TCRAP_Public/080331.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

             Monday, March 31, 2008, Vol. 11, No. 63

                             Headlines

A U S T R A L I A

ABC LEARNING: Close to "Breaching" Debt Covenant, Analysts Say
ART PROMOTIONS: Inability to Pay Debts Prompts Wind-Up
CENTRO PROPERTIES: In Talks With Lenders to Extend Debt Payment
CENTRO PROPERTIES: Centro Retail No Longer Guarantees Bonds
CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs

CRAIG MOORE: Liquidator to Give Wind-Up Report on April 9
ERAKOR PTY: Members and Creditors Receive Wind-Up Report
GLOBAL FINANCE: To Declare Dividend on May 2
JETSPEED MOTORSPORT: Placed Under Voluntary Liquidation
METSO MINERALS: Members to Receive Wind-Up Report on April 4

SILVERADO MINING: Commences Liquidation Proceedings
ST. GEORGE BANK: S&P Rates AU$1 Million Class E Notes at B


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

ANGLO IRISH: Commences Liquidation Proceedings
BELTON COMPONENTS: Creditors' Proofs of Debt Due April 21
CAPHALL TRADING: Commences Liquidation Proceedings
CIRCUS HOLDINGS: Commences Liquidation Proceedings
GOOD FINANCE: Creditors' Proofs of Debt Due April 21

HAPPY VIEW: Creditors' Proofs of Debt Due April 21
NITTA CORPORATION: Creditors' Proofs of Debt Due April 21
MINJEW TRADING: Commences Liquidation Proceedings


I N D I A

AES CORP: Ned Hall to Lead Wind Generation Business
HDFC BANK: RBI Approves Preferential Issue of Warrants
QUEBECOR WORLD: Seeks Authority to Assume Various Contracts
QUEBECOR WORLD: Wants to Pay US$3,175,111 in Sales Commissions
QUEBECOR WORLD: Panel Taps Kurtzman as Communications Agent

TATA MOTORS: May First Offload Shares in Tata Steel


I N D O N E S I A

BANK INTERNASIONAL: S&P Places All Ratings on CreditWatch
BANK RAKYAT INDONESIA: 2007 Net Profit Up 13.6% to IDR4.84 Tril.
INDOSAT: Forecast to Raise Net Profits on Subscriber Growth
MEDIA NUSANTARA: Discloses Preliminary Results of Tender Offer
PERUSAHAAN LISTRIK: 4Q Net Profit Falls 17.7% to IDR269.5 Bil.


J A P A N

ATARI: Non-Compliance With Nasdaq Rules Cues Stocks Delisting
DELPHI: Moody's Lifts Rating on New Second Lien Loan to 'B2'
GAP INC: Declares Quarterly Cash Dividend of US$0.085 Per Share
MITSUBISHI MOTORS: Will Move EU-bound SUV Production to NedCar
SAPPORO HOLDINGS: Shareholders Vote to Retain Defense Measures

XM: Refinancing Risks Cue S&P to Hold Developing Watch


K O R E A

C&M CO: Moody's Downgrades Corporate Family Rating to B1
C&M FINANCE: Moody's Downgrades Sr. Unsecured Bond Rating to B1
HYNIX SEMICONDUCTOR: Loses Antitrust & Fraud Case to Rambus


M A L A Y S I A

MALAYSIAN AIRLINE: Air Maldives Files US$43 Mil. Counterclaim
MANGIUM INDUSTRIES: Unit Fails to Pay MYR38.48MM to Lenders
MAYBANK: Moody's Affirms 'C' Bank Financial Strength Rating
SOLUTIA INC: Settlement With GE Betz Gets Court Approval
SOLUTIA : Several Parties Disclose Ownership of Company Shares

UBG BERHAD: Due Diligence Period Extended Until April 11
WWE HOLDINGS: Two Board Directors Retire
WWE HOLDINGS: Shareholders Approve All Resolutions at AGM


N E W  Z E A L A N D

AREESBE PROPERTY: Appoints John David Naylor as Liquidator
CASPER FREIGHT: Wind-Up Petition Hearing Set for April 18
CLEAR CHANNEL: Fitch to Keep 'BB-' Ratings if Sale Is Canceled
CLEAR CHANNEL: S&P Keeps Negative Watch Posting on 'B+' Rating
CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says

E CUBED ENGINEERING: Commences Liquidation Proceedings
GRAHAM INVESTMENTS: Taps Dring and Jansen as Liquidators
GYPSY EVENT: Fixes April 6 as Last Day to File Claims
IRON MOUNTAIN: Moody's Lifts Rating to B1 on Strong Performance
MCBEAU HOLDINGS: Faces CIR's Wind-Up Petition

R J MANUFACTURING: Wind-Up Petition Hearing Set for June 4
THAI KITCHEN (NEW LYNN): Subject to CIR's Wind-Up Petition
TREALLUS LTD.: Shareholders Opt to Wind Up Operations
VICTORIA CORPORATE: Undergoes Liquidation Proceedings


P H I L I P P I N E S

SAN MIGUEL: Postpones Listing of Brewery Unit to May 12


S I N G A P O R E

B.K.B. ENGINEERING: Court to Hear Wind-Up Petition on April 4
EROAD INTERNATIONAL: Creditors' Proofs of Debt Due April 4
ISO?BUILD CORPORATION: Court to Hear Wind-Up Petition on April 4
MEGAVISA SOLUTIONS: Requires Creditors to File Claims by April 3


                          - - - - -


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


ABC LEARNING: Close to "Breaching" Debt Covenant, Analysts Say
--------------------------------------------------------------
ABC Learning Centres, according to some analysts, might have
come close to "breaching" a debt agreement, according to Liam
Walsh and Josh Robertson of The Herald Sun.

According to the report, speculations about whether ABC had
remained within debt obligations was a factor which helped drive
down its stock last month.

ABC issued an update to dispel speculation of breaching debt
covenants, states The Herald.

However, some analysts had found the profit result confusing.
Citigroup analysts said one funding-ratio covenant appeared to
have been breached but ABC might have calculated to keep it
within agreements, relates The Herald.

The report notes that ABC co-founder Eddy Groves criticized
Citigroup's research report saying, "We're fine with our banks."

Yet another set of analysts from Patersons last week stated,
"Our calculations, although using loose assumptions on operating
lease expenditure . . . reveal that the company was close to
breaching their (funding ratio) debt covenant," according to The
Herald.

The Herald relates that ABC declined to comment on Patersons'
report while reaffirming past debt statements.

                     About ABC Learning

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

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

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

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


ART PROMOTIONS: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
During a general meeting held on February 22, 2008, members of
Art Promotions Pty. Ltd. resolved to voluntarily wind up the
company's operations due to its inability to pay its debts.

The company's liquidators are:

           Charles Francis
           Michael Joseph Ryan
           c/o Taylor Woodings Chartered Accountants
           30 The Esplanade, Level 6
           Perth, Western Australia 6000
           Australia

                        About Art Promotions

Art Promotions Pty. Ltd. operates advertising agencies.  The
company is located at Gosford, in New South Wales, Australia.


CENTRO PROPERTIES: In Talks With Lenders to Extend Debt Payment
---------------------------------------------------------------
Centro Properties Group denies reports that its Australian
lenders have agreed to extend a refinancing deadline to help the
firm avoid a fire sale of assets, reports Victoria Thieberger of
Reuters.

Carolyn Cummins of The Sydney Morning Herald wrote that
financiers of Centro have given its directors a six-month
reprieve to repay its AU$4.2 billion debt, but have made it
clear that the refinancing must be completed on their terms.

A Centro spokesman told Reuters that no such agreement has been
reached, although the banks are working on an extension.

In an emailed statement to Laura Cochrane of Bloomberg News,
Centro spokesman, Jim Kelly, said that Centro is negotiating
with Australian bankers to extend the due date by five months
until September 30.

Bloomberg notes that Centro's lenders include Commonwealth Bank
of Australia, Australia & New Zealand Banking Grouop Ltd.,
National Australia Bank Ltd., JPMorgan Chase & Co., Royal Bank
of Scotland Group Plc and BNP Paribas.

According to Reuters, the company insider it interviewed said
Centro was pleased with the positive comments reported by bank
representatives, which reinforced Centro's belief that its
underlying business was sound.

                     About Centro Properties

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

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

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


CENTRO PROPERTIES: Centro Retail No Longer Guarantees Bonds
-----------------------------------------------------------
Laura Cochrane of Bloomberg News relates that in a statement to
the Australian Stock Exchange, Centro Retail Group said it no
longer has to guarantee bonds totaling US$450 million sold by
Centro Properties Group after the companies met a deadline on
March 31 to provide "necessary documentation" to the U.S.
holders of the notes.

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

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

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


CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs
----------------------------------------------------------------
Some recent reports suggested that Chrysler LLc's Friends
Program discounts on purchases of new Chrysler, Jeep(R), or
Dodge vehicles had been discontinued.

Chrysler employees can still help an immediate family member or
a friend get a great deal on a new Chrysler, Jeep(R), or Dodge
vehicle. U.S. employees can enable 6 vehicle purchase or lease
discounts (at 1% below dealer invoice) for extended family and
friends.  This is in addition to the 6 vehicle purchase or lease
discounts for the employees, retirees and their eligible family
members -- a total of 12 discounts on most new Chrysler, Jeep &
Dodge vehicles.  All 12 discounts provide major savings and
include relevant incentives in effect.

The recent news coverage on these employee programs was
misleading in that it made people think that the Friends Program
was eliminated.  The program continues for employees and
retirees.   Only The Employee Choice program has been cancelled
which ended Jan. 2, 2008 -- all other Chrysler LLC employee
purchase programs remain in effect.

With all the Chrysler Employee Advantage programs, employees
have the ability to be true product and sales ambassadors for
the company.  Employees can continue to drive Chrysler sales by
encouraging their friends, family, neighbors and acquaintances
to buy or lease a new Chrysler product.  Now is the time to get
great deals with affordable financing or lease payments with 0%
APR financing for 60 months available on most 2008 models.

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

                          *     *     *

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


CRAIG MOORE: Liquidator to Give Wind-Up Report on April 9
---------------------------------------------------------
Craig Moore Engineering Pty. Ltd. will hold a joint meeting for
its members and creditors at 11:00 a.m. on April 9, 2008.  At
the meeting, the company's liquidator, Gerald T. Collins
at PKF Chartered Accountants & Business Advisers, will provide
the attendees with property disposal and winding-up reports.

The liquidator can be reached at:

           Gerald T. Collins
           PKF Chartered Accountants & Business Advisers
           10 Eagle Street, Level 6
           Brisbane, Queensland 4000
           Australia

                         About Craig Moore

Craig Moore Engineering Pty. Ltd. is a distributor of primary
metal products.  The company is located at Murarrie, in
Queensland, Australia.


ERAKOR PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
Erakor Pty. Ltd. held a joint meeting for its members and
creditors on March 26, 2008.  During the meeting, the company's
liquidator, Ivor Worrell at Worrells Solvency & Forensic
Accountants, provided the attendees with property disposal and
winding-up reports.

The liquidator can be reached at:

           Ivor Worrell
           Worrells Solvency & Forensic Accountants
           102 Adelaide Street, 8th Floor
           Brisbane, Queensland 4000
           Australia
           Telephone:(07) 3225 4334
           Facsimile:(07) 3225 4311
           Web site: http://www.worrells.net.au

                         About Erakor Pty.

Located at Runaway Bay, in Queensland, Australia, Erakor Pty.
Ltd. is an investor relation company.


GLOBAL FINANCE: To Declare Dividend on May 2
--------------------------------------------
Global Finance Group Pty. Ltd., which is in liquidation, will
declare first and final dividend for its unsecured creditors on
May 2, 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:

           Simon Read
           McGrathNicol
           5 Mill Street, Level 1
           Perth, Western Australia 6000
           Australia
           Web site: http://www.mcgrathnicol.com

                        About Global Finance

Global Finance Group Pty. Ltd. provides management consulting
services.  The company is located at Noranda, in Western
Australia, Australia.


