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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, March 27, 2008, Vol. 11, No. 61

                            Headlines

A U S T R A L I A

A G S PLUMBING: Placed Under Voluntary Liquidation
ADMAR INTERNATIONAL: Members Opt to Liquidate Business
AINSWORTH GAME: Incurs AU$10.8 Million for 2007 First Six Mos.
AINSWORTH GAME: Sees Positive Financial Recovery for Midterm
ALLCO FINANCE: IMF Australia to Finance Shareholders' Litigation

BASIS CAPITAL: BYAF Will Not Claim Application Monies
CENTRO PROPERTIES: IMF Australia to Finance Litigation
EVERNEW FASHIONS: Placed Under Voluntary Liquidation
FOSADA PTY: Members to Receive Wind-Up Report on April 8
GEORGE BOARD: Members Opt to Liquidate Business

JAMES MACKENZIE: Members Resolve to Liquidate Business
JPMORGAN: Moody's Junks Rating on Mobius ELR-01 Class C Notes
NEURAGENIX PTY: Members & Creditors Meeting Set for April 2
SIX WHEELER: Members Agree on Voluntary Liquidation
SLIM FRUIT: Placed Under Voluntary Liquidation

W & M KLEIN: To Declare First Dividend on May 5


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

BANK OF COMMUNICATION: Seeks to Raise CNY5 Bil. by Selling Bonds
COMEGLORY TRADING: Court to Hear Wind-Up Proceedings on April 16
DOUBLE KEEN: Court to Hear Wind-Up Proceedings on April 30
GENTLEMAN GIVENCHY: Members Meeting Fixed for April 15
ICBC: Inks US$1-Billion Resource Fund Deal with Standard Bank

KINGTEC SYSTEMS: Court to Hear Wind-Up Proceedings on April 23
METALSOLV SOFTWARE: Commences Liquidation Proceedings
PETROLEOS DE VENEZUELA: To Ask Exxon Compensation for Damages
PIONEER NATIONAL: Commences Liquidation Proceedings
SHENZHEN DEV'T: Sells CNY6.5 Billion of 10-year Bonds

SPL WORLDGROUP: Commences Liquidation Proceedings
UNIVERSAL ALUMINUM: Wind-Up Hearing Set for April 16
WAI TAT: Court to Hear Wind-Up Proceedings on April 16
WINNING SUCCESS: Appoints New Liquidators


I N D I A

ICICI BANK: To Invest INR11.5 Billion in Jaypee Infratech
GENERAL MOTORS: Extended Strike Spurs S&P's Negative CreditWatch
QUEBECOR WORLD: Has US$350 Million in Available Funds
QUEBECOR WORLD: Noteholders Question Panel Advisors' Engagement
TATA MOTORS: To Buy Jaguar and Land Rover for US$2.3 Billion


I N D O N E S I A

BANK INTERNASIONAL: Receives Maybank's US$2.7-Billion Offer
BANK MEGA: Projects 40.7% Increase in Net Profit
PERUSHAAN LISTRIK: To Provide Free Power Connection in Sulawesi
PERUSAHAAN NEGARA: Fitch Affirms BB- Ratings with Pos. Outlook
SEMEN GRESIK: 2007 Net Profit Up 37% to IDR1.78 Trillion

TELKOM: Alcatel-Lucent to Deploy Data Recovery Service Network


J A P A N

AMR CORP: S&P Revises Outlook to Negative on Expected Loss
JAPAN AIRLINES: Studies Safety Measures Along With Trade Unions
SAPPORO HOLDINGS: Counts on Shareholders to Retain Measures
* Fitch Says FIEA Restrictions on Real Estate Won't Affect CMBS


K O R E A

ILSUNG CONSTRUCTION: Appoints Won Hyeon Su as CEO
KENERTEC CO: Signs KRW2.15BB Contract With Korea-Based Apartment
KOREA HINET: Jung Jae Hun & Individual Sell Company Stakes


M A L A Y S I A

HARVEST COURT: Bursa Approves Listing of New Warrants & Shares
MALAYSIAN AIRLINE: Served with Complaint from Bruce Hut
PANGLOBAL: SC Approves Sept. 25 Deadline to Execute Reform Plan
SHAW GROUP: Wins Shandong Electric Nuclear Power Plant Contract
SOLUTIA INC: Files Amended Financial Report for Year 2007

SOLUTIA INC: To Begin Financial Reporting on Five Segments
SOLUTIA INC: Appoints Nine Members to Board Committees
SOLUTIA INC: To Rely on Asian Growth Amid Slowing U.S. Economy


N E W  Z E A L A N D

BARRYS CAR: Taps Price & Horton as Liquidators
BRONWYN ESTATE: Fixes April 10 as Last Day to File Claims
FABB HOLDINGS: Fixes April 4 as Last Day to File Claims
FORRESTER BOOKS: Fixes April 11 as Last Day to File Claims
FRESH EXPRESS: Appoints Cain & Hollis as Liquidators

IL VILLAGGIO: Requires Creditors to File Claims by March 31
TAURANGA SANDBLASTING: Placed Under Voluntary Liquidation
TENNYSON BM: Commences Liquidation Proceedings
WEIGHT WATCHERS: S&P Changes Outlook to Stable on Debt Repayment
WORXFINISHED LTD: Creditors' Proofs of Debt Due on March 31


P H I L I P P I N E S

ALLIED BANKING: Moody's Releases First Banking Sector Report
BANCO DE ORO: Moody's Releases First Banking Sector Report
BANK OF THE PHIL: Moody's Releases First Banking Sector Report
DEV'T BANK: Moody's Releases First Banking Sector Report
LAND BANK: Moody's Releases First Banking Sector Report

METROPOLITAN BANK: Moody's Releases First Banking Sector Report
PHIL. NATIONAL: Moody's Releases First Banking Sector Report
RIZAL COMMERIAL: Moody's Releases First Banking Sector Report
UNITED COCONUT: Moody's Releases First Banking Sector Report
* Moody's Releases First Philippine Banking Sector Overview


S I N G A P O R E

LEAR: Extended Work Stoppage Cues S&P's Negative CreditWatch


                         - - - - -


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


A G S PLUMBING: Placed Under Voluntary Liquidation
--------------------------------------------------
A G S Plumbing Service Pty. Ltd.'s members agreed on Feb. 21,
2008, to voluntarily liquidate the company's business.  In line
with this goal, the company has appointed Richard Herbert Judson
to facilitate the sale of its assets.

The liquidator can be reached at:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          P.O. Box 819, Moorabbin
          Victoria 3189
          Australia

                     About A G S Plumbing

A G S Plumbing Service Pty. Ltd. is a special trade contractor.  
The company is located at Hornsby, in New South Wales,
Australia.


ADMAR INTERNATIONAL: Members Opt to Liquidate Business
------------------------------------------------------
Admar International Pty. Ltd.'s members agreed on February 14,
2008, to voluntarily liquidate the company's business.  In line
with this goal, the company has appointed Daniel Bryant and
Craig Crosbie to facilitate the sale of its assets.

The liquidators can be reached at:

          Daniel Bryant
          Craig Crosbie
          PPB, Chartered Accountants
          90 Collins Street, Level 10
          Melbourne, Victoria 3000
          Australia

                  About Admar International

Admar International Pty. Ltd., which is also trading as Craig
Plumbing Contractors, is involved with plumbing, heating, and
air-conditioning services.  The company is located at Mitcham,
in Victoria, Australia.


AINSWORTH GAME: Incurs AU$10.8 Million for 2007 First Six Mos.
----------------------------------------------------------------
Ainsworth Game Technology Ltd. posted a consolidated net loss of
AU$10.8 million as compared to the previous year's AU$17.7
million for the six-months ended December 31, 2007.

Sales improved to AU$21.7 million, a 4.8% increase year-on-year.

As of February 19, 2008, the company's balance sheet has AU$53.7
million in total current assets available to pay AU$11.1 million
total current liabilities coming due within the next 12 months.

Total assets AU$90.4 million versus total liabilities AU$58.1
million, resulting in total shareholders' equity or of AU$32.3
million.

                    About Ainsworth Game

Ainsworth Game Technology Limited designs, develops and sells
gaming machines and other related equipment and services. The
Company's products are ambassador gaming machine and celebrity
gaming machine. AGT has products in casinos across Australia.
AGT operates in Russia, Austria, France and Germany. Its wholly
owned subsidiaries are AGT Pty Ltd, Ainsworth Game Technology
Inc (USA), Ainsworth Game Technology (UK) Ltd, Ainsworth
International GmbH, Ainsworth Game Technology (NZ) Limited and
AGT Service Pty Ltd.

The Troubled Company Reporter - Asia Pacific, on November 23,
2007, that Ainsworth Game Technology Limited incurred a net loss
of AU$49.49 million for the year ended June 30, 2007.  KPMG
raised material uncertainty on the company's and group's ability
to continue as a going concern, saying that the company needs
the continued support of its major shareholder and its ability
to achieve sustainable profitable operations and generate
positive net cash inflows in the future.


AINSWORTH GAME: Sees Positive Financial Recovery for Midterm
------------------------------------------------------------
Ainsworth Game Technology Ltd. said it was confident of a
financial turnaround in the medium term after booking a reduced
first half loss, reports the Australian Associated Press.

According to AAP, Ainsworth was hurt by licensing bottlenecks
and product performance issues.

However, it said that it was confident that a recent broadening
of its product range would deliver increased revenue in the
short term.

Len Ainsworth, Executive Chairman of Ainsworth, is quoted as
saying, "I am confident in the progress to date and the ability
of the company to affect a financial turnaround in the medium
term," relates AAP.

                    About Ainsworth Game

Ainsworth Game Technology Limited designs, develops and sells
gaming machines and other related equipment and services. The
Company's products are ambassador gaming machine and celebrity
gaming machine.  AGT has products in casinos across Australia.
AGT operates in Russia, Austria, France and Germany. Its wholly
owned subsidiaries are AGT Pty Ltd, Ainsworth Game Technology
Inc (USA), Ainsworth Game Technology (UK) Ltd, Ainsworth
International GmbH, Ainsworth Game Technology (NZ) Limited and
AGT Service Pty Ltd.

The Troubled Company Reporter - Asia Pacific, on November 23,
2007, that Ainsworth Game Technology Limited incurred a net loss
of AU$49.49 million for the year ended June 30, 2007.  KPMG
raised material uncertainty on the company's and group's ability
to continue as a going concern, saying that the company needs
the continued support of its major shareholder and its ability
to achieve sustainable profitable operations and generate
positive net cash inflows in the future.


ALLCO FINANCE: IMF Australia to Finance Shareholders' Litigation
----------------------------------------------------------------
IMF Australia Ltd. will finance legal action against, among
others, Allco Finance Group Ltd. for losses to shareholders,
reports Laura  Cochrane of Bloomberg News.

According to the report, shareholders allege that Allco, along
with Centro Properties Group and MFS Ltd. failed to disclose
debt obligations between August 2007 to February this year.

IMF, in a statement with the Australian Securities Exchange,
said that it will fund legal action for those shareholders who
bought stock in Allco from August 21 to February 25, relates
Bloomberg.

Bloomberg added that Allco is negotiating with banks on
AU$250 million of loans due May 1 and lenders are reviewing its
ability to repay a further AU$900 million of debt.

Tim Allerton, a spokesman for Allco, said the company is "happy
with the level of disclosure over recent months," writes Ms.
Cochrane in a separate report.

John Walker, managing director of IMF, in an interview opined
that the cases could represent "potentially thousands" of
shareholders and will each require as much as AU$10 million in
funding.

Legal action would further threaten the survival of the company
as they struggle to repay debt and renegotiate funding in credit
markets that are shunning leveraged firms, states Bloomberg.

                    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.


