TCRAP_Public/080328.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, March 28, 2008, Vol. 11, No. 62

                             Headlines

A U S T R A L I A

ALLCO FINANCE: To Reduce Work Force From 600 to 200
ALLCO FINANCE: Merrill Lynch Gives "Sell" Rating on REU
APS PTY: Joint Meeting Set for April 4
CASPA ENTERPRISES: Joint Meeting Slated for April 7
CENTRO PROPERTIES: Law Firm Tells Shareholders Not to Rush

DUSTBUSTERS (AUST.): Members and Creditors to Meet on April 4
EMMANUEL COLLEGE: Members' & Creditors' Meeting Set for April 4
FORTESCUE METALS: Ups Cost of Pilbara Project by AU$31 Million
J.E. & P.E. CHADDERTON: Members and Creditors to Meet on April 7
NICHIYU AUSTRALIA: To Declare First Dividend Today

PARCFRE PTY.: Members' & Creditors' Meeting Set for April 4
PRIORITY ENGINEERING: Placed Under Voluntary Liquidation
ST. GEORGE BANK: Fitch Gives B Ratings to AU$1MM Class E Bonds
SUNCOAST ASIA: Members Opt to Liquidate Business
WEALTHTREK ENTERPRISES: Joint Meeting Set for April 4

WESTLEE CLOTHING: TO Declare Priority Dividend on April 16


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

BANK OF CHINA: Cuts Investments on Subprime Mortgages
CHINA MINSHENG: Partners With JCB & Shiseido on New JCB Cards
CHINA MINSHENG: Liquidates Overseas Securities Fund
CHINA EASTERN: Begins Operations at Singapore Changi Airport
CITIC GROUP: Securities Unit Merges Mutual Funds

CATHAY TEXTILE: Members' Meeting Set for April 22
GALAXY CASINO: S&P Affirms 'B+' LT Corporate Credit Rating
JD DEVELOPMENT: Creditors' Proofs of Debt Due April 30
JIANGXI COPPER: Says Copper Demand in China Slowing Down
JIANGXI COPPER: To Spend CNY4.3 Billion This Year

NETWORK MULTIMEDIA: Members & Creditors to Meet on April 24
PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands
THE NEW CHINA: Members & Creditors to Meet on April 10
THE NEW CHINA (H.K.): Members & Creditors to Meet on April 10
THE NEW CHINA (H.K.) DEVELOPMENTAL: Joint Meeting on April 10

THE NEW CHINA (H.K.) TRADING: Joint Meeting Set for April 10
THE NEW CHINA (H.K.) ESTATE: Joint Meeting Set for April 10
HAPPY HONOUR: Creditors' Proofs of Debt Due April 30
WING FOOK: Creditors' Proofs of Debt Due May 20


I N D I A

EMCO LTD: Establishes EMCO Foundation
SPICEJET LTD: Members to Consider 2008 Stock Option Scheme
STATE BANK OF INDIA: Acquires 91% of Global Trade Finance
STATE BANK OF INDIA: Gets In-Principle Nod for Singapore Branch
STATE BANK OF INDIA: To Issue MYR-Denominated Five-Year Bonds

TATA MOTORS: To Sell Stakes in Units to Finance Ford Deal
TATA STEEL: Mulls Raising INR4,000 Crore Overseas
TATA TELESERVICES: Crosses 5 Mil. Subscriber Mark in March


I N D O N E S I A

BANK MEGA: To Revise Business Target in June or July
CA INC: Appoints Michael Christenson as President
PT INCO: Plans US$212 Million Capex This Year


J A P A N

EBRA CORP: S&P Revises Outlook to Negative From Stable
ELPIDA MEMORY: Hitachi to Sell Stake & Exit From DRAM Business
HITACHI ZOSEN: Intends to Double Overseas Sales by 2011
MITSUBISHI MOTORS: Australian Plant Produces Last Batch of Cars
NIPPON PAPER: S&P Affirms 'BB+' LT Corporate Credit Ratings

TOKURA CONSTRUCTION: JCR Affirms BB+ Rating on Senior Debts


K O R E A

WOORI: Partners With MSGI Security for Manufacturing Contract
MAGNACHIP SEMI: Hires Dr. Ilia Ovsiannikov as SoC Engineering VP


M A L A Y S I A

APL: Reprimanded by Bursa for Breach of Listing Requirements


N E W  Z E A L A N D

A.T. WATERS: Placed Under Voluntary Liquidation
DENNY: Weak Performance Spurs S&P to Give Negative Outlook
DESIGN ZOO: Fixes May 4 as Last Day to File Claims
DRYLAND FARMS: Wind-Up Petition Hearing Set for April 7
EMERALD HOTELS: Wind-Up Petition Hearing Set for April 24

MALONE CONTRACTING: Shareholders Opt to Liquidate Business
NEW ZEALAND PROTECTIVE: Undergoes Liquidation Proceedings
T & A WHOLESALERS: Taps J. Meltzer & K. Mason as Liquidators
TFP LTD.: Commences Liquidation Proceedings
TUTAKI-HONA LTD: Fixes April 5 as Last Day to File Claims

WASH N SHOP: Court Appoints John Francis Managh as Liquidator


P H I L I P P I N E S

ATLAS CONSOLIDATED: Unit Inks Power Supply Deal With Napocor


S I N G A P O R E

RED HAT: LatAm Online Retailer Migrates to Red Hat & JBoss
SEA CONTAINERS: Asks Court to Reject US$2BB in Duplicate Claims
STATS: Appoints Hal Lasky as Executive VP & Chief Sales Officer


* Moody's Puts Negative Outlook on Asia Utilities' Acquisitions

* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


ALLCO FINANCE: To Reduce Work Force From 600 to 200
---------------------------------------------------
As part of an urgent restructuring program, Allco Finance
Group's fund management and corporate finance division is forced
to trim down its staff, Katherine Jimenez of The Australian
reports.

According to The Australian, Allco is aiming to reduce its work
force from about 600 to about 200.  The restructuring program,
which includes layoffs and non-core asset sales, is part of an
attempt to reconfigure a corporate loan facility of up to
AU$1.15 billion, the report relates.

The Australian quotes an Allco spokesman as saying,
"Unfortunately, redundancies are part of the business plan.
It's an unfortunate restructuring that the group has had to
undertake in light of the difficult credit conditions it now
faces."

                        About Allco Finance

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

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

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

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

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

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


ALLCO FINANCE: Merrill Lynch Gives "Sell" Rating on REU
-------------------------------------------------------
Merrill Lynch slapped a "sell" rating on Allco Finance Group's
Rubicon European Trust, Katherine Jimenez writes for The
Australian.

Ms. Jimenez relates that Merrill Lynch said it believed events
"reinforced doubts that Alloc Rubicon can effectively manage
these trusts."

The Australian quotes analysts as saying, "REU is now at the
mercy of its lenders, and with the likelihood of it being a
forced seller in a challenging European property environment, we
are moving to a sell rating."

                       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.


APS PTY: Joint Meeting Set for April 4
--------------------------------------
APS (Qld.) Pty. Ltd. will hold a joint meeting for its members
and creditors at 2:30 p.m. on April 4, 2008.  During the
meeting, the company's liquidator, Barry Keith Taylor at B. K.
Taylor & Co., will provide the attendees with property disposal
and winding-up reports.

As reported by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on December 21, 2005.

The liquidator can be reached at:

           Barry Keith Taylor
           c/o B. K. Taylor & Co
           8/608 St Kilda Road
           Melbourne, Victoria 3004
           Australia

                          About APS (Qld.)

APS (Qld.) Pty. Ltd. operates manufacturing industries.  The
company is located at Shepparton, in Victoria, Australia.


CASPA ENTERPRISES: Joint Meeting Slated for April 7
---------------------------------------------------
Caspa Enterprises Pty. Ltd. will hold a joint meeting for its
members and creditors at 2:00 p.m. on April 7, 2008.  During the
meeting, the company's liquidator, Leigh Dudman at B. K. Taylor
& Co., will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           Leigh Dudman
           B. K. Taylor & Co.
           608 St Kilda Road, 8th Floor
           Melbourne, Victoria 3004
           Australia

                      About Caspa Enterprises

Caspa Enterprises Pty. Ltd. operates non-classifiable
establishments.  The company is located at Carlton, in Victoria,
Australia.


CENTRO PROPERTIES: Law Firm Tells Shareholders Not to Rush
----------------------------------------------------------
Slater & Gordon advises affected shareholders of Centro
Properties Group not to rush the litigation, writes Alex Boxsell
for The Australian Financial Review.

AFR relates that Slater & Gordon is the latest law firm to
indicate that it will represent investors affected by falling
Centro shares.

According to the report, Slater & Gordon suggested that
launching litigation while Centro is involved in renegotiating
AU$2.3 billion worth of debt could ultimately leave Centro
shareholders in a worse position.

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.


DUSTBUSTERS (AUST.): Members and Creditors to Meet on April 4
-------------------------------------------------------------
Dustbusters (Aust.) Pty. Ltd. will hold a joint meeting for its
members and creditors at 3:00 p.m. on April 4, 2008.  During the
meeting, the company's liquidator, Barry Keith Taylor at B. K.
Taylor & Co., will provide the attendees with property disposal
and winding-up reports.

The liquidator can be reached at:

           Barry Keith Taylor
           c/o B. K. Taylor & Co
           8/608 St Kilda Road
           Melbourne, Victoria 3004
           Australia

                     About Dustbusters (Aust.)

Dustbusters (Aust.) Pty. Ltd. operates miscellaneous retail
stores.  The company is located at Blackburn, in Victoria,
Australia.


EMMANUEL COLLEGE: Members' & Creditors' Meeting Set for April 4
---------------------------------------------------------------
Emmanuel College Gladstone Limited will hold a joint meeting for
its members and creditors at 2:30 p.m. on April 4, 2008.  During
the meeting, the company's liquidator, Susan Carter at Worrells
Solvency & Forensic Accountants, will provide the attendees with
property disposal and winding-up reports.

The liquidator can be reached at:

           Susan Carter
           Worrells Solvency & Forensic Accountants
           50 Cavill Avenue, Level 6
           Surfers Paradise
           Queensland 4217
           Australia
           Web site: http://www.worrells.net.au

                       About Emmanuel College

Emmanuel College Gladstone Limited operates colleges,
universities, and professional schools.  The company is located
at Gladstone, in Queensland, Australia.


FORTESCUE METALS: Ups Cost of Pilbara Project by AU$31 Million
--------------------------------------------------------------
Fortescue Metals Group Ltd. has increased the cost of its
Pilbara iron ore project by AU$31 million, taking the final cost
up to AU$2.796 billion, writes Rebecca Lawson for WA Business
News.

According to WA Business, Fortescue said the breakdown of the
overall cost increase for the month of February was from a net
rise of AU$11.7 million for rail, a climb of AU$22.2 million for
mine works and a gain of AU$1.8 million for the port.  A
decrease of AU$4.6 million from a reduction in engineering,
procurement, construction and management expenses was also
recorded in the monthly report.

While costs were on the rise, Fortescue reported that 93% of the
port works, 84% of the mine site and 91% of the rail works have
already been completed, with the value of work achieved in the
latter area at 6% over the month of February against a target of
3.3%, relates WA Business.