JETSPEED MOTORSPORT: Placed Under Voluntary Liquidation
-------------------------------------------------------
Jetspeed Motorsport (Qld) Pty. Ltd.'s members agreed on Feb. 13,
2008, to voluntarily liquidate the company's business.  The
company has appointed David Michael Stimpson and Terry John Rose
to facilitate the sale of its assets.

The liquidators can be reached at:

           David Michael Stimpson
           Terry John Rose
           c/o SV Partners
           Australia
           Web site: http://www.svpartners.com.au

                     About Jetspeed Motorsport

Jetspeed Motorsport (Qld.) Pty. Ltd. is a distributor of
sporting and recreational goods and supplies.  The company is
located at Slacks Creek, in Queensland, Australia.


METSO MINERALS: Members to Receive Wind-Up Report on April 4
------------------------------------------------------------
Shaun Fraser, Metso Minerals (Pyrotherm) Pty. Ltd.'s appointed
estate liquidator, will meet with the company's members on
April 4, 2008, at 10:00 a.m., to provide them with property
disposal and winding-up reports.

According to the Troubled Company Reporter-Asia Pacific, the
company commenced liquidation proceedings on November 3, 2006.

The liquidator can be reached at:

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

                       About Metso Minerals

Metso Minerals (Pyrotherm) Pty. Ltd. is a distributor of mining
machineries.  The company is located at West Perth, in Western
Australia, Australia.


SILVERADO MINING: Commences Liquidation Proceedings
---------------------------------------------------
Silverado Mining Pty. Ltd.'s members agreed on February 22,
2008, to voluntarily liquidate the company's business.  The
company has appointed Terry Grant van der Velde and Terry John
Rose to facilitate the sale of its assets.

The liquidators can be reached at:

           Terry Grant van der Velde
           Terry John Rose
           c/o SV Partners
           Australia
           Web site: http://www.svpartners.com.au

                      About Silverado Mining

Silverado Mining Pty. Ltd. is a distributor of miscellaneous
non-metallic minerals.  The company is located at Toowong, in
Queensland, Australia.


ST. GEORGE BANK: S&P Rates AU$1 Million Class E Notes at B
----------------------------------------------------------
Standard & Poor's Ratings Services has assigned preliminary
ratings to the notes to be issued by BNY Trust Company of
Australia Ltd. as trustee of Crusade ABS Series 2008-1 Trust.

    PRELIMINARY RATINGS ASSIGNED

    Class   Rating   Amount (mil.)

    A-1     A-1+     AU$78.0
    A-2     AAA      EUR100.0
    A-3     AAA      AU$70.0
    B       A        AU$9.9
    C       BBB      AU$4.4
    D       BB       AU$1.7
    E       B        AU$1.0
    Seller  N.R.     AU$5.2

The notes are backed by commercial hire purchase, chattel
mortgage, finance lease, and consumer finance contracts
originated by the Asset Finance division of St.George Bank Ltd.,
for the purchase or lease of motor vehicles.

The preliminary ratings are based on information as of
March 27, 2008.  Subsequent information may result in the
assignment of final ratings that differ from the preliminary
ratings.

"This is the first Australian term asset-backed securities
transaction launched this year and the first to be issued
through St.George's newly established Crusade ABS Master Trust
structure," Standard & Poor's credit analyst Elizabeth Steenson
said.  "We expect that St.George's success in placing this
transaction in the current global market conditions will
encourage other Australian issuers of ABS to follow in the
second quarter of 2008."

                   About St. George Bank

Headquartered in Kogarah, New South Wales, Australia --
http://www.stgeorge.com.au-- St. George Bank Limited is a
banking company.  The Company operates in four business
segments: Retail Bank (RB), Institutional and Business Banking
(IBB), BankSA (BSA) and Wealth Management (WM).  RB is
responsible for residential and consumer lending, provision of
personal financial services including transaction services, call
and term deposits, small business banking and financial
planners.  This division manages retail branches, call centers,
agency networks and electronic channels, such as electronic
funds transfer at point of sale (EFTPOS) terminals, automated
teller machines (ATMs) and Internet banking.

On September 28, 2007, it disposed of its 100% interest in
Scottish Pacific Business Finance Holdings Pty. Limited.




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C H I N A   &   H O N G  K O N G   &   T A I W A N
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ANGLO IRISH: Commences Liquidation Proceedings
----------------------------------------------
Anglo Irish Trade Services Limited's members agreed March 7,
2008 to voluntarily liquidate the company's business.  The
company has appointed Natalia K M Seng and Susan Y H Lo to
facilitate the sale of its assets.

The liquidators can be reached at:

           Natalia K M Seng
           Susan Y H Lo
           Three Pacific Place, Level 28
           1 Queens Road East
           Hong Kong


BELTON COMPONENTS: Creditors' Proofs of Debt Due April 21
---------------------------------------------------------
Creditors of Belton Components Limited are required to file
their proofs of debt by April 21, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 10, 2008.

The company's liquidator is:

          Stephen Lui Yui Keung
          Chan Wai Hing
          Two International Finance Centre, 18th Floor
          8 Finance Street
          Central, Hong Kong


CAPHALL TRADING: Commences Liquidation Proceedings
--------------------------------------------------
Caphall Trading Limited's members agreed March 10, 2008 to
voluntarily liquidate the company's business.  The company has
appointed Robert Osborne Lee to facilitate the sale of its
assets.

The liquidator can be reached at:

           Robert Osborne Lee
           AXA Centre, Unit 1507, 15th Floor
           No. 151 Goucester Road
           Wanchai, Hong Kong


CIRCUS HOLDINGS: Commences Liquidation Proceedings
--------------------------------------------------
Circus Holdings Limited's members agreed March 10, 2008 to
voluntarily liquidate the company's business.  The company has
appointed Tse Yat Sing to facilitate the sale of its assets.

The liquidator can be reached at:

           Tse Yat Sing
           104 Jervois Street, 1st Floor
           Hong Kong


GOOD FINANCE: Creditors' Proofs of Debt Due April 21
----------------------------------------------------
Creditors of Good Finance Limited are required to file their
proofs of debt by April 21, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 7, 2008.

The company's liquidator is:

          Tam Kwok Ming Banny
          United Centre, Flat A, 16th Foor
          95 Queensway
          Hong Kong


HAPPY VIEW: Creditors' Proofs of Debt Due April 21
--------------------------------------------------
Creditors of Happy View Investment Company Limited are required
to file their proofs of debt by April 21, 2008, to be included
in the company's dividend distribution.

The company commenced liquidation proceedings on March 12, 2008.

The company's liquidator is:

          Ng Yook Man
          Full View Commercial Building, 1st Floor
          140-142 Des Voeux Road
          Central, Hong Kong


NITTA CORPORATION: Creditors' Proofs of Debt Due April 21
---------------------------------------------------------
Creditors of Nitta Corporation Limited are required to file
their proofs of debt by April 21, 2008, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 19, 2008.

The company's liquidator is:

          Lam Wai Shan
          Henan Building, Room 1301, 13th Floor
          90-92 Jaffe Road
          Wanchai, Hong Kong


MINJEW TRADING: Commences Liquidation Proceedings
-------------------------------------------------
Minjew Trading Company Limited's members agreed to voluntarily
liquidate the company's business.  The company has appointed
Bruno Arboit and Simon Blade to facilitate the sale of its
assets.

The liquidators can be reached at:

           Bruno Arboit
           Simon Blade
           Baker Tilly Hong Kong
           China Merchants Tower, 12th Floor
           Shun Tak Centre
           168-200 Connaught Road
           Central, Hong Kong




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AES CORP: Ned Hall to Lead Wind Generation Business
---------------------------------------------------
AES Corporation has appointed Ned Hall as its Executive Vice
President and President, AES Wind Generation.

Mr. Hall will lead AES's wind generation business which
currently has more than 1,000 MW of wind generation in operation
and 5,000 MW of wind projects in various stages of development
around the world including Bulgaria, China, France, Greece,
Scotland, Turkey and the US.

"Renewable energy is one of the most dynamic areas of our
business and accounts for 20 percent of AES's global generation
capacity," said Paul Hanrahan, AES President and Chief Executive
Officer.  "Ned's leadership of our global wind generation
business since AES first entered the wind market in 2004 has
helped us become one of the fastest growing wind generators in
the US.  Ned has proven himself to be the right person to lead
this business as we continue to aggressively grow our wind
energy portfolio not only in the US, but around the world."

Mr. Hall has been with AES since 1988 and is a member of the
American Wind Energy Association (AWEA) Board of Directors. Most
recently he was Vice President and President, AES Renewable
Generation.  His previous positions with the company include
Managing Director, Business Development and Executive Vice
President, AES China Generating Company.

Mr. Hall has a Master of Science degree in finance and
operations management from the MIT Sloan School of Management
and a Bachelor of Science degree in mechanical engineering from
Tufts University, with a minor in engineering management.

                     About AES Corporation

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

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.  The company has Latin America
operations in Argentina, Brazil, Chile, Dominican Republic, El
Salvador and Panama.

The company has a presence in India, China and Sri Lanka.

                           *     *     *

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

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


HDFC BANK: RBI Approves Preferential Issue of Warrants
------------------------------------------------------
HDFC Bank Ltd. has received the Reserve Bank of India's approval
on the proposed issue of 2,62,00,220 convertible warrants to
promoters on preferential basis.  RBI gave its nod in a letter
dated March 24, 2008.

The preferential issue was proposed so as to maintain the
promoter's shareholding percentage in HDFC Bank as the bank will
be merged with Centurion Bank of Punjab Ltd. pursuant to a
scheme of amalgamation, which proposes a 1:29 share swap ratio
-- one equity share of INR10 each of HDFC Bank for every 29
shares of INR1 each held in Centurion Bank of Punjab.

The promoters that will be issued the warrants are:

    -- Housing Development Finance Corporation Ltd.,
    -- HDFC Investments Ltd and/or HDFC Holdings Ltd., and/or
    -- Home Loan Services India Private Ltd.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 22, 2008, Standard & Poor's Ratings Services assigned these
ratings to HDFC Bank's proposed debt issues under the
US$1-billion medium-term notes program:

    -- 'BB+' rating to the lower Tier II subordinated notes to be
        issued; and

    -- 'BB' rating to the upper Tier II subordinated and hybrid
        Tier I notes to be issued.


QUEBECOR WORLD: Seeks Authority to Assume Various Contracts
-----------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to
assume executory contracts with various entities.

1. Hell Gravure, GMBH & Co. KG

The Debtors want to assume four executory contracts with Hell
Gravure, GMBH & Co. KG to which the Debtors would buy certain
rotogravure printing equipment and related software from Hell
Gravure:

   (a) Quebecor Worlfd Atglen Inc. and Hell Gravure Agreement for
       purchase of two K6 Engravers for the Debtors' Atglen,
       Pennsylvania facility;

   (b) Quebecor World Mt. Morris II LLC and Hell Gravure
       Agreement for the purchase of two K6 Engravers for the
       Debtors' Mt. Morris, Illinois Facility;

   (c) QW Atglen and Hell Gravure Agreement for the purchase of
       two K6 Engravers for the Debtors' Franklin, Kentucky
       facility; and

   (d) A purchase order between QW Memephis Corp. and Hell
       Gravure for K6 upgrades to existing K406 Engravers for the
       Debtors' Dickson, Tennessee facility.

The Debtors owe EUR1,872,938 to Hell Gravure under the
contracts.

The Debtors seek the Court's authority to pay its cure amounts
and provide Hell Gravure with adequate assurance of future
performance in accordance with Section 365 of the Bankruptcy
Code.

Michael Canning, Esq., at Arnold & Porter LLP, in New York, says
that assumption of the contracts is critical to the Debtors'
business.

2. Maschinenfabrik K. Walter GMBH & Co. KG

The Debtors seek the Court's authority to assume two contracts
with Maschinenfabrik K. Walter GMBH & Co. KG for the purchase of
copper tanks used to plate the cylinders used in the rotogravure
printing process.