BASIS CAPITAL: BYAF Will Not Claim Application Monies
-----------------------------------------------------
Basis Yield Alpha Master Fund has decided not to make a claim on
monies held by Basis Capital Funds Management Ltd, reports
Susannah Moran of The Australian.  BYAF (M) is managed by Basis
Capital.

Ms. Moran writes that investors in BYAF (M) are waiting to see
how much of their AU$320 million investment will be returned.

BYAF (M), which invested heavily in collaterized debt obligation
and was caught up in the subprime mortgage fallout in the US,
was frozen in July 2007 and applications and redemptions
suspended after heavy losses, relates The Australian.

According to the report, Basis Capital applied to the New South
Wales Supreme Court seeking declarations that it had complied
with the Corporations Act when it retained application funds
received in June last year.  Also, Basis Capital wants a
declaration that anyone who applied to have their money taken
out in the June quarter be ranked as creditors of the fund.

Paul Billingham from Grant Thornton, BYAF (M)'s joint
liquidator, wrote to Basis Capital saying, "The joint official
liquidators of the BYAF(M) advise that we do not seek to
intervene in the proceedings.  To clarify, BYAF(M) will not be
making any claim in respect of the application monies against
the parties to the proceedings and, without reservation, will
not seek to intervene in the proceedings."

                     About Basis Capital

Basis Capital Funds Management Ltd. manages and advises multi
strategy, relative value and arbitrage funds for Australian
domestic and international investors.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2007, that the Basis Field Fund and Basis Aust-Rim Fund ran into
trouble by investing in the unrated, riskiest portions of
collaterized debt obligations.  These portions also known by
bankers as "toxic waste" are first in line for any losses
when borrowers fall short on mortgage payments and have hired
Blackstone Group LP as an adviser to help avoid a fire of sale
of assets.  Blackstone will advise the hedge fund firm "to
prevent adverse pricing and selling of assets."


CENTRO PROPERTIES: IMF Australia to Finance Litigation
------------------------------------------------------
IMF Australia Ltd. will finance legal action against Centro
Properties Group for losses to shareholders, reports Laura
Cochrane of Bloomberg News.

According to the report, Centro shareholders allege that Centro
failed to disclose debt obligations between August 2007 to
February this year.

IMF, in a statement with the Australian Securities Exchange,
said that it will fund legal action for those shareholders who
bought stock in Centro and its listed real estate investment
trust Centro Retail from August 9 to February 15, relates
Bloomberg.

Bloomberg added that Centro faces an April 30 deadline on its
AU$4.9 billion debt.

Lauren Thompson, a spokeswoman for Centro, said the company
doesn't comment on any legal matters and was not aware of any
claims, writes Ms. Cochrane in a separate report.

IMF, according to the report, said claims against Centro would
be conducted by law firm Maurice Blackburn Ltd.

John Walker, managing director of IMF, in an interview opined
that the cases could represent "potentially thousands" of
shareholders and will each require as much as AU$10 million in
funding.

Winston Sammut, managing director of Maxim Asset Management Ltd.
expressed that Centro may not be able to pay legal claims if it
fails to refinance its debt, states Bloomberg.

                    About Centro Properties

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

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

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


EVERNEW FASHIONS: Placed Under Voluntary Liquidation
----------------------------------------------------
Evernew Fashions Pty. Limited's members agreed on Feb. 21, 2008,
to voluntarily liquidate the company's business.  In line with
this goal, the company has appointed Richard Herbert Judson to
facilitate the sale of its assets.

The liquidator can be reached at:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          P.O. Box 819, Moorabbin
          Victoria 3189
          Australia

                   About Evernew Fashions

Evernew Fashions Pty. Limited operates family clothing stores.  
The company is located at East Malvern, in Victoria, Australia.


FOSADA PTY: Members to Receive Wind-Up Report on April 8
--------------------------------------------------------
D. R. Vasudevan, Fosada Pty. Ltd.'s appointed estate liquidator,
will meet with the company's members on April 8, 2008, to
provide them with property disposal and winding-up reports.

The liquidator can be reached at:

          D. R. Vasudevan
          Pitcher Partners
          15 William Street, Level 19
          Melbourne, Victoria 3000
          Australia

                     About Fosada Pty.

Fosada Pty. Ltd. operates holding companies.  The company is
located at Richmond, in Victoria, Australia.


GEORGE BOARD: Members Opt to Liquidate Business
-----------------------------------------------
George Board Pty. Limited's members agreed on Feb. 21, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Richard Herbert Judson to
facilitate the sale of its assets.

The liquidator can be reached at:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          P.O. Box 819, Moorabbin
          Victoria 3189
          Australia

                     About George Board

George Board Pty Limited, which is also trading as The Plumbing
Warehouse, is a distributor of plumbing fixtures, equipment, and
supplies.  The company is located at  Wollongong, in New South
Wales, Australia.


JAMES MACKENZIE: Members Resolve to Liquidate Business
------------------------------------------------------
James Mackenzie Enterprises Pty. Limited's members agreed on
February 21, 2008, to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Richard Mansell of R.G.Mansell & Associates to facilitate the
sale of its assets.

The liquidator can be reached at:

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

                   About James Mackenzie

James Mackenzie Enterprises Pty. Limited operates dental
laboratories.  The company is located at Chester Hill, in New
South Wales, Australia.


JPMORGAN: Moody's Junks Rating on Mobius ELR-01 Class C Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded four classes of notes  
issued by JPMorgan Trust Australia Limited in its role as
Trustee for the  Mobius ELR-01 Trust. Moody's has also retained
these notes on review  for possible further downgrade.

The complete rating action:

-- Class A Notes, downgraded to Aa3 from Aaa, retained on
    review for possible further downgrade;

-- Class B Notes, downgraded to Ba2 from Baa2, retained on
    review for possible further downgrade;

-- Class C Notes, downgraded to Caa2 from B2, retained on
    review for possible further downgrade;

-- Class D Notes, downgraded to Ca from Caa2, retained on
    review for possible further downgrade.

The notes are backed by small-ticket equipment leases originated
by  four Australian originators.  Mobius Financial Services Pty.
Limited, a specialist Australian white-labelling and servicing
company and a division of Allco Finance Group, acts as the
Master Servicer and Manager of the transaction.

The rating action follows a further deterioration in the
performance of the underlying receivables pool, and concerns
stemming from the recent events surrounding Allco Finance Group:

-- The cumulative level of charge-offs reached over AU$12
    million in February 2008. The charge-off rate has not
    leveled off in the period since the commencement of Moody's
    review in November 2007.  Despite a significant portion of
    the cumulative losses being met through recovery and ongoing
    application and reserving of excess spread, the transaction
    has seen further significant erosion of the credit
    enhancement available to the rated notes.

-- Moody's notes the recent deterioration in the financial    
    standing of Allco Finance Group and its subsidiary, Mobius       
    Financial Services.  As part of its strategic review
    announced in February 2008, Allco Finance Group has taken
    the decision to exit the Mobius business; it is currently
    exploring a sale of Mobius to a third party and other  
    alternative arrangements.  In addition, Mobius has since
    ceased its lending program, effectively placing the business
    in run-off mode.  These factors have led to significant
    uncertainty with regard to the special and master servicing
    functions undertaken by Mobius in relation to the ELR-01
    Trust.

-- A large number of receivables has been found not to comply
    with the eligibility criteria. In accordance with the
    transaction documentation, Mobius Financial Services has to
    date repurchased in excess of AUD 5.0 million of
    receivables. However, future identified ineligible
    receivables may not be repurchased by Mobius or the
    underlying originators, leading to some uncertainty with
    respect to the performance of the portfolio.

Moody's ratings address only the credit risks associated with
the  transaction.  Other non-credit risks have not been
addressed, but may have  significant effect on yield to
investors.  Moody's ratings are subject  to revision, suspension
or withdrawal at any time at our absolute  discretion.  The
ratings are expressions of opinion and not recommendations
to purchase, sell or hold securities.


NEURAGENIX PTY: Members & Creditors Meeting Set for April 2
-----------------------------------------------------------
Neuragenix Pty. Ltd. will hold a final general meeting for its
members and creditors at 11:00 a.m. on April 2, 2008.  During
the meeting, the company's liquidator, Rod Slattery at PPB
Chartered Accountants, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

          Rod Slattery
          PPB Chartered Accountants
          90 Collins Street, Level 10
          Melbourne, Victoria 3000
          Australia

                    About Neuragenix Pty.

Neuragenix Pty. Ltd. provides computer programming services.  
The company is located at Melbourne, in Victoria, Australia.


SIX WHEELER: Members Agree on Voluntary Liquidation
---------------------------------------------------
Six Wheeler Conversions Pty. Ltd.'s members agreed on Feb. 21,
2008, to voluntarily liquidate the company's business.  In line
with this goal, the company has appointed Richard Herbert Judson
to facilitate the sale of its assets.

The liquidator can be reached at:

          Richard Herbert Judson
          Members Voluntarys Pty. Ltd.
          P.O. Box 819, Moorabbin
          Victoria 3189
          Australia

                      About Six Wheeler

Six Wheeler Conversions Pty. Ltd. provides automotive services,
except repair and carwashes.  The company is located at Dalby,
in Queensland, Australia.


SLIM FRUIT: Placed Under Voluntary Liquidation
----------------------------------------------
Slim Fruit Pty. Ltd.'s members agreed on February 15, 2008, to
voluntarily liquidate the company's business.  In line with this
goal, the company has appointed Steve Rubner of Arnold Stevens
Finlay to facilitate the sale of its assets.

The liquidator can be reached at:

          Steve Rubner
          Arnold Stevens Finlay
          Chartered Accountants
          410 Church Street, Level 6
          North Parramatta 2151
          Australia

                      About Slim Fruit

Slim Fruit Pty. Limited is involved with the administration of
public health programs.  The company is located at North
Parramatta, in New South Wales, Australia.


W & M KLEIN: To Declare First Dividend on May 5
-----------------------------------------------
W & M Klein Pty. Ltd., which is in liquidation, will declare
first and final dividend on May 5, 2008.

Only creditors who were able to file their proofs of debt by
March 11, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

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

                      About W & M Klein

Located at Gladysdale, in Victoria, Australia, W & M Klein Pty.
Ltd. is an investor relation company.




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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 COMMUNICATION: Seeks to Raise CNY5 Bil. by Selling Bonds
---------------------------------------------------------------
Bank of Communications Co., Ltd., said on March 19, 2008, that
it planned to sell renminbi-denominated bonds in Hong Kong, in a
bid to raise CNY5 billion.

These bonds will have a term of one to three years, which relies
on market interest rates and investors' preference.  They will
have a fixed interest rate that is to be determined by a book-
building exercise.  The bank is set to sell the bonds to
institutional investors and individual investors in Hong Kong.  
It intends to use the raised proceeds to make lending and fuel
its working capital.

The lender expected that the issue would help enhance its
operating capacity, improve its asset-liability structure, and
fuel its further business development.

The Shanghai-based lender is the fifth largest bank in China by
assets.  The company said on March 20 that it netted profits of
CNY20.274 billion in 2007, 65.18% from a year ago, and gained
earnings per share of CNY 0.42, rising 55.45%.

                   Bank of Communications

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is
a commercial bank in the People's Republic of China. As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China. It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.

The bank's business is divided into four segments: corporate
banking, retail banking, treasury and others.  Its corporate
banking business provides products and services to the corporate
customers, such as loans, deposits, bill discounting, trade
finance, fund custody and guarantees.

The retail banking business provides retail banking products and
services to its retail customers, such as deposits, mortgage
loans, debit cards, credit cards, wealth management and foreign
exchange trading services.

The treasury operations include inter-bank money market
transactions, foreign exchange trading and government, and
finance bond trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.


