TCRAP_Public/080402.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Wednesday, April 2, 2008, Vol. 11, No. 65

                             Headlines

A U S T R A L I A

C.M.V. MANAGEMENT: Members to Hear Wind-Up Report on April 21
IMM INTERNATIONAL: Members to Receive Wind-Up Report on April 11
LEETON GOLF: Placed Under Voluntary Liquidation
MARETT DESIGN: Commences Liquidation Proceedings
MUSWELLBROOK EQUIPMENT: Members' Final Meeting Is Today

NICHOLSON REALTY: Members and Creditors to Meet on April 14
OPES PRIME: Corporate Watchdog Investigates Irregularities
OPES PRIME: Reco Financial Withdraws Acquisition Deal
OZ WRAP (INTERNATIONAL): Commences Liquidation Proceedings
PERSONAL INVESTMENT: Final Meeting Set for April 11

SAMSON HYDRAULICS: Members Opt to Liquidate Business
ST. GEORGE: Fitch Gives BB Final Rating to AUD1.7M Class D Bonds
TIMEJOY PTY: Liquidator to Give Wind-Up Report on April 11
TOUKLEY FURNISHINGS: Undergoes Liquidation Proceedings


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

BALLY TOTAL: Commences Cash Distribution to Former Stockholders
BANK OF CHINA: Hired by Country Garden for US$200-Mln Loan
BANK OF CHINA: Inks Deal With Deutsche Lufthansa for Two Airbus
CENTRAL CHINA: Commences Liquidation Proceedings
CENTRAL CHINA I.T.: Commences Liquidation Proceedings

CHAINSTOREONLINE.NET: Commences Liquidation Proceedings
CHEERWAY INVESTMENT: Commences Liquidation Proceedings
CHINA EASTERN: Launches Regional Joint Venture With AVIC 1
CHINA SOUTHERN: Launches New Flight Service to Iran
CITIBRIGHT PROPERTIES: Commences Liquidation Proceedings

EXCEL TALENT: Commences Liquidation Proceedings
HKS MACAU: Creditors' Proofs of Debt Due on April 22
HONOR UNITY: Commences Liquidation Proceedings
KAMLEY TRADING: Commences Liquidation Proceedings
MANSFIELD LIMITED: Commences Liquidation Proceedings

* HONG KONG: Fitch Comments on Non-Life Insurance Sector


I N D I A

AES CORP: Andres Gluski Buys 6,200 Shares for US16.30 Each
ESSAR OIL: Issues and Allots 34,227,018 Shares
GENERAL MOTORS: Delphi Wants Indemnification Pact Extended
GUJARAT SPICES: Weak Risk Profile Cues CRISIL's BB+ Ratings
KHATIMA FIBRES: CRISIL Gives BB Ratings to Bank Facilities

MP CHINI: Bank Facilities Get CRISIL's BB & P4 Ratings
PHOENIX SOLAR: CRISIL Assigns BB+ Rating to INR2 Bil. Term Loan
QUEBECOR WORLD: Court OKs Prepetition Payments to 376 Managers
QUEBECOR WORLD: Silvex Seeks Recovery from Insurance Claims
QUEBECOR WORLD: Wants to Employ Three Real Estate Consultants

VIMAL OIL: Low Profit Margins Cue CRISIL's BB+ Ratings


I N D O N E S I A

BANK NEGARA: Posts IDR657.8 Bil. Net Loss in Fourth-Quarter 2007
BANK PANIN: To Sell IDR1.5 Trillion Bonds This Month
BANK PANIN: 2007 Net Profit Up 30.7% to IDR954.91 Billion
BERLIAN LAJU: S&P Lowers Corporate Credit Ratings to 'B'
GARUDA INDONESIA: Government Wants to Sell 40% Stake


J A P A N

ALITALIA SPA: Air France Refuses to Trim Planned Job Cuts
AOZORA BANK: Fitch Affirms 'BB+' Support Rating Floor
DELPHI: Can Continue Implementing Employee Compensation Plan
DELPHI CORP: Wants to Extend Indemnification Agreement With GM
ELPIDA MEMORY: To Increase Chip Prices by 20% Starting April

SHINSEI BANK: Fitch Maintains BB+ Support Rating Floor
XM SATELLITE: State Counsels Balk at DOJ Approval on Sirius Deal


K O R E A

GENEXEL-SEIN: To Issue 10 Million Shares of Common Stock
KAFCO C&I: To Issue Fourth Convertible Bonds


M A L A Y S I A

MALAYSIAN AIRLINE: To Purchase 55 Narrow-Body Planes From Boeing
PAN MALAYSIAN: Appoints Sankar & Yan as Liquidators for Units
TECHVENTURE BERHAD: Moves to Another Location


N E W  Z E A L A N D

ABC LTD.: Subject to CIR's Wind-Up Petition
ADVANCE INTERIORS: Wind-Up Petition Hearing Set for April 7
ARGENT NETWORKS: Commences Liquidation Proceedings
ARTISAN DEVELOPMENTS: Commences Liquidation Proceedings
CLEAR CHANNEL: Banks Want NY State Court to Dismiss Lawsuit

GLOBAL STRATEGY: Requires Creditors to File Claims by April 21
INTERNATIONAL ENVIRONMENTAL: Faces Emerson's Wind-Up Petition
NELSON BUILDING: Fitch Assigns BB Long-Term IDR Rating
PRITAM HOLDINGS: Taps Van Delden & Whittfield as Liquidators
S M SURFBOARDS LTD: Appoints H. Levin & D. Vance as Liquidators

TAG LEASES: Undergoes Liquidation Proceedings
TINDERBOX ADVERTISING: Fixes April 11 as Last Day to File Claims


P H I L I P P I N E S

FEDDERS CORP: Michael Giordano Steps Down as President and CEO


S I N G A P O R E

HOLA DEVELOPMENT: Pays Dividend to Creditors
KNOWLEDGE DIRECTOR: Court Hears Wind-Up Petition
S. H. A. HOLDINGS: Requires Creditors to File Claims by April 21
SCOTTISH: S&P Says Notice of Late Filing Won't Affect Ratings


T H A I L A N D

FEDERAL-MOGUL: Hires Jeff Kaminski as New CFO
FEDERAL-MOGUL: Professionals Seek Postpetition Fees and Expenses
* THAILAND: Banks Face Another Tough Year in 2008, Fitch Says


* Upcoming Meetings, Conferences and Seminars


                          - - - - -


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

C.M.V. MANAGEMENT: Members to Hear Wind-Up Report on April 21
-------------------------------------------------------------
Kerry James Hall, C.M.V. Management Pty. Limited's estate
liquidator, will meet with the company's members on April 21,
2008, at 10:15 a.m. to provide them with property disposal and
winding-up reports.

The liquidator can be reached at:

           Kerry James Hall
           39 East Esplanade, Suite 505, Level 5
           Manly, New South Wales, 2095
           Australia

                      About C.M.V. Management

C.M.V. Management Pty. Limited provides business services.  The
company is located at Walcha, in New South Wales, Australia.


IMM INTERNATIONAL: Members to Receive Wind-Up Report on April 11
----------------------------------------------------------------
Ian D. Kellaway, IMM International Media Marketing Pty. Ltd.'s
estate liquidator, will meet with the company's members on
April 11, 2008, at 10:30 a.m. to provide them with property
disposal and winding-up reports.

The liquidator can be reached at:

          Ian D. Kellaway
          Minett & Partners Services Pty. Limited
          PO Box A173
          Sydney, New South Wales 1235
          Australia

                       About IMM International

IMM International Media Marketing Pty. Ltd. is a distributor of
books, periodicals and newspapers.  The company is located at
Banksmeadow, in New South Wales, Australia.


LEETON GOLF: Placed Under Voluntary Liquidation
-----------------------------------------------
Leeton Golf Club Ltd.'s members agreed on January 17, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Stephen Jay to facilitate the sale of its assets.

The liquidator can be reached at:

           Stephen Jay
           Wollundry Chambers
           Johnston Street, Suite 103, 1st Floor
           Wagga Wagga, New South Wales 2650
           Australia

                         About Leeton Golf

Leeton Golf Club Ltd. operates membership sports and recreation
clubs.  The company is located at Leeton, in New South Wales,
Australia.


MARETT DESIGN: Commences Liquidation Proceedings
------------------------------------------------
Marett Design Pty. Limited's members agreed on February 28,
2008, to voluntarily liquidate the company's business.  The
company has appointed Michael John Morris Smith to facilitate
the sale of its assets.

The liquidator can be reached at:

           Michael John Morris Smith
           Smith Hancock
           88 Phillip Street, Level 4
           Parramatta, New South Wales 2150
           Australia

                         About Marett Design

Marett Design Pty. Limited is involved with glass and glazing
work.  The company is located at Gladesville, in New South
Wales, Australia.


MUSWELLBROOK EQUIPMENT: Members' Final Meeting Is Today
-------------------------------------------------------
John Robert Hallett, Muswellbrook Equipment Hire Pty. Ltd.'s
estate liquidator, will meet with the company's members today,
April 2, 2008, at 10:00 a.m. to provide them with property
disposal and winding-up reports.

According to the Troubled Company Reporter­Asia Pacific, the
company commenced liquidation proceedings on November 23, 2007.

The liquidator can be reached at:

           John Robert Hallett
           Rose & Partners
           109 Liverpool Street, Scone
           New South Wales 2337
           Australia

                     About Muswellbrook Equipment

Muswellbrook Equipment Hire Pty. Ltd. provides business
services.  The company is located at Muswellbrook, in New South
Wales, Australia.


NICHOLSON REALTY: Members and Creditors to Meet on April 14
-----------------------------------------------------------
Nicholson Realty Pty. Limited will hold a joint meeting for its
members and creditors at 10:00 a.m. on April 14, 2008.  At the
meeting, the company's liquidator, Brent Kijurina at Hall
Chadwick, will provide the attendees with property disposal and
winding-up reports.

As reported by the Troubled Company Reporter­Asia Pacific, the
company commenced liquidation proceedings on September 25, 2007.

The liquidator can be reached at:

           Brent Kijurina
           Hall Chadwick
           31 Market Street, Level 29
           Sydney, New South Wales 2000
           Australia

                      About Nicholson Realty

Nicholson Realty Pty. Limited deals with real estate agents and
managers.  The company is located at Katoomba, in New South
Wales, Australia.