Fortescue was quoted by WA Business as saying, "While there is
no formal contingency left within the final forecast cost,
Fortescue's capital management program will provide sufficient
funding to ensure completion.  Significant progress was made
within the rail works program to the extent now that management
does not see rail on the critical path of FOOS [first ore on
ship] in mid May."

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported a net loss for the past two fiscal years.
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.


J.E. & P.E. CHADDERTON: Members and Creditors to Meet on April 7
----------------------------------------------------------------
J.E. & P.E. Chadderton Pty. Ltd. will hold a joint meeting for
its members and creditors at 2:30 p.m. on April 7, 2008.  At the
meeting, the company's liquidator, Leigh Dudman at B. K. Taylor
& Co., will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           Leigh Dudman
           B. K. Taylor & Co.
           608 St Kilda Road, 8th Floor
           Melbourne, Victoria 3004
           Australia

                    About J.E. & P.E. Chadderton

J.E. & P.E. Chadderton Pty. Ltd. operates non-classifiable
establishments.  The company is located at Moonee Ponds, in
Victoria, Australia.


NICHIYU AUSTRALIA: To Declare First Dividend Today
--------------------------------------------------
Nichiyu Australia Pty. Ltd. will declare its first dividend
today, March 28, 2008.

Only creditors who were able to file their proofs of debt by
March 27, 2008, will be included in the company's dividend
distribution.

In a report by the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on March 30, 2007.

The company's liquidators are:

           Simon A. Wallace-Smith
           Salvatore Algeri
           Deloitte Touche Tohmatsu
           180 Lonsdale Street
           Melbourne, Victoria 3000
           Australia
           Telephone:(03) 9208 7000

                      About Nichiyu Australia

Nichiyu Australia Pty. Ltd. is a distributor of industrial
trucks and tractors.  The company is located at Huntingwood, in
New South Wales, Australia.


PARCFRE PTY.: Members' & Creditors' Meeting Set for April 4
-----------------------------------------------------------
Parcfre Pty. Ltd. will hold a joint meeting for its members and
creditors at 3:30 p.m. on April 4, 2008.  During the meeting,
the company's liquidator, Barry Keith Taylor at B. K. Taylor &
Co., will provide the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           Barry Keith Taylor
           c/o B. K. Taylor & Co
           8/608 St Kilda Road
           Melbourne, Victoria 3004
           Australia

                         About Parcfre Pty.

Located at Ulverstone, in Tasmania, Australia, Parcfre Pty. Ltd.
is an investor relation company.


PRIORITY ENGINEERING: Placed Under Voluntary Liquidation
--------------------------------------------------------
Priority Engineering Services E.S.O.P. Pty. Ltd.'s members
agreed on February 21, 2008, to voluntarily liquidate the
company's business.  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 Priority Engineering

Located at Salisbury Heights, in South Australia, Australia,
Priority Engineering Services E.S.O.P. Pty. Ltd. is an investor
relation company.


ST. GEORGE BANK: Fitch Gives B Ratings to AU$1MM Class E Bonds
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings to St.George Bank
Ltd's Crusade ABS Series 2008-1 prime auto receivables-backed
bonds (ABS) due March 2015, as follows:

    -- AUD78 million Class A-1: 'F1+';
    -- EUR100m Class A-2: 'AAA';
    -- AUD70m Class A-3: 'AAA';
    -- AUD9.9m Class B: 'A';
    -- AUD4.4m Class C: 'BBB';
    -- AUD1.7m Class D: 'BB'; and
    -- AUD1.0m Class E: 'B'.

The notes will be issued by BNY Trust Company of Australia
Limited in its capacity as trustee of Crusade.  They are
collateralised by loans and leases over Australian prime auto
receivables.  All loans and leases were originated by St. George
Finance Limited in the ordinary course of business.

The transaction represents the first public securitisation in
Australia since the emergence of the global liquidity crisis
late last year and the first for 2008. In addition, the
transaction provides a welcome diversification for investors
away from RMBS and may be representative of the types of asset
classes that may be acceptable to investors given the current
volatile market conditions.  This is the second securitisation
of prime auto receivables originated by St. George Finance
Limited, the first one being in 1999.

At the cut-off date on March 26, 2008, the total collateral pool
consisted of 18,504 loans and leases totaling approximately
AU$337.4 million.

The expected 'F1+' ratings assigned to the Class A-1 notes and
the expected 'AAA' ratings assigned to the A-2 and A-3 notes are
based on:

    -- the quality of the mortgage loan collateral;

    -- the 6.5% credit enhancement provided by the subordination
       of the Class B, C, D, E and seller notes;

    -- the excess spread available to cover losses;

    -- the liquidity reserve equivalent to the greater of: (i)
       1.0% of the aggregate invested amount of the outstanding
       notes; or (ii) AUD300,000;

    -- the interest rate swap provided by St.George Bank Limited
       (rated 'A+/F1');

    -- St.George's underwriting and servicing capabilities; and

    -- a sound legal structure.

The expected rating on the Class B, C, D and E notes is based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels.

Final ratings are contingent upon receipt of final documents
conforming to information already received.

The presale report will be available shortly on the agency's Web
site, http://www.fitchratings.com.auand on
http://www.fitchratings.com


SUNCOAST ASIA: Members Opt to Liquidate Business
------------------------------------------------
Suncoast Asia Trading Pty. Ltd.'s members agreed on December 21,
2007, to voluntarily liquidate the company's business.  The
company has appointed Paul Desmond Sweeney and Terry Grant van
der Velde of SV Partners to facilitate the sale of its assets.

The liquidators can be reached at:

           Paul Desmond Sweeney
           Terry Grant van der Velde
           c/o SV Partners
           Insolvency Accountants and Business Solutions
           Web site: http://www.svpartners.com.au

                        About Suncoast Asia

Located at Kunda Park, in Queensland, Australia, Suncoast Asia
Trading Pty. Ltd. is an investor relation company.


WEALTHTREK ENTERPRISES: Joint Meeting Set for April 4
-----------------------------------------------------
Wealthtrek Enterprises Pty. Ltd. will hold a joint meeting for
its members and creditors at 4:00 p.m. on April 4, 2008.  During
the meeting, the company's liquidator, Barry Keith Taylor at B.
K. Taylor & Co., will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

           Barry Keith Taylor
           c/o B. K. Taylor & Co
           8/608 St Kilda Road
           Melbourne, Victoria 3004
           Australia

                    About Wealthtrek Enterprises

Wealthtrek Enterprises Pty. Ltd. operates physical fitness
facilities.  The company is located in Melbourne, Victoria,
Australia.


WESTLEE CLOTHING: TO Declare Priority Dividend on April 16
----------------------------------------------------------
Westlee Clothing Pty. Ltd., which is in liquidation, will
declare a first and final dividend for its priority creditors on
April 16, 2008.

Only creditors who were able to file their proofs of debt by
March 25, 2008, will be included in the company's dividend
distribution.

The company's liquidator is:

           D. A. Turner
           PKF Chartered Accountants
           GPO Box 5099
           Melbourne, Victoria 3001
           Australia

                      About Westlee Clothing

Westlee Clothing Pty. Ltd. is a distributor of women's, misses'
and juniors' blouses and shirts.  The company is located at
Maidstone, in Victoria, Australia.




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


BANK OF CHINA: Cuts Investments on Subprime Mortgages
-----------------------------------------------------
Bloomberg News relates that Bank of China Limited cut the value
of investments tied to U.S. subprime mortgages to HK$4.99
billion as of Dec. 31, 2007, from HK$7.95 billion three months
earlier.

The reduction dispelled concern about the size of BoC's
subprime-infected holdings, which helped shave more than HK$80
billion off its market value since Nov. 1, Bloomberg relates.
BoC booked HK$1.3 billion in losses for those securities and
said it has made enough provisions for further writedowns,
Bloomberg says.

Bloomberg also reports that analysts from Macquarie Equity
Market Group and Fox-Pitt Kelton Cochran Caronia Waller LLC
upgraded BoC to "outperform" from "neutral", to reflect reduced
concern about subprime investments and low valuations.

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

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

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


CHINA MINSHENG: Partners With JCB & Shiseido on New JCB Cards
-------------------------------------------------------------
JCB Co., Ltd. and its international subsidiary JCB International
has launched "Minsheng Lady Flower -- Aupres Co-branded Card"
with China Minsheng Banking Corp., Ltd., its sixth Chinese
issuing partner, and Shiseido Liyuan Cosmetics Co., Ltd., a
major cosmetics company in China.  China Minsheng starts
marketing from the new JCB credit card, targeting Chinese
consumers who are interested in beauty and cosmetics.

JCB and JCB International have been expanding the JCB brand
acceptance network in cooperation with Bank of China and other
major banks and financial institutions in China since 1982.
Currently JCB has alliances with ten partner banks and financial
institutions for acquiring operations and a network of
approximately 70,000 merchants that accept JCB brand cards.  In
recent years, China's remarkable economic growth has driven
demand for international brand card issuing in the country, and
in 2005 JCB began granting issuing licenses, starting with Bank
of China, Bank of Shanghai, China Everbright Bank, China
Merchants Bank, and Shanghai Pudong Development Bank.  Now more
than one million residents of China carry a JCB brand card.

Hirohiko Sugiyama, board director and executive vice-president,
head of Regional Headquarters/ Asia Pacific at JCBI said, "The
alliance behind the 'Minsheng Lady Flower - Aupres Co-branded
Card' leverages JCB expertise as one of Japan's major credit
card issuers, the international acceptance of the JCB brand, and
a powerful synergy between a major commercial bank, Minsheng,
and prestigious SLC, a major cosmetics company in China.  The
new 'Minsheng Lady Flower - Aupres Co-branded Card' design
features a sparkling cubic zirconia embedded in the card
surface.  We are confident that this fashionable new card offers
consumers an attractive combination of JCB's international
acceptance, China Minsheng card services, and SLC's attractive
point program tailored specifically to beauty and trend-
conscious Chinese consumers."

JCB and JCBI are proud to offer the knowledge, skills and
network built over 40 years in the card business to partner
financial institutions in China for JCB brand card issuing, and
are committed to providing China's consumers with high-quality
service that meets their needs and lifestyles.

                           About JCB Co.

JCB Co. Ltd., is a major global payment brand and leading credit
card issuer and acquirer in Japan.  JCB launched its card
business in Japan in 1961 and began expanding overseas in 1981.
Its merchant network includes 13.53 million merchants and spans
190 countries and territories.  JCB cards are now issued in 19
countries and territories, with more than 58.08 million
cardmembers.  As part of its international growth strategy, JCB
has formed alliances with more than 350 leading banks and
financial institutions globally to increase merchant coverage
and cardmember base.  As a comprehensive payment solution
provider, JCB commits to provide responsive and high-quality
service and products to all customers worldwide. For more
information, visit: http://www.jcbcorporate.com/english/

                       About China Minsheng

China Minsheng Banking Corporation Ltd.'s principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its  support rating at "4".


CHINA MINSHENG: Liquidates Overseas Securities Fund
---------------------------------------------------
China Minsheng Banking Corp. Ltd. told South China Morning Post
that it has liquidated a fund that invests in overseas
securities, Mark Lee of Bloomberg News reports.  The fund was
dissolved after its value declined more than 50%.