Quebecor World Nevada Inc. entered into an Equipment Purchase
Agreement with K. Walter dated Sept. 3, 2007, for the purchase
of one copper tank for the Debtors' Fernley, Nevada facility,
and Quebecor World Atglen, Inc. entered into an Equipment
Purchase Agreement with K. Walter dated Sept. 19, 2007, for the
purchase of one copper tank for the Debtors' Franklin, Kentucky
facility.

The Debtors also ask Judge James M. Peck's permission to pay a
US$240,000 cure amount on account of the equipment for the
Fernley plant.  The Debtors will provide K. Walter with adequate
assurance of future performance.

Mr. Canning says the Cylinder Plating Equipment is necessary to
the Debtors' business, and the favorable terms of the Agreements
make it a valuable asset of the Debtors' bankruptcy estates.

3. SIM Products Inc.

Debtor Quebecor World Logistics Inc. and SIM Products Inc.
entered into a contract, wherein the Debtor would purchase six
30-Pocket Co-Mailing Systems from SIM.  Co-Mailers are used by
the Debtors in connection with their direct mail business.  A
30-Pocket Co-Mailer system consists of software and equipment
capable of integrating subscriber lists from up to 30 different
publishers and then bundling the related publications according
to mail carrier routes and postal ZIP codes established by the
U.S. Postal Service, so that magazines, catalogs and other
materials published by multiple customers that are destined for
the same geographic area are grouped together prior to delivery
to the Postal Service.

As of March 10, 2008, the Debtors have made down payments and
installment payments totaling 39% of the total purchase price.
The unpaid prepetition amount currently due and owing on account
of the Co-Mailers is US$541,965, which is the amount that would
be required to cure the Debtors' defaults under the Agreement
pursuant to Section 365(b) of the Bankruptcy Code.

The Debtors ask Judge Peck for permission to assume the
contract, pay the Cure Amount to cure existing defaults, and
provide SIM with adequate assurance of future performance.  The
Co-Mailers are necessary to the Debtors' business, and the
favorable terms of the Agreement make it a valuable asset of the
Debtors' bankruptcy estates, Mr. Canning says.

4. Goss International Americas Inc.

Debtor Quebecor World Waukee Inc. and Goss International
Americas Inc. entered into a contract, wherein Waukee would
purchase a Universal 45 Four-High Tower Add-On with related
equipment from Goss.

According to Mr. Canning, the Tower would be added as an
additional tower to an existing Goss Universal 45 press at the
Debtors' facility in Waukee, Iowa.  The Goss U45 Press is used
primarily in the Debtors' telephone directory business.  The
Tower would provide additional page and color capability to the
existing Goss U45 Press.  "Increasing the range of page and
color capability that the Debtors are able to offer to their
customers will substantially increase their ability to generate
revenue in the telephone directory business," Mr. Canning says.

Mr. Canning relates that beginning mid-April 2008, the Waukee
facility will lose a substantial amount of earnings each week
the Tower is not operational, as it will have to outsource a
substantial amount of work produced on the Goss U45 Press.
Installation of the Tower was scheduled for March-April because
the facility is less busy during this time and could more easily
afford to take the Goss U45 Press offline for the time it will
take to complete the installation and testing for the Tower.  As
of March 10, 2008, the Tower has been manufactured and shipped
to Waukee, and Goss has represented to the Debtors that it is
prepared to begin installation of the Tower immediately
following assumption of the Agreement, Mr. Canning says.

As of March 10, 2008, the Debtors have made down payments and
installment payments totaling 45% of the total purchase price.
The unpaid amount currently due and owing on account of the
Tower is US$705,458, which is the amount that would be required
to cure the Debtors' defaults under the Agreement pursuant to
Section 365(b) of the Bankruptcy Code.

The Debtors seek the Court's authority to assume the Agreement,
pay the Cure Amount to cure existing defaults, and provide Goss
with adequate assurance of future performance.

Mr. Canning relates that the Tower is necessary to the Debtors'
telephone directory business and will allow the Debtors to avoid
outsourcing work related to that line of business.  "Moreover,
because the Debtors have already installed the Goss U45 Press at
their Waukee facility, Goss is the only manufacturer that
produces a tower add-on that is compatible with the Debtors'
existing equipment."

                      About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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


QUEBECOR WORLD: Wants to Pay US$3,175,111 in Sales Commissions
--------------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to pay
prepetition sales commissions currently owing to 108 sales
representatives.  Of these 108 sales representatives, 107 are
owed accrued prepetition commissions by no later than March 31,
2008.   The other employee is owed US$15,000 for meeting
specific sales and budget attainment goals in 2007.  This
payment was due at the end of January 2007, and the Debtors seek
authority to pay this employee for successfully achieving the
target sales goal.

The total amount of the sales commissions due to these 108
individuals is US$3,175,111.  Of this amount, US$2,224,373
reflects amounts in excess of US$10,950 per employee, with the
proposed prepetition payments per employee ranging from US$142
to US$251,441.

Michael Canning, Esq., at Arnold & Porter LLP, in New York,
notes that along with the sales commissions due in March, there
are certain prepetition commission obligations that have not yet
been fully resolved.

Mr. Canning says the Debtors reserve the right to file a motion
to seek the Court's authority to pay additional prepetition
sales commissions, which the Debtors currently estimate to be
approximately US$550,000.

           First Motion to Pay Prepetition Commissions

As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court gave the Debtors permission to pay accrued prepetition
commissions due and owing as of Feb. 1, 2008, to their sales
representatives.

The TCR said on Feb. 19, 2008, Mr. Canning related that the
Debtors' sales representatives are located in plants or in
regional offices throughout North America, Europe and Latin
America, and customers are able to coordinate simultaneous
printing throughout the Debtors' network through a single sales
representative.

Mr. Canning said that the Debtors owe 59 sale representatives,
as of February 1, US$1,792,993.  Of this amount, US$1,234,641
reflects amounts in excess of US$10,950 per employee, with the
proposed prepetition payments per employee ranging from US$933
to US$117,868.

The Debtors intends to provide the Office of the United States
Trustee and counsel to the Official Committee of Unsecured
Creditors a schedule showing for each employee scheduled to
receive sales commissions on Feb. 1, 2008, the amount of payment
and the amount of additional compensation previously received by
the employee on account of 2007.

                     About Quebecor World

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

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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


QUEBECOR WORLD: Panel Taps Kurtzman as Communications Agent
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Quebecor World
Inc. and its affiliates seeks the U.S. Bankruptcy Court for the
Southern District of New York's authority to retain Kurtzman
Carson Consultants, LLC, as its communications agent, nunc pro
tunc to Feb. 21, 2008.

According to Madeleine Fequeire, director of Abitibi-
Consolidated Sales Corp. and co-chairperson of the Committee,
the Committee seeks to employ Kurtman Carson in compliance to
its obligation under Section 1102(b)(3) of the Bankruptcy Code.

Kurztman Carson is expected to:

   (a) establish and maintain an Internet-accessed Web site that
       provides, without limitation:

       (1) general information concerning the Debtors, including,
           case dockets, access to docket filings, and general
           information concerning significant parties in the
           cases;

       (2) highlights of significant events in the cases;

       (3) a calendar with upcoming significant events in the
           cases;

       (4) access to the claims docket as and when established by
           the Debtors or any claim agent retained in the cases;

       (5) a link to the Web site of the monitor appointed in the
           Debtors' Canadian proceedings;

       (6) a general overview of the chapter 11 process;

       (7) press releases (if any) issued by each of the
           Committee and the Debtors;

       (8) a non-public registration form for creditors to
           request "real-time" case updates via electronic mail;

       (9) a non-public form to submit creditor questions,
           comments and requests for access to information;

      (10) responses to creditor questions, comments and requests
           for access to information; provided, that the
           Committee may privately provide such responses in the
           exercise of its reasonable discretion, including in
           the light of the nature of the information request
           and the creditor's agreements to appropriate
           confidentiality and trading constraints;

      (11) answers to frequently asked questions; and

      (12) links to other relevant Web sites.

   (b) distribute case updates via electronic mail for creditors
       that have registered for this service on the Committee
       Web site;

   (c) establish and maintain a telephone number and electronic
       mail address for creditors to submit questions and
       comments; and

   (d) print and serve documents as directed by the Committee and
       its counsel.

Kurtzman Carson is charging its normal and customary rates for
its services to the Committee.  The United States Trustee has
agreed that Kurtzman Carson, in order to maintain its
competitive rates, is not required to include its fee structure
in the Committee's application.

A full text copy of the KCC Agreement is available for free at:

     http://bankrupt.com/misc/Quebecor_KCCLLC_Agreement.pdf

Sheryl Betance, director of KCC's Restructuring Services, says
that her firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code, and does not
hold or represent any interest adverse to the Debtors' estates
or of any class of creditors or equity security holders.

                      About Quebecor World

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

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


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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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


TATA MOTORS: May First Offload Shares in Tata Steel
---------------------------------------------------
Tata Motors Ltd. may probably first offload its holding in Tata
Steel Ltd. to help fund its purchase of Ford Motor Co.'s Jaguar
and Land Rover Units, the Financial Times reports, citing Credit
Suisse analyst Govindarajan Chellappa.

On Wednesday, Tata Motors and Ford Motor announced the signing
of a definitive agreement for the sale of the Jaguar and Land
Rover for US$2.3 billion, which amount Tata will pay in cash
upon closing of the transaction.

As reported by the Troubled Company Reporter-Asia Pacific on
Friday, Reuters cited Tata Motors Chief Financial Officer C.
Ramakrishnan as saying that Tata Motors plan to sell its stakes
in some of its units to help finance the acquisition.

"The prime candidate for such a sale would be Tata Motors' stake
in Tata Steel, which is worth about [US]$450m at the current
market price," FT quoted the Credit Suisse analyst.

FT notes that Tata Motors investors do not seem too happy with
the deal.  According to the news agency, investors are worried
that:

    -- Jaguar is lossmaking;

    -- the U.S. market for luxury cars is heading into a
       downturn; and

    -- the brands do not fit Tata Motors' stable of low-cost
       vehicles.

According to the report, investors are also concerned with the
risk associated with the US$3 billion in bridge loans that the
company plans to raise.

                          About Tata Motors

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

Tata Motors has operations in Russia and the United Kingdom.

                         *     *     *

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

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




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


BANK INTERNASIONAL: S&P Places All Ratings on CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings on PT
Bank Internasional Indonesia Tbk (BII), including its 'B+' long-
term and 'B' short-term counterparty credit ratings, on
CreditWatch with positive implications.  This comes after the
announcement that Malaysia's Malayan Banking Bhd. (Maybank, A-
/Positive/A-2) is to acquire a controlling stake of 56% in BII
for US$1.5 billion and would launch a tender offer for the
remaining 44% for about US$1.2 billion.

This action implies that there is at least a 50% chance of the
ratings on BII being raised within 90 days in the likely event
that Maybank assumes substantial ownership and management
control of BII. Standard & Poor's expects BII to become a
significant entity of the Maybank Group as Indonesia will
become Maybank's second-largest overseas presence, after
Singapore.  We will continue to monitor the situation closely
and have discussions with Maybank.

Standard & Poor's expects to resolve this CreditWatch within 90
days.

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


BANK RAKYAT INDONESIA: 2007 Net Profit Up 13.6% to IDR4.84 Tril.
----------------------------------------------------------------
PT Bank Rakyat Indonesia's 2007 net profit increased 13.6% to
IDR4.84 trillion from IDR4.26 trillion in 2006, after net
interest margins declined slightly, Reuters reports.

According to the report, the company's profits were lower than
the expected IDR5.04 trillion forecast by analysts polled by
Reuters Estimates.

Nury Sybli of Reuters writes that the bank posted a 21% rise in
its net interest income to IDR16.7 trillion.

                      About Bank Rakyat

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

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

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

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


INDOSAT: Forecast to Raise Net Profits on Subscriber Growth
-----------------------------------------------------------
http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-
23881526.htm
Rousel/revise

PT Indosat Tbk is expected to report a 28% to 49% rise in 2007
net profit amid increase in subscriber growth, analysts polled
by Thomson Financial said.