COMEGLORY TRADING: Court to Hear Wind-Up Proceedings on April 16
----------------------------------------------------------------
On February 22, 2008, Industrial and Commercial bank of China
(Asia) Limited, filed a petition to have Comeglory Trading  
Company Limited operations wound up.

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

The petitioners' solicitors can be reached at:

          Ho and Wong
          Room 1408-1411
          14th Floor
          China Merchants Tower
          Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


DOUBLE KEEN: Court to Hear Wind-Up Proceedings on April 30
----------------------------------------------------------
On March 5, 2008, Bank of China (Hong Kong) Limited, filed a
petition to have Double Keen Industrial Limited operations wound
up.

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

The petitioners' solicitor can be reached at:

          Anthony Chaing & Partners
          3909 Tower 2, Lippo Centre
          89 Queensway, Central, Hong Kong


GENTLEMAN GIVENCHY: Members Meeting Fixed for April 15
------------------------------------------------------
The members of Gentleman Givenchy (Far East) Limited will have
their final meeting on April 15, 2008, at Level 28, Three
Pacific Place, 1 Queen's Road, East, in Hong Kong to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidators can be reached at:

          Ying Hing Chiu
          Chung Mui Yin, Diana
          Level 28
          Three Pacific Place
          1 Queen's Road, East
          Hong Kong


ICBC: Inks US$1-Billion Resource Fund Deal with Standard Bank
-------------------------------------------------------------
The Industrial and Commercial Bank of China has signed a final
agreement with South Africa's Standard Bank to jointly set up a
US$1 billion global resource fund, a person familiar with the
matter told Reuters.  According to Reuters, a formal
announcement on the deal would be made by the biggest Chinese
lender as early as this week.

State-run ICBC, which recently bought a 20% stake in Standard
Bank for about US$5.5 billion, was not immediately available for
comments, Reuters says.  Standard Bank has said in October that
it and ICBC were discussing the launch of a global resource fund
with a targeted size of US$1 billion.  The fund would focus on
opportunities in Africa and China, specifically in the junior
mining and energy sectors.  

Standard Bank then announced early this month that they were
finalizing the terms of the fund in which each would invest
US$200 million with the remainder made up of third-party
funding, Reuters further notes.

Reuters relates that China is trying to boost its investment in
the overseas resources sector as its demand for energy and
metals surges amid a booming economy.

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial
bank, and is authorized by the State Council and the People's
Bank of China. ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

On May 4, 2007, with the implementation of the new
methodologies, Moody's Investors Service affirmed Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D-.  The outlook for BFSR is stable.  The long-term Foreign
Currency Deposit Rating is A2.  The short-term Foreign Currency
Deposit Rating is P-1.  The outlook for the long-term deposit
rating is positive.


KINGTEC SYSTEMS: Court to Hear Wind-Up Proceedings on April 23
--------------------------------------------------------------
On February 29, 2008, Pan-Hong Kong Limited, filed a petition to
have Kingtec Systems Limited operations wound up.

The High Court of Hong Kong will convene at 9:30 a.m. on
April 23, 2008, to hear the petition.

The petitioners' solicitor can be reached at:

          Simon S.M. Kwok & Co
          Unit B, 12th Floor
          Two Chinachem Plaza
          No. 135 Des Voeux Road
          Central, Hong Kong


METALSOLV SOFTWARE: Commences Liquidation Proceedings
-----------------------------------------------------
Metalsolv Software (Hong Kong) Limited's members agreed
February 29, 2008 to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed
Rainer Hok Chung Lam and John James Toohey to facilitate the
sale of its assets.

The liquidators can be reached at:

          Rainer Hok Chung Lam
          John James Toohey
          22nd Floor
          Prince's Building
          Central, Hong Kong


PETROLEOS DE VENEZUELA: To Ask Exxon Compensation for Damages
-------------------------------------------------------------
Petroleos de Venezuela SA's President and Venezuelan Oil and
Energy Minister Rafael Ramirez has indicated that the company
will seek compensation for damages that Exxon Mobil Corp.'s
lawsuit brought to the firm, Venezuelanalysis.com reports.

Minister Ramirez told Venezuelanalysis.com that damages include
a sharp drop in bond ratings after the asset freeze.

As reported in the Troubled Company Reporter-Latin America on
March 24, 2008, Judge Paul Walker of London Court dissolved an
injunction freezing US$12 billion assets belonging to Petroleos
de Venezuela.  Petroleos de Venezuela won the legal battle
because the dispute has no connection with the U.K. Exxon, which
has battled in arbitration to bag compensation for an oil field
President Hugo Chavez seized last year.

According to Venezuelanalysis.com, the Venezuelan government
gave Exxon Mobil until last Thursday to undo the damage it had
done to the international reputation of Petroleos de Venezuela
for pursuing a US$12 billion freeze of its assets during
international arbitration in a dispute over the nationalization
of the Orinoco Oil Belt project.

Minister Ramirez told Venezuelanalysis.com that Exxon repeatedly
tried to deceive the court by claiming that Petroleos de
Venezuela isn't a state enterprise, that it is broken, and that
the Venezuelan government has brought it "to a state of
financial precariousness."

Exxon Mobil could be obligated to pay over US$1 billion in
damages to Petroleos de Venezuela, which would cancel out what
the Venezuelan firm owed the US company's nationalized stake in
the Cerro Negro project, and Exxon Mobil would have to deal with
"grave consequences, not only in terms of international
prestige... but in what they will face with their stockholders,"
Venezuelanalysis.com notes, citing David Paravisini, Venezuelan
Ambassador to Guatemala and an engineer and expert on petroleum
policy.

Reports say that Exxon Mobil legal representative Alan Jeffers
said that no appeal will be made on Judge Walker's decision.

The court decision didn't challenge Exxon Mobil's overall goals
against Petroleos de Venezuela, but instead established that the
London court lacked jurisdiction over the case, Mr. Jeffers told
Venezuelanalysis.com.  

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

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

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

                        *     *     *

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


PIONEER NATIONAL: Commences Liquidation Proceedings
---------------------------------------------------
Pioneer National (Fashion Outlet) Limited's members agreed
February 29, 2008 to voluntarily liquidate the company's
business.  In line with this goal, the company has appointed Yui
Cho Yan to facilitate the sale of its assets.

The liquidator can be reached at:

          Yui Cho Yan
          Room 1702
          17th Floor
          Asian House
          1 Hennesy Road
          Wanchai, Hong Kong


SHENZHEN DEV'T: Sells CNY6.5 Billion of 10-year Bonds
-----------------------------------------------------
Shenzhen Development Bank has sold CNY6.5 billion (US$922
million) in 10-year bonds, the deal's sole underwriter UBS told
Reuters.  Local currency bond markets remain healthy at a time
of global volatility.

According to Reuters, the deal marked UBS's first deal in the
yuan bond market, which was done via its unit UBS Securities.  
UBS and Goldman Sachs are the only foreign firms with an
underwriting license for Chinese domestic markets, while other
global lenders have used joint ventures to crack the country's
capital markets.

Shenzhen Bank, which is nearly 18% owned by U.S. private equity
firm Newbridge Capital, sold lower Tier 2 fixed-rate bonds with
a 10-year maturity and not callable for five years at a 6.10%
coupon, Reuters reports, citing UBS Securities' statement.

The lender, based in the southern Chinese boom town of Shenzhen,
also sold a floating-rate tranche at 140 basis points over
SHIBOR, Reuters relates.  Both coupons will increase by 300
basis points if the instruments are not called.

Reuters also notes, citing data from Thomson Financial, that the
yuan bond market has seen about CNY30.1 billion worth of bond
issuance so far this year out of nine issuers, surpassing the
CNY4.8 billion seen in the equivalent period of 2007.

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 E+ for the
bank's Financial Strength Rating.  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.


SPL WORLDGROUP: Commences Liquidation Proceedings
-------------------------------------------------
SPL Worldgroup Hong Kong Limited's members agreed February 29,
2008 to voluntarily liquidate the company's business.  In line
with this goal, the company has appointed Rainer Hok Chung Lam
and John James Toohey to facilitate the sale of its assets.

The liquidators can be reached at:

          Rainer Hok Chung Lam
          John James Toohey
          22nd Floor
          Prince's Building
          Central, Hong Kong


UNIVERSAL ALUMINUM: Wind-Up Hearing Set for April 16
----------------------------------------------------
On February 29, 2008, Universal Aluminum & Steel Engineering
Limited, filed a petition to have their operations wound up.

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

The petitioners' solicitor can be reached at:

          Knight & Ho
          Room 904B, 9th Floor
          Admiralty Centre, Tower 1
          No. 18 Harcourt Road
          Admiralty
          Hong Kong


WAI TAT: Court to Hear Wind-Up Proceedings on April 16
--------------------------------------------------------
On February 25, 2008, Wai Tat Iron Engineering Limited, filed a
petition to have its operations wound up.

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

The petitioners' solicitor can be reached at:

          Knight & Ho
          Room 904B, 9th Floor
          Admiralty Centre, Tower 1
          No. 18 Harcourt Road
          Admiralty
          Hong Kong


WINNING SUCCESS: Appoints New Liquidators
-----------------------------------------
The members of Winning Success Limited appointed Chan Pang Ching
as the company's liquidator.

The Liquidator can be reached at:

          Chan Pang Ching
          Room 1806
          Bank Centre
          636 Nathan Road
          Kowloon




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


ICICI BANK: To Invest INR11.5 Billion in Jaypee Infratech
---------------------------------------------------------
ICICI Bank Limited will invest a 1% stake worth INR11.5 billion
in Jaiprakash Associates Ltd.'s unit Jaypee Infratech Ltd.,
Thomson  Financial reports.

According to the report, the investment will comprise INR2.5  
billion cash and a long-term loan of INR9 billion.

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

                        *     *     *

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


GENERAL MOTORS: Extended Strike Spurs S&P's Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review the ratings in light of the extended American
Axle (BB/Watch Neg/--) strike.
     
The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/B-3) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expects American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.  The two sides resumed negotiations last week.
      
"We believe the strike has gone on long enough to possibly begin
to affect the financial resources of GM and those suppliers most
exposed to the automaker," said Standard & Poor's credit analyst
Robert Schulz.
     
To resolve the CreditWatch listings, Standard & Poor's will
assess the strike's impact on the companies' credit profiles,
particularly liquidity, once production resumes.  S&P could
lower the ratings any time prior to a resolution of the Axle
strike if the liquidity of the companies becomes compromised,
although downgrades are not likely for another several weeks.


QUEBECOR WORLD: Has US$350 Million in Available Funds
-----------------------------------------------------
Quebecor World Inc. provided an update on the currently ongoing
chapter 11 proceedings of Quebecor World (USA) Inc. and its
affiliated debtors.

As of March 7, 2008, the company had more thanUS$225 million of
cash on hand and more thanUS$125 million of additional
borrowings available under theUS$750 million debtor-in-
possession financings for a total of more thanUS$350 million of
availability.  The company also expects to generate significant
free cash flow in 2008.

On March 7, 2008, Judge James M. Peck of the U.S. Bankruptcy
Court for the Southern District of New York extended by 30 days
the date by which the final order approving the debtorsUS$1
billion debtor-in-possession financing, previously authorized by
the Court, must be entered in order to allow the parties
sufficient time to address certain remaining issues.  During
this extended period, all of the terms and conditions of the
interim order previously entered by the Court approving the
debtor-in-possession financing remain in effect, including the
company's right to borrow up toUS$750 million under the debtor-
in-possession financings.

                    About Quebecor World

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

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

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

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

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets ofUS$5,554,900,000, total
liabilities ofUS$3,964,800,000, preferred shares
ofUS$175,900,000, and total shareholders' equity 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 on Feb. 13, 2008,
Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession.  The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities).  The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.