Citing the Chinese newspaper, Mr. Lee says the fund operated
under China's qualified domestic institutional investor program.
China Minsheng, which sold 100 million shares of the QDII fund
at CNY1 apiece in October, had agreed to liquidate the fund when
assets fell below 50% of their initial value, the report
relates.

                       About China Minsheng

China Minsheng Banking Corporation Ltd.'s principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

The Troubled Company Reporter-Asia Pacific reported that on
July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its  support rating at "4".


CHINA EASTERN: Begins Operations at Singapore Changi Airport
------------------------------------------------------------
Four more airlines began their flight operations at Singapore
Changi Airport's new Terminal 3 on March 26, 2008.  China
Eastern, Jet Airways, Qatar Airways and United Airlines will
join Singapore Airlines and shift their operations from Terminal
1 to Terminal 3.  Singapore Airlines has been operating at
Terminal 3 since the terminal begins operations in January 9.

Since February 2008, the four airlines have undergone integrated
airport system trials at T3 involving passenger check-in,
baggage handling, staff familiarisation and "live" commercial
trial flights to test the actual passenger departure and arrival
processes.  The objective of these trials is to ensure that the
airlines establish, integrate and test their systems and
procedures in a live-like environment ahead of their shift to
T3.  The trials also provide opportunities for the airlines'
staff to familiarise themselves with the new terminal.

                        About China Eastern

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

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

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


CITIC GROUP: Securities Unit Merges Mutual Funds
------------------------------------------------
China Asset Management has received final regulatory approval to
absorb Citic Fund Management into its business, Liz Mak of
BusinessWeek reports.  Ms. Mak relates that the merger is set to
conclude in the months ahead as the largest shareholder, Citic
Securities, has exceeded the regulation cap on maximum ownership
in fund-management houses.

Citic Securities owns 100% each of China Asset Management and
Citic Fund Management.  Citic Group holds a stake in Citic
Securities.

Ms. Mak notes that technically the deal should have gone through
a few years ago when the government decreed no one company could
own more than a single controlling share and a second minority
share in fund-management companies.  "But neither party was keen
to force the issue and the officials at the China Securities
Regulatory Commission had other priorities.  But last year the
government told Citic Securities to comply with the new laws,"
Ms. Mak reports.

BusinessWeek notes that the merger will make China Asset
Management as the biggest funds house in China.

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

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


CATHAY TEXTILE: Members' Meeting Set for April 22
-------------------------------------------------
Members of Cathay Textile Corporation Limited will have their
final meeting on April 22, 2008, in Room 2 on the 1st Floor of
Sea View Estate, Block A, 2-8 Watson Road, in Hong Kong, to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The liquidator is:

           Yang Shing Yu, Samuel
           Room 2, 1st Floor
           Block A, Sea View Estate
           2-8 Watson Road
           Hong Kong


GALAXY CASINO: S&P Affirms 'B+' LT Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook on
Galaxy Casino S.A. to stable from positive.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate credit
rating on Galaxy Casino and the 'B+' issue rating on the
company's senior unsecured notes.

"We've revise the outlook to reflect stronger-than-expected
competitive pressure in the Macau gaming market, both in the
mass and 'VIP' segments," said Standard & Poor's credit analyst
Christopher Lee.

Competition among operators, which currently own a total of 29
casinos, will continue to increase significantly.  Competition
will be particularly intense in 2009, when more casinos are due
to open--either before or after Galaxy's integrated casino and
entertainment resort, Galaxy Cotai Mega Resort, opens on Macau's
Cotai strip.

S&P believes the company is responding appropriately to rising
competition by upgrading the design of its resort and bringing
forward its development plans.  This competitive response has
delayed the opening of the resort until at least May 2009 and
significantly increased its development costs.

Galaxy Casino continues to benefit from the expanding gaming
market in Macau, driven by rising wealth in China and other
parts of Asia.  The underlying gaming trend remains positive,
but is tempered by Macau's dependency on Chinese visitors for
the bulk of gamers.  An economic slowdown or regulatory changes
in China that concern issues such as visitation controls would
affect the gaming industry.

"We believe a positive outlook is no longer appropriate for the
rating, given the significance of Galaxy's work-in-progress,
heightened competition, and rapidly changing market conditions,"
said Mr. Lee.

                      About Galaxy S.A.

Galaxy Casino S.A. (Galaxy), one of the newest entrants in
Macau's dynamic hospitality and gaming industry, will be
operating multiple leisure and gaming facilities, including the
Waldo Hotel which is scheduled to open in mid 2004, the 5-star
Galaxy StarWorld Hotel, which will incorporate the very best in
design and state of the art leisure and gaming facilities, due
to open in 2005; and a mega resort hotel in Cotai, planned to be
developed in stages starting in 2006.


JD DEVELOPMENT: Creditors' Proofs of Debt Due April 30
------------------------------------------------------
Creditors of JD Development Limited are required to file their
proofs of debt by April 30, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 13, 2008.

The company's liquidator is:

          Ting Fung
          Room 308
          Wellborne, Commercial Centre
          8 Java Road
          North Point, Hong Kong


JIANGXI COPPER: Says Copper Demand in China Slowing Down
--------------------------------------------------------
Jiangxi Copper Co. told Bloomberg News that copper demand in
China, the world's biggest user of the metal, is showing signs
of a slowdown after prices soared and orders for the country's
products weakened.

"Given rising copper prices, some processors are holding back on
buying," Bloomberg quoted Zhao Mingwang, general manager of the
copper rods and wires division at Jiangxi Copper Co.  "Demand is
not very strong compared with the same period last year."

"Chinese exports are slowing down, real estate investment may
cool down as well," Mr. Zhao added, Bloomberg relates.  "All
these will reduce copper demand."

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


JIANGXI COPPER: To Spend CNY4.3 Billion This Year
-------------------------------------------------
Jiangxi Copper Co. plans to raise its capital expenditure for
2008 to CNY4.3 billion (US$612.58 million) from CNY3.2 billion a
year before to boost its resources base and acquisitions, China
Daily reports.

Jiangxi posted lower-than-expected earnings in 2007 as declining
processing fees and higher costs for smelting eroded its profit,
China Daily says.  Its total turnover surged 67.6% to CNY41.2
billion in 2007 but net profit fell 12.8% to CNY4.2 billion, the
report relates.

Li Yihuang, chairman of Jiangxi Copper, told China Daily that
the company will increase its efforts to expand the production
capacity at existing mines and intensify overseas projects.  "On
the mainland, we will seek stake investment in order to raise
the capacity," Mr. Li told China Daily.  According to the
report, he refused to elaborate on overseas acquisition plans.

Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


NETWORK MULTIMEDIA: Members & Creditors to Meet on April 24
-----------------------------------------------------------
Network Multimedia Enterprises Limited will hold a joint meeting
for its members and creditors at 3:00 p.m. and 3:30 p.m.,
respectively, on April 24, 2008.  At the meeting, the company's
liquidator, Jackson IP, will provide the attendees with property
disposal and winding-up reports.

The company's liquidators can be reached at:

             Jackson IP
             1601-1602, 16th Floor
             One Hysan Avenue
             Causeway Bay, Hong Kong


PETROLEOS DE VENEZUELA: Exxon Mobil Brings Case to Netherlands
--------------------------------------------------------------
El Universal reports that Exxon Mobil won a freezing injunction
hitting Petroleos de Venezuela SA's assets in both the
Netherlands and the Netherlands Antilles.

According to El Universal, Hildegard Rondon de Sanso, legal
counsel of PDVSA in the case against US oil major Exxon Mobil,
said that following a victory in the England High Court, the
conglomerate now has to advocate its viewpoint in the
Netherlands court where the US company filed an action.

Last week, Judge Paul Walker of the London High Court overturned
the freezing injunction against PDVSA.  While satisfied with the
ruling issued by Judge Walker, Ms. Rondon stressed that PDVSA
"has less arguments for defense in the Netherlands, as the
holding does own assets in the Netherlands, namely Bopec -- a
small oil storage terminal based in Bonaire -- and 220,000 bpd
Isla refinery in Curacao, which PDVSA operates under a leasing
agreement," El Universal relates.

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.


THE NEW CHINA: Members & Creditors to Meet on April 10
------------------------------------------------------
The New China Hong Kong Enterprises Limited will hold a joint
meeting for its members and creditors at 12:00 p.m. and 12:30
p.m., respectively on April 10, 2008.  At the meeting, the
company's liquidator, James Wardell, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

             James Wardell
             1601-1602, 16th Floor
             One Hysan Avenue
             Causeway Bay, Hong Kong


THE NEW CHINA (H.K.): Members & Creditors to Meet on April 10
-------------------------------------------------------------
The New China Hong Kong Industrial Limited will hold a joint
meeting for its members and creditors at 2:00 p.m. and 2:30
p.m., respectively, on April 10, 2008.  At the meeting, the
company's liquidator, James Wardell, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

             James Wardell
             1601-1602, 16th Floor
             One Hysan Avenue
             Causeway Bay, Hong Kong


THE NEW CHINA (H.K.) DEVELOPMENTAL: Joint Meeting on April 10
-------------------------------------------------------------
The New China Hong Kong Developmental Limited will hold a joint
meeting for its members and creditors at 3:00 p.m. and 3:30
p.m., respectively, on April 10, 2008.  At the meeting, the
company's liquidator, James Wardell, will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

             James Wardell
             1601-1602, 16th Floor
             One Hysan Avenue
             Causeway Bay, Hong Kong


THE NEW CHINA (H.K.) TRADING: Joint Meeting Set for April 10
------------------------------------------------------------
The New China Hong Kong Trading Limited will hold a joint
meeting for its members and creditors at 4:00 p.m. and 4:30
p.m., respectively, on April 10, 2008.  At the meeting, the
company's liquidator, James Wardell will provide the attendees
with property disposal and winding-up reports.

The company's liquidator can be reached at:

             James Wardell
             1601-1602, 16th Floor
             One Hysan Avenue
             Causeway Bay, Hong Kong


THE NEW CHINA (H.K.) ESTATE: Joint Meeting Set for April 10
-----------------------------------------------------------
The New China Hong Kong Estate Limited will hold a joint meeting
for its members and creditors at 5:00 p.m. and 5:30 p.m.,
respectively, on April 10, 2008.  At the meeting, the company's
liquidator, James Wardell, will provide the attendees with
property disposal and winding-up reports.

The company's liquidator can be reached at:

             James Wardell
             1601-1602, 16th Floor
             One Hysan Avenue
             Causeway Bay, Hong Kong


HAPPY HONOUR: Creditors' Proofs of Debt Due April 30
----------------------------------------------------
Creditors of Happy Honour Limited are required to file their
proofs of debt by April 30, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 10, 2008.

The company's liquidators are:

          Wu Shek Chun, Wilfred
          Yu Tak Yee
          Empire land Commercial Centre, 15th Floor
          81-85 Lockhart Road
          Wanchai, Hong Kong


WING FOOK: Creditors' Proofs of Debt Due May 20
-----------------------------------------------
Creditors of Wing Fook & Company Limited are required to file
their proofs of debt by May 20, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 14, 2008.