OPES PRIME: Corporate Watchdog Investigates Irregularities
----------------------------------------------------------
The Australian Securities and Investments Commission commenced
an investigation into Opes Prime Stockbroking Ltd.

A receiver and an administrator were appointed to Opes Prime and
it has been suspended as a trading, settlement and clearing
participant of the Australian Securities Exchange.

ASIC has formed a special team to investigate any potential
breaches of the Corporations Act.

John Durie of The Australian writes that the ASIC and ASX
investigations are focused on transactions involving clients and
principals of Opes, including its boss Laurie Emini and just how
they related to the firm's capital position.

The Australian Associated Press reports that ASIC obtained
orders from the Federal Court placing travel restrictions on
Opes Chief Executive Lirim "Laurie" Emini.

The AAP states that ASIC will not say if it is pursuing more
legal action in relation to the firm.

A spokesperson for ASIC expressed to the AAP that the company
could not comment at this stage whether any other applications
had been made to the courts by ASIC in relation to Opes.

The AAP quotes the spokesperson as saying, "If we do, we will
make that public after the fact, but we're not going to pre-empt
anything that we're doing as part of our general investigation."

                         About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and holds
      an Australian Financial Services Licence (#247408) which
      enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started business
      with its current shareholders in 2005.  Opes Prime
      Stockbroking is a specialist provider of securities
      lending and equity financing services. In Singapore, the
      firm operates through Opes Prime Group’s wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorized
      Representative status to Trader Dealer Pty Ltd, an on-line
      non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high net
      worth market, providing outstanding risk protection and
      return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                         *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group’s affairs to quantify the likely
liability to OPSL’s clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OPES PRIME: Reco Financial Withdraws Acquisition Deal
-----------------------------------------------------
Reco Financial Services Ltd., which had been intending to
acquire Opes Prime Group Ltd., has terminated the deal,
the Australian Associated Press reports.

In a statement to the Australian Securities Exchange, Reco said,
"The appointment of administrators to Opes Prime has come as a
complete surprise to Reco and its directors who were led to
believe that Opes Prime was a profitable and solvent business."

The AAP further quotes Reco as saying, "Reco has reserved its
legal rights in relation to the vendors of the shares in Opes
Prime, and Opes Prime in relation to the share purchase
agreement and the transaction."

                          About Opes Prime

Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and holds
      an Australian Financial Services Licence (#247408) which
      enables it to deal and advise in financial services
      and products to retail and wholesale clients. The company
      was first registered on 10 March 1999, and started business
      with its current shareholders in 2005.  Opes Prime
      Stockbroking is a specialist provider of securities
      lending and equity financing services. In Singapore, the
      firm operates through Opes Prime Group’s wholly owned
      subsidiary, Opes Prime International Pte Ltd.  In
      Australia, Opes Prime Stockbroking has granted Authorized
      Representative status to Trader Dealer Pty Ltd, an on-line
      non-advisory trading execution service for the semi-
      professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high net
      worth market, providing outstanding risk protection and
      return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                         *     *     *

The Troubled Company Reporter Asia-Pacific reported on April 1,
2008 that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.  The Administrators are
currently examining the Group’s affairs to quantify the likely
liability to OPSL’s clients.

At the same time, Sal Algeri and Chris Campbell from the
Deloitte Corporate Reorganisation Group were appointed by a
secured creditor, ANZ Banking Group Ltd., as Receivers and
Managers of Opes Prime Group Ltd, Opes Prime Stockbroking Ltd,
Leveraged Capital Pty Ltd and Hawkswood Investments Pty Ltd.


OZ WRAP (INTERNATIONAL): Commences Liquidation Proceedings
----------------------------------------------------------
Oz Wrap (International) Pty. Limited's members agreed on
February 26, 2008, to voluntarily liquidate the company's
business.  The company has appointed Sule Arnautovic to
facilitate the sale of its assets.

The liquidator can be reached at:

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

                   About Oz Wrap (International)

Oz Wrap (International) Pty. Limited is involved with deep sea
foreign transportation of freight.  The company is located at
Vincentia, in New South Wales, Australia.


PERSONAL INVESTMENT: Final Meeting Set for April 11
---------------------------------------------------
Personal Investment Planners Pty. Ltd. will hold a final meeting
for its members and creditors at 10:15 a.m. on April 11, 2008.
At the meeting, the company's liquidator, Sule Arnautovic
at Jirsch Sutherland, will provide the attendees with property
disposal and winding-up reports.

The liquidator can be reached at:

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

                     About Personal Investment

Located at Chatswood, in New South Wales, Australia, Personal
Investment Planners Pty. Ltd. is an investor relation company.


SAMSON HYDRAULICS: Members Opt to Liquidate Business
----------------------------------------------------
Samson Hydraulics Pty. Limited's members agreed on February 29,
2008, to voluntarily liquidate the company's business.  The
company has appointed Sule Arnautovic to facilitate the sale of
its assets.

The liquidator can be reached at:

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

                      About Samson Hydraulics

Samson Hydraulics Pty. Limited is a distributor of industrial
and commercial machineries and equipments.  The company is
located at Hexham, in New South Wales, Australia.


ST. GEORGE: Fitch Gives BB Final Rating to AUD1.7M Class D Bonds
----------------------------------------------------------------
Fitch Ratings, on March 31, assigned final ratings to St.George
Bank Limited's Crusade ABS Series 2008-1 prime auto receivables-
backed bonds due March 2015:

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

The notes are issued by BNY Trust Company of Australia Limited
in its capacity as trustee of Crusade ABS Series 2008-1. They
are collateralised by loans and leases over Australian prime
auto receivables.  All loans and leases were originated by St.
George Finance Limited in the ordinary course of business.

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

At the cut-off date of 26 March 2008, the total collateral pool
consisted of 18,504 loans and leases totalling approximately
AUD337.4m.

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

    -- the quality of the mortgage loan collateral;

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

    -- the excess spread available to cover losses;

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

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

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

    -- a sound legal structure.

The final ratings on the Class B, C, D and E notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels.


TIMEJOY PTY: Liquidator to Give Wind-Up Report on April 11
----------------------------------------------------------
Timejoy Pty. Limited will hold a final meeting for its members
and creditors at 10:40 a.m. on April 11, 2008.  At the meeting,
the company's liquidator, Adam Shepard at Star Dean-Willcocks,
will provide the attendees with property disposal and winding-up
reports.

The liquidator can be reached at:

           Adam Shepard
           32 Martin Place, Level 1
           Sydney, New South Wales
           Australia

                         About Timejoy Pty.

Timejoy Pty Limited operates miscellaneous retail stores.  The
company is located in Sydney, New South Wales, Australia.


TOUKLEY FURNISHINGS: Undergoes Liquidation Proceedings
------------------------------------------------------
Toukley Furnishings Pty. Ltd.'s members agreed on February 28,
2008, to voluntarily liquidate the company's business.  The
company has appointed Barry Noel Davis to facilitate the sale of
its assets.

The liquidator can be reached at:

           Barry Noel Davis
           All Coast Accounting Services
           149 Pacific Highway
           Charmhaven, New South Wales 2263
           Australia

                     About Toukley Furnishings

Toukley Furnishings Pty. Ltd. operates floor covering stores.
The company is located at Toukley, in New South Wales,
Australia.




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

BALLY TOTAL: Commences Cash Distribution to Former Stockholders
---------------------------------------------------------------
Bally Total Fitness Holding Corporation commenced the process to
make an initial cash distribution to former stockholders, in
accordance with the terms of Bally's confirmed chapter 11 plan.
The initial cash distribution is US$.31 per share of Old Common
Stock.

Approximately US$3.5 million has been reserved by Bally's
disbursing agent, pending disallowance of certain outstanding
claims that were filed in Bally's chapter 11 case.  These
reserved funds may fund a second distribution to holders of Old
Common Stock, but such a distribution is subject to satisfactory
resolution of the outstanding claims.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates  fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.
Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of June 30,
2007, the Debtors had US$408,546,205 in total assets and
US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


BANK OF CHINA: Hired by Country Garden for US$200-Mln Loan
----------------------------------------------------------
Country Garden Holdings Co. has hired Bank of China Ltd. to
arrange a three-year loan for US$200 million that can be drawn
in the U.S. and Hong Kong currencies, two people privy to the
matter told Bloomberg News.

According to Bloomberg, its sources, who declined to be
identified because the information isn't public, said Country
Garden seeks to raise the amount after higher borrowing costs
forced the Chinese developer to cancel an overseas bond sale
last year.

Patricia Kuo of Bloomberg News relates that the developer sold
its first convertible debt in February after scrapping a US$1
billion bond offering in November.

The loan will add to the CNY4.3 billion it raised in February
from the sale of convertible bonds to invest in projects and
refinance debt, Bloomberg reports.

                        About Country Garden

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Co Ltd is one of the leading integrated
property developers in China.  It has a sizeable land bank of
about 50 million square meters gross floor area spreading over
45 projects located in Guangdong, Anhui, Hubei, Hunan, Jiangsu,
Inner Mongolia, Liaoning, and Chongqing.

On Feb. 21, 2008, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service assigned a Ba1 rating to
Country Garden Holdings Company Limited's CNY3,595 million five
years convertible bonds.  Moody's also affirmed Country Garden's
corporate family rating of Ba1.  The outlook for both ratings
remains stable.

                        About Bank of China

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

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

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


BANK OF CHINA: Inks Deal With Deutsche Lufthansa for Two Airbus
---------------------------------------------------------------
Bank of China Limited has signed agreements with Deutsche
Lufthansa AG for the financing of two Airbus A330-300 aircraft
under Japanese operating lease structures, Thomson Financial
News reports, citing BOC Aviation's statement.

The Euro-denominated facilities of about US$154 million are for
a term of over 12 years, Thomson Financial relates.  The
arrangement is the first aircraft debt facility arranged for
Lufthansa by a Chinese bank, the report added.

BOC Aviation, a wholly owned subsidiary of the bank, acted as
the debt arranger, Thomson Financial reports.