QUEBECOR WORLD: Noteholders Question Panel Advisors' Engagement
---------------------------------------------------------------
The Ad Hoc Group of Quebecor Noteholders tells Judge James M.
Peck of the U.S. Bankruptcy Court for the Southern District of
New York that it questions the Official Committee of Unsecured
Creditors' decision to retain two sets of financial advisors on
top of the numerous financial advisors already at work in the
Debtors' cases on behalf of unsecured creditors.

The Noteholder Group is currently engaged in discussions with
the Creditors' Committee with respect to the consensual division
of labor between Mesirow Financial Consulting LLC, and Jefferies
& Company, Inc.  It is hopeful that an appropriate arrangement
can be reached in short order.  "Until agreement is reached,
however, the Noteholder Group submits that the addition of yet
two more financial advisors can only lead to duplication of
effort and wasted resources.  Furthermore, the burden is on the
Creditors' Committee to show why it needs two financial advisors
in [the Debtors'] cases -- a burden it has not met," Alan W.
Kornberg, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
in New York, says.

    U.S. Trustee Concerned with Likely Duplication of Efforts

Diana G. Adams, the United States Trustee for Region 2, is
concerned about the division of responsibilities between
Jefferies and Mesirow, the potential for duplication of efforts
between the firms, and any resulting inefficiencies and
adverse cost implications on the estates.  To that end, the
United States Trustee has raised the issue with counsel to the
Creditors' Committee.

The U.S. Trustee's trial attorney, Andrew D. Velez-Rivera,
relates that Jefferies and Mesirow have met for the purpose of
establishing a division of responsibilities between the firms,
and agreed upon an allocation of services to the Creditors'
Committee.  The Office of the United States Trustee has been
advised of the specific tasks to be performed by each of the
firms, and of the division of responsibilities between them.  
The United States Trustee has no objection to that allocation,
and the Creditors' Committee has agreed to notify the Office of
the United States Trustee in the event the division of
responsibilities between Jefferies and Mesirow changes during
the course of their representation of the Committee.

      Committee Wants Ad Hoc Committee's Objection Overruled

"The [Ad Hoc Noteholder Group's] Objection should be overruled,"
according to Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld LLP, in New York, representing the Official Committee of
Unsecured Creditors.

Mr. Dizengoff says that the Ad Hoc Noteholder Group's objection
lack merit since the Committee, in the careful exercise of its
business judgment has concluded that it needs the services of
both a sophisticated forensic accounting and financial advisory
firm with significant international experience (Mesirow) and an
investment banking firm with significant capital market
experience (Jefferies).

Mr. Dizengoff relates that the advisory services to be provided
by Mesirow and Jefferies are discreet and independent from each
other.  "Indeed, each firm's responsibilities have been
carefully negotiated to avoid duplication, appropriately make
use of [the] firm's abilities and ultimately assist the
Committee in analyzing the Debtors' business operations,
financial results and reorganization efforts," Mr. Dizengoff
adds.

Mr. Dizengoff also points out that the Committee cannot and
should not, as the Ad Hoc Noteholder Group suggests, abdicate
its fiduciary responsibilities to the Ad Hoc Noteholder Group,
the Prepetition Bank Group or the Monitor.  "The Ad Hoc
Noteholder Group cannot hold the Committee hostage to its demand
that there be an agreed upon process on who takes a leading role
on a particular issue," Mr. Dizengoff relates.  While the Ad Hoc
Noteholder Group is free to rely on the Committee, Mr. Dizengoff
says that the reverse is not true.

Mr. Dizengoff delineates each firm's role:

                                   Mesirow Financial Consulting
   Jefferies & Co.                 (Forensic Accntg./ Financial
   (Investment banking Services)   Advisory Services)
   ----------------------------    ----------------------------
   (a) Fraudulent transfers        (a) Fraudulent transfers  
       including lien pledge           including lien pledge       
       to pre-petition lenders         pre-petition lenders
       - Capital Market analysis       - Forensic analysis
                                       - Facts analysis
                                           
   (b) DIP objection/ amendments   (b) Preference and avoidance
                                       actions including
                                       repayment of private
                                       notes
                                      
   (c) Major asset sales           (c) Review and analysis of
       - M&A transactions              plant closures
                                       - Cost analysis

   (d) Non-public(i.e. management  (d) 13 week cash flow
       monthly operating               analysis
       reports, by business          - Cash receipts and
       and geographic region)         disbursements
     

   (e) Publicly filed Monthly      (e) AR securitization
                                       facility  
       Operating Reports

   (f) Executory contracts         (f) Executory contracts
       - to be determined              - to be determined

   (g) Employee retention and      (g) Pension funding status
       compensation plans

   (h) Business plans analysis     (h) Intercompany transactions
       and review

   (i) Advise on current state     (i) Critical vendor/
       of the restructuring/            reclamation
       capital markets

   (j) Analyzing any potential     (j) Liquidation analysis
       or proposed strategy
       for restructuring or
       adjusting the Debtors'
       outstanding indebtedness
       or overall capital
       structure

   (k) Exit financing              (k) Exit financing
       - Lender selection and          - Cash flow and covenants
         economics                     - Collateral analysis

   (l) Debt capacity analysis

                      About Quebecor World

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

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

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

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

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

As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets ofUS$5,554,900,000, total
liabilities ofUS$3,964,800,000, preferred shares
ofUS$175,900,000, and total shareholders' equity 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 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: To Buy Jaguar and Land Rover for US$2.3 Billion
------------------------------------------------------------
Tata Motors Ltd. has signed a definitive agreement with Ford
Motor Co. for the acquisition of the Jaguar and Land Rover units
for US$2.3 billion.  The parties announced their entry into the
agreement yesterday, which deal comprises the purchase of the
two units' brands, plants and Intellectual Property Rights.

According to media releases, Tata Motors will pay approximately
US$2.3 billion to Ford Motor in cash upon closing of the
transaction.  At closing, Ford will then contribute up to
approximately US$600 million to the Jaguar Land Rover pension
plans.  The transfer of ownership to Tata Motors is expected to
close by the end of the next quarter, subject to applicable
regulatory approvals.

"These are vanity products and probably these brands will have a
tough time in a weak economy," Edwin Merner, President of
Atlantis Investment Research Corp. in Tokyo told Bloomberg News.  
Mumbai-based Tata Motors "will have trouble doing well in this
sort of environment," he said.

Sales for the two luxury brands have dropped as the global
markets are experiencing a slowdown.  Jaguar sales in January
and Februray were 33% lower in the United States and Europe.  
Land Rover sales for the first two months dropped 7.7% in Europe
and 13% in the U.S.

"Turning around Jaguar will be a major challenge," Ashvin
Chotai, a London-based independent Asian automobile analyst,
told Bloomberg.  "Tata will need to tread carefully and ensure
there is no negative impact on these brands."

                    Tata Motors' Statement

Commenting on the agreement, Chairman of Tata Sons and Tata
Motors, Ratan N. Tata, said, "We are very pleased at the
prospect of Jaguar and Land Rover being a significant part of
our automotive business.  We have enormous respect for the two
brands and will endeavour to preserve and build on their
heritage and competitiveness, keeping their identities intact.
We aim to support their growth, while holding true to our
principles of allowing the management and employees to bring
their experience and expertise to bear on the growth of the
business."

Tata Motors points out that Jaguar Land Rover's employees,
trades unions and the U.K. Government have been kept informed of
developments as the sale process progressed and have indicated
their support for the agreement.

                     Ford Motor's Statement

Ford said the transaction is the culmination of its decision
last August to explore strategic options for the Jaguar Land
Rover business, as the company accelerates its focus on its core
Ford brand and “One Ford” global transformation.

"Jaguar and Land Rover are terrific brands," said Alan Mulally,
president and CEO, Ford Motor Company.  "We are confident that
they are leaving our fold with the products, plan and team to
continue to thrive under Tata’s stewardship.  Now, it is time
for Ford to concentrate on integrating the Ford brand globally,
as we implement our plan to create a strong Ford Motor Company
that delivers profitable growth for all."

"This is a good agreement.  It provides the Jaguar Land Rover
management team and employees with the assurances needed to
maintain their focus on delivering the best results for the
business," said Lewis Booth, executive vice president, Ford
Motor Company, who has responsibility for Ford of Europe, Volvo
and Jaguar Land Rover.  "I am confident that, under its new
owner, Jaguar Land Rover will continue to build upon the
significant improvements and product successes it has achieved
in recent years."

Speaking on behalf of Jaguar Land Rover, Geoff Polites, chief
executive officer, said:  "Jaguar Land Rover’s management team
is very pleased that Ford and Tata Motors have come to an
agreement [yesterday].  Our team has been consulted extensively
on the deal content and feels confident that it provides for the
business needs of both our brands going forward.

"We have also had the opportunity to meet senior executives from
Tata Motors and the Tata group," Polites continued.  "They have
expressed confidence in the team that has delivered significant
improvements in Jaguar Land Rover’s business performance.  We
feel confident that we can forge a strong working relationship
with our new parent company, and we look forward to a bright and
successful future for Jaguar Land Rover."

                    Additional Tata-Ford Deals

As part of the transaction, Ford will continue to supply Jaguar
Land Rover for differing periods with powertrains, stampings and
other vehicle components, in addition to a variety of
technologies.  Ford also has committed to provide engineering
support, including research and development, plus information
technology, accounting and other services.

In addition, Ford Motor Credit Company will provide financing
for Jaguar and Land Rover dealers and customers during a
transitional period, which can vary by market, of up to 12
months.

The parties believe these arrangements will support Jaguar Land
Rover's current product plans, while providing Jaguar Land Rover
with the freedom to develop its own standalone capabilities in
the future that will best serve its premium manufacturer
requirements.

                    About Jaguar and Land Rover

Founded in 1922, Jaguar has been amongst the premium brands for
luxury saloons and sports cars.  Since its very first design
appeared in 1948, Land Rover has always been universally
identified as the ultimate in four-wheel drive vehicles.  Jaguar
and Land Rover have been under Ford’s ownership since 1989 and
2000 respectively.  The two together have about 16,000
employees.

                        About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                        *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.



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


BANK INTERNASIONAL: Receives Maybank's US$2.7-Billion Offer
-----------------------------------------------------------
Malayan Banking Berhad has entered into a conditional sale and
purchase agreement to acquire up to 100% of Sorak Financial
Holdings Pte Ltd. for a cash consideration of approximately
US$1.5 billion (RM4.8 billion) paving the way for Malaysia's
largest financial services group to be the controlling
shareholder of Bank Internasional Indonesia -- BII.  The
transaction price was agreed on a willing-buyer and willing-
seller basis.

Sorak is 75%-owned by Financial Fullerton Financial Holdings
Pte. Ltd., a wholly owned subsidiary of Temasek Holdings
(Private) Limited, and 25%-owned by Kookmin Bank.  Sorak holds
about 56% equity interest in BII.

As a result of this transaction, Maybank will also be making a
tender offer for the remaining 44.3% shares held by remaining
shareholders of BII.  The total amount involved for the tender
offer is approximately US$1.2 billion (RM3.8 billion), bringing
the total value of the potential acquisition to about RM8.6
billion.

Maybank was among several other global financial institutions
which participated in a competitive bid to acquire Temasek
Holdings' stake in BII.

Maybank Acting Chief Executive Officer Dato' Aminuddin Md Desa
said,  "We are delighted with the outcome and are excited moving
forward given the significant value in BII's banking franchise
and infrastructure.  It provides us with an excellent platform
to capitalize on growth opportunities with limited execution
risks, coupled with the strong underlying fundamentals of the
Indonesian economy. The existing management team is also highly
experienced and strategically aligned with Maybank's aspirations
for Indonesia."