Analysts forecast that the company's 2007 net profit and revenue
will be:

                          Net Profit          Revenue
    Analyst             (in trillions)     (in trillions)
    -------              ------------       ------------
    Mandiri Securities   IDR1.8 trillion    IDR16 trillion

    BNI Securities       IDR1.9 trillion    IDR16.3 trillion

    BNP Paribas          IDR1.96 trillion   IDR16.03 trillion

    DBS                  IDR1.99 trillion   IDR16.3 trillion

    UBS                  IDR2.0 trillion    IDR16.5 trillion

    CIMB-GK              IDR2.0 trillion    IDR16.4 trillion

    Danareksa            IDR2.1 trillion    IDR15.7 trillion

According to Thomson Financial, Indosat's net profit in 2006
dropped to IDR1.41 trillion from IDR1.62 trillion the year
before, while sales rose to IDR12.24 trillion against IDR11.59
trillion in 2005.

For 2007, analysts are expecting a net profit of between
IDR1.8 trillion and IDR2.1 trillion, on sales of IDR15.7 to
IDR16.5 trillion, the same report notes.

Thomson Financial expects that Indosat's net profit for the nine
months ended Dec. 31, 2007 will increase 56% to IDR1.45
trillion, while sales will increase 34% to IDR11.88 trillion,
aided by a IDR9.15 trillion contribution from its cellular
business.

Farash Farich, an analyst at Mandiri Securities, told the news
agency that Indosat's increase in subscriber base would have
pushed up traffic volume and revenue in 2007, but the average
revenue per user (ARPU) may have fallen compared to the year
before.  "I think subscriber growth was the key to earnings
growth (last year).  Indosat was quite aggressive in marketing
and promotion activities in 2007," he told Thomson Financial.
Mr. Farich is projecting a net profit of IDR1.8 trillion on
sales of IDR16 trillion, the report relates.

Ong Boon Leon, an analyst at DBS Vickers based in Kuala Lumpur,
told the news agency that "ARPU is falling but that's okay."
When operators see increase in their subscribers they are aware
that a fall in revenue per user usually follows, he added, the
report notes.

Thomson Financial relates that Indosat's ARPU fell 10.6% to
IDR53,400, during the nine months ended Dec. 31, 2007, while its
2007 cellular subscriber base rose 46% to 24.5 million, from
16.7 million a year before.

                        About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 3,
2008, that Fitch Ratings assigned a stable outlook on PT Indosat
Tbk's BB- rating.  EBITDA margins are likely to be stable
overall.  Fitch Ratings said that its overall outlook
for the Asia Pacific telecommunication sector in 2008 is stable,
with 24 out of its total 28 rated telecommunications issuers
bearing a Stable Outlook.  Highlighting its newly published
"Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the
agency outlines its expectations on how key financial metrics
will move for 26 operators across Asia-Pacific in 2008,
concluding that while revenue growth is likely to slow, cash
flow from operations and free cash flow after dividends are
likely to rise on aggregate.  Nevertheless the agency cautioned
that it expects FCF to actually fall for half of its rated
operators across Asia Pacific.

On June 19, 2007, Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and changed the
outlook to stable.  At the same time, Moody's affirmed Indosat's
Ba3 senior unsecured foreign currency rating.  The rating
outlook on the bond remains positive, which is in line with the
outlook on Indonesia's foreign currency country ceiling.


MEDIA NUSANTARA: Discloses Preliminary Results of Tender Offer
--------------------------------------------------------------
PT Media Nusantara Citra Tbk and its unit MNC International
Ltd., disclosed the preliminary results of the cash tender offer
for up to 6,000,000 American Depositary Shares ("ADSs," each ADS
represents 10 ordinary shares) and ordinary shares (treating
each ordinary share as 1/10th of an ADS) of Linktone Ltd. at a
price of US$3.80 per ADS and US$0.38 per ordinary share in cash,
subject to any withholding taxes required by law.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2007, Media Nusantara has agreed to acquire a minimum
of 51% in Linktone Ltd's outstanding shares through
a combination of a tender offer for existing shares and
subscription for newly issued shares.

The tender offer expired at 12:00 midnight, New York City time,
on Wednesday, March 26, 2008.

The depositary for the tender offer has advised MNC that, as of
the expiration of the tender offer, approximately 15,484,603
ADSs and 11,780 ordinary shares (including 810,643 ADSs that
were tendered pursuant to guaranteed delivery procedures) were
validly tendered and not withdrawn in the tender offer.

MNC expects MNC International Ltd. to purchase 6,000,000 ADSs of
Linktone in the tender offer (treating each ordinary share as
1/10th of an ADS for such calculation).  Because the number of
ADSs and ordinary shares tendered exceeded the number of ADSs
that MNC International Ltd. offered to purchase (treating each
ordinary share as 1/10th of an ADS for such calculation), the
resulting estimated proration factor is approximately 38.7% of
the ADS and ordinary shares tendered.

Both the number of ADSs and ordinary shares tendered and not
withdrawn and the proration factor are preliminary and are
subject to verification.  The actual number of ADSs and ordinary
shares validly tendered and not withdrawn and the final
proration factor will be announced promptly following completion
of the verification process, which is expected to be completed
by April 3, 2008.  Promptly after such announcement, the
depositary will issue payment (based on the final proration
factor and adjustments to avoid purchases of fractional ADSs or
ordinary shares) for the ADSs and ordinary shares validly
tendered and accepted for payment in the tender offer and will
return to tendering holders all ADSs and ordinary shares
tendered, but not accepted for payment in the tender offer.

Pursuant to the acquisition agreement between MNC and Linktone,
following the acceptance for payment of the ADSs and ordinary
shares in the tender offer, MNC intends to subscribe for
180,000,000 newly issued ordinary shares of Linktone at a
purchase price equivalent to the price paid for ADSs and
ordinary shares accepted for purchase in the tender offer
(US$0.38 per ordinary share).  MNC intends to complete the
subscription for these ordinary shares on April 3, 2008, as soon
as practicable following payment for ADSs and ordinary shares
validly tendered and accepted for payment in the tender offer.

After giving effect to the subscription and the acquisition of
ADSs and ordinary shares in the tender offer, MNC will hold
approximately 57.1% of Linktone's total outstanding ordinary
shares, calculated on a fully-diluted basis.  As the indirect
holder of approximately 57.1% of Linktone's ordinary shares, MNC
will be able to control Linktone.


                     About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with
operations  in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B+' long-term local and foreign currency corporate credit
rating on Indonesia's integrated media company, PT Media
Nusantara Citra.  The outlook has been revised to positive from
stable.

On Sept. 19, 2006, that Moody's Investors Service has affirmed
its B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  Moody's said the ratings outlook is stable.


PERUSAHAAN LISTRIK: 4Q Net Profit Falls 17.7% to IDR269.5 Bil.
-------------------------------------------------------------
PT Perusahaan Gas Negara's 2007 fourth quarter net profit
dropped 17.7% to IDR269.5 billion from IDR327.3 billion as the
firm was hit by US$34 million in foreign exchange losses,
Reuters reports.

According to the report, the fall in its net profit came despite
higher revenue at the state firm from higher energy prices and
stronger demand.

Analysts polled by Reuters Estimates predicted the company,
which has a market capitalization of US$7.1 billion, would make
IDR1.95 trillion full year net profit, implying a fourth quarter
net profit of IDR642.1 billion.

Michael Urquhart of Reuters writes that the company saw a 61.4%
increase in its sales revenue in the October-December period to
IDR2.67 trillion.

Moreover, the same report relates that the company's operating
income nearly tripled in the fourth quarter to IDR921.4 billion,
lifting its operating margin to 34.5% from the previous quarter
from 19.9% a year earlier.

Analysts expect the company to post strong profit growth in
2008, forecasting a net profit of IDR3.67 trillion compared with
IDR1.57 trillion for 2007, the report adds.

                  About Perusahaan Listrik

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

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




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


ATARI: Non-Compliance With Nasdaq Rules Cues Stocks Delisting
-------------------------------------------------------------
Atari Inc. received a Staff Determination Letter from the Nasdaq
Listing Qualifications Department stating that Atari Inc. has
not gained compliance with the requirements of Nasdaq
Marketplace Rule 4450(b)(3), and that its securities are
therefore subject to delisting from The Nasdaq Global Market.

On Dec. 21, 2007, the Nasdaq Listing Qualifications Department
notified Atari Inc. that, pursuant to Nasdaq Marketplace Rule
4450(e)(1), unless the market value of Atari Inc.'s publicly
held shares, which is calculated by reference to Atari Inc.'s
total shares outstanding, less any shares held by officers,
directors or beneficial owners of 10% or more, maintains an
aggregate market value ofUS$15 million or more for a minimum of
10 consecutive business days prior to March 20, 2008, Atari
Inc.'s securities would be subject to delisting.

The value of Atari Inc.'s publicly held shares did not reach
that level within the required period.  Atari Inc. intends to
request a hearing before a Nasdaq Listing Qualifications Panel
in order to appeal the Nasdaq Staff's determination in light of,
among other things, the pending proposal by Infogrames
Entertainment SA to acquire all of the outstanding shares of
common stock not held by IESA.

The hearing request will stay the delisting and, as a result,
Atari Inc.'s securities will remain listed on The Nasdaq Global
Market until the Panel issues its decision after the hearing.

There can be no assurance that the Panel will grant Atari Inc.'s
request for continued listing on The Nasdaq Global Market.

                         About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- publishes and distributes interactive
entertainment software in the U.S.  The company's 1,000+
published titles distributed by the company include hard-core,
genre- defining franchises such as Test Drive(R); and mass-
market and children's franchises such Dragon Ball Z(R).  Atari
Inc. is a majority-owned subsidiary of France- based Infogrames
Entertainment SA, an interactive games publisher in Europe.

Atari has offices in Brazil, the United Kingdom and Japan

As reported in the Troubled Company Reporter on Feb. 20, 2008,
Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed
US$43.5 million in total assets and US$60.3 million in total
liabilities, resulting in a US$16.8 million total stockholders'
deficit.

The company's consolidated balance sheet at Dec. 31, 2007, also
showed strained liquidity with US$34.9 million in total current
assets available to pay US$45.2 million in total current
liabilities.

                       Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.

As of Dec. 31, 2007, and through Feb. 12, 2008, Atari Inc. was
in violation of its financial covenants.  BlueBay High Yield
Investments (Luxembourg) S.A.R.L., Atari Inc.'s lender and a
majority shareholder of Infogrames Entertainment S.A., has not
waived this violation and has entered into a forbearance
agreement with Atari Inc. which states that BlueBay will not
exercise its rights on its facility until the earlier of (i)
March 3, 2008, (ii) additional covenant defaults except for the
ones existing as of Feb. 12, 2008, or (iii) if any action
transpires which is viewed to be adverse to the position of the
lender.


DELPHI: Moody's Lifts Rating on New Second Lien Loan to 'B2'
------------------------------------------------------------
Moody's Investors Service raised the rating on Delphi
Corporation's revised second lien term loan to (P)B2 from (P)B3
and affirmed the company's Corporate Family Rating and
Probability of Default Ratings of (P)B2, Speculative Grade
Liquidity rating of SGL-2, first lien term loan rating of
(P)Ba2, and stable outlook.   The revision to the rating on the
second lien facility follows a change in the composition of the
term loans from the structure Moody's rated on March 14, 2008.

The total amount of secured term loans Delphi requires to emerge
from bankruptcy is unchanged at US$4.525 billion.  However, the
first lien term loan will be reduced to US$1.7 billion from
US$3.7 billion and the second lien term loan will be increased
to US$2.825 billion from US$0.825 billion as the full US$2.0
billion of what was to be the B-2 tranche of the first lien term
loan has been moved to the second lien facility.  The first lien
term loan will continue to be split between US$1.5 billion
lodged at the parent and US$0.2 billion at a European
subsidiary.