                     About Deutsche Lufthansa

Deutsche Lufthansa AG is a Germany-based holding company with
network of more than 400 subsidiaries and affiliates around the
globe that is involved in the aviation sector.  It operates in
five business segments: Passenger Transportation is the core
business segment, in which Lufthansa offers its customers a
comprehensive network with its own flight connections to 185
cities; Logistics, the company's second core segment, comprises
the sale and execution of air freight transport within the
Lufthansa Group; the Maintenance, Repair and Overhaul segment
provides engineering services for civil aircrafts; the Catering
segment provides airline catering services to international
airlines, and the Information Technology services segment
provides a range of IT services for the airline and aviation
sectors through the Lufthansa Systems group.  In 2007, the
company sold its Leisure Travel business segment.  Deutsche
Lufthansa AG is headquartered in Cologne, Germany.

                        About Bank of China

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

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

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


CENTRAL CHINA: Commences Liquidation Proceedings
------------------------------------------------
Central China International Limited's members agreed on
March 13, 2008, to voluntarily liquidate the company's business.
The company has appointed John Robert Lees to facilitate the
sale of its assets.

The liquidator can be reached at:

           John Robert Lees
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


CENTRAL CHINA I.T.: Commences Liquidation Proceedings
-----------------------------------------------------
Central China I.T. Limited's members agreed on March 13, 2008,
to voluntarily liquidate the company's business.  The company
has appointed John Robert Lees to facilitate the sale of its
assets.

The liquidator can be reached at:

           John Robert Lees
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


CHAINSTOREONLINE.NET: Commences Liquidation Proceedings
-------------------------------------------------------
Chainstoreonline.net Limited's members agreed on March 13, 2008,
to voluntarily liquidate the company's business.  The company
has appointed John Robert Lees to facilitate the sale of its
assets.

The liquidator can be reached at:

           John Robert Lees
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


CHEERWAY INVESTMENT: Commences Liquidation Proceedings
------------------------------------------------------
Cheerway Investment Limited's members agreed March 13, 2008, to
voluntarily liquidate the company's business.  The company has
appointed Ng Kwok Tung and Chan Wai Kee to facilitate the sale
of its assets.

The liquidators can be reached at:

           Ng Kwok Tung
           Chan Wai
           Room 201-205
           Alliance Building, 2nd Floor
           130-136 Connaught Road
           Central, Hong Kong


CHINA EASTERN: Launches Regional Joint Venture With AVIC 1
----------------------------------------------------------
China Eastern Airlines and AVIC I has launched their Joy Air
joint venture in Beijing aiming to support the development of
domestically produced aircraft and tapping the regional market
in western China, Katie Cantle of ATW Daily News reports.

According to Ms. Cantle, the new regional carrier celebrated its
launch by signing a letter of intent to purchase 10 ARJ21s.  Joy
Air is based in Xi'an, China and has registered capital of CNY1
billion, the report relates.  Ms. Cantle adds that AVIC I is Joy
Air's controlling shareholder with a 60% stake and an investment
of CNY600 million, while China Eastern will contribute CNY400
million and hold the remaining 40%.

China Eastern Chairman Li Fenghua noted to ATW Daily that the
new venture will prioritize "cost control" in order to attract
more passengers with lower fares.  "Joy will establish a broad
regional route network in West China, which will be connected
with CEA's trunk route network so that passengers can enjoy a
more convenient and efficient trip," ATW Daily quotes Mr. Li as
saying.  "Currently there are more than 100 regional airports in
China and the Chinese government is going to construct 45 more
regional airports by 2010, which will provide a broad
development space for Joy," Mr. Li added, ATW Daily reports.

                       About China Eastern

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

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

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


CHINA SOUTHERN: Launches New Flight Service to Iran
---------------------------------------------------
China Southern Airlines has launched its new service to Tehran,
Iran, offering Sky Pearl Club frequent flyers very special
mileage bonuses.

China Southern is also starting double daily service between
Beijing - Seoul and Beijing - Hong Kong with FFP incentives.

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

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


CITIBRIGHT PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------------
Citibright Properties Limited's members agreed on 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 liquidators can be reached at:

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


EXCEL TALENT: Commences Liquidation Proceedings
-----------------------------------------------
Excel Talent Enterprise Limited's members agreed on March 13,
2008, to voluntarily liquidate the company's business.  The
company has appointed John Robert Lees to facilitate the sale of
its assets.

The liquidator can be reached at:

           John Robert Lees
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


HKS MACAU: Creditors' Proofs of Debt Due on April 22
----------------------------------------------------
Creditors of HKS Macau Holdings Limited are required to file
their proofs of debt by April 22, 2008, to be included in the
company's dividend distribution.

The company's liquidator is:

          Chan Sun Kwong
          Oriental Centre, Room 102, 1st Floor
          67-71 Chatham Road
          Tsimshatsui
          Kowloon, Hong Kong


HONOR UNITY: Commences Liquidation Proceedings
----------------------------------------------
Honor Unity Development Limited's members agreed on March 13,
2008, to voluntarily liquidate the company's business.  The
company has appointed John Robert Lees to facilitate the sale of
its assets.

The liquidator can be reached at:

           John Robert Lees
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


KAMLEY TRADING: Commences Liquidation Proceedings
--------------------------------------------------
Kamely Trading Limited's members agreed on 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 liquidators can be reached at:

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


MANSFIELD LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
Mansfield Limited's members agreed on March 13, 2008, to
voluntarily liquidate the company's business.  The company has
appointed John Robert Lees to facilitate the sale of its assets.

The liquidator can be reached at:

           John Robert Lees
           1904 Hong Kong Club Building
           3A Charter Road
           Central, Hong Kong


* HONG KONG: Fitch Comments on Non-Life Insurance Sector
--------------------------------------------------------
In a special report published yesterday, Fitch Ratings provided
its latest views on the opportunities and threats facing the
Hong Kong non-life insurance sector.

Given Hong Kong's relatively small and mature market, Fitch
believes that the threats facing the non-life insurers will
outweigh the opportunities in the next 12-24 months.  The agency
expects that price will remain the basis of competition for the
vast majority of business lines.  There are already signs that
premium rates are softening further, potentially leading to
shrinking premium volumes.  The situation is worrying, as one
would expect claim costs to continue to rise in an inflationary
environment.

The accident and health business, as the agency pointed out back
in 2005, remains the single most promising segment, although the
positive trend might benefit only the participants with the
strongest franchises, distribution channels and operational
expertise.

Overall, Fitch believes that companies with solid credit
profiles continue to have the ability to manage the structural
and cyclical challenges facing the industry in the near term.
Insurers with ownership and operational ties to stronger
financial services or corporate groups would also potentially
benefit from parental support, should the need arise. In the
agency's view, companies with high premium leverage and risk
concentrations in the motor and employees' compensation business
will remain the most vulnerable if operating conditions continue
to deteriorate.

The special report, entitled "The Hong Kong Non-life Sector:
Navigating through Structural and Cyclical Challenges", will be
available shortly on the agency's Web site
http://www.fitchratings.com




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

AES CORP: Andres Gluski Buys 6,200 Shares for US16.30 Each
----------------------------------------------------------
AES Corp.'s Executive Vice President and Chief Operating Officer
Andres Gluski has purchased 6,200 shares in the company for up
to US$16.30 each.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, India,
Kazakhstan, Oman, Qatar, Pakistan and Sri Lanka.  Fuels include
coal, diesel, hydro, gas and oil.  AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                            *     *     *

The AES Corporation still carries Moody's Investors Service's
Corporate Family Rating and the senior unsecured rating assigned
at B1.  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.


ESSAR OIL: Issues and Allots 34,227,018 Shares
----------------------------------------------
Essar Oil Ltd. disclosed in a regulatory filing with the Bombay
Stock Exchange that it has issued and allotted the first tranche
of 34,227,018 equity shares of INR10 each (face value) fully
paid up at a price of INR200 per share.

The share issuance is pursuant to the company's plans to issue
US$2 billion Global Depository Shares to promoters on
preferential basis.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, Essar Oil wanted to raise up to US$2 billion for its
various developmental business activities.   The company will
raise the funds by issuing debt or equity in the domestic or
international markets and/or via qualified institutional
placement.

According to the BSE filing, the shares were issued and alloted
in favor of the overseas depository The Bank of New York
represented by 223,706 GDSs aggregating to US$170.787 million.

                        About Essar Oil

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,
production and marketing of oil and gas.  The company's
principal activities are to develop, explore, produce, and
refine oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


GENERAL MOTORS: Delphi Wants Indemnification Pact Extended
----------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to
extend the indemnification agreement between Delphi Corp. and
General Motors Corp. with respect to the UAW Benefit Guarantee,
dated as of Dec. 22, 1999, for an additional time period of up
to 15 days, until April 15, 2008, if GM extends its obligations
under the UAW Benefit Guarantee by the same period of time.

As reported in the Troubled Company Reporter on June 26, 2007,
the United Automobile, Aerospace and Agricultural Implement
Workers of America, Delphi, and GM entered into a memorandum of
understanding.  Among other things, the UAW-Delphi-GM Memorandum
of Understanding was designed to enable Delphi's continued
transformation to more competitive wage and benefit levels and
to address divestiture, work rules, and staffing level issues in
the Debtors' workforce.

Pursuant to the UAW-Delphi-GM Memorandum of Understanding, the
UAW, Delphi, and GM also agreed to the "Term Sheet—Delphi
Pension Freeze and Cessation of OPEB, and GM Consensual
Triggering of Benefit Guarantee," which facilitates the freezing
of Delphi's pension plan and the assumption of billions of
dollars of OPEB liabilities by GM, thereby dramatically reducing
Delphi's ongoing benefit costs.  The UAW-Delphi-GM Memorandum of
Understanding was ratified by the UAW membership on June 28,
2007, and approved by the Court on July 19, 2007.

The UAW-Delphi-GM Memorandum of Understanding extended the time
period for certain of GM's obligations under the Sept. 30, 1999
Benefit Guarantee Agreement between GM and the UAW to March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31, 2007.  Delphi and GM also
agreed that the eighth anniversary date reference in the
Indemnification Agreement would be extended until March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31.  The Debtors' Chapter 11
Plan, however, was not confirmed and substantially consummated
by Dec. 31.  Nonetheless, the UAW-Delphi-GM Memorandum of
Understanding additionally provided that the March 31, 2008 UAW
Benefit Guarantee extension date would be extended to "such
later date as Delphi and GM will agree to extend the
Indemnification Agreement expiration."

