 2008, entered an
order to have Northbrook Downs 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


QT HOSPITALITY: Fixes April 18 as Last Day to File Claims
---------------------------------------------------------
The creditors of QT Hospitality Ltd. are required to file their
proofs of debt by April 18, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          John Trevor Whittfield
          Victoria Toon
          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




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

IPVG CORP: Unit Ties Up With Korean Game Developer EST Soft
-----------------------------------------------------------
IP E-Game Ventures Inc., a subsidiary of IPVG Corp., seals game
publishing and distribution deal with Korean game developer, EST
Soft.  The gaming publisher is set to launch its newest
massively multiplayer online game (MMORPG), CABAL Online.

"CABAL Online is one of the most awaited MMORPG in the
Philippines.  As we speak, we have gamers speculating who will
bring it to the Philippines," said Heidi Mendita, IP e-Games
Group Product Manager.  "The success of CABAL Online in other
regions convinced us to bring it here as part of our commitment
to bring the best games for the Filipino gamer," she adds.

CABAL Online is a unique third-person MMORPG that combines
futuristic, fantasy and medieval themes into one action-packed,
sophisticated role-playing adventure.  It is expected to be one
of the biggest titles to hit the Filipino online gaming
community.

The game has been successfully launched in Asia, Europe, and
America (including USA and Canada), gathering 20,000,000
registrations across the globe.  In Vietnam, CABAL Online
recorded a maximum of 75,000 concurrent users at any given time.

Filipino players were first exposed to CABAL Online during the
European Server Closed Beta, building up their anticipation for
the game.

"We believe that Cabal is the only Free-to-Play MMORPG out there
that can break the barriers between online and console gaming,"
remarks Mark Ng, Product Manager for CABAL Online.  "With CABAL
Online, we expect to increase our existing user base by
appealing to console and hard core gamers."

Even with the high-grade features offered by the game, CABAL
Online is designed to run even on low-end computers while still
maintaining its scintillating action scenes, lifelike
environments, ornate decorations, detailed characters, and non-
stop fast action.

"We are happy that EST Soft entrusted CABAL Online to us.  EST
Soft and IP e-Games have the same values and mission, and that
is to bring the best games to the industry.  We expect a lot of
great things from this partnership that will benefit Filipino
gamers," Ms. Mendita closes.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT.  The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


IPVG CORP: To Issue as Much as 38 Million Shares to Employees
-------------------------------------------------------------
IPVG Corp.'s board of directors, in an amended resolution,
proposed to issue up to 38 million shares to the company or its
subsidiaries' employees at a purchase price of about 10% of the
current market price.

In the previous resolution, the board proposed issuance of only
up to 20 million shares to employees of the company or its
subsidiaries.

The determination of the terms and conditions of the issuance of
the shares was delegated to the Executive Committee.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing. IPVG reaches its
customers through collaboration with international corporations
that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include
Fortune 1000 companies listed on the New York Stock Exchange,
such as Pacific Century Cyberworks Inc. and IDT.  The company
can offer established product and proprietary business knowledge
to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


GEOGRACE: In Talks With South American Firm for Copper Project
--------------------------------------------------------------
GEOGRACE Resources Philippines, Inc., is in talks with a South
American mining firm for a possible joint venture arrangement,
Arsenio C. Cabrera, Jr., company corporate information officer,
told the Philippine Stock Exchange.

According to the BusinessMirror, GEOGRACE Resources is eying
partnership with one of South America's mining giants for the
exploration of copper mines in Masbate.  The company made it
clear, however, that no definite agreement is reached yet.

BusinessMirror, citing an unnamed source privy to the talks,
said GEOGRACE is expected to close a deal in a month's time with
the foreign firm, which firm is reportedly into the sale and
export of iron ore, manganese, and gold.

The foreign company is ready to invest SU$26 million in the
copper-mining project, financial daily's source added.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.

As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.




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

SPECTRUM: Sets 2008 Annual Shareholders Meeting on April 29
-----------------------------------------------------------
Spectrum Brands, Inc., will hold its annual shareholders'
meeting on Tuesday, April 29, 2008 at 8:00 a.m. ET at the Westin
Atlanta Perimeter North, located at 7 Concourse Parkway in
Atlanta, Georgia.  Shareholders of record as of March 15, 2008
will be entitled to vote at the meeting.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on March 12, 2008,
Spectrum Brands Inc. disclosed in a regulatory filing that it
has entered into a confidentiality and standstill agreement with
Harbinger Capital Partners Master Fund I Ltd. in order to
provide Harbinger with confidential information relating to
certain of the company's strategic operating assets in
connection with Harbinger's evaluation of a possible
acquisition.

In the third quarter of Spectrum Brands Inc.'s fiscal year ended
Sept. 30, 2006, the company engaged advisors to assist it in
exploring possible strategic options including divesting certain
assets, in order to sharpen its focus on strategic growth
businesses, reduce its outstanding indebtedness and maximize
long-term shareholder value.