The company's liquidators are:

          Fung Yan Yee
          14 Tai Hang Road, 2nd Floor
          Hong Kong

          Fung Yan Tsan, John
          Kent Mansion, Flat 207
          97 Tin Hau Temple Road
          Hong Kong




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


EMCO LTD: Establishes EMCO Foundation
-------------------------------------
Emco Ltd has established a forum called 'EMCO Foundation,'
which has been registered as a Trust with the Charity
Commissioner, Maharashtra.  EMCO Management established 'EMCO
Foundation' to ensure that EMCO's CSR role meets its objectives
and remain focused.

EMCO has always played a pivotal role during floods, earthquakes
or any major natural disasters in the country. EMCO has decided
that it is time to participate and commit itself just not as a
donor but involve the employees of EMCO and the community in a
planned manner so that its CSR role is more focused and
sustainable.  For this, EMCO has identified three pillars of
sustainable development, i.e. Education, Healthcare and
Environment as its priority areas.

While expressing great delight at the creation of EMCO
Foundation, Rajesh Jain, Chairman, EMCO Ltd said, "As Mother
Teresa told some of the donors, "I do not want your Money but
your Time", our policy is not just to donate but also to work
along with NGOs by involving the community, our employee &
volunteers to make CSR activities more sustainable.  It is also
important to realize that charity begins at home and in all
identified projects, be it Education, Healthcare or Environment,
whatever we want to do in the outside world, is already
implemented at EMCO, and more so in respect of Environment and
Healthcare".

"We have obtained combined certification for ISO 14001 and OSHAS
18001, which truly reinforces our firm commitment towards
improving our environmental and occupational health performance.
The matured management systems existing under the umbrella of
ISO and OSHAS systems would further forge a ground for
integration of the CSR structure into the entire Company's
organization and culture," said Mr. Jain.

Rajesh Jain, Shailesh Jain, Arif Petiwala and Meenakshi Jain are
the Founder Trustees of the Foundation and S. Ramaswamy is the
designated Managing Trustee.  EMCO Foundation have inducted
experienced people for these activities.  Many of EMCO employees
along with their spouses have already enrolled themselves to be
the volunteer for this effort.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India.

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


SPICEJET LTD: Members to Consider 2008 Stock Option Scheme
----------------------------------------------------------
Spicejet Ltd.'s shareholders will consider approving, by way of
postal ballot, a special resolution introducing an employee
stock option scheme.

Specifically, the resolution provides for the creation of the
"Employee Stock Option Scheme - 2008" and the offering to or to
the benefit of senior key employee(s), who are in permanent
employment of the company, options exercisable into not more
than 75,000 equity shares of INR10 each of the company in
aggregate.

Spicejet has appointed Mahesh Gupta, Practicing Company
Secretary, as the scrutinizer for conducting the postal ballot.
The postal ballot form duly completed should reach the
scrutinizer not later than April 19, 2008.  The result of the
postal ballot will be announced on April 30.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft.  SpiceJet has integrated with various travel related
Web sites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The company
changed its financial year from June-May to April-March.  For
the ten months ended March 31, 2007, the airline carrier booked
a net loss of INR707.43 million.


STATE BANK OF INDIA: Acquires 91% of Global Trade Finance
---------------------------------------------------------
State Bank of India has informed the Bombay Stock Exchange that
the bank, on March 25, 2008, executed a Share Purchase Agreement
with:

   -- Export-Import Bank of India,
   -- IFC Washington, and
   -- Fim Bank Malta,

to acquire their shareholding in Global Trade Finance Ltd.  As a
result, SBI will hold 91% of the shareholding in Global Trade
Finance.

As previously reported in the Troubled Company Reporter-Asia
Pacific, SBI in January this year planned to acquire 91% of
Global Trade through purchase of shares from Global Trade's
shareholders.  In its January disclosure, SBI said it would
purchase shareholding of the three shareholders at an aggregate
price of INR520.55 crore.

Bank of Maharashtra owns the remaining 9% in Global Trade,
Thomson Financial says.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                         *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Gets In-Principle Nod for Singapore Branch
---------------------------------------------------------------
State Bank of India was given in-principle approval for a full
banking license, allowing it to offer a full suit of banking
services in Singapore, Reuters reports, citing an unnamed
company officer.

Currently, SBI has a branch office in Singapore, the report
relates.  With the "Qualifying Full Bank" license from the
Monetary Authority of Singapore, the bank will be able to open
new branches and cater to retail customers, the bank officer
told Reuters.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                         *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: To Issue MYR-Denominated Five-Year Bonds
-------------------------------------------------------------
State Bank of India has concluded a stand-alone issuance of
MYR500 Mio Fixed Rate Bonds for a tenor of 5 years at a coupon
of 4.90%, a disclosure with the Bombay Stock Exchange says.

The Bonds will be issued on March 31, 2008.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                         *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA MOTORS: To Sell Stakes in Units to Finance Ford Deal
---------------------------------------------------------
Tata Motors Ltd. will sell its stakes in some of its units to
help finance the deal to buy Ford Motor Co.'s Jaguar and Land
Rover brands, Reuters reports, citing Tata Motors Chief
Financial Officer C. Ramakrishnan.

On Wednesday, Tata Motors and Ford announced that they entered
into a definitive agreement for the Indian company's acquisition
of the Jaguar and Land Rover units for approximately
US$2.3 billion.  The amount will be paid by Tata Motors to Ford
in cash upon closing of the transaction.  The transfer of
ownership is expected to close by the end of the next quarter,
subject to applicable regulatory approvals.

According to Mr. Ramakrishnan, Tata Motors is also reviewing an
undertaking, putting in place a disinvestment program and
unlocking value from some of its investments in various
subsidiaries, Reuters relates.  That plan is getting finalized,
he told Reuters.

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

The company plans to refinance the bridge finance through an
appropriate mix of equity and debt and disinvestment in
subsidiaries, Mr. Ramakrishnan added, Reuters reports.

                         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.


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

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

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

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

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

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

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


TATA TELESERVICES: Crosses 5 Mil. Subscriber Mark in March
----------------------------------------------------------
Tata Teleservices Maharashtra Ltd. has crossed the 5,000,000
subscriber mark during the month of March, the company said in a
filing with the Bombay Stock Exchange.

The company also disclosed that its special new offering -- the
Lifetime Go One recharge -- launched with a major new
advertising campaign, is attracting excellent traction in the
market.  The highly competitive tariffs offered with this
product have become a major draw for subscribers.

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

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




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


BANK MEGA: To Revise Business Target in June or July
-----------------------------------------------------
Bank Mega Tbk plans to revise its business target in June or
July this year, due to the negative effect of the world's
sluggish economy to Indonesia, Antara News reports citing Bank
Director Kostaman Thayib.

Mr. Thayib told the news agency that Indonesia's central bank
is giving the banking community "a chance to review their
business plans following the slowing of global economic activity
due to the financial crises in the United States, Europe and
Japan, which had started to affect the Asian region, including
Indonesia."

"We will try to maintain our 3008 credit target," Mr. Thayib was
quoted by Antara as saying.

                       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 took 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.

Fitch affirmed these ratings of PT Bank Mega Tbk:

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


CA INC: Appoints Michael Christenson as President
-------------------------------------------------
CA, Inc. has named Michael J. Christenson as its president.  He
continues as the company's chief operating officer and reports
to CA Chief Executive Officer John Swainson.

"Since being named as chief operating officer nearly two years
ago, Mike has overhauled CA's sales operations and established a
more dynamic and efficient organization, focusing on
establishing strong partnerships with our current and new
customers to drive revenue growth," said Swainson. "In addition,
Mike has led CA's efforts to significantly improve its technical
support, services, strategic alliances and training
capabilities."

As president and chief operating officer, Mr. Christenson
oversees CA's direct and indirect sales, CA Services, technical
support, business development and strategic alliances.

Mr. Christenson joined CA in February 2005 as executive vice
president for Strategy and Business Development.  In that role,
he led CA's acquisition program and its integration team in the
successful acquisition and integration of 15 companies with a
total investment of US$1.8 billion.  These acquisitions, which
included such companies as Concord Communications, Niku, and
Wily Technology, significantly strengthened CA's solution
portfolio and made CA a stronger technology partner for its
customers.  He was named CA's COO in April 2006.

Following a 23-year career as an investment banker, Mr.
Christenson retired from Citigroup Global Markets, Inc. in 2004.
Mr. Christenson earned a Bachelor of Arts degree in chemistry
from Rutgers University and a Master of Business Administration
degree in finance from The New York University Graduate School
of Business.

                          About CA Inc.

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

                          *     *     *

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

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

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


PT INCO: Plans US$212 Million Capex This Year
---------------------------------------------
PT International Nickel Indonesia Tbk plans to more than double
its capital spending to US$212 million this year to help fund
the Karebbe dam hydroelectric project in Sulawesi, Reuters
reports.

The company, the report says, spent US$102 million on capital
spending in 2007.

Indra Ginting, Inco director of investor relations and corporate
secretary, said they will use their internal cash flow to
finance company spending, Reuters relates.

The Karebbe dam, which will cost US$275-US$280 million, is
expected to provide an additional 90 megawatts of power per year
and boost production to about 200 million pounds of nickel in
matte annually, Reuters notes.

Reuters adds that the company plans to build a processing
facility in Sorowako to add another 48.5 million pounds of
nickel in matte annually using high pressure acid leach process.
The project is estimated to cost US$1.1 billion, the report
says.

"We have presented this project to the government but we haven't
been given the go ahead yet," Inco President Arif Siregar was
quoted by Reuters as saying.

Mita Valina Liem of Reuters writes that the company's target
production of nickel in matte in 2008 is 169.8-174.2 million
pounds per year.

                        About PT Inco

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi.  Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                         *     *     *

As of October 29, 2007, the company carried Standard and Poor's
Ratings Service's "BB-" long-term foreign and local issuer
credit ratings; and Fitch Rating's "BB" LT Issuer Default
rating.




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


EBRA CORP: S&P Revises Outlook to Negative From Stable
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
'BB+' long-term corporate credit rating on Ebara Corp. to
negative from stable, amid ongoing concerns over the recovery
of earnings in its environmental engineering business.  The
outlook change also reflects uncertainty surrounding whether the
company will turn around its environmental engineering business
and generate positive free cash flow.  At the same time,
Standard & Poor's affirmed its 'BB+' long-term corporate credit
and senior unsecured debt ratings on the company.

Ebara is an integrated environmental engineering service company
and Japan's largest pump manufacturer.  Its environmental
engineering segment's operating losses are forecast to increase
to JPY11.5 billion in fiscal 2007 (ending March 31, 2008), from
JPY7.4 billion in the previous year.  In addition, it posted
about JPY32 billion in extraordinary losses in the first half of
fiscal 2007, due primarily to provisions for losses on overseas
waste processing facility projects.  Ebara aims to achieve an
operating profit in its environmental engineering business in
fiscal 2009 by withdrawing from its waste-incineration business
in overseas markets and reducing fixed costs by reducing its
workforce.  Although these measures can be positively viewed, it
will be challenging for the company to recover and stabilize its
earnings over the next two to three years, given the severe
business environment.  The company is facing a weak domestic
market constrained by reductions in budgets for conventional
public works projects, and intensifying price competition.