Under the provisions of the Memorandum of Understanding approved
by the Court on July 19, 2007, the Debtors believe that they
already have authority to extend the Indemnification Agreement
for additional time periods.  Out of an abundance of caution,
however, and as a result of GM's unique role in the Chapter 11
cases, the Debtors seek the Court's authority to extend the
Indemnification Agreement.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, asserts that an extension will
allow Delphi's indemnification obligations under the Indemnity
Agreement to continue uninterrupted until it has emerged from
Chapter 11.  If the Plan is not consummated, the extension will
also provide additional time for the Debtors to consider whether
additional extensions are appropriate or viable.

The extension, in the exercise of the Debtors' business
judgment, is in the best interests of the Debtors' estates,
creditors, and other parties-in-interest, including Delphi's
employees, Mr. Butler asserts.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                              About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                           *     *     *

As reported in the Troubled Company Reporter on March 26, 2008,
Standard & Poor's Ratings Services placed the ratings on General
Motors Corp., American Axle & Manufacturing Holdings Inc., Lear
Corp., and Tenneco Inc. on CreditWatch with negative
implications.   The CreditWatch placement reflects S&P's
decision to review theratings in light of the extended American
Axle (BB/Watch Neg/--)strike.

The work stoppage that began Feb. 25 at American Axle's U.S.
United Auto Workers plants has forced closure of many GM
(B/Watch Neg/B-3) plants, as well as plants of certain GM
suppliers.  The strike began after the expiration of the four-
year master labor agreement with American Axle.  Although S&P
still expects American Axle and the UAW to reach an agreement
that will reflect more competitive labor costs, the timing is
unknown.

To resolve the CreditWatch listings, S&P's will assess the
strike's impact on the companies' credit profiles, particularly
liquidity, once production resumes.  S&P could lower the ratings
any time prior to a resolution of the Axle strike if the
liquidity of the companies becomes compromised, although
downgrades are not likely for another several weeks.

As reported in the Troubled Company Reporter on Feb. 28, 2008,
Fitch Ratings has affirmed the Issuer Default Rating of General
Motors at 'B', with a Rating Outlook Negative.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
Moody's Investors Service affirmed its rating for General Motors
Corporation (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity
rating) but changed the outlook to Stable from Positive.  In an
environment of weakening prospects for US auto sales GM has
announced that it will take a non-cash charge of $39 billion for
the third quarter of 2007 related to establishing a valuation
allowance against its deferred tax assets in the US, Canada and
Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


GUJARAT SPICES: Weak Risk Profile Cues CRISIL's BB+ Ratings
-----------------------------------------------------------
CRISIL has assigned bank loan ratings of ‘BB+/Stable/P4’ to
Gujarat Spices and Oilseeds Growers Co-operative Union’s bank
facilities:

    INR153 Million Cash Credit Limits            BB+/Stable
    INR300 Million Term Loans                    BB+/Stable
    INR67 Million Working Capital Demand Loan    P4
    INR1200 Million Letter of Credit Limits      P4
    INR130 Million Bank Guarantee                P4

The ratings reflect the Union’s weak financial risk profile, and
low profit margins due to the commoditised nature of the edible
oil refining business, and high working capital requirements.
These weaknesses are, however, partially mitigated by incentives
provided by the government, favourable location of GSOGCU’s
manufacturing facility, and healthy growth in revenues.

The consolidated financial risk profile of GSOGCU and Vimal Oil
and Foods Ltd is weak, marked by low profitability and net
worth, high working capital requirements and gearing, and below
average debt protection indicators.  For arriving at the rating,
CRISIL has combined the financials of GSOGCU and VOFL owing to
the extension of guarantees (aggregating INR1.5 billion) by VOFL
for loans taken by GSOGCU.

The net profitability has been around 1 per cent since 2003-04
(refers to financial year, April 1 to March 31), resulting in a
low net worth of INR286 million as on March 31, 2007.  Short
term borrowings (used to fund working capital levels) have been
increasing in line with higher business levels, resulting in
adverse gearing levels of nearly 4 times as on March 31, 2007.
The net cash accruals to total debt and interest coverage ratios
were below average at around 0.11 times and 2.21 times,
respectively in 2006-07.  In addition, the Union’s financial
flexibility is constrained as reflected in its limited ability
to raise resources at competitive rates.  Also, GSOGCU’s edible
oil business is exposed to availability (inputs), regulatory and
pricing risks.

GSOGCU, however, benefits from sales tax concessions.  The
Union’s manufacturing facility is strategically located in Kutch
(Gujarat), which helps it lower transportation cost of inputs
and distribution cost of end products.  GSOGCU-VOFL’s combined
revenues have registered a healthy compounded annual growth of
35 per cent in the 2004-05 to 2006-07 period, supported by its
well diversified geographical presence across Gujarat, Rajasthan
Uttar Pradesh, Himachal Pradesh and Assam.  The Union proposes
to leverage its established brand in these states, and further
expand its reach in northern and north-eastern states of India.
CRISIL believes that these initiatives, along with healthy
demand prospects for branded edible oils, will enable sustenance
of healthy growth in revenues over the medium term.

                          Outlook: Stable

GSOGCU’s business growth is likely to remain healthy, although
the operating margins will remain weak over the medium term.
The consolidated financial profile is also expected to remain
weak over the medium term, though gearing levels will witness a
moderate improvement to about 1.5 times due to better accruals
and an equity infusion in 2007-08.  The outlook may be revised
to ‘Negative’ in case of substantial deterioration in the
overall credit profile.  Conversely, the outlook may be revised
to ‘Positive’ in case of substantial improvement in the overall
credit profile.

                            About GSOGCU

Gujarat Spices and Oilseeds Growers Co-operative Union is a
state-level co-operative federation set up in August 2003 in
order to avail of the benefits available under the Gujarat
Earthquake Relief Programme.  The Union, located in Gujarat is
engaged in the business of edible oil refining.  It has an
installed capacity of 270,000 tonnes per annum for oil refining.
GSOGCU’s products are sold under the brand names Shreeji (soya
oil), Oscar (palm oil), Lijjat (vanaspati), and Shreehari
(palmolein).  The Union uses Vimal Oil and Foods Ltd’s marketing
network for its sales and pays a proportionate share of the
marketing manpower cost.  It also has its own small marketing
network in states where VOFL does not have a presence. For 2006-
07, the GSOGCU-VOFL combine’s consolidated profit after tax
stood at INR92.45 million (INR40.22 million in the previous
year) on net sales of INR8.60 billion (INR7.22 billion).


KHATIMA FIBRES: CRISIL Gives BB Ratings to Bank Facilities
----------------------------------------------------------
CRISIL has assigned bank loan ratings of 'BB/Stable/P4' to the
various bank facilities of Khatema Fibres Ltd:

    INR358.5 Million Term Loans              BB/Stable
    INR460 Million Cash Credit Limit         BB/Stable
    INR35 Million Letter of Credit Limit     P4

The ratings reflect Khatema Fibres' constrained financial
flexibility, moderate financial risk profile, and susceptibility
of margins to fluctuations in raw material prices.

These weaknesses are, however, partially mitigated by the
company's operational advantages arising from plant
modernisation and state government incentives, and its
established position in manufacturing kraft liner boards.

Khatema Fibres' business is highly working capital intensive,
primarily because of its dependence on imported waste paper and
the long lead time between the placing of an order and receipt
of raw material.  The company maintains a very high inventory
level, exceeding 170 days.  High working capital requirements,
limited flexibility to stretch creditors, and inadequate cash
buffers, have led to delays in the repayment of short-term
borrowings by two to three days in the past.  This was further
aggravated by a fire accident in its raw material yard in
November 2007, due to which the company had delayed on the
interest and principal repayment due on one of its term loans in
December 2007; the payments were subsequently regularised, in
February 2008.

Though the company’s overall cash accruals have been sufficient
to meet its term loan repayment requirements, such liquidity
mismatches, however, severely impair the company’s financial
flexibility.  Khatema Fibres’ financial risk profile is marked
by a moderate net worth of less than INR500 million, a high
gearing level ranging between 1.5 and 1.8 times over the past
five years, and moderate debt protection measures. The high
gearing is attributed to the large debt-funded capital
expenditure in the past.  With relatively moderate capex plans
going forward, CRISIL expects Khatema Fibres’ gearing to improve
gradually; however, its debt protection measures are expected to
continue to remain moderate -- net cash accruals to debt ratio
of less than 0.2 times and interest coverage of less than 2.6
times -- over the near to medium term.  Also, high fragmentation
in the domestic industrial paper industry makes it difficult to
pass on raw material price increases to end-users.  Hence, the
company’s margins remain vulnerable to fluctuations in
international waste paper prices.

Khatema Fibres has, however, consistently modernised and
balanced its capacities, since inception.  This has resulted in
the company attaining a high capacity utilisation, of more than
90 per cent.  Also, the recently installed double-loop de-inking
system is expected to reduce the cost of raw materials used and,
thus, improve the company’s operating margins.  The company also
benefits from a number of incentives offered by the Uttarakhand
government as part of its policy to attract investments in the
state.  These include subsidised power and income tax
exemptions.  Khatema Fibres has over 17 years’ experience in
manufacturing kraft liners boards.  It pioneered the production
of three-layered kraft paper in India.

                          Outlook: Stable

CRISIL expects Khatema Fibres Ltd’s financial flexibility to
remain constrained on account of its high gearing and lapses in
managing short-term liquidity mismatches.  The rating may have a
further negative bias if there is continued delay/default in
debt servicing; or if the company undertakes large, debt-funded
capex programmes.  Conversely, the rating may have a positive
bias if Khatema Fibres maintains adequate buffers to fund
liquidity mismatches, and its capital structure improves
materially from current levels.