The previous B-2 tranche was designed as a "second out" portion
of the first lien term loan, and remains junior to the US$1.7
billion of the first lien term loan.  However, it will now be
documented as part of an enlarged second lien term loan.  An
affiliate of General Motors Corporation has agreed to accept up
to US$2.825 billion of the second lien term loan as part of the
settlement for GM's claims.

Major terms of the first lien term loan have not been altered
from those of the B-1 tranche in the earlier structure.  As
those terms involved initial amortization of 1% per year, by
moving US$2.0 billion to the second lien term loan, which does
not require any scheduled amortization prior to final maturity,
Delphi's annual repayment obligations post emergence will be
lowered by US$20 million a year.

Nonetheless, Delphi's financial leverage will not be affected by
these changes nor will its expected operating performance, and
key coverage metrics will not experience any material change
from previous expectations.  Consequently, Moody's affirmed
Delphi's Corporate Family and Probability of Default ratings as
well its liquidity rating and outlook.

Although the amount of the first lien term loan will be reduced,
its rating of (P)Ba2 is unchanged; the amounts of debt that are
superior, equally ranked, or junior in the overall waterfall are
unchanged.  The (P)B2 rating on the increased size of the second
lien term loan is one notch higher than the earlier rating and
level with that of the Corporate Family Rating.  This develops
from a lower amount of senior debt ahead of its claims and its
higher proportion of the debt capital, both of which tend to
boost its expected recovery rate.

Rating revised:

  --US$2.825 billion second lien term loan, (P)B2, LGD-4, 52%
    from (P)B3, LGD-4, 65%

Rating withdrawn:

  --US$2.0 billion B-2 tranche of first lien term loan, (P)B2,
    LGD- 3, 47%

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


GAP INC: Declares Quarterly Cash Dividend of US$0.085 Per Share
---------------------------------------------------------------
Gap Inc.'s board of directors declared a quarterly dividend of
US$0.085 per share payable on April 29, 2008 to shareholders of
record at the close of business on April 8, 2008.

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

                          *     *     *

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


MITSUBISHI MOTORS: Will Move EU-bound SUV Production to NedCar
--------------------------------------------------------------
Mitsubishi Motors Corporation said that it will transfer
production of all EU-bound SUVs it supplies to PSA Peugeot
Citroen from its Mizushima Plant, where they are currently
built, to its European production hub, Netherlands Car B.V.

The transfer will take effect on January 2009.

This decision was driven by MMC's desire to optimize its
production capacities according to demand for each model,
minimizing missed sales opportunities.

A 100% Mitsubishi Motors facility, NedCar currently builds the
European Colt family of compact cars.  From August 2008, NedCar
will add production of the Outlander SUV.

In parallel, production of the non EU-bound PSA Peugeot Citroen
SUVs will be transferred to MMC's Nagoya Plant, starting
November 2008.

                    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.


SAPPORO HOLDINGS: Shareholders Vote to Retain Defense Measures
--------------------------------------------------------------
Sapporo Holdings Ltd., won investor approval to renew
anti-takeover measures as Warren Lichtenstein's Steel Partners
Japan Strategic Fund (Offshore) LP seeks to raise its stake,
reports Maki Shiraki of Bloomberg News.

Jingo Kikuchi, Sapporo's spokesman conveyed to Bloomberg, that
shareholders voted on March 28, to retain the plan allowing
Sapporo to dilute the holding of a hostile bidder.

The renewal of the defense measures bolsters Sapporo's position
as it starts talks on Steel Partners' revised offer of JPY875
per share, to increase its holding to 33.3% from 19%, relates
Bloomberg.

In February, Sapporo rejected Steel Partners' JPY155 billion bid
to take a majority stake, saying it would harm shareholder
interests, notes Bloomberg.

                    About Sapporo Holdings

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

                           *     *     *

The company still carries Standard & Poor's Rating Service's
'BB' Long-Term Foreign Issuer Credit and Long-Term Local Issuer
Credit Ratings that were issued on February 6, 2006; and Fitch
Ratings' 'B' Short-term Foreign and Local Currency Issuer
Default Ratings that were issued on March 14, 2006.


XM: Refinancing Risks Cue S&P to Hold Developing Watch
------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on
Washington, District of Columbia-based XM Satellite Radio
Holdings Inc. and XM Satellite Radio Inc. remain on CreditWatch
with developing implications, where S&P originally placed them
on March 4, 2008, due to S&P's concerns over standalone
refinancing risks XM might face if its merger with Sirius
Satellite Radio Inc. (CCC+/Watch Developing/--) wasn't approved.

"This CreditWatch update follows the recent announcement by the
Department of Justice that it will not block the proposed merger
of the two companies," explained Standard & Poor's credit
analyst Michael Altberg.  The merger must still be approved by
the FCC.

Ratings remain on CreditWatch developing pending clarification
of XM's plan to deal with certain debt that will become putable
upon the close of the proposed transaction.  Due to change of
control provisions, roughly US$1.03 billion of debt will become
putable upon the closing of the proposed transaction, including
XM's 9.75% senior notes due 2014, its senior floating rate notes
due 2013, and its 10% senior secured notes related to the sale-
leaseback transaction on its XM-4 satellite.

The debt is putable at 101% of the principal, which could equate
to about US$1.04 billion of refinancing needs.  In addition, the
continued CreditWatch listing reflects uncertainty around the
ultimate capital structure and refinancing needs of a combined
entity in the currently tight credit environment.  Assuming all
noteholders consent to waive their put options or XM refinances
the aforementioned debt, pro forma indebtedness of a combined
entity would be about US$3 billion as of Dec. 31, 2007.  Under
its existing capital structure, XM has about $621 million of
maturities in 2009, while Sirius has $300 million of maturities
next year.

CreditWatch developing indicates that ratings may be raised,
lowered, or affirmed.  If the merger is approved by the FCC, S&P
expect upgrade potential to be limited to one notch.  This will
depend on S&P's estimate of the extent and timing of expected
cost savings, and the combined entity's ability to reach
financial self-sustainability.  For 2007, XM generated negative
EBITDA of roughly $158 million, after S&P adds back nonrecurring
items.   Sirius generated negative EBITDA of $241 million for
2007.

S&P will place particular emphasis on the combined entity's
liquidity position following the proposed merger.  S&P believes
a combined company could achieve significant initial operating
cost savings.  A merger would also entail much-longer-term
capital investments to rationalize and consolidate the two
satellite and terrestrial infrastructures before all expected
cost savings could be realized.  If the merger is not approved
by the FCC, S&P could lower the ratings unless S&P becomes
convinced that XM can address its standalone liquidity needs and
progress steadily to financial self-sustainability.  S&P will
continue to monitor developments surrounding the proposed
merger.

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




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


C&M CO: Moody's Downgrades Corporate Family Rating to B1
--------------------------------------------------------
Moody's Investors Service has downgraded C&M Co. Ltd's corporate
family rating to B1 from Ba2. The outlook on the ratings remains
stable.  This action concludes the review for possible downgrade
which commenced on 21st February 2008.

"The downgrade reflects the consolidation impact of the
financing incurred by the company's new shareholders to part
fund the acquisition of C&M," says Laura Acres, a Moody's Vice
President.

The new shareholders, a consortium of financial and strategic
investors led by MBK Partners and Macquarie Korean Opportunities
Fund have structured acquisition financing (including KWR1.2
trillion in term loans and a KWR300 billion interest tranche),
through a special purpose entity, Kookmin Cable Investment.

"Whilst there are restrictions on the ability of C&M to upstream
cash to KCI, ultimately KCI will rely on the dividend flow from
C&M to keep current the KWR300 billion interest tranche," adds
Acres, also Moody's Lead Analyst for the company.

Furthermore, lenders for the acquisition facility will be
secured by shares in C&M, suggesting that in a default situation
they may potentially take control of the company, thereby
regarding it as a source of repayment.  As such, in Moody's
view, the acquisition facilities should be consolidated into
C&M.  The relatively high consolidated financial leverage of
adjusted debt/EBITDA in excess of 7.5x for the next 2-3 years
more appropriately position C&M at the single B rating level.

The B1 rating is supported by C&M highly competitive position
consistent with a monopoly or duopoly status in substantially
all of its areas of operation.  The company also has attractive
highly EBITDA margins relative to its peer group and continues
to generate positive free cash flow.

These factors are, however, counter-balanced by C&M's relatively
small size on an international scale; the potential threat
arising from the commercialization of Internet Protocol-TV; and
the impact on the competitive environment resulting from the
recently-announced changes in regulations which now allow South
Korean telecommunications providers to offer bundled packages
with IPTV.

Moody's notes that the change of ownership plus a rating
downgrade will allow bondholders to put back the outstanding
bonds. The new shareholders have arranged committed standby
facilities to redeem the bonds if necessary.

Upward pressure on the rating is unlikely given the high
consolidated leverage and the increasing potential threat in the
pay TV market.

The ratings may encounter further downward pressure if the
underlying business profile showed any signs of deterioration
given potential competitive threats from IPTV providers such
that adjusted EBITDA margins declined below 45% and adjusted
debt/EBITDA failed to trend down below 7.5 - 8.0x over the next
2-3 years.

C&M together with its 15 affiliated system operators is the
second largest multi-system cable television operator in South
Korea.  It is the major cable-TV operator in the Seoul/Kyunggi
region with over 2 million subscribers and is a monopoly
provider in 9 of its 15 regions and holds a duopoly status in an
additional six.


C&M FINANCE: Moody's Downgrades Sr. Unsecured Bond Rating to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded C&M Finance Ltd's
senior unsecured bond rating to B1 from Ba2.  The outlook on the
ratings remains stable.  This action concludes the review for
possible downgrade which commenced on 21st February 2008.

"The downgrade reflects the consolidation impact of the
financing incurred by the company's new shareholders to part
fund the acquisition of C&M," says Laura Acres, a Moody's Vice
President.

The new shareholders, a consortium of financial and strategic
investors led by MBK Partners and Macquarie Korean Opportunities
Fund have structured acquisition financing (including KWR1.2
trillion in term loans and a KWR300 billion interest tranche),
through a special purpose entity, Kookmin Cable Investment.

"Whilst there are restrictions on the ability of C&M to upstream
cash to KCI, ultimately KCI will rely on the dividend flow from
C&M to keep current the KWR300 billion interest tranche," adds
Acres, also Moody's Lead Analyst for the company.

Furthermore, lenders for the acquisition facility will be
secured by shares in C&M, suggesting that in a default situation
they may potentially take control of the company, thereby
regarding it as a source of repayment.  As such, in Moody's
view, the acquisition facilities should be consolidated into
C&M.  The relatively high consolidated financial leverage of
adjusted debt/EBITDA in excess of 7.5x for the next 2-3 years
more appropriately position C&M at the single B rating level.

The B1 rating is supported by C&M highly competitive position
consistent with a monopoly or duopoly status in substantially
all of its areas of operation.  The company also has attractive
highly EBITDA margins relative to its peer group and continues
to generate positive free cash flow.

These factors are, however, counter-balanced by C&M's relatively
small size on an international scale; the potential threat
arising from the commercialization of Internet Protocol-TV; and
the impact on the competitive environment resulting from the
recently-announced changes in regulations which now allow South
Korean telecommunications providers to offer bundled packages
with IPTV.

Moody's notes that the change of ownership plus a rating
downgrade will allow bondholders to put back the outstanding
bonds.  The new shareholders have arranged committed standby
facilities to redeem the bonds if necessary.

Upward pressure on the rating is unlikely given the high
consolidated leverage and the increasing potential threat in the
pay TV market.

The ratings may encounter further downward pressure if the
underlying business profile showed any signs of deterioration
given potential competitive threats from IPTV providers such
that adjusted EBITDA margins declined below 45% and adjusted
debt/EBITDA failed to trend down below 7.5 - 8.0x over the next
2-3 years.

C&M together with its 15 affiliated system operators is the
second largest multi-system cable television operator in South
Korea.  It is the major cable-TV operator in the Seoul/Kyunggi
region with over 2 million subscribers and is a monopoly
provider in 9 of its 15 regions and holds a duopoly status in an
additional six.