"The strategic and financial rationale for the acquisition is
extremely compelling.  The acquisition will transform our growth
prospects in Indonesia and is a huge step forward in our
strategy to regionalize our operations through investments in
selected high growth markets.  We are excited as the Indonesian
banking sector remains under-penetrated with excellent long-term
growth potential.  BII is well placed to capitalize on this
growth potential given its strong market position, extensive
multi-channel distribution network and high quality customer
base. This acquisition effectively enables Maybank to leapfrog
into the Indonesian banking market with a significant, well-
established presence and attractive platform for further
growth," he added.

Fullerton Financial Holdings Director Tow Heng Tan said,
"Maybank is an established financial institution with an
outstanding track record in Malaysia.  We are confident that it
will lend strength to BII to support its growth in the next
phase of its development."

He added, "We have been most encouraged by the high level of
interest in BII – this confirms our own optimism about the
prospects for Indonesia over the longer term."

BII has an established banking franchise in Indonesia with a
reputation for service quality and production innovation.
Maybank with its solid track record and experience in the
Indonesian market is well positioned to leverage on BII's
excellent infrastructure to further grow the business.  In
addition, there are also significant revenue synergies given the
established and rapidly growing presence of Malaysian corporates
in Indonesia and the strong trade flows between the two
countries.  Indonesia is the fourth most populous nation in the
world and banking penetration remains relatively low.  Prospects
for value creation in the medium term are also excellent as
Maybank can leverage on its experience in Malaysia to augment
the product offering and banking capabilities of BII,
particularly in areas such as Islamic banking, bancassurance and
Takaful.

Bank Negara Malaysia has given its approval for the proposed
acquisition.  The proposed acquisition is now conditional upon
regulatory approval from Bank Indonesia and the approval of
Maybank shareholders.

The proposed acquisition is expected to be completed within six
months following the receipt of the above approvals, after which
Maybank will make a tender offer for the remaining shares in
BII.

Maybank has appointed Aseambankers and BNP Paribas as advisors
for the acquisition.


                 About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter-Asia Pacific reported on
March 3, 2008, Fitch Ratings has affirmed PT Bank Internasional
Indonesia Tbk's(BII) long-term foreign currency Issuer Default
Rating at 'BB', following Fullerton Financial Holdings'
announcement of its intentions to pursue the sale of its
interest in BII.  FFH is a wholly owned subsidiary of Temasek
Holdings.

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

  -- The issuer/foreign currency subordinated debt ratings were
     raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
     term deposit rating to B1 from B2

  -- The Not Prime foreign currency short-term deposit rating,
     Baa3 global local currency deposit rating and D BFSR were
     unaffected.

On Aug. 15, 2007, that Fitch Ratings affirmed all the ratings of
Bank Internasional as follows:

  * Long-term foreign currency IDR at 'BB-' with a Positive
    Outlook,

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

  * Individual Rating 'C/D',

  * Support Rating '4', Support Rating Floor 'B' and

  * National Rating 'AA-(idn)'.


BANK MEGA: Projects 40.7% Increase in Net Profit
------------------------------------------------
PT Bank Mega Tbk projects a 40.7% increase in its net profit to
IDR732 billion form IDR520.7 billion last year, on the back of
estimated higher growth in lending, The Jakarta Post reports.

According to the report, Bank President Director Yungky Setiawan
said the bank is optimistic that its target would be achieved
because party funds were likely to increase, fueling the bank's
capacity to generate loans.  "Third-party funds are expected to
increase by up to IDR35.1 trillion this year, from IDR30
trillion last year," he added.

Mr. Setiawan told the news agency that IDR8.5 trillion of the
expected third-party funds would come from accounts, IDR7.8
trillion from savings and IDR35.1 trillion from term deposits.

The bank, the report notes, was also expecting a 39% increase in
this year's lending to IDR19.5 trillion from IDR14.03 trillion
in 2007.  "The biggest proportion of lending will still go to
the corporate sector, followed by the commercial sector and
consumers, which is mostly used for mortgages,"  Mr. Setiawan
was quoted by The Post as saying.


The Post recounts that the banks 2007 net profit increased  
243.3% from IDR151.7 billion in 2006, due to higher lending
growth and lower costs of funds.


In 2007, the bank's loans for the corporate sector reached
IDR6.5 trillion; commercial loans reached IDR2.13 trillion and
consumer loans reached IDR1.8 trillion, while nonperforming
loans stood at 1.53%, from 1.68% in 2006, the report adds.

                      About Bank Mega

Headquartered in Jakarta, Indonesia PT Bank Mega Tbk --
http://www.bankmega.com/-- is an Indonesia-based financial  
institution. The Bank's business activities consist of:
commercial banking, corporate banking and consumer banking.  Its
products and services include Personal, which consists of
savings, lending, credit cards, e-banking and special services;
Business, which comprises business savings, business lending,
special finance and business services; Treasury, which includes
bank notes, currency swaps and general; Trade Finance, which
consists of letters of credit, bank guarantees and standby
letters of credit, and Corporate, which provides corporate
services.

The Bank is supported by 54 branch offices, 93 supporting branch
offices and two cash offices.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 25, 2008, Fitch ratings has taken rating actions on PT Bank
Mega Tbk.  The bank's Support Ratings Floors have been upgraded
to 'BB-' from 'B+' or 'B' previously to reflect the stronger
financial ability of the sovereign state to provide support.

PT Bank Mega Tbk

  -- Support rating affirmed at '4';
  -- Individual rating affirmed at 'D';
  -- National Long-term affirmed at 'A+(idn)'.


PERUSHAAN LISTRIK: To Provide Free Power Connection in Sulawesi
---------------------------------------------------------------
PT Perusahaan Listrik Negara will provide two million light &
heat energy (LHE) power connections for free for 450 VA
household customers in South Sulawesi, Antara News reports.

Irwan Nasution, commercial manager for South Sulawesi, West
Sulawesi, SE Sulawesi office, told the news agency that they are
just waiting for the arrival of lamps from Jakarta to begin
distribution in May.

According to the report, under the project, each of the
household customers would get three light & heat energy lamps of
8 watts so that the number of customers that would get the
efficient power connection facility would about 60% of the
900,000 household customers with the wattage limit of 450 VA in
these regions.

Mr. Nasution, the report notes, said the distribution of the LHE
was expected to reduce the use of electricity at peak burdens.

                  About Perusahaan Listrik

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

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


PERUSAHAAN NEGARA: Fitch Affirms BB- Ratings with Pos. Outlook
--------------------------------------------------------------
Fitch Ratings affirmed the ratings of Indonesia-based PT
Perusahaan Negara, as:

  -- Long-term foreign and local currency Issuer Default Ratings
     at 'BB-'

  -- PGN Euro Finance 2003 Limited's USD125 million notes due
     2014 and USD150 million notes due 2013, guaranteed by PGN
     and its subsidiaries, at 'BB- '

  -- National Long  -- term rating 'AA(idn)'

At the same time, Fitch has revised the Outlook for the IDRs and
National Long-term ratings to Positive from Stable.

The Outlook revision reflects Fitch's expectation that
completion of the South Sumatera - West Java pipeline project is
likely to result in higher gas distribution volumes, leading to
improved revenue and leverage ratios.  PGN expects to complete
the final leg of the SSWJ project in October 2008.  On
completion of the project, total capacity of SSWJ pipeline will
reach 970 million standard cubic feet per day, which will
significantly boost PGN's existing gas distribution capacity.

PGN's ratings are supported by its dominant position in the gas
distribution and transmission businesses in Indonesia, with a
market share of about 93% and 85%, respectively, at end-1H07.  
In its gas distribution business, PGN buys gas on long-term
contracts at a fixed dollar-denominated price and sells it to
numerous industrial and commercial consumers, under take-or-pay
gas sales agreements.  Fitch believes that gas demand in
Indonesia will remain strong, supported by a shift to gas by
industrial companies due to its price advantage over crude oil.  
PGN's current gas selling price to industrial customers is 57%
and 77% cheaper than the prices of domestic subsidised high
speed diesel and non-subsidised HSD, respectively.  PGN's gas
transmission business is managed by its 60%-owned subsidiary PT
Transportasi Gas Indonesia, which owns and operates two
transmission pipelines.  TGI has strong counter-parties and it
earns a predetermined transmission commission on the gas
carried.

Although PGN has long-term gas sales and supply agreements with
upstream operators that mitigate supply availability, Fitch
notes that securing the gas supply to meet future increases in
gas demand will be a key challenge for PGN.  The rating is also
constrained by PGN's aggressive capital expenditure, totalling
about USD268m in 2008.  About 60% of this total capital
expenditure is earmarked to expand transmission networks while
the reminder will be used to expand distribution networks.  
Despite this investment, Fitch expects leverage to decrease due
to the additional gas sales following the completion of SSWJ
pipelines project in October 2008.  Therefore, the agency also
expects net debt to EBITDA is likely to decline to about 2.0x to
2.2x in 2008.

The ratings may be upgraded if PGN maintains a net debt to
EBITDA of less than 2.0x in 2008 and 2009.  The completion of
the SSWJ pipeline projects on schedule and without further
significant cost overruns would also be positive for the rating.  
Conversely, a sustained level of net debt to EBITDA above 2.5x
in 2008 and 2009 and material delays in the SSWJ project
completion and/or significant project cost overruns may result
in a downward revision on its Outlook.

At end-1H07, PGN had total revenue of IDR3,846 billion and
EBITDA of IDR1,760 billion.  The Government of Indonesia (rated
'BB'/Stable) owns about 55.2% of the company as at 30 June 2007,
while public shareholders as well as the company's employees and
management hold a 44.2% and 0.6% stake, respectively.

                 About Perusahaan Listrik

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


SEMEN GRESIK: 2007 Net Profit Up 37% to IDR1.78 Trillion
--------------------------------------------------------
PT Semen Gresik's 2007 net profit increased 37% to IDR1.78
trillion from IDR1.3 trillion last year, aided by stronger
sales, Antara News reports citing Company President Dwi
Sutjipto.

According to the report, company's sales grew 10% to
IDR9.6 trillion in last year from IDR8.73 trillion in 2006.

Operating profit, the report notes, rose 34% to IDR2.4 trillion
from IDR1.78 trillion rupiah in 2006 due to cost efficiencies.

In 2007, Semen Gresik sold a total of 16.94 million tons of
cement, up 1.1% from 2006, the report recounts.

Domestic sales accounted for about 90 percent of the sales
volume, the report adds.

                    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.


TELKOM: Alcatel-Lucent to Deploy Data Recovery Service Network
--------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk selected Alcatel-Lucent to
deploy a national Data Recovery Service network connecting ten
cities across the country.  By deploying a highly resilient
IP/MPLS-based network, PT Telkom ensures business continuity for
its mission critical operations.

PT Telkom is transforming its IT network by migrating the
connectivity of its data centers to IP/MPLS to facilitate
administrative operations such as centralized billing.

Under the terms of the contract, Alcatel-Lucent will deploy its
industry leading IP/MPLS solution based on the Alcatel-Lucent
7750 and 7710 Service Routers and the 7450 Ethernet Service
Switch, giving service providers control over their network and
allowing them to manage and troubleshoot simply and effectively.

Once deployed, nation-wide data centers will be connected via a
single, reliable Alcatel-Lucent IP/MPLS-based network allowing
the service provider to more efficiently manage its network
operations.

"The new Alcatel-Lucent Data Recovery Service network enables us
to consolidate our data centers across the entire nation over a
robust, highly reliable network ensuring our mission critical
operations are functioning 24 hours a day," said Rinaldi
Firmansyah, PT Telkom's Chief Executive Officer.

"We are building on our earlier success and experience in
supporting PT Telkom's optical, microwave radio and access
networks," said Frederic Rose, President of Alcatel-Lucent's
activities in Europe, Africa and Asia.  "PT Telkom's decision to
migrate its critical operations to a highly reliable DRS network
based on Alcatel-Lucent is a testament to the strength and
flexibility of our IP/MPLS technology."