                        About Khatema Fibres

Khatema Fibres was promoted by R. C. Rastogi in 1985.  The
company manufactures a range of industrial papers such as
bleached and unbleached kraft liner boards, coloured kraft paper
for applications such as packaging, electrical insulation, carry
bags, and poster paper. It also makes newsprint and speciality
papers such as crepe tissue. The company is held closely by the
promoter’s family and friends. For the year ended March 31,
2007, Khatema Fibres reported a net profit of Rs.77.9 million on
net sales of Rs.1085.2 million, as against a net profit of Rs.93
million on net revenues of Rs.903.8 million in the previous
year.


MP CHINI: Bank Facilities Get CRISIL's BB & P4 Ratings
------------------------------------------------------
CRISIL has assigned bank loan ratings of ‘BB/Stable/P4’ to MP
Chini Industries Limited’s bank facilities:

     INR403.5 Million Cash Credit*   BB/Stable
     INR22 Million Bank Guarantee    P4

* Interchangeable with sub-limits (Documentary Bill Discounted,
Overdraft against Discounting and Demand Loans)

The ratings take into account the company’s weak financial
profile, low integration of its sugar facility, unfavourable
location of its plant, and high levels of regulatory risk.
These weaknesses, are however, partly mitigated by the company’s
high utilization levels and average sugar recovery rate.

Sluggish sugar prices and high sugarcane prices have weakened MP
Chini’s financial risk profile since the second half of 2006-07
(refers to financial year, April 1 to March 31).  Consequently,
in 2006-07, the company reported low net profits of
INR5.5 million, as against INR74 million in 2005-06.  MP Chini’s
low net worth (INR206 million as on March 31, 2007) also
increases its vulnerability to cyclical downturns in sugar
prices, as witnessed at present.  Besides, weak debt protection
measures and high gearing levels (1.30 times as on March 31,
2007) also limit the company’s ability to undertake sizeable
capital expenditure.

MP Chini like most of its peers, has reported losses at the
operating and net level in the first nine months of 2007-08.  To
offset the losses and liquidity pressures being faced by
domestic manufacturers, the Bihar government has offered subsidy
assistance for cane payment for the 2006-07 sugar season (refers
to the period, October 1 to September 30) and has lowered
sugarcane price for the 2007-08 sugar season, while the
government of India also announced buffer stock subsidy
assistance as well as interest-free loans for sugar
manufacturers to the extent of excise duty paid for 2006-07
sugar season.  However, these measures are expected to provide
only temporarily relief on the liquidity front, for most
players, including MP Chini.  This is because though domestic
sugar production is estimated to decline to about 26 million
tonnes in the 2007-08 sugar season, higher stock levels from the
previous season are expected to limit significant improvement in
sugar prices in the near term.  Also, sugarcane prices are
likely to move up as sugar prices start improving, and this
could limit any significant improvement in MP Chini’s currently
weak financial profile.

MP Chini is a standalone sugar manufacturer, and has yet to
diversify its operations into co-generation of power (for sale)
or distillery operations.  Besides, the landlocked nature of its
sugar manufacturing facility (in West Champaran, Bihar) and long
distance from the Kolkata port, limits its ability to export
sugar/import raw sugar for processing.  Also, the sugar industry
is highly regulated, with the GoI maintaining controls over both
pricing and supply of sugarcane and sale of sugar.
Consequently, the credit quality of domestic players continues
to hinge on sugarcane price regulations, the export-import
policy, and GoI’s sugar release mechanism.

Notwithstanding the above, MP Chini has maintained high levels
of capacity utilisation (over 95 per cent in 2006-07), and has
also maintained a base recovery rate of 9 per cent over the past
four years, which is at par with those of average players in the
industry.

                          Outlook: Stable

CRISIL believes sugar prices will register a limited improvement
over the near term, as high carryover stocks from the 2006-07
sugar season are expected to partially offset the impact of
lower sugar production in the 2007-08 sugar season.  CRISIL
expects that MP Chini’s overall credit profile, which began
deteriorating in the second half of 2006-07, will hence continue
to face moderate pressure in the near term.  The outlook may be
revised to ‘Negative’ should the company’s financial position
deteriorate significantly in the near term, leading to inability
in meeting debt obligations in a timely manner.  Conversely, the
outlook may be revised to ‘Positive’ in case of a significant
increase in sugar prices, leading to an improved financial
position for MP Chini.

                          About MP Chini

MP Chini is among the smaller players in the sugar industry,
with a licensed capacity of 3500 tonnes of cane crushed per day.
The company’s 4 MW bagasse-based co-generation plant suffices to
meet its power requirements.  MP Chini has around 1,000 acres of
agricultural land, around 40 per cent of which is used for cane
cultivation and seed trials.  For 2006-07, the company reported
a net profit of INR5.5 million on sales of INR847 million, as
against a net profit of INR74 million on sales of INR627 million
in the previous year.


PHOENIX SOLAR: CRISIL Assigns BB+ Rating to INR2 Bil. Term Loan
---------------------------------------------------------------
CRISIL has assigned a bank loan rating of ‘BB+/Stable’ to
Phoenix Solar India Ltd’s INR2 billion term loan.  The rating
reflects:

    -- the implementation risk associated with the company’s
       project,

    -- the company’s lack of tie-ups with raw material suppliers
       in a situation where supplies are short, and

    -- the fact that funding for the project has not been fully
       arranged.

The rating also factors in the healthy prospects of the solar
power industry, the promoters’ long experience in running
entrepreneurial ventures, and the company’s use of the proven
and well-established crystalline wafer technology.

Phoenix Solar’s project is technology­intensive.  Its order for
machinery has been placed, but the machines will arrive only in
November 2008, and production is likely to commence from April
2009.  Delays in the arrival of machines and stabilisation of
production lines could result in production delays.  Further,
for smooth implementation of the project, the technology needs
to be successfully absorbed by the company’s technical team,
which is to be recruited over the next 6 to 12 months.  The
company’s success in getting experienced staff, and the
absorption of technology and smooth running of the lines by shop
floor employees, will be key rating sensitivity factors.
Moreover, Phoenix Solar has not yet tied up with any raw
material suppliers for the supply of silicon wafers, the key raw
material for photovoltaic (PV) cells.

The project will cost around INR3 billion, to be funded at a
debt-to-equity ratio of 2:1.  The equity portion will be funded
by the promoters, but the debt funding has not been tied up yet.
Moreover, the working capital requirements of the project will
be high because of the need to maintain large inventory; bank
lines for working capital are yet to be arranged.

These weaknesses are partially offset by the strong demand for
PV cells due to government support through subsidies and tax
holidays.  The promoters, with their long-standing experience
behind them, have exhibited their ability to successfully run
projects and scale up operations.  Moreover, the company will be
using crystalline wafer technology, which has been tested and
commercially implemented globally by major PV manufactureINR The
PV cell lines are being sourced from the Schmid group, Germany,
which has given a performance guarantee and will train Phoenix
Solar’s staff and provide annual maintenance services.

                          Outlook: Stable

The outlook on Phoenix Solar’s proposed PV cells manufacturing
project factors in the promoters’ strong entrepreneurial
background and their technology tie-up with the Schmid group.
The outlook also factors in the expected strong cash accruals
from the business, and consequent improvement in capital
structure over the medium term.  The outlook may be revised to
‘Positive’ if there are no project delays and if the company
manages to enter into long-term contracts for the supply of the
key input, silicon wafers.  Conversely, the outlook may be
revised to ‘Negative’ in case of cost overruns or delays.
Lower-than-expected profitability will also lend a negative bias
to the rating.

                        About Phoenix Solar

Phoenix Solar was incorporated in February 2006 by B. K. Gupta
and his son H. R. Gupta.  The company plans to set up a 70-mega
watt capacity plant in Greater Noida to manufacture PV cells
using the crystalline wafer technology.


QUEBECOR WORLD: Court OKs Prepetition Payments to 376 Managers
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Quebecor World Inc. and its debtor-affiliates to pay
the accrued prepetition payments due under their Management
Incentive Compensation Plan and Plant Based Incentive Plan.

The Debtors sought the Court's permission to pay 376 managers
prepetition payments due under certain incentive plans for the
second half of 2007, which will become due and owing on
March 31, 2008:

                                     Prepetition
     Plan    No. of Employees        Amount Due
     ----    -----------------       ----------
     MICP          135              US$2,627,776
     PBIP          241              US$1,949,760

The Court, however, has not yet given the Debtors permission to
continue their Management Incentive Compensation Plan and the
Plant Based Incentive Plan postpetition and in the ordinary
course of business.  The Court will consider the request in the
next omnibus hearing.

As reported in the Troubled Company Reporter on March 24, 2008,
according to Michael Canning, Esq. at Arnold & Porter LLP, in
New York, the Debtors maintain two annual incentive plans for
its management employees: the Management Incentive Compensation
Plan and the Plant Based Incentive Plan.  Mr. Canning notes that
these Incentive Plans are integral components of how the Debtors
reward and encourage their important managerial employees.

                       About Quebecor World

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; 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 $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: Silvex Seeks Recovery from Insurance Claims
-----------------------------------------------------------
Silvex Designs, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to lift the automatic stay
to allow it to prosecute its lawsuit against Quebecor World Inc.
and its affiliates, in order to recover from the Debtors'
insurance carrier claims for damages, through trial or
settlement.

According to Beata Shapiro, Esq., at Wilson, Elser, Moskowitz,
Edelman & Dicker LLP, in Stamford, Connecticut, on Aug. 29,
2006, Silvex retained Quebecor World Logistics, Inc., doing
business as QW Express, to transport a consignment of 4,009
pounds of sterling silver jewelry from Silvex's office in New
York to a trade show in Arizona.  Silvex claims that 1,000
pounds of the goods, amounting to US$332,872, were missing upon
their consignment in Arizona.

The Debtors maintained an insurance policy with Navigators Ins.
Co. through Navigators Management (UK) Ltd, which was effective
at the time the goods were lost, and which policy affords
coverage for Silvex's damages, Ms. Shapiro says.

Silvex instituted an action in the U.S. District Court for the
Southern District of New York on May 11, 2007, against QW
Express and other parties involved in the shipment.

                       About Quebecor World

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; 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 $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 Employ Three Real Estate Consultants
-------------------------------------------------------------
Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to
employ (a) Prime Locations, LLC, (b) George Comfort & Sons, Inc.
and (c) The CORE Network for various real estate consulting
services, nunc pro tunc to March 1, 2008.