HYNIX SEMICONDUCTOR: Loses Antitrust & Fraud Case to Rambus
-----------------------------------------------------------
Rambus Inc. disclosed that the jury in the case involving Hynix
Semiconductor, Micron Technologies, and Nanya Technology
Corporation has found in favor of Rambus.  The jury determined
that Rambus acted properly while a member of the standard-
setting organization JEDEC during its participating in the early
1990s, finding that the memory manufacturers did not meet their
burden of proving antitrust and fraud claims.  This verdict
should complete the case involving Hynix.

Hynix was found by a previous jury in April 2006 to infringe a
variety of Rambus patents.  In that phase of trial, Rambus was
awarded US$133.6M in damages.

"This ruling should put to rest a series of ongoing allegations
Rambus has endured for many years," said Tom Lavelle, senior
vice president and general counsel at Rambus.  "Our business is
to license our revolutionary technology to the industry for fair
compensation.  We are pleased to have this decision behind us as
we continue to engage with the industry to deliver compelling
products to the market."

The case with Hynix was originally filed by Hynix against Rambus
in August 2000.  The Honorable Ronald Whyte split the case into
three separate phases with Rambus now prevailing in all three
phases.  Cases are still pending against Hynix, Nanya, Micron
and Samsung in the Northern District of California, and with
Micron in the District of Delaware.

                       About Rambus Inc.

Rambus is one of the world's premier technology licensing
companies specializing in the invention and design of high-speed
memory architectures.  Since its founding in 1990, the Company's
patented innovations, breakthrough technologies and renowned
integration expertise have helped industry-leading chip and
system companies bring superior products to market.  Rambus'
technology and products solve customers' most complex chip and
system-level interface challenges enabling unprecedented
performance in computing, communications and consumer
electronics applications.  Rambus licenses both its world-class
patent portfolio as well as its family of leadership and
industry-standard interface products.  Headquartered in Los
Altos, California, Rambus has regional offices in North
Carolina, India, Germany, Japan, Korea and Taiwan.

                 About Hynix Semiconductor

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

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service upgraded to Ba2
from Ba3 Hynix Semiconductor Inc's senior unsecured bond rating
and corporate family rating.  At the same time, Moody's assigned
a Ba2 senior unsecured bond rating for Hynix's proposed US$500
million issuance.  Moody's said the outlook for the ratings is
stable.




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


MALAYSIAN AIRLINE: Air Maldives Files US$43 Mil. Counterclaim
-------------------------------------------------------------
Air Maldives Limited has filed and served a Defense and
Counterclaim amounting to US$43,621,825 in a Civil Suit filed by
Malaysian Airline System Berhad on August 8, 2007, before the
Kuala Lumpur High Court.

This was an answer to the affidavits of service filed by
Malaysian Airline's solicitors claiming the amount of
US$35,550,766 against Air Maldives.

According to Malaysian Airline's regulatory filing, an
arbitration proceeding between Air Maldives and Malaysian
Airline commenced when Malaysian Airline received a letter from
the Secretariat of the ICC International Court of Arbitration,
Paris, France, giving notice of an arbitration proceeding
initiated by Air Maldives alleging that Malaysian Airline had
failed to perform its duties under a Management Agreement
entered between the two on January 16, 1996.

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

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


MANGIUM INDUSTRIES: Unit Fails to Pay MYR38.48MM to Lenders
-----------------------------------------------------------
Mangium Industries Bhd's wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, has not paid, and is deemed to have defaulted
in its repayments on facilities granted by Standard Chartered
Bank Malaysia Berhad and CIMB Bank Berhad, which are unsecured,
and Alliance Bank Malaysia Berhad, which is secured.  As at
February 29, 2008, the total amount default is MYR38,478,525.58.

In a regulatory filing, Mangium Industries said that the cause
of default was due to the unfavorable timber market and
depressed prices for timber and timber related products
throughout Asia since the financial crisis in the year 1997.

To address the default, the company is currently working on
other alternatives since the Proposed Debt Settlement &
Restructuring Scheme was abandoned on February 27, 2007.

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

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


MAYBANK: Moody's Affirms 'C' Bank Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed Malayan Banking Berhad's
(Maybank) deposit and debt ratings, which have maintained stable
outlooks.  At the same time, the bank's financial strength
rating (BFSR) of C has also been affirmed but its outlook has
been changed to negative from stable.

"These rating actions follow Maybank's agreement with the major
shareholder of PT Bank Internasional Indonesia Tbk (BII) to
acquire a 55.7% stake in the Indonesia-based entity," says
Christine Kuo, a Moody's VP/Senior Analyst.

The cash transaction, valued at MYR4.8 billion, is to be
financed via internally-generated funds and/or borrowings.
Maybank would also be obligated to tender for the remaining
44.3% of shares held by other shareholders; the total amount for
this phase is estimated to run to an additional MYR3.8 billion.

"The deal would place considerable pressure on Maybank's capital
ratios, although its asset and earnings profile would not change
materially post-transaction in view of BII's smaller size," says
Kuo, adding, "Moody's estimates that Maybank's tangible common
equity as a percentage of risk-weighted assets could fall from
8.8% as of December 2007 to 5%-6% as a result of the
acquisition.  The bank's Tier 1 capital ratio and total capital
adequacy ratio would also be significantly lower than their
current levels of 9.2% and 13.3% respectively, as at December
2007."

While Maybank intends to raise funds through hybrid Tier 1
capital and subordinated debts to improve its capital ratios and
fund future growth, Moody's views these securities as having
less capacity to absorb loss than common equity.

In addition to the acquisition, Maybank has just agreed to buy a
15% stake in Vietnam's An Bihn Bank for RM430 million, and is
considering other small overseas acquisitions to expand its
geographical presence.

"Maybank's BFSR could be lowered if its expansion is not
supported with adequate funding to maintain its capital ratios
near the current levels over the medium term," adds Kuo.

At the same time, the affirmation of Maybank's deposit and debt
ratings reflect Moody's assessment that the probability of
systemic support is very high, resulting in a multiple-notch
lift in its long-term global local currency (GLC) deposit
ratings to A1 from its baseline credit assessment of A3.

Maybank's ratings for foreign currency obligations are
constrained by Malaysia's foreign currency ceiling of A3.

The proposed acquisition of BII is subject to regulatory and
shareholder approval, but barring unforeseen circumstances,
Maybank expects to complete the deal within nine months.

The ratings affected are:

   -- Malayan Banking Berhad's C BFSR on negative outlook.

The ratings not affected, all of which have a stable outlook,
are:

Malayan Banking Berhad

   -- A1 and Prime-1, global local currency long- and short-term
      deposit ratings, respectively,

   -- A3 and Prime-1, foreign currency long- and short-term
      deposit ratings, respectively,

MBB Sukuk Inc.

   -- A3 foreign currency rating on subordinated sukuk
      certificates

Headquartered in Kuala Lumpur, Maybank is the largest bank in
Malaysia with consolidated assets of RM264 billion (US$83
billion) at end-2007.


SOLUTIA INC: Settlement With GE Betz Gets Court Approval
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a stipulation between Solutia Inc. and GE Betz Inc.,
under which both companies agree that:

    -- Claim No. 14845 will amend and supersede Claim No. 5640;

    -- GE Betz may exercise its right of setoff.  GE Betz
       withdraws the secured claim of US$124,545; and

    -- GE Betz will retain an allowed general unsecured claim of
       US$255,575.

As reported in the Troubled Company Reporter on March 6, 2008,
GE Betz filed Claim No. 5640 on Nov. 22, 2004, alleging a total
claim o fUS$406,006, of which US$124,545 was secured by a right
of offset.

On Feb. 4, 2008, GE Betz filed Claim No. 14845 forUS$380,119,
of which US$124,545 is secured by a right of offset.  Claim No.
14845 is intended to amend and supersede Claim No. 5640.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.   Solutia has
operations in Malaysia, China, Singapore, Belgium, and Colombia.

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

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

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

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


SOLUTIA : Several Parties Disclose Ownership of Company Shares
--------------------------------------------------------------
These parties disclosed in regulatory filings with the U.S.
Securities and Exchange Commission their ownership of
Reorganized Solutia Inc. securities:

                      Non-Derivative             Derivative
                        Securities               Securities
Entity             Acquired       Owned     Acquired       Owned
------             --------       -----     --------       -----
Jeffry N. Quinn      20,000      20,115            -           -
President, Chief     10,000      30,115
  Executive
  Officer &
  Chairman

Timothy J. Spihlman     800      24,800            -           -
Vice President &        100      24,900
  Corporate              100      25,000
  Controller

James M. Sullivan     2,000      63,895            -           -
Senior Vice           2,000      65,895
  President, Chief     1,000      66,895
  Financial Officer    4,000      70,895
  & Treasurer

Luc de Temmerman        300         300            -           -
Senior Vice President   100         400
  & President Perf.    2,100       2,500
  Products

James R. Voss           100      40,100            -           -
Senior Vice             100      40,200
  President &            200      40,400
  President              400      40,800
  Flexsys                400      41,200
                         600      41,800
                         700      42,500

Hal E. Wallach,         500         500            -           -
  Jr.                    300         800
Senior Vice             200       1,000
  President -            100       1,100
  Human Resources        200       1,300
                       2,700       4,000
                       2,000       6,000

Mr. Quinn indirectly owns the securities -- 20,000 at
US$13.2066, and 10,000 at US$9.95 -- for the Jeffry N. Quinn
Trust.

Mr. Spihlman acquired the shares at prices ranging from US$11.26
to US$11.40.

Mr. Sullivan acquired the securities at prices ranging from
US$11 to US$13.45.

Mr. Temmerman acquired the securities at prices ranging from
US$11.33 to US$11.37.

Mr. Voss directly owns the securities.  The securities' prices
range from US$13.47 to US$13.66.

Mr. Wallach acquired the shares at prices ranging from US$10 to
US$14.11.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) --
http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide.   Solutia has
operations in Malaysia, China, Singapore, Belgium, and Colombia.

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

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

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

                          *     *     *

As reported in the Troubled Company Reporter on March 4, 2008,
Standard & Poor's Ratings Services raised its corporate credit
rating on Solutia Inc. to 'B+' from 'D', following the company's
emergence from bankruptcy on Feb. 28, 2008, and the
implementation of its financing plan.  The outlook is stable.

S&P also affirmed its 'B+' rating and '3' recovery rating on
Solutia's proposed senior secured term loan.  In addition, S&P
assigned its 'B-' rating to Solutia's US$400 million unsecured
bridge loan facility.  S&P also withdrew its 'B-' rating on the
proposed US$400 million unsecured notes, which have been
replaced by the bridge facility in Solutia's capital structure.


UBG BERHAD: Due Diligence Period Extended Until April 11
--------------------------------------------------------
In a report by the Troubled Company Reporter-Asia Pacific on
March 14, 2008, UBG Berhad extended the due diligence period to
March 24, 2008, regarding the conditional share sale agreement,
the company inked with Swan Symphony Sdn Bhd. and Binary Bestari
Sdn Bhd.  In an update, the three parties agreed to extend the
due diligence period for another 18 days or until April 11,
2008, because the due diligence to be carried out by Swan
Symphony and Binary Bestari on UBG, CMS Roads and CMS Tech has
not yet commenced.

The share sale agreement entails:

    * Proposed acquisition of 100% equity interest in CMS Roads
      Sdn. Bhd. from PPES Works (Sarawak) Sdn Bhd. and Sarawak
      Economic Development Corporation;

    * Proposed acquisition of 100% equity interest in CMS
      Pavement Tech Sdn Bhd from PPES Works;

    * Proposed acquisition of 49.21% equity interest in Putrajaya
      Perdana from Swan Symphony;

    * Proposed acquisition of 37.56% equity interest in Loh & Loh
      Corporation from Binary Bestari;

    * Proposed issuance of 182,640,800 new ordinary shares of
      MYR0.25 each in UBG to Majestic Masterpiece Sdn Bhd at an
      issue price of MYR2.50 per new UBG Share; and

    * Mandatory offer by UBG for the remaining shares in
      Putrajaya Perdana and Loh & Loh Corporation not held by UBG
      upon completion of the Proposed Putrajaya Perdana
      Acquisition and Proposed Loh & Loh Corporation Acquisition
      at the offer price of MYR4.85 per Putrajaya Perdana share
      and Loh & Loh Corporation share.