                  About Alcatel - Lucent

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

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

                        *     *     *

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

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

                 About PT Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com/-- provides local and long  
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 24, 2007, that Moody's Investors Service changed the
outlook on PT Telekomunikasi Indonesia's local currency
corporate family rating to positive from stable.  At the same
time Moody's has affirmed Telkom's local currency corporate
family rating at Ba1.

On Sep. 12, 2007, Fitch Ratings affirmed Telekomunikasi
Indonesia's Long-term foreign and local currency.




=========
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 US$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 US$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
US$1 billion this year.
     
AMR currently has adequate liquidity, with unrestricted cash and
short-term investments of US$4.5 billion (none of which is
invested in auction-rate securities) at Dec. 31, 2007, and
US$4.4 billion forecast (by the company) for March 31, 2008.  
American has access to an undrawn US$255 million revolving
credit that matures June 17, 2009, part of a credit facility
that includes also a US$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 US$450 million
to US$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 US$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.

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, including Brazil, Europe and Asia.  
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.


JAPAN AIRLINES: Studies Safety Measures Along With Trade Unions
---------------------------------------------------------------
Japan Airlines International Co., Ltd. has started jointly
studying safety measures with its four unions after problems
involving its flights, Kyodo News reports.

According to Kyodo News, JAL and the trade unions have set up a
flight safety working group to determine the causes of the
incidents and to develop preventive measures.

Kyodo News notes that this is the first time the management and
the unions, which often conflict over wages and working
conditions, agree to carry out a joint study of safety measures.

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

As reported on Oct. 10, 2006, that 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.


SAPPORO HOLDINGS: Counts on Shareholders to Retain Measures
-----------------------------------------------------------
Sapporo Holdings Ltd. may have to rely on its non-foreign
shareholders to support the maintenance of its takeover defense
measures as Steel Partners Japan Strategic Fund LP, along with
other foreign institutional investors hold a total of 36.1% in
the company as of the end of December, Jiji Press reports.

Sapporo, which aims to gain approval at a shareholders' meeting
on March 28 to maintain its takeover defense measures, may
possibly be in trouble because the foreign institutional
ownership increased 6.1 points from the previous year, relates
Jiji Press.

Jiji Press recounts that at a shareholder's meeting last year,
more than two-thirds of shareholders, approved the takeover
defense, while Steel Partners and other foreign shareholders are
believed to have opposed the move.

According to Jiji Press' sources, the proposal is likely to be
approved, but the share of shareholders supporting the plan may
drop to as low as 55%, based on the assumption that slightly
over 81% of shareholders exercise their voting rights, as they
did last year.

                    About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/
-- formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                        *     *     *

As of May 16, 2007, the company carries Standard & Poor's Rating
Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term
Local Issuer Credit Ratings that were issued on Feb. 6, 2006;
and Fitch Ratings' 'B' Short-term Foreign and Local Currency
Issuer Default Ratings that were issued on March 14, 2006.


* Fitch Says FIEA Restrictions on Real Estate Won't Affect CMBS
---------------------------------------------------------------
Fitch Ratings said that the legal procedures and restrictions
imposed by the Financial Instruments and Exchange Act on the
businesses of real estate asset management companies are not
expected to have a significant impact on the ratings of CMBS.

Following the enforcement of FIEA, trust beneficiary interests
backed by real estate, property TBIs, are considered "deemed
securities".  As a result, management activities, such as the
acquisition and sale of property TBIs, using investors' funds,
are regarded as a type of "financial instruments business", and
each AM is required to obtain appropriate registration under
FIEA and operate in accordance with the law.  Companies
operating applicable businesses prior to the enforcement of FIEA
must apply for registration by 30 March 2008.

As real estate AMs are typically entrusted by investors to
manage fund assets, many of them are expected to obtain
registration as an "investment management firm" in order to
manage discretional security investments.  On the other hand,
some companies have opted to be registered as an "investment
advisory/agency firm" which is then expected to only give
advice.  The Financial Services Agency has published on its
website the names of companies registered as a "financial
instruments firm" as of 29 February 2008.

When registering as an investment management firm that invests
in property TBIs etc., applicants are required to be registered
as a "comprehensive real estate investment advisory firm" with
the Ministry of Land, Infrastructure, Transport and Tourism, in
order to be permitted to manage discretional property
investments.  This partly explains why the MLIT has received
increased enquiries related to FIEA.  Likewise, enquiries to
other relevant regional financial bureaus have also increased.

When rating CMBS, Fitch focuses on the value of the properties
and the structure of the loan claims that will ultimately secure
the CMBS.  In its analysis, the agency factors in a scenario
where the AM's business may, in the event of increasing
deterioration of its credit or management capability, be taken
over by a new AM.  The agency also takes into account the
possibility of loan claims being collected by a servicer in the
event of default.  Based on the above, even if non-compliance
with FIEA is subsequently discovered in some AMs, Fitch expects
the impact on CMBS ratings to be limited.  However, given the
importance of the appropriate actions taken by AMs in response
to FIEA for the stability of real estate securitisation schemes
as well as for CMBS ratings, Fitch considers it appropriate to
include AM's non-compliance with FIEA as an asset manager
termination event in CMBS documentation.

Fitch will review, as appropriate, if AMs involved in CMBS
transactions have obtained registrations required under FIEA.  
The agency will also monitor the compliance status of each AM
under the newly imposed regulation.




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


ILSUNG CONSTRUCTION: Appoints Won Hyeon Su as CEO
-------------------------------------------------
Ilsung Construction Co., Ltd. has appointed Won Hyeon Su as its
new Chief Executive Officer replacing Sohng Sang Yoon, Reuters
Investing Keys reports.

According to the report, Mr. Su's appointment took effect on  
March 21, 2008.

Seoul, Korea-based Ilsung Construction Co., Ltd. --
http://www.ilsungconst.co.kr/-- specializes in the provision of       
construction and engineering services. The Company has five
major divisions: Construction division, which constructs
buildings, high-speed railways and condominiums; Engineering
Works division, which builds highways, subways, tunnels, bridges
and housing developments; Social Overhead Capital (SOC)
division, which collects toll fees to recoup its investment in
the construction of tunnels, environment and energy plants;
Housing division, which constructs apartment, mansions and
villas, and Gardening division, which constructs golf clubs,
parks and landscape architecture.

Korea Ratings gave the company's commercial papers a B+ rating
on January 31, 2007.


KENERTEC CO: Signs KRW2.15BB Contract With Korea-Based Apartment
----------------------------------------------------------------
Kenertec Co., Ltd. has signed a KRW2.15-billion contract with an
apartment, which is in Daejeon Metropolitan City,
Reuters Investing Keys reports.

Under the business agreement, the report notes, the company will
provide energy economy services to the apartment.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial  
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KOREA HINET: Jung Jae Hun & Individual Sell Company Stakes
----------------------------------------------------------
Jung Jae Hun and one other person have sold 2,000,000 shares of
Korea Hinet Co., Ltd., Reuters Investing Keys reports.

As a result, the report relates, Jung Jae Hun and one other
person hold a 7.95% of the company.  It has decreased by a
12.11% since July 12, 2007, the report adds.

Headquartered in Seoul, Korea Hinet Co., Ltd. --
http://www.koreahinet.co.kr/-- is engaged in the provision of    
information technology (IT) solutions.  The company provides
four major services: system integration services, including
consulting, information strategies and hardware and network
integration; software services, which provides enterprise
resource planning (ERP) systems such as supply chain management
(SCM), management information systems (MIS), e-business
solutions and customer relationship management (CRM) tools;
distribution services, which provides computer parts, software
and network equipment, and e-business, which provides Intranet
solutions and Web solutions.

Korea Ratings gave the company's KRW4 billion convertible bonds
issue a B+ rating with a stable outlook on May 24, 2006.




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


HARVEST COURT: Bursa Approves Listing of New Warrants & Shares
--------------------------------------------------------------
The Bursa Malaysia Securities Berhad has approved the listing of
Harvest Court Sdn Bhd's new warrants and shares under its
proposals, which entails:

   * admission to the Official List and the listing and  
     quotation of up to 72,203,625 new warrants comprising:

   (a) up to 49,450,000 new warrants to be issued pursuant to
       the Proposed Rights Issue with Warrants;

   (b) 5,370,000 new warrants to be issued pursuant to the
       Proposed Land Acquisition; and

   (c) 17,383,625 new warrants to be issued pursuant to the
       Proposed Debt Settlement Scheme.

       and

   * listing of up to 212,668,125 new ordinary shares of MYR0.25
     each comprising:

   (a) up to 49,450,000 new ordinary shares of MYR0.25 each to
       be issued pursuant to the Proposed Rights Issue with
       Warrants;

   (b) 21,480,000 new ordinary shares of MYR0.25 each to be
       issued pursuant to the Proposed Land Acquisition;

   (c) 69,534,500 new ordinary shares of MYR0.25 each to be
       issued pursuant to the Proposed Debt Settlement Scheme;
       and

   (d) up to 72,203,625 new ordinary shares of MYR0.25 each to
       be issued pursuant to the exercise of the Warrants.

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

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

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


MALAYSIAN AIRLINE: Served with Complaint from Bruce Hut
-------------------------------------------------------
On March 19, 2008, Malaysian Airline System Berhad and ten other
airlines, were served with a complaint filed by Bruce Hut in the
United States District Court for the Northern District of
California (San Francisco).

The case involves allegations of price fixing on transpacific
passenger fares and related surcharges.

At this juncture, no infringement has been established.  The
complaint didn't mention of the quantum of damages sought
against Malaysian Airline.  Currently, the airline is taking
legal advice in relation to the complaint.

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

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


PANGLOBAL: SC Approves Sept. 25 Deadline to Execute Reform Plan
---------------------------------------------------------------
The Securities Commission has approved Panglobal Berhad's
application to extend another six months or until September 25,
2008, to implement its Proposed Restructuring Plan, which
includes:

The capital reduction exercise involving:

   -- the proposed cancellation of RM0.60 from every existing
      ordinary share of MYR1 each in PanGlobal resulting in an
      existing issued and paid-up share capital of
      MYR140,130,340 comprising 140,130,340 ordinary shares of
      MYR1 each being reduced to MYR56,052,136 comprising
      140,130,340 ordinary shares of MYR0.40 each; and

   -- the proposed consolidation of the 140,130,340 ordinary
      shares of MYR0.40 each in PanGlobal into 112,104,272
      ordinary shares of MYR0.50 each in PanGlobal.

As announced on September 8, 2005, the rights issue exercise is
expected to raise gross proceeds of MYR210.196 million.  In
order for the rights issue exercise to raise this same amount of
proceeds taking into account the revised capital reduction
level, the entitlement basis for the rights issue exercise is
required to be revised.  Thus, the Proposed Rights Issue will
now entail the renounceable rights issue of 420,391,020
PanGlobal shares at an issue price of MYR0.50 per PanGLobal
share on the basis of 15 Rights Shares for every four PanGlobal
Shares held after the Proposed Capital Reduction.

Furthermore, the settlement to a Secured Scheme Creditor --
Maybank Berhad -- which holds MYR182,695,117 nominal value of
RCSLS via a RCSLS buy-back arrangement, has been revised to take
into account monies in an escrow account with an ascribed value
of MYR11.816 million, which was inadvertently omitted earlier.  
The revised settlement to Maybank Berhad in relation to its
RCSLS under the Proposed Debt Settlement can be summarized as:

                            Original    Revised    Variance
                             MYR'000    MYR'000     MYR'000
                            --------    -------    --------
   Outstanding debt as of
   September 1, 2005         182,695    182,695           -

   ERV of security held       47,800     59,616      11,816

   Nominal value of RCSLS
   not covered by security   134,895    123,079     (11,816)

   Buy-back price            101,758    108,848       7,090

   No of free Warrants
   to be issued               16,862     15,385      (1,477)

As a result, the total cash settlement to the Scheme Creditors
under the Proposed Debt Settlement will be increased by
MYR7.090 million to MYR341.142 million and the number of free
Warrants to be issued under the Proposed Debt Settlement has
been reduced by 1.477 million to 68.340 million.  There are no
changes to the basis of settlement under the Proposed Debt
Settlement or the total settlement to the other Scheme
Creditors.