CORE is a non-profit national network of approximately 40 real
estate firms and approximately 1,000 individual brokers and
consultants.  CORE is experienced in representing clients in
numerous aspects of chapter 11 business operations and is well
qualified to represent the Debtors in the Chapter 11 cases.
CORE's national reach enables it to provide services to clients
with real estate interests across the United States.

Prime is affiliated with CORE's network of real estate firms and
is a nationally recognized real estate consulting firm with
extensive and specific experience in valuing portfolios,
negotiating leases, effecting sales of assets in Chapter 11 and
Chapter 7 cases, reduction of landlord claims and expert
testimony.

Comfort is a national real estate firm, with extensive knowledge
of the Debtors' real estate portfolio and vast experience in
maximizing value and minimizing liabilities related to leased
and owned properties.

Under Work Authorization #1, the RE Consultants will prepare a
Real Market Valuation report setting forth the market rent or
market value for 96 sites identified by the Debtors.  The
Valuation Services will include, as appropriate:

    (a) review of all applicable leases, lease summaries, charts,
        deeds, title documents and related documents provided by
        the Debtors;

    (b) communications with real estate professionals and retail
        operators knowledgeable with respect to the locations of
        the Debtors' sites;

    (c) determination of the market value and market rent for
        each site; and

    (d) determination of the marketability, financing and
        disposition potential of the sites based on an analysis
        of the market and documents provided by the Debtors.

With respect to Work Authorization #2, the services to be
provided by the RE Consultants relate to lease negotiations and
modifications, and, to the extent advisable, arranging for sales
of certain of the Debtors' leasehold and fee interests.  The
Restructuring Services will include:

    (i) re-negotiating certain of the Debtors' leases;

   (ii) selling certain leasehold interests and fee interests;
        and

  (iii) locating and negotiating leases for replacement locations
        for existing leases.

The Debtors have determined that the joint retention of CORE,
Prime and Comfort will enable them to undertake a restructuring
of their real estate interests quickly and efficiently, and that
access to more than one professional firm will increase the
speed with which the Debtors can undertake an analysis of their
real estate interests and begin to make decisions regarding
restructuring or disposing of certain assets.

According to Michael Canning, Esq., at Arnold & Porter LLP, in
New York, the need for multiple real estate advisors arises in
large part from the fact that the Debtors have a large number of
geographically dispersed real estate holdings, and the Debtors
believe that there is little risk of duplication of effort by
CORE, Prime and Comfort.  Nevertheless, the Debtors are mindful
of concerns with respect to duplication of efforts when multiple
professionals are retained.  In this regard, the Debtors, CORE,
Prime and Comfort have agreed to communicate regularly and work
closely to ensure that no such duplication occurs and, in all
events, the Debtors will only be responsible for one fee in
connection with each transaction.

The Debtors and the RE Consultants have negotiated separate
compensation arrangements for each of the Valuation Services and
the Restructuring Services.

For the Valuation Services, the RE Consultants will charge the
Debtors $250 for each of the 96 locations to be the subject of
the Real Market Valuation report, for a total fee of $24,000.
This fee will be a comprehensive fee for the Valuation Services,
with the exception of any travel expenses incurred by the RE
Consultants on account of visits to the Debtors at their offices
or elsewhere at the Debtors' request.

As compensation for the Restructuring Services, the RE
Consultants will receive fees based on value realized from
successful transactions:

    (a) 5% of the first US$200,000 in savings realized from
        each lease renegotiation and 4% of any savings in excess
        of US$200,000 realized from the lease renegotiation;

    (b) 5% of the first US$200,000 in cash proceeds realized from
        the sale of a leasehold interest and 4% of any cash
        proceeds in excess of US$200,000 realized from the sale
        of the leasehold interest;

    (c) 5% of the first US$200,000 of gross cash proceeds
        realized from the sale of a fee interest and 4% of any
        gross cash proceeds in excess of US$200,000 realized from
        the sale of the fee interest; and

    (d) a flat fee of US$2,500 if the RE Consultants are
        successful in arranging, at the express request, and to
        the satisfaction of, the Debtors, a transaction where the
        additional value is unquantifiable, such as an option to
        purchase, extend or terminate a lease.

The RE Consultants will not be entitled to any fee in the event
that the Debtors reject a leasehold interest or do not realize
savings or cash proceeds.  The Debtors believe that the fee
structure will be beneficial to their estates because the
ability of the RE Consultants to earn a fee of 4% on all savings
realized above US$200,000 creates a strong incentive for the RE
Consultants' professionals to maximize the Debtors' savings in
each restructuring or asset disposition.

With respect to both the Valuation Services and the
Restructuring Services, the fees are aggregate fees payable to
the RE Consultants collectively.  In no event will multiple fees
be payable to more than one of the RE Consultants on account of
a single valuation or restructuring transaction.

The parties do not presently contemplate that the RE
Consultants' professionals will be compensated on an hourly
basis, other than in the event it becomes necessary for one of
the RE Consultants' professionals to provide expert testimony in
connection with the RE Consultants' services to the Debtors.  To
the extent that hourly compensation is applicable, the RE
Consultants will be entitled to receive compensation from the
Debtors' bankruptcy estates at these rates:

           Level                          Rate Per Hour
           -----                          -------------
           Managing Directors            US$400 to 450
           Directors                     US$300 to 350
           Associates                    US$100 to 250

According to Mr. Canning, CORE and Dana Pike, senior vice
president of Comfort, have both performed services for the
Debtors in the past.  Mr. Pike holds a longstanding relationship
with the Debtors and is familiar with their business operations
and real estate interests, Mr. Canning adds.

Mr. Canning assures the Court that none of the RE Consultants
hold any claim against the Debtors on account of any unpaid fees
or unreimbursed expenses.  Prime, Comfort and CORE are each a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code as modified by Section 1107(b),
Mr. Canning asserts.  The RE Consultants do not hold or
represent any interest adverse to the estate that would impair
their ability to objectively perform professional services for
the Debtors in accordance with Section 327, Mr. Canning says.

                       About Quebecor World

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

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

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

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

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

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

The company has until May 20, 2008, to file a plan of
reorganization in the Chapter 11 case.  The Debtors' CCAA stay
has been extended to May 12, 2008.  (Quebecor World Bankruptcy
News, Issue No. 10; 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 $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.


VIMAL OIL: Low Profit Margins Cue CRISIL's BB+ Ratings
------------------------------------------------------
CRISIL has assigned bank loan ratings of ‘BB+/Stable/P4’ to
Vimal Oil and Foods Limited’s bank facilities:

    INR19 Million Term Loans                 BB+/Stable
    INR285 Million Cash Credit Limits        BB+/Stable
    INR500 Million Letter of Credit Limits   P4

The ratings reflect the company's weak financial risk profile,
low profit margins due to the commoditised nature of the edible
oil refining business, and high working capital requirements.
These weaknesses are partly mitigated by VOFL’s strategically
located facility and healthy growth in revenues.

The consolidated financial risk profile of VOFL and Gujarat
Spices and Oilseeds Growers Co-operative Union’s is weak, marked
by low profitability and net worth, high working capital
requirements and gearing, and below average debt protection
indicators.  The net profitability has been around 1 per cent
since 2003-04 (refers to financial year, April 1 to March 31),
resulting in a low net worth of Rs.286 million as on March 31,
2007.  Short term borrowings (used to fund working capital
levels) have been increasing in line with higher business
levels, resulting in adverse gearing levels of nearly 4 times as
on March 31, 2007.  The net cash accruals to total debt and
interest coverage ratios were below average at around 0.11 times
and 2.21 times, respectively in 2006-07.  In addition, VOFL’s
financial flexibility is constrained as reflected in its limited
ability to raise resources at competitive rates.  Also, the
company’s edible oil business is exposed to availability
(inputs), regulatory and pricing risks.

The company’s manufacturing facility is strategically located in
Mehsana (Gujarat), which helps it lower transportation cost of
inputs and distribution cost of end products.  VOFL-GSOGCU’s
combined revenues have registered a healthy compounded annual
growth of 35 per cent in the 2004-05 to 2006-07 period.  With
overall demand for branded edible oils expected to continue to
grow at 5-6 per cent per annum and increased initiatives by VOFL
to leverage its ‘Vimal’ brand in the northern states of India,
CRISIL expects healthy growth in revenues to continue over the
medium term.

                         Outlook: Stable

VOFL’s business growth is likely to remain healthy, although the
operating margins will remain weak over the medium term.  The
consolidated financial profile is expected to remain weak over
the medium term, though gearing levels will witness a moderate
improvement to about 1.5 times due to better accruals and an
equity infusion in 2007-08.  The outlook may be revised to
‘Negative’ in case of substantial deterioration in the overall
credit profile.  Conversely, the outlook may be revised to
‘Positive’ in case of substantial improvement in the credit
profile.

                        About the Company

Incorporated in 1993, Vimal Oil and Foods Limited manufactures
edible oils from cottonseed, groundnut, soya, and mustard, in
addition to exporting de-oiled cake.  The company’s products are
sold under the “Vimal” brand.  In 2006-07, the VOFL-GSOGCU
combine’s consolidated profit after tax stood at INR92.45
million (INR40.22 million in the previous year) on net sales of
INR8.60 billion (INR7.22 billion).

For arriving at the rating, CRISIL has combined the financials
of VOFL and GSOGCU owing to the extension of guarantees
(aggregating INR1.5 billion) by VOFL for loans taken by GSOGCU.




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

BANK NEGARA: Posts IDR657.8 Bil. Net Loss in Fourth-Quarter 2007
----------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk posted a IDR657.8 billion
net loss in the fourth quarter 2007, from a IDR520.99 billion
net profit a year ago, due to a hit by larger provisioning
against bad loans, Reuters reports.

BNI President Director Gatot Suwondo told the news agency that
the bank was tightening its provisioning as a precaution.  "In
the past three years, loan provisions were between 50-55%.  In
2007, we lifted them to 72% as we anticipate more vulnerable
global economic conditions ahead," he added, the report related.

"Analysts polled by Reuters Estimates had forecast a full year
net profit of IDR2.01 trillion, implying a fourth-quarter
forecast of a IDR458.9 billion profit," Reuters reports.