                       About UBG Berhad

Formerly known as Utama Banking Group Berhad, UBG Berhad's
principal activities are banking and related financial services.
Other activities include investment holding and provision of
nominees services.  Operations of the Group are carried out in
Malaysia.

The company is classified under Amended Practice Note 17 of the
Bursa Malaysia Securities Bhd's Listing Requirements after it
completed the disposal of its entire investment in Rashid
Hussain Berhad, leaving UBG with no significant business
operations.


WWE HOLDINGS: Two Board Directors Retire
----------------------------------------
YBhg Dato' Mat Hairi Ismail and YBhg Dato' Boey Chin Gan have
retired from their respective posts as the executive director
and non-executive director of WWE Holdings Bhd.

Moreover, YBhg Dato' Boey Chin Gan has ceased to act as chairman
of the company's Audit Committee.

                      About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.


WWE HOLDINGS: Shareholders Approve All Resolutions at AGM
---------------------------------------------------------
During the annual general meeting held on March 26, 2008,
shareholders of WWE Holdings Bhd approved unanimously the
resolutions tabled including the ordinary resolution that
authorized to allot shares pursuant to Section 132D of the
Companies Act, 1965 and the special resolution on the Proposed
Amendments to the Articles of Association.

Other resolutions that were approved during the annual general
meeting were:

    -- to receive the company's Audited Financial Statements for
       the financial year ended September 30, 2007, and the
       directors' and auditors' reports;

    -- to approve the payment of directors' fees of MYR29,000 for
       the financial year ended September 30, 2007;

    -- to re-elect Ng Wah Tar as a director, who will retire in
       accordance with Article 103 of the company's Articles of
       Association; and

    -- to appoint BDO Binder (AF 0206) as the company's auditors.

The resolution on the re-election of two Directors, namely YBhg
Dato' Mat Hairi Ismail and YBhg Dato' Boey Chin Gan, were not
considered since both had subsequently decided not to seek for
re-elections.

                      About WWE Holdings

WWE Holdings Bhd is engaged in investment holding and is a
contractor for the provision of engineering services related to
design, fabrication, installation and commissioning of water,
wastewater treatment, environmental facilities and construction
activities.  The company's subsidiaries include WWE Construction
Sdn. Bhd., a contractor for the provision of engineering
services related to design, fabrication, installation and
commissioning of water, wastewater treatment, environmental
facilities and construction activities; WWE Industries Sdn.
Bhd., which provides installation of mechanical and electrical
works connected with water, wastewater treatment and
environmental engineering, and Quality Water Technology Sdn.
Bhd., which undertakes research and development activities to
develop new technologies related to water and wastewater.  On
March 23, 2006, WWE acquired the remaining 30% equity interest
in Quality Water.

As reported by the Troubled Company Reporter-Asia Pacific on
March 7, 2008, the company was classified as an Affected Listed
Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing
Requirements because the company's auditors were unable to
ascertain the recoverability of the amounts and the outcome of
the legal suit brought against the company.  Thus, the auditors
are unable to form an opinion on the financial statements of the
Group for the financial year ended September 30, 2007.




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


AREESBE PROPERTY: Appoints John David Naylor as Liquidator
----------------------------------------------------------
On March 5, 2008, shareholders of Areesbe Property Holdings Ltd.
resolved to liquidate the company's business.  John David Naylor
was appointed as liquidator.

The liquidator can be reached at:

           John David Naylor
           c/o A. G. Doig, Naylor Lawrence & Associates
           Guardian Trust House, 4th Floor
           Palmerston North
           New Zealand
           Telephone:(06) 357 0640
           Facsimile:(06) 358 9105


CASPER FREIGHT: Wind-Up Petition Hearing Set for April 18
---------------------------------------------------------
The High Court of Auckland will hear on April 18, 2008, at
10:45 a.m., a petition to have Casper Freight Ltd.'s operations
wound up.

The Commissioner of Inland Revenue filed the petition on Oct. 9,
2007.

The CIR's solicitor is:

           Kathleena Hemotitaha Smith
           c/o Inland Revenue Department
           Legal and Technical Services
           5-7 Byron Avenue
           PO Box 33150, Takapuna
           Auckland
           New Zealand
           Telephone:(09) 984 1309
           Facsimile:(09) 984 3116


CLEAR CHANNEL: Fitch to Keep 'BB-' Ratings if Sale Is Canceled
--------------------------------------------------------------
Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating (IDR) and
Senior Unsecured Ratings would remain in place if the going-
private transaction is not completed.

Fitch originally downgraded Clear Channel's ratings to 'BB-'
from 'BBB-' on Nov. 16, 2006 after the company announced it had
executed a definitive merger agreement with a private equity
group to be acquired for over US$26 billion.  At that time,
Fitch stated that the consummation of the going-private
transaction would likely result in lower ratings, but that any
cancellation of the merger would not result in any upward
movement of the 'BB-' ratings, as management demonstrated a
tolerance for greater leverage.

Clear Channel has significant debt maturities coming due over
the next three years, including its bank facility. Fitch
believes the risk of financial policy revisions must be properly
reflected in the ratings on any future market transactions that
may be used to re-finance these maturities. Executive management
employment agreements extend into 2014.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.


CLEAR CHANNEL: S&P Keeps Negative Watch Posting on 'B+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on Clear
Channel Communications Inc., including the 'B+' corporate credit
rating, remain on CreditWatch with negative implications.  S&P
originally placed them on CreditWatch on Oct. 26, 2006,
following the company's announcement that it was exploring
strategic alternatives to enhance shareholder value.  The
company's proposed leveraged buyout, led by Thomas H. Lee
Partners L.P. and Bain Capital Partners LLC, received FCC
approval on Jan. 24, 2008.

"This CreditWatch update follows unconfirmed news reports that
there could be complications surrounding the proposed financing
for the LBO, which includes roughly US$18.4 billion of senior
secured credit facilities and US$2.6 billion of senior unsecured
notes," explained Standard & Poor's credit analyst Michael
Altberg.

The company still intends to close the deal before the end of
the first quarter.

As S&P has previously indicated, if the deal fails to close, S&P
would expect to raise the ratings, but not back to investment
grade; the proposed LBO has changed S&P's financial policy
expectations for Clear Channel.  In addition, Clear Channel's
contingency plans to increase shareholder value if the pending
deal falls through are uncertain, and could be further
complicated by the currently tight credit environment.

S&P will continue to monitor developments surrounding the
proposed merger.  If the deal successfully closes, and barring
any material changes due to the divestiture of certain assets or
change in financing terms, S&P expects to lower Clear Channel's
long-term corporate credit rating to 'B' from 'B+'.  At the same
time, S&P would expect to lower its rating on the company's
existing senior unsecured notes to 'CCC+' (two notches below the
expected corporate credit rating) from 'B-'.  If the deal fails
to close, the ultimate rating would depend on management's
alternative plans for increasing shareholder value, as well as
its long-term business and financial strategies.

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.


CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says
-----------------------------------------------------------
Clear Channel Communication Inc. faces another potential
struggle aside from facing a possible collapse of its sale to
Thomas H. Lee Partners LP and Bain Capital Partners LLC,
according to Sarah McBride of The Wall Street Journal.  The
report said the company stands to go alone in "a faltering radio
industry."

As reported by the Troubled Company Reporter on March 26, 2008,
the privatization of Clear Channel appeared in danger of
collapsing after the backers failed to reach agreement on the
final financing of the transaction.  The TCR also reported that
the buyers filed complaints in New York state court in Manhattan
and in Bexar County, Texas to force the financiers to keep a
promise to fund the deal in May 2007.  Clear Channel joined the
suit in Texas.

WSJ said, "If the deal isn't completed, Clear Channel will be
back to square one in a business that has declined sharply
during the months it has chased the sale."  The advertising
sector is suffering in general and radio advertising in
particular, the report noted.  Some of Clear Channel's radio
operations have suffered while the sale is pending.  At the time
of the proposed sale, the company owned 1,150 stations.  The
number is now down to about 1,000, the report said.

Clear Channel could depend on its promising billboard
advertising to perform well, but worries remain that broader
economic woes might drag down the sector, according to the
report.

The report supported the idea posited by Bear Stearns analyst
Victor Miller to separate its slower-growing radio business from
the more promising billboard category to restore some confidence
and boost shares.  Mr. Miller also suggested the company could
sell its international outdoor business, the report said.

What the report sees as the bright side at Channel Communication
is the company's lower debt than most similar companies -- which
was noted by Bernstein Research analyst Michael Nathanson.
Clear Channel has a ratio for debt-to-EBITDA of 2.6 for 2008.

Clear Channel had anticipated closing the merger agreement it
entered into in May 2007 by March 31, 2008.  The company's
shareholders approved the adoption of the merger agreement, as
amended, in which Clear Channel would be acquired by CC Media
Holdings Inc., a corporation formed by private-equity funds co-
sponsored by Lee Partners and Bain Capital.  The deal includes
US$19.4 billion of equity and US$7.7 billion of debt.

If the deal is not pushed through, Channel Communications would
get a breakup fee of US$500 million to US$600 million, and it
wouldn't have to sell six radio stations as required under the
privatization.

The banks that agreed to finance the deal include Citigroup
Inc., Morgan Stanley, Deutsche Bank AG, Credit Suisse Group,
Royal Bank of Scotland PLC and Wachovia Corp.

         Restraining Order Issued Against Sale Financiers

The recent WSJ report stated that on Thursday, a judge in Texas
issued a restraining order forbidding the banks from refusing to
fund the merger.  Later in the day, the banks filed a notice to
try to move the suit to federal court, the report stated.

                       About Bain Capital

Boston, Massachussetts-based Bain Capital Partners LLC --
http://www.baincapital.com/-- is a private investment firm with
approximately US$40 billion in assets under management.  Its
family of funds includes private equity, venture capital, public
equity and leveraged debt assets.  Absolute Return Capital LLC
is the global macro affiliate of Bain Capital. Bain Capital
Private Equity has raised nine funds and invested in more than
200 companies.  Bain Capital (Europe) Limited, an affiliate, is
dedicated to investment opportunities in the European market.
Bain Capital Venture Partners LLC is the venture capital arm of
Bain Capital.  Sankaty Advisors LLC, the credit affiliate of
Bain Capital LLC, is a private manager of high-yield debt
obligations.  In October 2006, Michaels Stores Inc. announced
the completion of its merger with affiliates of Bain Capital
Partners LLC and The Blackstone Group.  As a result, Bain
Capital Partners LLC and Blackstone own equal stakes in
Michaels, and funds affiliated with Highfields Capital
Management own a minority stake.

                     About Thomas Lee Partners

Boston, Massachussetts-based Thomas H. Lee Partners LP --
http://www.thlee.com/-- Thomas H. Lee Partners is the teddy
bear at the gate.  Known as a "friendly" leveraged buyout (LBO)
firm, the company uses a mix of debt, funds from institutional
investors, and its own money to buy companies.  Unlike the
fearsome LBO outfits of the 1980s, Thomas H. Lee Partners
eschews the axe for the handshake; it builds up a stake and
courts management cooperation.  Lee then usually sells the
revamped acquisitions or takes them public.  Thomas H. Lee, who
founded Thomas H. Lee Partners in 1974, left his namesake firm
in 2006 to start a long-planned rival hedge fund and private
equity venture.

The company has teamed up with Bain Capital to buy media titan
Clear Channel for almost US$20 billion.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.  As of Dec. 31, 2007, it owned 717 core radio
stations, 288 non-core radio stations which are being marketed
for sale and a leading national radio network operating in the
United States.