Ebara's financial profile may weaken further in the next two to
three years, given its weak cash flow generation.  It remains
unclear whether the company will be able to generate positive
free cash flow without relying on asset sales.  The company's
debt-to-capital ratio declined to 55% as of March 31, 2006, as a
result of the conversion of convertible bonds to stock.

However, as of Dec. 31, 2007, the ratio increased to 62% and
could rise further over the next couple of years.

The ratings on Ebara could be lowered if concerns over its
deteriorating financial profile increase, due to the engineering
business failing to recover. On the other hand, the outlook may
be revised back to stable if the prospects of Ebara generating
positive free cash flow increase due to a recovery in earnings
in its engineering business, as well as in other segments.

                     About Ebra Corporation

Ebara Corp is a Japan-based manufacturing company.  It has four
business segments.  The Fluid Machinery and System segment is
engaged in the manufacture and sale of pumps, fans, compressors,
turbines, chillers and others, and the construction,
transportation and maintenance of power plants.  The Engineering
segment is involved in the construction, operation and
maintenance of environmental improvement devices, incinerators,
nuclear power related equipment, wastewater treatment and
others, as well as the supplement of energy.  The Precision
Machinery segment is involved in the production, sale and
maintenance of industrial equipment for vacuum pumps and
semiconductors.  The Others segment is involved in businesses
related research development and real estate management.
Headquartered in Tokyo, the Company has 112 subsidiaries and 21
associated companies.


ELPIDA MEMORY: Hitachi to Sell Stake & Exit From DRAM Business
--------------------------------------------------------------
Elpida Memory Inc.'s largest shareholder, Hitachi Ltd., has
contributed all of its shareholdings to a new retirement benefit
trust, paving the way for the sale of the entire 9.87% stake,
Jiji Press reports.  The trust is worth a total of JPY42.2
billion.

Hitachi Ltd. plans to sell the entrusted shares in the future
while keeping a close watch on market developments, relates Jiji
Press.

Kyodo News reports that Hitachi's move will effectively withdraw
the company from the dynamic random access memory chip business.

Elpida, Kyodo News says, was established in December 1999
through the integration of the DRAM units of Hitachi and NEC
Corp.  According to Jiji Press, the two parents halved their
stakes when Elpida went public in 2004.  Since then, both
Hitachi and NEC have been reducing their interest further.

Hitachi intends to withdraw from the DRAM business in fiscal
year 2008 but will continue transactions with Elpida after
dissolving its capital tie-up, Kyodo News says citing sources.

                       About Elpida Memory

Elpida Memory, Inc. is a Japan-based company principally engaged
in the development, design, manufacture and sale of
semiconductor products, with a focus on dynamic random access
memory (DRAM) silicon chips. The Company offers its DRAM
products to companies in the server, digital consumer
electronics, mobile phone, personal computer (PC) and foundry
markets. Elpida Memory has two domestic subsidiaries, which are
engaged in the manufacture of DRAM products, and five overseas
subsidiaries, which specialize in the sale of DRAM products to
the Company's overseas customers, in the United States, Europe,
Singapore, Taiwan and Hong Kong. Through its associated company,
Tera Probe, Inc., Elpida Memory is engaged in the wafer testing
process. Headquartered in Tokyo, the Company has seven
subsidiaries and one associated companies.

The Troubled Company Reporter-Asia Pacific reported on
December 10, 2007, that Standard & Poor's Rating Services
assigned a BB- for Elpida Memory Inc.'s long-term corporate
credit rating with a stable outlook reflecting the company's
heavy financial burden, which is required to make regular large
investments to maintain and improve its competitiveness.


HITACHI ZOSEN: Intends to Double Overseas Sales by 2011
-------------------------------------------------------
Hitachi Zosen Corp. plans to double overseas sales in three
years on demand for its plants, nuclear equipment and
incinerators in the Middle East, China and the U.S.,
Masumi Suga and Hiroshi Matsui of Bloomberg News relate.

Hitachi Zosen President Minoru Furukawa, in an interview with
Bloomberg, expressed that the company plans to "boost the level
of overseas sales" by the time Hitachi Zosen completes its mid-
term business plan in 2011.

Bloomberg relates that Hitachi Zosen is "aggressively" trying
to win orders for water plants in a global market which is
expected to grow at an annual rate of 10%.  Mr. Furukawa told
Bloomberg that "a lot of water plant projects are lined up in
the Middle East."

                        Overseas Expansion

Economic expansion and population growth in the Gulf nations is
driving demand for water projects that filter seawater for
drinking and sewerage use, Bloomberg relates.

Aside from a big market for its water plants in the Middle East,
Hitachi Zosen plans to increase their staff.

Mr. Furuka said that Hitachi Zosen also plans to expand in China
by selling garbage incinerators and water plants, Bloomberg
adds.  Furthermore, the company plans to sell more nuclear
fuel casks to the U.S. as the U.S. government calls for cleaner
energy, Bloomberg reports citing Mr. Furuka.

                        About Hitachi Zosen

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells
and maintains machinery and systems.  The company has five
business segments.  The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others.  The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures.  The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others.  The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines.  The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.

On October 18, 2007, the Troubled Company Reporter-Asia Pacific
reported that Japan Credit Rating Agency, Ltd., affirmed its
BB+ rating on the company's both senior debts and ability to pay
insurance claims.


MITSUBISHI MOTORS: Australian Plant Produces Last Batch of Cars
---------------------------------------------------------------
Mitsubishi Motors Corp.'s Australia assembly facility has
produced its last car before closing down, the Australian
Associated Press reports.

Earlier, Mitsubish blamed falling sales in Australia's large car
market and mounting debts for the shutdown of the assembly
facility and the end production of the 380 sedan.

The AAP relates that the last batch of 380 sedans came off the
production line on the morning of March 27 at the plant in
Adelaide's south.  Several hundred workers will finish up at the
Adelaide facility today, but others will stay on to officially
decommission the plant over the next few months, the AAP states.

                     About Mitsubishi Motors

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

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

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. lifted its
issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is
due to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


NIPPON PAPER: S&P Affirms 'BB+' LT Corporate Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
positive the outlook on its 'BB+' long-term corporate credit
ratings on Nippon Paper Group Inc. and its major subsidiary,
Nippon Paper Industries Co. Ltd.  At the same time, Standard &
Poor's affirmed its 'BB+' long-term corporate credit ratings on
Nippon Paper Group and Nippon Paper Industries, as well as the
'BBB-' rating on Nippon Paper Group's long-term senior unsecured
debt.

Standard & Poor's based this action on a deterioration in the
earnings environment due to soaring raw material and fuel costs,
which have slowed improvements in Nippon Paper's profitability
and cash flow generation despite product price increases and
ongoing investments to streamline operations.  These factors
have also increased the likelihood of a delay in the improvement
of the company's financial profile, specifically its
capital/liability structure, given its ongoing high-level
capital investments amid a severe earnings forecast.

Standard & Poor's had expected the profitability and cash flow
levels of the two companies to improve after they conducted
product price hikes in 2007, and following group company efforts
to improve efficiency by cost cutting.

However, the costs for the companies' primary raw materials of
crude oil, woodchips for pulp production, used paper, and coal
have been increasing at a faster-than-expected pace.  Raw
materials costs have continued to rise even after Nippon Paper
Industries successfully increased the prices of its core
printing paper products in July 2007.

Although the group has been promoting measures to boost
efficiency by restructuring its operating subsidiaries, forming
alliances with industry peers in printing paper and paperboard
products, and revamping its production systems, Standard &
Poor's expects there to be limited effects from these measures
in absorbing the current increase in raw materials costs because
it will take more than one year before the results of these
actions become apparent.

Standard & Poor's believes that it will be necessary for Nippon
Paper Industries to raise prices again at an early stage to
maintain profitability.  However, it is unclear if the company
will be able to successfully implement price hikes during fiscal
2008 (ending March 31, 2009) that will be able to absorb the
entire increase in raw material costs.  This is especially true
in view of the rapid deterioration in business confidence among
Japanese companies.  Furthermore, perceptions of an economic
slowdown in Japan and overseas have been solidifying while each
of the major Japanese paper companies has been building new
facilities.  Standard & Poor's considers this to be a negative
factor as it raises concerns over a weakening in the supply-
demand balance, and reduces the ability of paper companies to
successfully shift costs to product prices and therefore reduces
prospects for an increase in profitability.

Nippon Paper Group's liabilities have increased as the company
has invested a large amount of capital in renewing its core
production facilities.  In addition, Standard & Poor's believes
the company's capital investments will remain at a high level
for the next two to three years.  Conversely, the prospects for
profitability and cash flow levels to grow in fiscal 2008 have
receded, and the company's financial profile is unlikely to
improve smoothly for a minimum of one to two years.  The ratio
of funds from operations (FFO) to total debt deteriorated to 8%
as of Dec. 31, 2007, from 13.1% as of March 31, 2007.  Standard
& Poor's believes that by the end of fiscal 2007 (ending March
31, 2008) this ratio may have further decreased compared with
its fiscal 2006 level.  In addition, we expect the ratio of
total debt to total capital to increase slightly during fiscal
2007 from 61.1% at the end of fiscal 2006.

Standard & Poor's may consider revising the outlook or ratings
on Nippon Paper Group and Nippon Paper Industries downward if:

   -- The company's price hikes fail to substantially cover the
      soaring costs of fuel and raw materials;

   -- Profitability and cash flow levels decrease significantly;
      or

   -- Dependence on debt heightens due to the deterioration in
      the business environment in tandem with the start of
      operations at the paper companies' new facilities in 2009.

Conversely, Standard & Poor's may consider revising the outlook
or ratings on the companies upward if:

   -- The company's intended price increases for its core
      products, which are expected to be hammered out at an early
      date, spread to include other product types;

   -- The effect of the company's efforts to streamline
      investments and promote business tie-ups swiftly
      contributes to improving its profitability and cash flow
      generation; and

   -- Prospects for ongoing improvement in its capital/liability
      structure and cash flow-related indicators strengthen
      because of these efforts.

                        About Nippon Group

Nippon Paper Group, Inc. is a Japan-based holding company mainly
engaged in the paper manufacturing business. The Company is
active in four business segments.  Its Paper and Pulp segment
manufactures and sells foreign paper, paperboards and paper
pulp, as well as paper for household, newspaper and phone
directory use.  This segment is also involved in the import sale
and overseas sale of paper products.  The Paper-related segment
offers processed paper products, such as paper containers and
adhesive-related products, in addition to cardboards, chemical
products and others.  Its Wooden Material, Construction Material
and Civil Engineering-related segment is engaged in the purchase
and sale of wooden materials, the purchase, manufacture and sale
of construction materials and the civil engineering-related
business.  The Others segment is involved in the distribution
business, the manufacture and sale of soft drinks, the supply of
electrical power and the leisure business, among others.


TOKURA CONSTRUCTION: JCR Affirms BB+ Rating on Senior Debts
-----------------------------------------------------------
Japan Credit Rating Agency has affirmed its BB+ rating on senior
debts of Tokura Construction Co., Ltd., while revising rating
outlook from Stable to Negative.