                       About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 25, 2008, Fitch Ratings took these rating actions on PT
Bank Negara Indonesia (Persero) Tbk:

  -- LTFC/LTLC IDRs upgraded to 'BB' from 'BB-'; Outlook revised
     to Stable from Positive;

  -- Support rating upgraded to '3' from '4';

  -- Support Rating Floor upgraded to 'BB-' from 'B+';

  -- Individual rating affirmed at 'D';

  -- ST IDR affirmed at 'B';

  -- National Long-term affirmed at 'AA-(idn)';

  -- FC subordinated debt upgraded to 'BB-' from 'B+'.

On Oct. 19, 2007, Moody's Investors Service raised PT Bank
Negara Indonesia (Persero) Tbk.'s foreign currency long-term
debt rating to Ba2 from Ba3 and foreign currency long-term
deposit rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


BANK PANIN: To Sell IDR1.5 Trillion Bonds This Month
----------------------------------------------------
PT Bank Pan Indonesia Tbk will sell IDR1.5 trillion of 10-year
bonds this month to expand lending, Bloomberg News reports.

According to the report, the bank will offer a fixed 11.6%
coupon on the bonds in the first five years.  The bonds, the
report relates, will give higher coupon starting in the sixth
year, and after the fifth year, Panin will have the right to buy
back the bonds.

Wahyudi Soeriaatmadja of Bloomberg writes that PT Indo Premier
Securities, PT Bahana Securities and PT Evergreen Capital are
arranging the sale.

                      About Bank Panin

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.

                          *     *     *

According to a Troubled Company Reporter-Asia Pacific report on
Aug. 2, 2007, Moody's Investors Service placed the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Pan Indonesia Tbk on review for possible
upgrade.  The Not-Prime short-term deposit and bank financial
strength ratings (BFSR) of the bank are unaffected.

The detailed ratings are:

    * B2 foreign currency long-term deposit rating was placed on
      review for possible upgrade; and

    * Not Prime foreign currency short-term deposit rating, Baa3
      global local currency deposit rating and D BFSR were
      unaffected -- the former two ratings carry a stable
      outlook, while the BFSR has a positive outlook.


BANK PANIN: 2007 Net Profit Up 30.7% to IDR954.91 Billion
---------------------------------------------------------
PT Bank Panin Tbk's 2007 net profit increased 30.7% to
IDR954.91 billion from IDR730.28 billion in 2006, driven by
strong growth in net interest income, Thomson Financial News
reports.

According to the report, the bank's interest income rose 14%
to IDR4.46 trillion while interest charges dropped 9.9% to
IDR2.08 trillion, which resulted to an increase in interest
income to IDR2.38 trillion from IDR1.60 trillion.  Fee income,
however, fell 31% to IDR536.84 billion, the report notes.

Moreover, the bank's net non-performing loans declined to 1.8%
of total loans from 2.6%, while loans as a proportion of
deposits increased to 92.4% from 80.5%, Thomson Financial News
adds.

                      About Bank Panin

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.

                          *     *     *

According to a Troubled Company Reporter-Asia Pacific report on
Aug. 2, 2007, Moody's Investors Service placed the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Pan Indonesia Tbk on review for possible
upgrade.  The Not-Prime short-term deposit and bank financial
strength ratings (BFSR) of the bank are unaffected.

The detailed ratings are:

    * B2 foreign currency long-term deposit rating was placed on
      review for possible upgrade; and

    * Not Prime foreign currency short-term deposit rating, Baa3
      global local currency deposit rating and D BFSR were
      unaffected -- the former two ratings carry a stable
      outlook, while the BFSR has a positive outlook.


BERLIAN LAJU: S&P Lowers Corporate Credit Ratings to 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
ratings on PT Berlian Laju Tanker Tbk. (BLT) to 'B' from 'B+'.

At the same time, Standard & Poor's lowered to 'B' from 'B+' the
ratings on the US$400 million senior unsecured notes due 2014
and on the US$125 million five-year convertible bond due 2012,
issued by BLT Finance B.V., a wholly owned subsidiary of BLT.

All these ratings remain on CreditWatch with negative
implications.  This rating action comes after a letter of notice
from BLT's four Indonesian rupiah bonds' trustee regarding the
company's failure to meet a "net-debt-to-equity ratio" covenant
within these securities.

"We believe BLT should be able to 'cure' this covenant violation
given the 120-day timeline involved before a bondholders'
meeting is convened to declare an actual default," said Standard
& Poor's credit analyst Manuel Guerena.  "As long as BLT's
vessel disposals and sale-and-leaseback transactions are timely
completed, its liquidity should be sufficient to meet its
financial needs. We expect BLT to confirm and detail all these
sales by the end of April 2008."

The alleged breach, however, is larger than previously
considered (see article titled "Bulletin: Rating On PT Berlian
Laju Tanker Tbk. Unaffected By Failure To Meet Covenant,"
published March 14, 2008, on RatingsDirect), according to the
referred letter of notice and BLT's audited financial
statements, which translates into a larger amount of debt to be
paid down.

Such payment is likely to include the pay-down at maturity
(May 28, 2008) of two out of the four unsecured rupiah bonds
outstanding for an equivalent of US$42.4 million (the other two,
amounting to an equivalent of US$94.6 million, mature on July
2012), plus at least a portion of its US$250 million bridge loan
maturing December 2008. On top of the higher debt incurred for
the acquisition of Chembulk Tankers LLC, BLT has gradually
become more exposed to the current challenging conditions of the
credit markets, reflecting a profile that is no longer in line
with a 'B+' rating; this is more so if the company faces a
working capital cash shortfall or other refinancing need.

"A return to compliance on this covenant, along with BLT's
delivering and executing its business and financial plan, is
likely to result in a stable outlook on the ratings," Mr.
Guerena said.  "However, if a default is declared, the payment
of its outstanding debt (approximately US$1.75 billion) would
significantly stress the company's liquidity and financial
standing, resulting in more immediate pressure on the current
ratings."

                    About PT Berlian Laju

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe.  In 2006, BLT achieved revenue of US$335 million, EBITDA
of US$154 million and net income of US$107 million.  The
founder, Hadi Surya, has a 48.7% beneficial interest in BLT.


GARUDA INDONESIA: Government Wants to Sell 40% Stake
----------------------------------------------------
The Indonesian government plans to sell 40% of PT Garuda
Indonesia if parliament approves and market conditions are
favorable, the Financial Times reports citing Said Didu, senior
official in the state-owned enterprises ministry.

Mr. Didu told the news agency that the government's
privatization committee had recommended the sale after the
airline's return to operating profitability and its debt
restructuring.

In January 2007, the FT relates, the government wanted to make
US$300 million from selling a 49% stake in Garuda to a strategic
investor.  Since then, Garuda's finances have improved thanks to
the sale of non-core assets, the report notes.  The FT notes
that the airline posted a IDR259 billion operating profit in
2007 from a IDR400 billion operating net loss in 2006.

Moreover, Garuda has an in-principle agreement to reschedule its
remaining US$836.1 million of debt to 2017 from 2006, which
agreement is due to be signed in the next three months, the FT
adds.

Analysts interviewed by the FT however said that "unless the
price was very attractive the IPO would still be a 'hard sell',
particularly to foreign investors, because of outstanding
management and safety issues."

                      About Garuda Indonesia

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

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

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

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

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




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

ALITALIA SPA: Air France Refuses to Trim Planned Job Cuts
---------------------------------------------------------
Air France-KLM SA reiterated its plan to lay off 2,100 workers
at Alitalia S.p.A. in its revised proposal submitted to the
Italian carrier's unions, various reports say.

According to Bloomberg News, Air France maintained plans to cut
1,600 jobs in Alitalia Fly and 500 more in Alitalia Servizi.

Air France, BBC reports, also maintained plans to:

     * ground some flights;

     * close Alitalia's cargo unit by 2010; and

     * terminate contract out of ground handling and aircraft
       maintenance.

The French carrier, however, proposed new measures, which it
said would offer affected employees greater benefits, BBC News
reports.  Under the revised proposal, Air France will grant
Alitalia's employees more early retirement benefits or transers
to other positions or duties.

Eight of Alitalia's unions -- FILT CGIL, FIT CISL, Uiltrasporti,
UGL Trasporti, SDL inter-category, Union Piloti, ANPAV, and Avia
-- described the revised as "unacceptable," Bloomberg News
reports.

In a statement published by Agenzia Giornalitica Italia, the
unions said Air France "re-proposes in substance and in format
what was already shown to unions in the meeting of March 25, for
which reason the evaluation that the proposal was insufficient,
already made at that time, is re-confirmed by us."

As recently reported in the TCR-Europe, Alitalia and the present
government have accepted Air France-KLM SA's binding offer,
subject to several conditions including union approval.  Air
France, so far, has yet to convince the unions to accept its
business plan, which foresees 2,100 job cuts.

Air France had set a March 31, 2008, deadline for an agreement.

The effectiveness conditions for Air France's offer include:

     * formal approval of the Industrial Plan 2008-2010 by
       Alitalia’s Board of Directors;

     * formal agreement in a manner satisfactory for
       Air France-KLM between Alitalia and the trade unions
       representing the majority of each category of Alitalia’s
       employees, regarding the implementation of the Industrial
       Plan, the rules of employment, the plan related to the
       social shock absorbers and the contemplated transaction;

     * formal agreement in a manner satisfactory for
       Air France-KLM between Alitalia and the trade unions of
       Alitalia Servizi representing the majority of each
       category of Alitalia Servizi’s employees on the necessary
       restructuring measures and the related shock absorbers
       plan;

     * Italy's Ministry of Economy and Finance to grant Alitalia
       a credit line, or the necessary guarantees to obtain a
       credit line in favor of Alitalia of EUR300 million to be
       repaid immediately after the capital increase;

     * formal agreement between Alitalia and Aeroporti di Roma on
       the Rome Fiumicino Airport and on the service levels
       required for the implementation of the Industrial Plan
       2008-2010;

     * with respect to the claim brought on by SEA against
       Alitalia to the tribunal of Busto Arsizio, either:

       -- the official withdrawal from the claim;

       -- its settlement in a manner satisfactory to Air France;

       -- the granting by the MEF to Alitalia of appropriate
          indemnification commitments, in case necessary by
          enacting an appropriate law decree, or any other
          applicable solution satisfactory to Air France-KLM to
          definitely remove the risk attached to the claim;

     * formal agreement between Alitalia, Fintecna and Alitalia
       Servizi, for what concerns the interest of each party,
       among other things, to re-internalize in Alitalia certain
       activities and to renegotiate certain clauses of the
       service agreements;

     * formal written confirmation from the MEF that the general
       interests are properly safeguarded in the context of the
       contemplated transaction and it shall, subject to
       certain conditions, tender its Alitalia shares and
       Alitalia convertible bonds in the tender offers;

     * formal written undertaking from the competent Italian
       governmental authority to maintain the current portfolio
       of the current Alitalia’s air traffic rights, continue to
       address in a fair, transparent and non discriminatory
       manner any future requests form Alitalia for new air
       traffic rights, and provide cooperation and assistance in
       the case of any major difficulties with extra-European
       Community countries.