STATS CHIPPAC: Intends to Terminate Its Level I ADR Program
-----------------------------------------------------------
STATS ChipPAC Ltd. has decided to proceed with the termination
of its American Depositary Receipts program as soon as
practicable.

As disclosed in its annual report on Form 20-F for its fiscal
year 2007, in determining the timing of the termination of its
ADR program, the company had intended to take into consideration
the expected time line for its proposed capital reduction
exercise intended to effect a proposed payout of up to US$813
million to its shareholders.  However, in light of the uncertain
time line for the proposed capital reduction due to current
market conditions, the company has decided to proceed with the
termination of its ADR program.

The deposit agreement for the American Depositary Shares
provides that ADSs may be exchanged for the underlying ordinary
shares for six months after termination of the ADR program.  The
company is in discussions with the depositary for the ADSs on
amending the Deposit Agreement to shorten this period from six
months to 30 days.  A notification will be sent to ADS holders
in due course informing them of the effective date of this
amendment and the termination of the Deposit Agreement.  The
amendment and the termination will be effective 30 days after
the notice is given to the ADS holders.  Thereafter, holders of
ADSs will have 30 days to exchange their ADSs for the underlying
shares.  At the end of the exchange period, any remaining
ordinary shares underlying the ADSs will be sold, the proceeds
of which will be held by the Depositary and the ADSs will solely
represent the right to receive such proceeds without interest
thereon.

If the books closure date for the Cash Distribution (if
effected) occurs after the termination of the ADR program but
during the exchange period, ADS holders will only be able to
receive the Cash Distribution for the ordinary shares underlying
their ADSs if (i) they exchange their ADSs for the underlying
ordinary shares or (ii) at the end of the exchange period, upon
a sale by the depositary of any remaining ordinary shares in the
ADR program and distribution of the net proceeds thereof
together with the Cash Distribution, in each case, subject to
the payment of ADS cancellation fees and cash distribution fees.

If ordinary shares remaining in the ADR program are sold by the
depositary after the exchange period expires, but prior to the
books closure date, the distribution by the depositary of the
net proceeds from the sale of such remaining ordinary shares and
any other cash held by it would not include the Cash
Distribution (if effected).  If, however, ordinary shares
remaining in the ADR program are sold by the depositary after
the exchange period expires and after the books closure date,
the distribution by the depositary of the net proceeds from the
sale of such remaining ordinary shares and any other cash held
by it would include the Cash Distribution (if effected).

                  About STATS ChipPAC Ltd.

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

                        *     *     *

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




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

DOLE FOOD: S&P Downgrades Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Westlake Village, California-based Dole Food Co. Inc.
and Dole Holding Co. LLC, to 'B-' from 'B'.

The corporate credit ratings were removed from CreditWatch,
where they were placed along with the company's issue-level
ratings on Nov. 27, 2007, with negative implications, following
third-quarter operating results and credit measures that did not
meet Standard & Poor's prior expectations.

At the same time, Standard & Poor's lowered the rating on Dole's
unsecured debt issues to 'CCC+' (one notch lower than the
corporate credit rating, from 'B-') and lowered the ratings on
Dole's  senior secured term loans to 'B+' (two notches above the
corporate credit rating) from 'BB-'.  These issues remain on
CreditWatch with negative implications pending finalized
recovery ratings.

The outlook is negative.

"The downgrade reflects Dole's fourth-quarter operating results
and credit measures below our prior expectations, as well as our
concerns about refinancing risk over the next year," said
Standard & Poor's credit analyst Alison Sullivan.  Leverage was
9.1x at fiscal 2007 year-end, versus Standard & Poor's
expectation of closer to 7.0x-7.5x.  "We expect EBITDA
improvement in 2008, and assume assets held for sale will be
applied to debt reduction," said Ms. Sullivan.  "However, credit
measures are likely to still be very weak."

While liquidity is currently adequate, Dole has moderate
refinancing requirements in each of the next three years.

The ratings on Dole reflect its highly leveraged financial
profile and participation in the competitive, commodity-
oriented, and volatile fresh produce industry, which is subject
to seasonality, political and economic risks.

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Beard Audio Conferences
Calpine's Chapter 11 Filing
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

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

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

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

Beard Audio Conferences
Dana's Chapter 11 Filing
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Reverse Mergers-the New IPO?
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Distressed Market Opportunities
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Homestead Exemptions under BAPCPA
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
   E-Discovery and Records Management for Bankruptcy
     Practitioners and Litigators
       Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
   Latest Decisions
     Audio Conference Recording
       Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
KERPs and Bonuses under BAPCPA
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Diagnosing Problems in Troubled Companies
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Equitable Subordination and Recharacterization
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/


                         *********

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

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

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


                            *********


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

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

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

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

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





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