Tokura Construction is a general contractor that has a foothold
in Aichi Prefecture.  The Company's operating profit for FY2007
through March 31, 2008 is expected to drop for the second time
in a row due to the lowered revenues from both engineering and
construction businesses and the lowered gross profit margin of
the engineering division.  The operating profit will drop to as
low as about a third of the peak profit (JPY1 billion recorded
for FY2003 through March 31, 2004) in or before FY2005 through
March 31, 2006 when earnings were swollen thanks to the real
estate sales.  The Company will further advance its cost
reductions such as reductions in personnel expenses for FY2008
ending March 31, 2009.  However, it is unlikely that the
earnings will improve rapidly, given the fact that the severe
environment with respect to order intake will remain intact.
Concerning the financials, the company will have to reduce
interest-bearing debt, disposing of the real estate holdings.
Besides, increase in net assets will be required of the company
continually.  JCR revised its rating outlook for the company,
taking into consideration the lowered earnings power and the
delayed improvement in the financials.  JCR will pay attention
to the future developments on the progress of cost reductions
and reduction in interest-bearing debt through asset sales.

Headquartered in Aichi Prefecture, Japan, Tokura Corporation --
http://www.tokura.co.jp/-- is a construction company.  The
Company is active in three business segments.  The Construction
segment is engaged in civil engineering work of rivers, dams and
ports, as well as the construction of complex housing,
commercial facilities, factories, individual housing, medical
and welfare facilities and shrines.  The Real Estate segment is
engaged in the real estate business along with its subsidiary.
The Others segment is involved in the sale of petroleum and
materials, the manufacture and sale of asphalt mixtures, the
sale of construction materials, the operation of funeral halls
and school meal centers, the insurance business, the leasing of
machinery and equipment, as well as the provision of building
management and security services.  As of March 31, 2007, the
Company had six consolidated subsidiaries, two non-consolidated
subsidiaries and five associated companies.




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


WOORI: Partners With MSGI Security for Manufacturing Contract
-------------------------------------------------------------
MSGI Security Solutions Inc. has entered into a US$40 million
contract with Woori Technology, Inc., to manufacture and supply
the U.S. Department of Defense with proprietary touch screen
systems.  Last year MSGI announced its intention to expand its
product offerings to include military grade Hi-Definition
display systems.  This new engagement is a direct result of
those previously disclosed efforts.

The proprietary military-grade touch screen systems are designed
and tailored for use in harsh environments, which include
airborne, naval and land based applications.  The products will
continue to operate under extreme temperatures, pressure and
humidity, and will be able to withstand significant shocks.

Woori Technology, which is listed on the KOSDAQ exchange in
Korea, has entered into a assignment and assumption agreement
with MSGI.  The component parts will be purchased by MSGI from
the Woori factory in Seoul, Korea and delivered to a new service
facility that MSGI and Woori plan to open in Northern
California.  This new service facility will provide assembly,
quality testing, systems integration and ultimate delivery of
the systems.  This first order is for US$39,784,500 representing
systems that are expected to be completed and shipped in 2008.
MSGI will be seeking traditional commercial banking
relationships to support the financial requirements of this new
contract.

Seon Bong Noh, President and CEO of Woori Technology commented,
"We are pleased to form this new alliance with MSGI Security
Solutions and we believe that this is the first of many new
collaborative opportunities.  MSGI has demonstrated proprietary
wireless expertise through its initial relationships in the area
of video surveillance and critical asset protection for the US
Department of Homeland Security and US Department of Justice and
we see this as a natural extension of their abilities and
resources."

Jeremy Barbera, Chairman and CEO of MSGI stated, "The company
has spent the last few months preparing and negotiating this new
engagement and is very pleased to see our efforts rewarded with
the successful execution of this contract.  Opening up a channel
with the US Department of Defense gives us the ability to
introduce our other wireless capabilities to military decision
makers and the formation of a facility in Northern California
expands our technological infrastructure considerably.  MSGI has
also been developing extensive covert surveillance capabilities
that it believes will be useful to the military as well as
federal and state drug enforcement agencies, and we plan on
announcing these new products shortly.  This assignment and
assumption agreement with Woori, a leader in innovative
technologies and the recipient of countless awards including the
Korean Presidential Commission award for new ventures,
materially changes the scope of our business.  The initial US$40
million order is expected to be completed this year, and we are
hopeful that the new line of military products and services will
increase in volume and scope with successful reports of live use
in the battlefield."

                About MSGI Security Solutions, Inc.

MSGI Security Solutions, Inc. is a leading international
provider of proprietary security solutions to commercial and
government organizations.  MSGI is developing a combination of
innovative emerging businesses that leverage information and
technology with a focus on encryption technologies for
actionable surveillance and intelligence monitoring.  The
company is headquartered in New York City where it serves the
needs of counter-terrorism, public safety, and law enforcement
in the United States, Europe, the Middle East and Asia.  More
information on MSGI is available on the company's Web site at
http://www.msgisecurity.com

                   About Woori Technology, Inc.

Headquartered in Seoul, Korea, Woori Technology Inc. --
http://www.wooritg.com/-- manufactures electronic equipment.
The company operates its business through information
communication and system divisions.  Its information
communication business division provides audio visual (AV)
receivers, set-top boxes (Stubs), board virtual machine
environment (VME), digital versatile disc (DVD) players and
other related products.  Its system business division offers
distributed control systems (DCS), monitoring devices used in
nuclear power plants and power management systems.  In addition,
the company provides robots used in home, cleaning and guiding.

Korea Ratings gave the company's KRW2.20 billion straight bond
private offering a B- rating with a stable outlook.


MAGNACHIP SEMI: Hires Dr. Ilia Ovsiannikov as SoC Engineering VP
----------------------------------------------------------------
MagnaChip Semiconductor, Ltd., hired Dr. Ilia Ovsiannikov as
Vice President of SoC Engineering in the Imaging Solutions
Division. Dr. Ovsiannikov will head MagnaChip's US R&D,
including its newly opened Image Signal Processing Advanced
Research Center located in Pasadena, California and design
center in Sunnyvale, CA.

Reporting to Robert Krakauer, President of MagnaChip, Dr.
Ovsiannikov will focus on development and delivery of next-
generation image enhancement and processing technologies and
architectures for CMOS image sensor customers in the various end
markets MagnaChip serves, including mobile phones, PCs, notebook
computers, and security applications.

"MagnaChip's imaging solutions business grew 144.5% from the
fourth quarter of 2006 to the fourth quarter of 2007. We are
pleased to announce that Dr. Ovsiannikov has joined MagnaChip,
as we continue to drive growth in our imaging solutions business
going forward.  In Dr. Ovsiannikov I have found both a
technology visionary and a results-oriented leader with a proven
track record in driving product development and realization.  I
expect that he will play a pivotal role as we work together to
drive our next-generation image sensors," said Mr. Krakauer.

Previously, Dr. Ovsiannikov worked at Micron, where his most
recent position was R&D manager and architect in Imaging.  He
has filed more than 20 patent applications in the areas of noise
reduction, camera functions, defect correction, contrast
enhancement, lens shading, and CMOS pixel technology, among
others. Prior to Micron, Dr. Ovsiannikov was a research
scientist at Rockwell Scientific and Photobit.  Dr. Ovsiannikov
received a BS, cum laude, in Computer Engineering from MIREA
Moscow State Technical University, as well as an MS and PhD in
Computer Science from the University of Southern California.

                   About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

   1) B1 rating of the US$100 million five-year senior secured
      credit revolver

   2) B2 rating of the US$500 million aggregate floating and
      fixed-rate second-priority senior secured notes due 2011

   3) Caa1 rating of the US$250 million senior subordinated notes
      due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.




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


APL: Reprimanded by Bursa for Breach of Listing Requirements
------------------------------------------------------------
APL Industries Berhad was publicly reprimanded by the Bursa
Malaysia Securities Berhad for breaching Paragraph 9.16(1)(a) of
its Listing Requirements.

The company failed to take into account the adjustments as
explained in its announcement dated October 31, 2007, regarding
its fourth quarterly report for the financial year ended
June 30, 2007.  APL had reported an audited loss after taxation
of MYR21.091 million in its annual audited accounts for the
financial year ended June 30, 2007, as compared to an unaudited
loss after taxation of MYR4.519 million in its fourth quarter
report ended June 30, 2007.  The increase in after taxation loss
of MYR16.572 million represents a variance of approximately
367%.

Thus, APL Industries is required to carry out a limited review
on its quarterly report.  The limited review must be performed
by the company's external auditors for four quarters.

Bursa Securities has also instituted enforcement action against
the company's directors for the breach and publicly reprimands
and imposes a fine on Dato' Seri Thai Kim Sim, Stanley and Datin
Seri Tan Bee Geok, Cheryl who have been appointed as the Chief
Executive Officer and Executive Director of APL respectively,
since February 15, 2005.  Dato' Seri Thai Kim Sim, Stanley was
subsequently appointed as Executive Chairman on December 14,
2007.

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

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




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


A.T. WATERS: Placed Under Voluntary Liquidation
-----------------------------------------------
A.T. Waters (1994) Ltd. commenced liquidation proceedings on
March 4, 2008.

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

The company's liquidator is:

           Kim S. Thompson
           PO Box 1027, Hamilton
           New Zealand
           Telephone:(07) 834 6813
           Facsimile:(07) 834 6104


DENNY: Weak Performance Spurs S&P to Give Negative Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Denny's Corp. to negative from stable.  S&P also revised the
ratings, including the 'B+' corporate credit rating, on the
Spartanburg, South Carolina-based company.

"The outlook revision reflects Denny's weaker-than-expected
operating performance that results in significant margin
deterioration," said Standard & Poor's credit analyst Diane
Shand.

The action also incorporates S&P's expectation that the current
negative trend is likely to continue throughout 2008 and margins
will remain pressured by increasing commodity costs.

                     About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain in the U.S., with 521
company-owned units and 1,024 franchised and licensed units,
with operations in the United States, Canada, Costa Rica,
Guam, Mexico, New Zealand and Puerto Rico.


DESIGN ZOO: Fixes May 4 as Last Day to File Claims
--------------------------------------------------
Design Zoo Wellington Ltd. requires its creditors to file their
proofs of debt by May 4, 2008, to be included in the company's
dividend distribution.

The company's liquidators are:

           John Howard Ross Fisk
           Craig Alexander Sanson
           c/o PricewaterhouseCoopers
           113-119 The Terrace
           PO Box 243, Wellington
           New Zealand
           Telephone: (04) 462 7000
           Facsimile: (04) 462 7492


DRYLAND FARMS: Wind-Up Petition Hearing Set for April 7
-------------------------------------------------------
A petition to have Dryland Farms Ltd.'s operations wound up will
be heard before the High Court of Hamilton on April 7, 2008, at
10:45 a.m.

Dryland Contracting Limited filed the petition on February 20,
2008.

Dryland Contracting's solicitor is:

           B. D. Gustafson
           Kensington Swan, Solicitors
           18 Viaduct Harbour Avenue
           Auckland
           New Zealand


EMERALD HOTELS: Wind-Up Petition Hearing Set for April 24
---------------------------------------------------------
A petition to have Emerald Hotels Gisborne Ltd.'s operations
wound up will be heard before the High Court of Auckland on
April 24, 2008, at 10:45 a.m.