Clear Channel holds Standard & Poor's Ratings Services' 'B+'
corporate credit rating and Fitch Ratings' 'BB-' Issuer Default
Rating (IDR) and Senior Unsecured Ratings.


E CUBED ENGINEERING: Commences Liquidation Proceedings
------------------------------------------------------
E Cubed Engineering Ltd. commenced liquidation proceedings on
March 5, 2008.

Creditors 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
           c/o 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


GRAHAM INVESTMENTS: Taps Dring and Jansen as Liquidators
--------------------------------------------------------
On February 26, 2008, Bruce Dring and Edward Jansen were named
liquidators of Graham Investments Ltd.

Creditors are required to file their proofs of debt by March 31,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

           Bruce Dring
           Edward Jansen
           PO Box 30568, Lower Hutt
           New Zealand
           Telephone:(04) 569 9069


GYPSY EVENT: Fixes April 6 as Last Day to File Claims
-----------------------------------------------------
Gypsy Event Services Ltd. requires its creditors to file their
proofs of debt by April 6, 2008, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 6, 2008.

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


IRON MOUNTAIN: Moody's Lifts Rating to B1 on Strong Performance
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
Iron Mountain Incorporated to B1 from B2.  Other ratings on
outstanding debt instruments were also upgraded.  The outlook
for the ratings is stable.

Notwithstanding higher than anticipated capital expenditures and
year-end compensation and benefit accruals, the upgrade
recognizes continued strength in operating performance,
including continued strong growth in storage revenues and
improved debt maturity structure and overall liquidity following
last year's refinancing activity.  Importantly, the upgrade also
incorporates Moody's belief that the primary focus of the
company has shifted from growth through acquisitions to
achieving increased operational efficiencies.  Although
acquisitions are likely to continue, the size of acquired
entities is likely to be substantially less material in relation
to Iron Mountain's size than has been the case in the past.

The Corporate Family Rating of B1 is supported by the company's
prominent position as a global leader in information storage and
data protection, including its strategic expansion in the
digital market in recent years, as well as Moody's expectation
of reduced emphasis on acquisitions relative to the company's
current size going forward.  The ratings benefit from the
company's historical revenue stability, geographical
diversification and low customer concentration.  The ratings
continue to be constrained by high financial leverage, the
significant amount of goodwill and intangibles in relation to
total assets and the low level of pro forma free cash flow
(defined as cash from operations less capital expenditures less
dividends) relative to debt.  Interest coverage for the rating
category of adjusted EBITDA less capital expenditures to
interest expense of 1.3 times is weak for the category. The
ratings also reflect a capital intensive business with most
revenues deriving from paper document storage and related
services which require significant customized physical space.

Moody's took these rating actions:

   -- Upgraded the Corporate Family Rating to B1 from B2;

   -- Upgraded the Probability of Default Rating to B1 from B2;

   -- Upgraded the US$790 million global revolving credit
      facility due 2012 to Ba1 (LGD2, 16%) from Ba2 (LGD2, 13%);

   -- Upgraded the US$410 million IMI term loan facility to Ba1
      (LGD2, 16%) from Ba2 (LGD2, 13%);

   -- Upgraded the C$175 million 7.5% senior subordinated notes
      due 2017 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the EUR 225 million 6.75% Euro senior
      subordinated notes due 2018 to B2 (LGD5, 71%) from B3
      (LGD4, 68%);

   -- Upgraded the US$72 million 8.25% senior subordinated notes
      due 2011 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$200 million 8.75% senior subordinated
      notes due 2018 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$448 million 8.625% senior subordinated
      notes due 2013 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$300 million 7.25% GBP senior subordinated
      notes due 2014 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$438 million 7.75% senior subordinated
      notes due 2015 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the US$316 million 6.625% senior subordinated
      notes due 2016 to B2 (LGD5, 71%) from B3 (LGD4, 68%);

   -- Upgraded the secured drawings under the existing shelf to
      (P)Ba1 (LGD2, 16%) from (P)Ba2 (LGD2, 13%);

   -- Upgraded the unsecured drawings under the existing shelf
      to (P)Ba1 (LGD2, 16%) from (P)Ba3 (LGD2, 27%);

   -- Upgraded the subordinated draws under the existing shelf
      to (P)B2 (LGD5, 71%) from (P)B3 (LGD4, 68%);

   -- Upgraded the preferred stock draws under the existing
      shelf to (P)B3 (LGD6, 97%) from (P)Caa1 (LGD6, 97%);

   -- Upgraded the Trust preferred stock shelf to (P)B2 (LGD5,
      71%) from (P)B3 (LGD4, 68%);

   -- The Speculative Grade Liquidity rating is SGL-3.

   -- The outlook for the ratings is stable.

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services.  The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery.  Founded in 1951, Iron
Mountain has more than 100,000 corporate clients throughout
North America, Europe, Latin America, and Asia Pacific.  Revenue
for the twelve months ended Dec. 31, 2007 was approximately
US$2.7 billion.

Iron Mountain entered the Asia Pacific region for the first time
in December of 2005 through the acquisition of the Australian
and New Zealand operations of Pickfords Records Management.   In
May 2006, Iron Mountain entered India when it formed a joint
venture with Mody Access.   And in June 2006, Iron Mountain
expanded its presence in Australia and New Zealand with the
acquisition of Melbourne-based DigiGuard.


MCBEAU HOLDINGS: Faces CIR's Wind-Up Petition
---------------------------------------------
On September 24, 2007, the Commissioner of Inland Revenue filed
a petition to have McBeau Holdings Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
April 18, 2008, at 10:45 a.m.

The CIR's solicitor is:

           Kathleena Hemotitaha Smith
           c/o Inland Revenue Department
           Legal and Technical Services
           5-7 Byron Avenue
           PO Box 33150, Takapuna
           Auckland
           New Zealand
           Telephone:(09) 984 1309
           Facsimile:(09) 984 3116


R J MANUFACTURING: Wind-Up Petition Hearing Set for June 4
----------------------------------------------------------
A petition to have R J Manufacturing Ltd.'s operations wound up
will be heard before the High Court of Auckland on June 4, 2008,
at 10:00 a.m.

Onsite Solutions Limited filed the petition on February 18,
2008.

Onsite Solutions' solicitor is:

           John Armstrong
           c/o Armstrong Murray, Solicitors
           11 Anzac Street
           PO Box 331028, Takapuna
           Auckland
           New Zealand
           Telephone:(09) 489 9102
           Facsimile:(09) 489 6934


THAI KITCHEN (NEW LYNN): Subject to CIR's Wind-Up Petition
----------------------------------------------------------
On August 17, 2008, the Commissioner of Inland Revenue filed a
petition to have Thai Kitchen (New Lynn) Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
April 9, 2008, at 10:45 a.m.

The CIR's solicitor is:

           Kathleena Hemotitaha Smith
           c/o Inland Revenue Department
           Legal and Technical Services
           5-7 Byron Avenue
           PO Box 33150, Takapuna
           Auckland
           New Zealand
           Telephone:(09) 984 1309
           Facsimile:(09) 984 3116


TREALLUS LTD.: Shareholders Opt to Wind Up Operations
-----------------------------------------------------
Shareholders of Treallus Ltd. met on March 4, 2008, and resolved
to liquidate the company's business.

The company requires its creditors to file their proofs of debt
by April 4, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

           Gordon L. Hansen
           Goldsmith Fox PKF
           PO Box 13141, Christchurch
           New Zealand
           Telephone:(03) 366 6706
           Facsimile:(03) 366 0265


VICTORIA CORPORATE: Undergoes Liquidation Proceedings
-----------------------------------------------------
Shareholders of Victoria Corporate Foods Ltd. met on March 5,
2008, and agreed to voluntarily wind up the company's
operations.

The company's liquidator is:

           John David Naylor
           c/o A. G. Doig, Naylor Lawrence & Associates
           Guardian Trust House, 4th Floor
           Palmerston North
           New Zealand
           Telephone:(06) 357 0640
           Facsimile:(06) 358 9105




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


SAN MIGUEL: Postpones Listing of Brewery Unit to May 12
-------------------------------------------------------
San Miguel Corporation postponed the listing of San Miguel
Brewery, Inc., on the Philippine Stock Exchange from April 22 to
May 12, Agence France-Presse News reports citing a notice posted
on the Philippine Stock Exchange.

As reported by the Troubled Company - Reporter Asia Pacific on
March 14, 2008, the company trimmed its domestic beer unit's
planned April initial public offering by around 6% to US$576
million amid weak financial markets.  San Miguel Corp.'s
recently spun-off subsidiary, filed its revised Offering
Circular with the Securities and Exchange Commission and the
Philippine Stock Exchange in preparation for the IPO, TCR-AP
noted.

According to the report, the initial public offering is now
scheduled to run from April 28 to May 6, while the final offer
price will be fixed on April 24.  The exchange approved on
March 26, SMBI's application to list up to 14.5 billion common
shares, of which up to 1.78 billion shares or about 12% are to
be offered to the public, the report notes.

AFP relates that the shares will be offered at an indicative
price of between PHP8.00 and PHP15.40 apiece.  The offer, the
same report says, will comprise up to 154.9 million new shares
and up to 1.39 billion shares currently held by San Miguel.

SMBI will hold roadshows from April 15 to 24 for the IPO.
Citigroup Global Markets Ltd and ATR Kim-Eng Capital Partners
were hired as bookrunners and lead managers, the report adds.

                          About San Miguel

Headquartered in Manila, Philippines, San Miguel Corporation
-- http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

The TCR-AP reported on November 12, 2007, that Moody's affirmed
the Ba2 local currency corporate family rating of San Miguel
Corporation.  This follows the company's announcement that it is
to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for
AU$325 million and the Australia-based dairy and beverage
producer, National Foods Ltd, for AU$2.8 billion.  The rating
outlook remains stable.

The TCR-AP reported on November 14, 2007, that Standard & Poor's
Ratings Services affirmed its 'BB' long-term foreign currency
corporate credit rating on San Miguel Corp.  The outlook remains
negative.  The affirmation comes after San Miguel announced the
sale of its Australian dairy and juice subsidiary National Foods
Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch
Neg/--), for AU$2.8 billion.




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


B.K.B. ENGINEERING: Court to Hear Wind-Up Petition on April 4
-------------------------------------------------------------
The High Court of Singapore will hear on April 4, 2008, at
10:00 a.m., a petition to have B.K.B. Engineering Construction
Pte. Ltd.'s operations wound up.

Seshadri Rajagopalan, the company's Judicial Manager, filed the
petition.

Seshadri Rajagopalan's solicitors are:

           Drew & Napier LLC
           20 Raffles Place
           #17-00 Ocean Towers
           Singapore 048620


EROAD INTERNATIONAL: Creditors' Proofs of Debt Due April 4
----------------------------------------------------------
Creditors of Eroad International Pte. Ltd., which is in
liquidation, are required to file their proofs of debt by
April 4, 2008, to be included in the company's dividend
distribution.

The company's liquidator is:

           Tay Swee Sze
           c/o 137 Telok Ayer Street #04-01
           Singapore 068602


ISO?BUILD CORPORATION: Court to Hear Wind-Up Petition on April 4
----------------------------------------------------------------
A petition to have Iso?Build Corporation Pte. Ltd.'s operations
wound up will be heard before the High Court of Singapore on
April 4, 2008, at 10:00 a.m.

KCC (Singapore) Pte. Ltd. filed the petition on March 4, 2008.

KCC's solicitors are:

           TSMP Law Corporation
           6 Battery Road #33-01
           Singapore 049909


MEGAVISA SOLUTIONS: Requires Creditors to File Claims by April 3
----------------------------------------------------------------
Megavisa Solutions (Singapore) Pte. Ltd., which is in
liquidation, requires its creditors to file their proofs of debt
by April 3, 2008, to be included in the company's dividend
distribution.

The company's liquidators are:

           Peter Chay Fook Yuen
           Bob Yap Cheng Ghee
           Yeap Lam Kheng
           c/o KPMG
           16 Raffles Quay #22-00
           Hong Leong Building
           Singapore 048581





                          *********

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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