Resulting from the revisions, the total indicative proceeds of
MYR360.196 million from the Proposed Rights Issue and Proposed
PGI Disposal is expected to be utilized as:

   Proposed utilization            Original        Revised
                                    MYR'000        MYR'000

   Buy-back of Loan Stocks
   and settlement under the
   Proposed Debt Settlement
   Scheme                           334,052        341,142

   Financing of the working
   capital requirements of the
   PanGlobal Group and to defray
   expenses incidental to the
   Proposed Restructuring Scheme     26,144         19,054

   Total                            360,196        360,196

The Proposed Restructuring Scheme is expected to enhance the
future earnings of the PanGlobal Group.

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

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


SHAW GROUP: Wins Shandong Electric Nuclear Power Plant Contract
---------------------------------------------------------------
The Shaw Group Inc. received a contract from Shandong Electric
Power Engineering Consulting Institute to provide engineering
services for the construction of the Haiyang nuclear power
station turbine island in Shandong province, eastern coast of
China.

According to the report, the contract calls for development of
the conceptual and basic designs for the turbine islands for
each of the two 1,100-megawatt Westinghouse AP1000 nuclear units
to be constructed at the Haiyang site.

The U.S. Department of Energy said a one-megawatt plant running
continuously at full capacity can power 778 households each
year, the report adds.

                      About Shaw Group

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

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

                        *     *     *

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


SOLUTIA INC: Files Amended Financial Report for Year 2007
---------------------------------------------------------
An Amendment No. 1 to Form 10-K for the year ended Dec. 31,
2007, originally filed with the U.S. Securities and Exchange
Commission on Feb. 27, 2008, is being filed to incorporate the
consolidated financial statements of Siratsa LLC, previously
known as Astaris LLC, for the three year period ended Dec. 31,
2007, according to Timothy J. Spihlman, Solutia Inc.'s vice
president and controller.

Siratsa is Solutia's 50/50 joint venture with FMC Corporation.  
A copy of the consolidated financial statements of Siratsa and
its subsidiaries is available for free at:

               http://ResearchArchives.com/t/s?297a

The Amendment is also being filed to correct certain
typographical errors, Mr. Spihlman says.  The Amendment does not
update any of the disclosures contained in the Original Filing
to reflect any events that occurred after February 27.  The
filing of the Amendment will not be deemed an admission that the
Original Filing included any untrue statement of a material fact
or omitted to state a material fact necessary to make a
statement not misleading, he states.

An Amendment No. 1 to Solutia's annual report on Form 10-K
was filed with the SEC to amend certain information, including
the corrections is with respect to the JPMorgan Adversary
Proceeding.  The amount of the 2027/2037 Notes is changed from
US$300 to US$300,000,000.

A full-text copy of the amended Form 10-K is available for free
at: http://ResearchArchives.com/t/s?297b

As required by Rule 12b-15 under the Securities Exchange Act of
1934, as amended, new certifications by Solutia's principal
executive officer and principal financial officer are being
filed with the Amendment.  Certification by Jeffry N. Quinn,
president and chief executive officer, is available at:

                http://ResearchArchives.com/t/s?297c

Certification by James M. Sullivan, senior vice president and
chief financial officer, is available at:

                http://ResearchArchives.com/t/s?297d

                      About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'  
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 122;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  S&P said the outlook is
stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: To Begin Financial Reporting on Five Segments
----------------------------------------------------------
Solutia Inc. will realign its financial reporting to five
segments from its current two-segment reporting structure.  The
five segments will be: Saflex(r), CPFilms(r), Technical
Specialties (including Flexsys(r), Therminol(r) and Skydrol(r)),
Integrated Nylon, and Other.

"This change will promote a better understanding of the
underlying nature of Solutia's businesses by providing a more
detailed analysis of each segment," said Jeffry N. Quinn,
chairman, president and chief executive officer of Solutia Inc.  
"In addition, the new segment reporting will more effectively
communicate Solutia's current operating environment and business
unit strategy."

The company will present its future results in this new
reporting format.  Key financial metrics for 2007 are presented
in the new format at the end of this press release.  In
addition, 2007 and 2006 quarterly key financial metrics will be
posted on the investor section of the company's website --
http://www.solutia.com/

        Portfolio Transformation and Business Investment

"Over the last few years, we have made great strides in
transforming our business into a global specialty chemicals and
performance materials company with leading market positions,
clear competitive differentiation and attractive growth
opportunities," said Quinn.  "In line with this strategy, we had
many accomplishments in 2007 including the opening of our Saflex
plant in Suzhou, China, the acquisition of Flexsys -- the world
leader in rubber chemicals, and the continued restructuring of
our integrated nylon business from a U.S.-focused carpet fiber
producer to a global engineered thermoplastics and polymers
supplier.  As a result, our diversified portfolio better
positions us to capitalize on the growth opportunities that
exist globally while reducing our exposure to industry cycles.  
Although we recognize that there remains work to be done, we
take comfort from the path we have traveled to get to this
point."

"Our financial results in 2007 demonstrate the success of our
strategy, the resolve of our execution, and the strong
foundation upon which we base our outlook for the future," added
Quinn.  "For the year, we delivered significant revenue and
underlying earnings growth across all of our business units and
across multiple geographic regions.  We achieved particularly
strong growth in Asia, which reported a 55% increase in revenue
over the previous year."

                 Significant Top-Line Growth

Solutia reported net sales of US$3,535 million for 2007, an
increase of 26% compared to net sales ofUS $2,795 million for
2006.  The majority of the increase came as the result of
Solutia's acquisition of the 50% stake in Flexsys, which
resulted in Solutia's 100% ownership and consolidation of
Flexsys sales since May 1, 2007.  Excluding Flexsys, net sales
increased 9% year-over-year, with 4% of the increase attributed
to higher sales volumes, 4% attributable to higher selling
prices and the remainder from currency exchange movements.

Sales increased in all businesses in 2007 primarily due to
strong international growth in CPFilms, Saflex and Integrated
Nylon.  Net sales outside the United States accounted for 55% of
the total revenue, with 25% from Asia, 23% from Europe, and 7%
from all other regions.

        Net Income/Loss and Analysis of Significant Items

Solutia reported a consolidated net loss from continuing
operations of US$222 million for the year ended 2007 versus a
consolidated net loss from continuing operations of US$56
million for the year ended 2006.  Solutia's continuing
operations were negatively impacted by reorganization items and
other unusual gains and charges totaling approximately US$293
million after-tax in 2007 and US$76 million for 2006.

"The charges Solutia incurred during 2007 and within the fourth
quarter in particular were entirely associated with
reorganization items," said James M. Sullivan, senior vice
president and chief financial officer, Solutia Inc.  "These
items are not related to our underlying business performance,
and are primarily related to changes in claims valuations for
certain creditors within the reorganization process.  Excluding
reorganization items and other unusual gains and charges, net
income from continuing operations increased to US$71 million
from US$20 million in 2006."

Increased volumes and selling price improvements in all
businesses contributed positively to the Company's results.  Raw
material costs continued to rise during the year; however,
selling price increases offset this impact.

                    New Segment Reporting

The company utilizes EBITDAR as the comparable basis given
future results will be impacted by the adoption of fresh start
accounting as of its emergence date, which will impact the
company's depreciation and amortization expense, as well as
eliminate the reorganization items classification in future
periodic filings.  Therefore in the first quarter of 2008, the
company will begin to utilize EBITDAR as its measure of segment
profit/loss.  The table below provides historical financial
information based on the company's new financial segment
reporting format.

           Use of Non-U.S. GAAP Financial Information

EBITDAR is defined as operating profit from continuing
operations, plus equity earnings from affiliates, other income,
depreciation and amortization and further adjusted for
reorganization costs associated with bankruptcy and other
charges.  EBITDAR is not a recognized term under GAAP and does
not purport to be an alternative to net income as a measure of
operating performance or to cash flows from operating activities
as a measure of liquidity.

Management believes that EBITDAR is meaningful because it
provides a way to identify operating results of the company had
it not been in the reorganization process during the time period
being reported upon. EBITDAR is a typical financial measure used
for companies during the restructuring process.

In addition, management believes that measures of income
excluding non-recurring, non-operational items are meaningful
because they provide insight with respect to Solutia's ongoing
operating results.  The measurements are not recognized in
accordance with generally accepted accounting principles and
should not be viewed as an alternative to GAAP measures of
performance.  Because not all companies use identical
calculations, this presentation of EBITDAR may not be comparable
to similarly titled measures of other companies.

                      About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'  
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 122;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  S&P said the outlook is
stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: Appoints Nine Members to Board Committees
------------------------------------------------------
On March 7, 2008, nine individuals were elected to serve as
members of the committees of Solutia Inc.'s board of directors,
according to Rosemary L. Klein, Solutia senior vice president,
general counsel and secretary, in a regulatory filing with the
U.S. Securities and Exchange Commission.  These are:

   (a) Audit & Finance Committee
       W. Thomas Jagodinski - Chair of the Committee
       Robert K. deVeer, Jr.
       J. Patrick Mulcahy
       Robert A. Peiser
       Gregory C. Smith

   (b) Executive Compensation & Development Committee
       J. Patrick Mulcahy - Chair of the Committee
       Eugene I. Davis
       Robert K. deVeer, Jr.
       James P. Heffernan
       William T. Monahan

   (c) Governance Committee
       Robert A. Peiser - Chair of the Committee
       Eugene I. Davis
       James P. Heffernan
       W. Thomas Jagodinski
       Gregory C. Smith

                      About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'  
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 122;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA INC: To Rely on Asian Growth Amid Slowing U.S. Economy
--------------------------------------------------------------
Solutia Inc. CEO Jeff Quinn said the company expects growth in
Asian demand this year to offset any weakness from the slowing
U.S. economy, Reuters reports.

"In a couple of our businesses we have seen some softness in
domestic sales, but more than made up for it in very strong
sales internationally," Quinn told Reuters.

"As Solutia moves forward, the geographic balance of our
revenues becomes even more global and more ex-U.S.," he said.

Solutia recorded US$3,535,000,00 in net sales during the year
ended Dec. 31, 2007.  Approximately 55 percent of Solutia's
consolidated sales in 2007 were made into markets outside the
United States, including Europe, Canada, Latin America and Asia.

                     About Solutia Inc.

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

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'  
Consensual Plan.  Solutia emerged from chapter 11 protection
Feb. 28, 2008.  (Solutia Bankruptcy News, Issue No. 122;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                        *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,  
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  S&P said the outlook is
stable.
     
S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's $400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.




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


BARRYS CAR: Taps Price & Horton as Liquidators
----------------------------------------------
John Albert Price and Christopher Robert Ross Horton were
appointed liquidators of Barrys Car Sales Ltd. on February 28,
2008.