Harmos Systems Limited filed the petition on October 4, 2007.

Harmos Systems' solicitor is:

           M. M. Edwards
           c/o Fortune Manning
           gen-i Tower, Level 12
           66 Wyndham Street
           PO Box 4139, Auckland
           New Zealand


MALONE CONTRACTING: Shareholders Opt to Liquidate Business
----------------------------------------------------------
Shareholders of Malone Contracting Ltd. met on March 3, 2008,
and resolved to liquidate the company's business.

Creditors are required to file their proofs of debt by April 7,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

           Brian Mayo-Smith
           Shaun Neil Adams
           c/o Paul Reddy
           BDO Spicers
           Rifleman Tower, Level 8
           120 Albert Street
           Auckland 1010
           New Zealand
           Telephone:(09) 379 2950
           Facsimile:(09) 303 2830
           e-mail: paul.reddy@akl.bdospicers.com


NEW ZEALAND PROTECTIVE: Undergoes Liquidation Proceedings
---------------------------------------------------------
New Zealand Protective Coatings Wellington Ltd. commenced
liquidation proceedings on March 3, 2008.

The company's liquidator is:

           Murray G. Allott
           111 Bealey Avenue
           PO Box 29432
           Christchurch 8540
           New Zealand
           Telephone:(03) 365 1028
           Facsimile:(03) 365 6400
           e-mail: murray@profitco.co.nz


T & A WHOLESALERS: Taps J. Meltzer & K. Mason as Liquidators
------------------------------------------------------------
Jeffrey Philip Meltzer and Karen Betty Mason were named
liquidators of T & A Wholesalers Ltd. on February 28, 2008.

Creditors are required to file their proofs of debt by May 5,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

           Jeffrey Philip Meltzer
           Karen Betty Mason
           c/o Meltzer Mason Heath
           Chartered Accountants
           PO Box 6302
           Wellesley Street
           Auckland 1141
           New Zealand
           Telephone: (09) 357 6150
           Facsimile: (09) 357 6152


TFP LTD.: Commences Liquidation Proceedings
-------------------------------------------
TFP Ltd. commenced liquidation proceedings on March 3, 2008.

Creditors are required to file their proofs of debt by April 30,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

           Stephen John Tubbs
           Colin Anthony Gower
           BDO Spicers
           Spicer House, Level 6
           148 Victoria Street
           Christchurch
           New Zealand
           Telephone:(03) 379 5155
           Facsimile:(03) 353 5526
           e-mail: michelle.bennett@chc.bdospicers.com


TUTAKI-HONA LTD: Fixes April 5 as Last Day to File Claims
---------------------------------------------------------
Creditors of Tutaki-Hona Ltd. are required to file their proofs
of debt by April 5, 2008, to be included in the company's
dividend distribution.

The company's liquidator is:

           Robert Laurie Merlo
           Merlo Burgess & Co. Limited
           PO Box 51486
           Pakuranga, Auckland
           New Zealand
           Telephone: (09) 520 7101
           Facsimile: (09) 529 1360
           e-mail: merloburgess@xtra.co.nz


WASH N SHOP: Court Appoints John Francis Managh as Liquidator
-------------------------------------------------------------
On February 18, 2008, the High Court of Wellington appointed
John Francis Managh as the liquidator of Wash N Shop Ltd.

The liquidator can be reached at:

           John Francis Managh
           50 Tennyson Street
           PO Box 1022, Napier
           New Zealand
           Telephone/Facsimile: (06) 835 6280




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


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

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

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

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

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

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

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




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


RED HAT: LatAm Online Retailer Migrates to Red Hat & JBoss
----------------------------------------------------------
Red Hat has disclosed that deRemate.com, an online trade
community with presence in Argentina, Chile, Colombia and
Mexico, has migrated to Red Hat and JBoss solutions to create an
in-house-controlled portal to enable the payment of purchases
completed through the company's online retail sites throughout
the region.  Using Red Hat Enterprise Linux and JBoss Enterprise
Application Platform on Dell PowerEdge hardware, the company has
achieved cost savings, reliability, ease of implementation and
scalability.

Formerly relying on a third party for services, deRemate.com
decided to search for a cost-effective and reliable solution
that could provide flexibility and reliable support in
developing its in-house portal.  It ultimately selected Red Hat
Enterprise Linux and JBoss Enterprise Application Platform for
the solutions' customizable flexibility and low costs.  "In our
initial research, we examined competitive solutions in the
industry according to their performance, reliability,
scalability and economic benefits.  We determined that the
leading solutions delivered by Red Hat and JBoss were the best
fit in terms of this criteria," said Alfredo Yung, CTO at
deRemate.com.  "We are happy with our decision to implement Red
Hat and JBoss solutions because we believe that we'll have the
best, most cost-effective solution available."

With Red Hat and JBoss solutions, deRemate.com created a new
architecture for its transactional sites and in June 2007,
deRemate.com introduced DePagos.com, a payment platform that
allows any user, individual or company to receive or send online
payments in a safe, fast and secure way, only using an email
address.  The solution, currently only in operation in Argentina
and Chile, is expected to be rolled out in Colombia and Mexico
in the near future.  In Argentina, DePagos.com has achieved
significant cost savings, enjoyed its new solution's
transparency and benefited from reduced use of resources,
requiring only 10-15 people within its organization for the
development, operation and testing phases of its implementation.

"Our experience with our new combined Red Hat and JBoss solution
and the related support has been excellent.  We're happy to be
dealing with products with an established presence in the
market, with a large community of developers backing them up and
with the support of well-known organizations," said Mr. Yung.
"Our new solution has larger potential than we're even using so
far, so we'll later see what other business opportunities arise
from our new platform, and how our business will evolve as a
result."

Headquartered in Raleigh, North Carolina Red Hat, Inc.
-- http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.  The
company has offices in Singapore, Germany, and Argentina, among
others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services revised its
outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


SEA CONTAINERS: Asks Court to Reject US$2BB in Duplicate Claims
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to disallow and
expunge 13 claims, pursuant to Sections 105 and 502(b) of the
U.S. Bankruptcy Code and Rule 3007-1 of the Local Rules of
Bankruptcy Practice.

                          Amended Claim

Upon review of their books, the Debtors found that Claim No.
118, which was asserted by Neoglobo E Represantacoes LDA for
US$448, has been amended and superseded by subsequently-filed
Claim No. 146.  The Debtors note that Claim No. 146, which was
asserted by Neoglobo for US$1,020, remain the claimant's sole
claim against the Debtors' bankruptcy estates.

                        Duplicate Claims

The Debtors also ask the Court to expunge 10 noteholder claims
because they are duplicative of the claims filed by indenture
trustee, HSBC Bank USA, National Association, pursuant to
certain indentures.  Under the Indentures and Rule 3003(c)(5) of
the Federal Rules of Bankruptcy Procedure, HSBC is authorized to
file proofs of claim on behalf of all holders of senior notes
issued by Sea Containers Ltd.

The Duplicate Noteholders Claims are:

                        Duplicate     Surviving         Surviving
Claimant               Claim No.     Claim No.      Claim Amount
--------               ---------     ---------      ------------
Felicia Herscovici         10            58       US$151,715,468
Revocable Trust

Fountain Capital          133            59          121,181,250
Management LLC

Gardner, Jacob              4            59          121,181,250

Halan, Mark                51            60          107,506,250

Jones Ten/Com, Louis        7            59          121,181,250
M & Mary Elizabeth

Rehner, Leonard            23            59          121,181,250

Reynolds, David F.         17            58          151,715,468

Reynolds, David F.         28            60          107,506,250

Reynolds, David F.         29            58          151,715,468

Weisbrich, Klaus          114            61        1,174,935,750

                  Improperly Registered Claims

The Debtors object to Claim No. 143, asserted by Rene K. Griffin
for US$10,672, and Claim No. 144, asserted by Frank A. Stasko
for US$4,472, because the claims indicate that they were
intended to be filed against All American Semiconductor, Inc., a
wholly separate debtor entity, which has no relation whatsoever
to the Debtors.   The Debtors, hence, ask the Court to expunge
the claims from the claims register.

                       About Sea Containers

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

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

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

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

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

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


STATS: Appoints Hal Lasky as Executive VP & Chief Sales Officer
---------------------------------------------------------------
STATS ChipPAC Ltd. appointed Hal Lasky as Executive Vice
President and Chief Sales Officer for the Company effective
March 27, 2008.

Mr. Lasky will report directly to Tan Lay Koon, STATS ChipPAC's
President and Chief Executive Officer, and will have overall
responsibility for the company's worldwide sales and product
line management organization.  He will provide the leadership on
the Company's business, customer and product strategy.  Mr.
Lasky will be based in the United States.

"Hal is a world class executive with proven leadership and
achievements in managing large scale global sales and product
line organizations in the semiconductor industry.  I am
delighted that a person of Hal's caliber has agreed to join our
senior management team to help take STATS ChipPAC to the next
level of success," said Tan Lay Koon, President and Chief
Executive Officer, STATS ChipPAC.

"STATS ChipPAC is well positioned in the outsourced assembly and
test industry with a strong customer franchise, leading
technology portfolio and a strategic geographic footprint," said
Lasky.  "I am impressed with the success of STATS ChipPAC since
its formation in August 2004, and look forward to contributing
to its future success."

Before joining STATS ChipPAC, Mr. Lasky spent 24 years at IBM
Corporation where he held a number of key leadership positions,
most recently as Vice President of Worldwide Semiconductor Sales
for IBM's Global Engineering Solutions group with responsibility
for IBM's worldwide semiconductor revenue, sales strategy and
strategic relationships with clients in the consumer,
communications and IT markets.  Before that, he held various
senior management positions in IBM's Systems and Technology
Group, Microelectronics Business Line and Interconnect Products
Business Line.

Mr. Lasky holds a Bachelor of Science degree in Ceramic
Engineering from Rutgers University and a Master's degree in
Materials Science and Engineering from Columbia University.  He
is also a graduate of the IBM Client Executive Program at
Harvard Business School.

                     About STATS ChipPAC Ltd.

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

                         *     *     *

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




* Moody's Puts Negative Outlook on Asia Utilities' Acquisitions
---------------------------------------------------------------
A growing number of debt-funded acquisitions combined with heavy
capex requirements among rated utilities companies have played
key roles in Moody's Investors Service's negative outlook for
the Asian utilities sector over the next 12-18 months, says a
newly-released report from the rating agency.

The report also cites margin pressure on issuers from higher
fuel costs and the lack of automatic mechanisms for passing on
rising costs to end users as additional explanations for the
outlook.

"These pressures have been the main reasons for our taking
negative rating actions with respect to 6 of Asia's 18 rated
power utilities in the past 12 months," says Jennifer Wong, the
report's co-author and a Moody's analyst.

"However, Moody's does not expect additional, dramatic rating
changes because the sector continues to show a number of
supporting factors," says Wong.

These supporting factors include strong levels of government
ownership, supportive regulatory environments, protected market
positions, sustainable growth in electricity demand, and a
commitment to improving operating efficiencies, says the report.

It also states that many rated issuers exhibit strong financial
profiles with most Asian power utilities facing only limited
refinancing risk, even in the current tightening credit
environment.

"The sector's relatively good corporate liquidity stems partly
from strong governmental support and ownership, which facilitate
the utilities' access to domestic and international capital
markets," says Ken Chan, a Moody's analyst and co-author of the
report.

He adds, "The financial profiles of Asian utilities compare well
against those of their global investment-grade peers. Although
utilities in the US typically operate in more transparent and
tested regulatory environments, Asian utilities have stronger
credit ratios, supported by sustainable growth in electricity
demand."

Sectoral reform in Asia has occurred only gradually though it
has shown some progress over the past 12 months.  Nevertheless,
the rated utilities will continue to command dominant positions
in their industries, not least because in order to ensure stable
supplies, regulators have implemented reforms prudently and
thereby minimized any negative impact on the utilities' credit
profiles.

The report, entitled, "Asian Power Utilities Sector Outlook", is
available at http://www.moodys.com


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker    (US$MM)    (US$MM)
-------                        ------     ------   ------------

AUSTRALIA

Advance Healthcare Group Ltd      AHG      15.65       -6.78
Allstate Exploration NL           ALX      18.20      -42.75
Austar United Communications
   Limited                         AUN     411.16      -43.72
Biron Apparel Ltd                 BIC      19.71       -2.22
Emperor Mines Limited             EMP     138.99      -50.63
Hutchison Telecommunications
   (Aust) Ltd.                     HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.25      -10.88
KH Foods Ltd                      KHF      38.40       -6.79
Renison Consolidated Mines NL     RSN      38.83       -3.94
Tooth & Co. Ltd.                  TTH     120.47      -87.64
ViaGOLD Capital Limited           VIA      15.49       -3.11


CHINA AND HONG KONG

Asia TeleMedia Limited            376      16.97       -7.53
Baiyin Copper Commercial Bldg.
   (Group) Co.                  000672      24.47       -2.40
Beiya Industrial (Group)
   Co., Ltd                     600705     462.13      -20.57
Brilliant Arts Multi-Media
   Holding Ltd                    8130      11.62       -2.32
Cangzhou Chemical Industrial
   Co.Ltd                       600722     379.30       -2.89
Chang Ling (Group) Co., Ltd.   000561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.              121     316.12       -8.92
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning Int. Co-op
   Hldgs. Co. Ltd.              000638      15.43       -5.70
Chongqing Changjiang River
   Water Transpt.               600369      98.87       -0.06
Chongqing Int'l Enterprise
   Investment Co.               000736      19.88      -15.67
Datasys Technology
   Holdings Ltd                   8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                     600691      34.19       -2.90
Dynamic Global Holdings
   Limited                         231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited                8019      14.19       -0.02
Ever Fortune Intl.
   Hldgs. Limited                  875      14.41       -4.03
Far East Golden Resources
   Group Limited                  1188      46.98      -14.92
Fujian Changyuan Investment
   Co., Ltd.                    000592      24.20      -19.62
Fujian Start Computer
   Group Co.Ltd                 600734     114.76      -16.98
Guangdong Meiya Group
   Co., Ltd.                    000529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co., Ltd.                    000557      48.71      -59.63
Guangzhou Oriental
   Baolong Automotive Co        600988      15.78      -11.11
Guangdong Hualong Groups
   Co., Ltd                     600242      15.23      -46.94
Hainan Dadonghai Tourism
   Centre Co., Ltd              000613      18.34       -8.39
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                     600187     113.45      -74.67
Hisense Kelon Electrical
   Hldngs Co., Ltd                 921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.         600892      17.12       -0.39
Hunan Genuine New Material
   Group Co.,Ltd                000156      77.57      -77.92
Innovo Leisure Recreation
   Holdings Ltd.                   703      13.40       -4.50
Jiangsu Chinese Online
   Logistics Co. Ltd.           000805      13.75      -32.33
Junefield Department Store
   Group Ltd.                      758      12.93       -5.39
Lan Bao Technology Information
   Co.,Ltd.                     000631     110.90      -78.89
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial
   Dev (Group)                  600139      23.90      -15.65
New City China Development Ltd    456     253.47      -25.03
Orient Power Holdings Ltd.        615     176.86      -64.20
Paladin Ltd.                      495     167.43       -6.23
Plus Holdings Ltd.               1013      18.52       -3.34
Regal Real Estate
   Investment Trust               1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                       000403     218.51       -3.48
Shanghai Worldbest
   Pharmaceutical Co.Ltd        600656      66.75      -13.42
Shanghai Xingye Housing
   Co.,Ltd                      600603      16.23      -49.40
Shenyang Hejin Holding
   Co., Ltd.                    000633     103.86       -3.16
Shenzhen China Bicycle
   Co., (Hlds) Ltd.             000017      34.21     -238.76
Shenzhen Dawncom Business
   Tech & Service               000863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                    000048     112.05      -15.98
Shenzhen Shenxin Taifeng
   Group Co.,Ltd.               000034      69.92      -53.39
Si Chuan Direction
   Photoelectricity Co.         000757     128.55     -102.62
Stellar Megaunion Corporation  000892      54.3      -152.43
Success Information Industry
   Group Co.                    000517      77.23      -17.78
SunCorp Technologies Limited     1063      75.28       -5.03
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading             600084     372.80      -50.59
Taiyuan Tianlong Group Co.
   Ltd                          600234      19.47      -89.51
The First Investment &
   Merchant Co, Ltd             600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                      600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                     600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                     600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Yueyang Hengli Air-Cooling
   Equipment Inc.               000622      40.61      -17.21
Yun Sky Chemical (Int)
   Hldg. Ltd                       663      29.31       -1.13
Zarva Technology (Group)
   Co., Ltd.                    000688      25.83     -175.37



INDIA

Andrew Yule & Co. Ltd             ANY      81.41      -30.90
Artson Engr.                      ART      10.31       -0.71
Ashima Ltd.                      ASHM      96.57      -42.59
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
   Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     185.37     -241.91
Dish TV India Limited            DITV     239.48      -12.62
Elque Polyesters                 ELQP      13.04      -22.66
Ganesh Benzoplst                  GBP      82.16      -38.25
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Himachal Futuris                 HMFC     603.36      -13.34
IFB Inds Ltd.                    IFBI      40.50      -70.82
JCT Electronics Ltd.             JCTE     117.60      -50.17
Jenson & Nic Ltd                   JN      14.81      -81.79
JK Synthetics Ltd                 JKS      17.99       -2.61
JOG Engineering                   VMJ      50.08      -10.08
Kalyanpur Cement                 KCEM      38.11      -48.48
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      96.32      -82.81
Modi Rubber Ltd                   MDR      39.76      -24.30
Mysore Cements                    MYC      82.02      -14.57
Panyam Cements                    PYC      17.18      -18.32
Parekh Platinum                  PKPL      59.66      -75.55
Remi Metals Gujarat Ltd.          RMM      45.06      -51.10
Rollatainers Ltd                  RLT      20.68       -3.88
RPG Cables Ltdd                  NRPG      55.40       -3.10
Sandur Manganese & Iron
   Ores Ltd.                      SMIO      32.57       -2.61
Shree Rama Multi Tech Ltd.      NSRMT      71.22      -29.91
Sil Businesse Enterprises Ltd.   SILB      12.46      -19.96
Surat Textile Mills Ltd.         GCTY      15.97       -8.85
Tata Teleservices (Maharashtra)
   Limited                       NTTLS     657.28      -73.89
TVS Electronics                 TVSEL      30.73       -1.57
UB Engineering                   UBE       31.43       -2.86
Usha (India) Ltd.             USHAIN      12.06       -54.51


INDONESIA

Ades Waters Indonesia Tbk        ADES      25.94      -24.09
Argo Pantes Tbk                  ARGO     217.96      -15.70
Eratex Djaja Ltd. Tbk            ERTX      34.14       -2.09
Jakarta Kyoei Steel Works Tbk    JKSW      29.30      -39.32
Primarindo Asia Infrastructure
   Tbk                            BIMA      11.56      -22.57
Sekar Bumi Tbk                   SKBM      21.01       -1.76
Steady Safe Tbk                  SAFE      17.60       -6.99
Teijin Indonesia Fiber
   Corp. Tbk                      TFCO     279.56      -10.58
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      17.77      -18.88


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Heiwa Okuda Co., Ltd             1790      82.68       -6.66
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Trustex Holdings, Inc.           9374     102.84       -7.81

KOREA

Cosmos PLC Co., Ltd            053170      19.31       -4.95
DaiShin Information &
   Communication Co.             20180     740.50     -158.45
E-Rae Electronics Industry
   Co., Ltd                      45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      35.66       -0.66
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.      000420      77.37       -4.76
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45

MALAYSIA

Harvest Court Industries  Bhd     HAR      10.81       -5.62
Lityan Holdings Berhad            LIT      23.34      -26.55
Mangium Industries Bhd           MANG      14.36      -18.73
Megan Media Holdings Berhad      MMHB      40.91     -248.31
PanGlobal Berhad                  PGL     178.78     -171.24
Paxelent Corp                    PAXE      15.68       -3.47
Sunway Infrastructure Berhad      SIB     399.84      -10.08
TAP Resources Bhd                 TAP      13.05       -1.33
Techventure Bhd                  TECH      37.38      -11.21
Tenggara Oil Bhd                 TENG      12.87       -0.34
Wembley Industries
   Holdings Bhd                    WMY     125.80     -283.68

PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.                AT      61.14      -16.74
Benguet Corp.                      BC      55.45      -44.94
Central Azucarera de Tarlac       CAT      35.74       -1.80
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      18.68      -10.86
Mariwasa Manufacturing, Inc.      MMI      71.98       -0.78
Prime Orion Philippines Inc.     POPI      99.69      -82.12
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      62.99      -38.58
Victorias Milling Company Inc.    VMC     175.01      -38.64


SINGAPORE

Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     172.80       -3.04
HLG Enterprise                   HLGE     123.41       -7.36
Informatics Holdings Ltd         INFO      20.42      -11.65
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
L&M Group Inv                     LNM      56.91      -10.59
Pacific Century Regional          PAC      56.00      -32.80


TAIWAN

CIS Technology Inc.              2326      33.74      -18.91
Pacco Tech Co Ltd                5510      16.01       -7.00
Protop Technology Co., Ltd.      2410      55.69      -13.46
Yeu Tyan Machine                 8702      39.57     -271.07

THAILAND

Bangkok Rubber PCL                BRC      89.62      -81.26
Bangkok Steel Industry
   Public Co. Ltd                  BSI     378.66     -120.56
Central Paper Industry PCL      CPICO      13.25     -241.78
Circuit Electronic
   Industries PCL               CIRKIT      21.90      -75.21
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                   POMPUI      18.78      -14.07
Living Land Capital PCL            LL      10.65       -3.16
Quality Construction
   Products PCL                   QCON      76.13     -293.83
Safari World Public Company
   Limited                      SAFARI     107.75       -1.98
Sahamitr Pressure Container
   Public Co. Ltd.                SMPC      27.26      -34.59
Siam General Factoring PCL        SGF      30.84       -5.36
Sri Thai Food & Beverage Public
   Company Ltd                     SRI      18.29      -43.37
Thai-Denmark PCL                DMARK      19.57       -3.02


                          *********

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

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

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


                             *********


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

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

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

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

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





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