Creditors are required to file their proofs of debt by April 3,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

          John Albert Price
          Christopher Robert Ross Horton
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 366 3700
          Facsimile:(09) 366 7276


BRONWYN ESTATE: Fixes April 10 as Last Day to File Claims
---------------------------------------------------------
The creditors of Bronwyn Estate Ltd. are required to file their
proofs of debt by April 10, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

          Albert Price
          Christopher Robert Ross Horton
          c/o Horton Price Limited
          PO Box 9125, Newmarket
          Auckland
          New Zealand
          Telephone:(09) 366 3700
          Facsimile:(09) 366 7276


FABB HOLDINGS: Fixes April 4 as Last Day to File Claims
-------------------------------------------------------
Fabb Holdings Ltd. requires its creditors to file their proofs
of debt by April 4, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

          Rhys James Cain
          Malcolm Grant Hollis
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          New Zealand
          Telephone:(03) 374 3000
          Facsimile:(03) 374 3001


FORRESTER BOOKS: Fixes April 11 as Last Day to File Claims
----------------------------------------------------------
Forrester Books (NZ) Ltd. requires its creditors to file their
proofs of debt by April 11, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

         Callum James Macdonald
         John Robert Buchanan
         c/o Buchanan Macdonald Limited
         Chartered Accountants
         PO Box 101993, North Shore Mail Centre
         North Shore City 0745
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


FRESH EXPRESS: Appoints Cain & Hollis as Liquidators
----------------------------------------------------  
The shareholders of Fresh Express Group Ltd. met on March 3,
2008, and appointed Rhys James Cain and Malcolm Grant Hollis as
the company's liquidators.

Creditors are required to file their proofs of debt by April 4,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

          Rhys James Cain
          Malcolm Grant Hollis
          c/o PricewaterhouseCoopers
          119 Armagh Street
          PO Box 13244, Christchurch
          New Zealand
          Telephone:(03) 374 3000
          Facsimile:(03) 374 3001


IL VILLAGGIO: Requires Creditors to File Claims by March 31
-----------------------------------------------------------
The creditors of Il Villaggio Ltd. are required to file their
proofs of debt by March 31, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Iain McLennan
          McLennan Associates, Insolvency Advisers
          c/o Level 5, 80 Greys Avenue
          Auckland
          New Zealand
          PO Box 5121, Wellesley Street
          Auckland
          New Zealand
          Telephone:(09) 303 9512
          Facsimile:(09) 303 0508


TAURANGA SANDBLASTING: Placed Under Voluntary Liquidation
---------------------------------------------------------
Tauranga Sandblasting Ltd. commenced liquidation proceedings on
March 3, 2008.  Daryl Bonney was appointed as liquidator.

The liquidator can be reached at:

          Daryl Bonney
          353 Devonport Road, Tauranga
          New Zealand
          Telephone:(07) 578 0489
          Facsimile:(07) 578 0490


TENNYSON BM: Commences Liquidation Proceedings
----------------------------------------------
On February 27, the High Court of Napier entered an order to
have Tennyson BM Ltd.'s operations wound up.  John Richard
Palairet and David William Pearson were appointed as
liquidators.

The liquidators can be reached at:

          John Richard Palairet
          David William Pearson
          c/o BDO Spicers Hawke’s Bay
          86 Station Street
          PO Box 944, Napier
          New Zealand
          Telephone:(06) 835 3364
          Facsimile:(06) 835 3388


WEIGHT WATCHERS: S&P Changes Outlook to Stable on Debt Repayment
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on New
York City-based commercial weight-loss service provider Weight
Watchers International Inc. to stable from negative.  At the
same time, Standard & Poor's affirmed its ratings on the
company, including its 'BB' corporate credit rating.
     
The outlook revision is based on meaningful debt repayment since
the company's debt-financed $1 billion January 2007 modified
Dutch auction share repurchase that weakened WWI's credit
measures, as well as sustained operating performance in fiscal
2007.
     
"Credit protection measures have improved in line with our
expectation of achieving leverage close to 3.5x by the end of
2007," said Standard & Poor's credit analyst Mark Salierno.
     
The ratings on WWI reflect the company's narrow business focus,
its participation in the highly competitive weight-loss
industry, leveraged financial profile, and aggressive financial
policy.   These factors are somewhat mitigated by the company's
leading market position, its well-recognized brand name,
geographic diversity, predictable cash flows, and favorable
demographic trends.

Headquartered in New York City, Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/  
-- provides weight management services, with a presence in 30
countries around the world, including programs in Brazil, the
Netherlands, and New Zealand.  The company serves its customers
through Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.


WORXFINISHED LTD: Creditors' Proofs of Debt Due on March 31
-----------------------------------------------------------
Worxfinished Ltd. requires its creditors to file their proofs of
debt by March 31, 2008, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on February 20,
2008.

The company's liquidator is:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Ponsonby, Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441




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


ALLIED BANKING: Moody's Releases First Banking Sector Report
------------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

As reported on Feb. 19, 2008 Moody's Investors Service will
assign a Ba3 rating to the proposed issuance of Philippine Peso-
Denominated Step-up Callable Dated Subordinated Notes due 2018,
as issued by Allied Banking Corporation.  The rating outlook is
stable.


BANCO DE ORO: Moody's Releases First Banking Sector Report
----------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset
quality has begun to deteriorate, recovery from credit losses
has been prolonged by deficiencies in the legal system
preventing an orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On January 28, 2008, Moody's Investors Service has revised the
outlook of the foreign currency debt and deposit ratings to
positive from stable for ratings of Banco de Oro-EPCI Inc.,
which include:

    * Foreign currency long-term deposit rating of B1 and
      foreign currency senior unsecured debt rating of Ba2
      (including the senior unsecured debt issued by the former
      Equitable PCI)

    * Foreign currency Not-Prime short-term deposit rating,
      Equitable PCI's foreign currency subordinated debt rating
      of Ba2


BANK OF THE PHIL: Moody's Releases First Banking Sector Report
--------------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

On January 28, 2008, the Troubled Company Reporter-Asia Pacific
reported that  Moody's Investors Service has revised the outlook
of the foreign currency debt and deposit ratings of Bank of the
Philippine Islands to positive from stable.

The outlooks for the following ratings were revised to positive:

    * Foreign currency long-term deposit rating of B1

The outlooks for the following ratings were unaffected by the
action, and remain stable:

    * BFSR of C-

    * Local currency deposit ratings of A3/P-1, foreign currency
      Not-Prime short-term deposit rating


DEV'T BANK: Moody's Releases First Banking Sector Report
--------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

The bank carries Moody's Investor Services' B1 foreign currency
and Ba2 local currency long-term deposit ratings with a Negative
outlook.


LAND BANK: Moody's Releases First Banking Sector Report
-------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

The Land Bank of the Philippines is the fourth largest
commercial bank in the country and had assets of P371 billion as
of end-September 2007.

As reported on Feb. 5, 2008, Moody's Investors Service has
placed on review for possible upgrade the Land Bank of the
Philippines' bank financial strength rating of E+.


METROPOLITAN BANK: Moody's Releases First Banking Sector Report
---------------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.  "Bank credit risk in the Philippines has
been elevated by a difficult operating environment, a new and
developing supervisory and regulatory framework, and low level
of government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.


PHIL. NATIONAL: Moody's Releases First Banking Sector Report
------------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                        *     *     *

The TCR-AP reported on Nov. 6, 2006, that Moody's Investors
Service revised the outlook of Philippine National Bank's
foreign currency long-term deposit rating of B1, local currency
senior debt rating of Ba2, and local currency subordinated debt
rating of Ba3 to stable from negative.


RIZAL COMMERIAL: Moody's Releases First Banking Sector Report
-------------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

RCBC Wealth Management was established in the late 1980s as a
small unit servicing the bank's biggest clients that has now
become one of the most successful subsidiaries in the bank's
conglomerate.  RCBC is the country's fourth largest private
universal bank in terms of capital base with 303 branches
nationwide.  In the last 12 months, RCBC opened 11 new
domestic branches and 4 new branches in North America. It is a
strong player in the remittance business with a wide presence
overseas through remittance subsidiaries and tie-ups in North
America, Europe and Hongkong. RCBC is a member of the multi-
industry conglomerate Yuchengco Group of Companies.

                        *     *     *

In Feb 4, 2008 report, TCR-AP said that Moody's Investors
Service changed the outlook on RCBC's foreign currency hybrid
tier 1 debt rating of B3 to positive from stable.  The rating
action does not affect the bank's B1 foreign currency long-term
deposit ratings and foreign currency senior unsecured debt
rating of Ba3, which maintain their positive outlook.


UNITED COCONUT: Moody's Releases First Banking Sector Report
------------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/

United Coconut Planters Bank -- http://www.ucpb.com/-- is a   
leading provider of financial products and services to
corporations, middle market companies, small- and medium- sized
businesses, and consumers in the Philippines.

Established in 1963 as a commercial bank, UCPB grew to become
the first private Philippine universal bank in 1981, enabling it
to invest in non-allied businesses.  UCPB offers a full range of
expanded commercial banking services. The bank has strong
capabilities in corporate banking, commercial credit,
international trade financing, treasury and money market
operations, trust banking and consumer financing.

As the world crosses over to the next millennium, the UCPB Group
is busily transforming into a one-stop supermarket of banking
and non-banking services.

                         *     *     *

On November 6, 2006, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service has revised the outlook
of United Coconut Planters Bank's foreign currency long-term
deposit rating of B1 from negative to stable.

The outlooks for UCPB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.


* Moody's Releases First Philippine Banking Sector Overview
-----------------------------------------------------------
Reforms to the Philippine banking system undertaken since the
Asian currency crisis have helped to improve the regulatory and
supervisory system, but confidence would be further enhanced by
greater transparency, formalization of procedures and
institutionalization of reforms, says a new report from Moody's
Investors Service.

"Bank credit risk in the Philippines has been elevated by a
difficult operating environment, a new and developing
supervisory and regulatory framework, and low level of
government support," says Richard Lung, a senior analyst and
author of the report, who also notes that proposed legislation,
which would correct for some of the deficiencies in the
supervisory framework, is pending in the Philippine Congress.

"These challenges outweigh the benefits derived from the
dominant role of banks within the financial system, and also
help explain the low intrinsic financial strength and deposit
ratings of the Moody's-rated Philippine banks," says Lung.

The report is the first in a series of overviews on banking
systems throughout the world, and is designed to complement
Moody's banking system outlook reports by serving as reference
guides to key structural factors that are reflected in Moody's
bank credit ratings.

The report notes that Philippine banks have historically faced
little competition from the domestic capital markets or from
non-bank financial institutions.  As the dominant financial
intermediaries, they have developed strong earnings profiles,
which have been further buttressed by the fact that most of the
large banks have universal banking licenses through which they
can offer a wide range of financial services.

However, banks in the Philippines are exposed to potentially
high credit losses (as was experienced following the Asian
financial crisis) due to their operating environment.  In
addition to the moderately high volatility in the country's
business cycles, credit losses have historically been
exacerbated by weak governance.  As a result, once asset quality
has begun to deteriorate, recovery from credit losses has been
prolonged by deficiencies in the legal system preventing an
orderly and expeditious resolution of bad assets.

In considering external support factors, Moody's assesses the
Philippines to be a low-support country based on the relatively
low importance of the banking sector relative to the size of the
economy, the uneven history of past government interventions and
limits on deposit insurance coverage.

The report, "Banking System Overview -- Philippines", can be
found at http://www.moodys.com/




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


LEAR: Extended Work Stoppage Cues S&P's Negative CreditWatch
------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.  The CreditWatch placement reflects S&P's decision
to review the ratings in light of the extended American Axle
(BB/Watch Neg/--) strike.
     
The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/B-3) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expects American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.  The two sides resumed negotiations last week.
      
"We believe the strike has gone on long enough to possibly begin
to affect the financial resources of GM and those suppliers most
exposed to the automaker," said Standard & Poor's credit analyst
Robert Schulz.
     
To resolve the CreditWatch listings, Standard & Poor's will
assess the strike's impact on the companies' credit profiles,
particularly liquidity, once production resumes.  S&P could
lower the ratings any time prior to a resolution of the Axle
strike if the liquidity of the companies becomes compromised,
although downgrades are not likely for another several weeks.


                         *********


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.





                 *** End of Transmission ***