                           About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina and Japan.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


AOZORA BANK: Fitch Affirms 'BB+' Support Rating Floor
-----------------------------------------------------
Fitch Ratings has affirmed Japan's Aozora Bank's Long-term
foreign and local currency Issuer Default Ratings at 'A-',
Short-term foreign and local currency IDRs at 'F1', Individual
'C', Support '3', Support Rating Floor 'BB+' and senior
unsecured notes 'A-'.  The Outlook remains Stable.

Aozora's ratings reflect its sound balance sheet and strong
capitalisation.  Net profitability was high helped by recoveries
from loan loss reserves and a favorable tax position; as the
impact of these factors gradually diminished in FYE07, net
profitability became more modest, and further declined in the
first nine months of FYE08 as the bank took some hits from the
credit crisis, mostly relating to its investments in foreign
CDOs, though some costs were taken direct to equity.  Net
profits of just JPY26.5 billion are forecast for FYE08.

As of end December 2007 Aozora had written its JPY65bn CDO
portfolio down to JPY26bn -- a 59% markdown -- and booked some
losses on its JGB portfolio.  Its investments are diversified
and some of its other investments, including hedge funds, have
continued to perform well, though the underlying value of its
JPY58bn investment in GMAC has fallen slightly, though it should
be noted that this is related to exchange fluctuations.

Supporting Aozora's rating is its strong capitalisation. Under
Basel II its end-December 2007 Tier 1 CAR was 16.15% while its
Total CAR was lower at 15.06% due to deductions.  Its medium
term targets are 10%-11% for Tier 1 CAR and 12%-13% for Total
CAR, likely to be reached only once capital restructuring
involving the future repayment of public funds is completed.


DELPHI: Can Continue Implementing Employee Compensation Plan
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Delphi Corp. and its debtor-affiliates to continue
implementing its Annual Incentive Plan from Jan. 1, 2008,
through June 30, 2008.

Pursuant to the AIP, Delphi executives will receive between
US$21,200,000 and US$39,100,000 in bonuses depending on Delphi's
financial performance.

If the Debtors do not emerge from Chapter 11 on or before
Aug. 15, 2008, the Official Committee of Unsecured Creditors may
review and raise objections to EBITDAR performance adjustments
related to the Debtors' agreements with their labor unions and
General Motors Corp., the timing of the Debtors' emergence from
Chapter 11, and other adjustments.  If the Debtors are unable to
resolve the Creditors Committee's objections, the Creditors
Committee may adjust by up to $150,000,000 the Debtors' EBITDAR
performance for purposes of the AIP.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Moody's Investors Service raised the rating on Delphi Corp.'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.

As reported in the Troubled Company Reporter on March 17, 2008,
Standard & Poor's Ratings Services still expects to assign a 'B'
corporate credit rating to Delphi Corp. if the company emerges
from bankruptcy in early April.  S&P revised its expected issue-
level ratings because changes to the structure of the proposed
financings have affected relative recovery prospects among the
various term loans.  S&P's expected ratings are:

a) The $1.7 billion "first out" first-lien term loan B-1 is
    expected to be rated 'BB-' (two notches higher than the
    expected corporate credit rating on Delphi), with a '1'
    recovery rating, indicating the expectation of very high
    (90%-100%) recovery in the event of payment default.

b) The US$2 billion "second out" first-lien term loan B-2 is
    expected to be rated 'B' (equal to the corporate credit
    rating), with a '4' recovery rating, indicating the
    expectation of average (30%-50%) recovery in the event of
    payment default.

c) The US$825 million second-lien term loan is expected to be
    rated 'B-' (one notch lower than the corporate credit
    rating), with a '5' recovery rating, indicating the
    expectation of modest (10%- 30%)recovery in the event of
    payment default.


DELPHI CORP: Wants to Extend Indemnification Agreement With GM
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the Southern District of New York to
extend the indemnification agreement between Delphi Corp. and
General Motors Corp. with respect to the UAW Benefit Guarantee,
dated as of Dec. 22, 1999, for an additional time period of up
to 15 days, until April 15, 2008, if GM extends its obligations
under the UAW Benefit Guarantee by the same period of time.

As reported in the Troubled Company Reporter on June 26, 2007,
the United Automobile, Aerospace and Agricultural Implement
Workers of America, Delphi, and GM entered into a memorandum of
understanding.  Among other things, the UAW-Delphi-GM Memorandum
of Understanding was designed to enable Delphi's continued
transformation to more competitive wage and benefit levels and
to address divestiture, work rules, and staffing level issues in
the Debtors' workforce.

Pursuant to the UAW-Delphi-GM Memorandum of Understanding, the
UAW, Delphi, and GM also agreed to the "Term Sheet—Delphi
Pension Freeze and Cessation of OPEB, and GM Consensual
Triggering of Benefit Guarantee," which facilitates the freezing
of Delphi's pension plan and the assumption of billions of
dollars of OPEB liabilities by GM, thereby dramatically reducing
Delphi's ongoing benefit costs.  The UAW-Delphi-GM Memorandum of
Understanding was ratified by the UAW membership on June 28,
2007, and approved by the Court on July 19, 2007.

The UAW-Delphi-GM Memorandum of Understanding extended the time
period for certain of GM's obligations under the Sept. 30, 1999
Benefit Guarantee Agreement between GM and the UAW to March 31,
2008, if Delphi commenced solicitation of acceptances of a plan
of reorganization prior to Dec. 31, 2007.  Delphi and GM also
agreed that the eighth anniversary date reference in the
Indemnification Agreement would be extended until March 31,
2008,
if Delphi commenced solicitation of acceptances of a plan of
reorganization prior to Dec. 31.  The Debtors' Chapter 11 Plan,
however, was not confirmed and substantially consummated by
Dec. 31.  Nonetheless, the UAW-Delphi-GM Memorandum of
Understanding additionally provided that the March 31, 2008 UAW
Benefit Guarantee extension date would be extended to "such
later date as Delphi and GM will agree to extend the
Indemnification Agreement expiration."

Under the provisions of the Memorandum of Understanding approved
by the Court on July 19, 2007, the Debtors believe that they
already have authority to extend the Indemnification Agreement
for additional time periods.  Out of an abundance of caution,
however, and as a result of GM's unique role in the Chapter 11
cases, the Debtors seek the Court's authority to extend the
Indemnification Agreement.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, asserts that an extension will
allow Delphi's indemnification obligations under the Indemnity
Agreement to continue uninterrupted until it has emerged from
Chapter 11.  If the Plan is not consummated, the extension will
also provide additional time for the Debtors to consider whether
additional extensions are appropriate or viable.

The extension, in the exercise of the Debtors' business
judgment, is in the best interests of the Debtors' estates,
creditors, and other parties-in-interest, including Delphi's
employees, Mr. Butler asserts.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
March 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.

(Delphi Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Moody's Investors Service raised the rating on Delphi Corp.'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.

As reported in the Troubled Company Reporter on March 17, 2008,
Standard & Poor's Ratings Services still expects to assign a 'B'
corporate credit rating to Delphi Corp. if the company emerges
from bankruptcy in early April.  S&P revised its expected issue-
level ratings because changes to the structure of the proposed
financings have affected relative recovery prospects among the
various term loans.  S&P's expected ratings are:

a) The $1.7 billion "first out" first-lien term loan B-1 is
    expected to be rated 'BB-' (two notches higher than the
    expected corporate credit rating on Delphi), with a '1'
    recovery rating, indicating the expectation of very high
    (90%-100%) recovery in the event of payment default.

b) The US$2 billion "second out" first-lien term loan B-2 is
    expected to be rated 'B' (equal to the corporate credit
    rating), with a '4' recovery rating, indicating the
    expectation of average (30%-50%) recovery in the event of
    payment default.

c) The US$825 million second-lien term loan is expected to be
    rated 'B-' (one notch lower than the corporate credit
    rating), with a '5' recovery rating, indicating the
    expectation of modest (10%- 30%)recovery in the event of
    payment default.


ELPIDA MEMORY: To Increase Chip Prices by 20% Starting April
------------------------------------------------------------
Elpida Memory Inc. plans to raise prices 20% in April, Mikako
Nakajima and Pavel Alpeyev of Bloomberg News report.

Chief Executive Officer Yukio Sakamoto, in a Bloomberg
Television interview, revealed that Elpida will inform computer
makers that it plans to increase prices 10% in the first half of
April and another 10% in the second half after demand rose and
inventory levels fell.

Bloomberg quotes Mr. Sakamoto as saying, "Now is the right time
to raise our pricing.  Nobody can make profits at these levels;
the market should really return to health now."

Higher prices, according to Mr. Sakamoto, will help Elpida
return to profit in the next 12 months, states Bloomberg.

Analysts interviewed by Bloomberg are skeptical about the price
increase.  It will probably fail because of a glut, Kevin
Cho of Bloomberg News reports citing analysts.  Mr. Cho shared
some of the statements made by these analysts:

    * Peter Yu, an analyst at BNP Paribas, wrote in a report on
      April 1, "Elpida's comments are wishful but rather
      desperate."

    * Lee Do Hoon at Macquarie Group Ltd., in a separate report
      said that memory-chip industry inventory is still double
      the usual level of two to three weeks.

    * According to Simon Woo of Merrill Lynch & Co., prices will
      fall in April as demand is still weak and inventory levels
      among personal computer makers will increase.

Mikako Nakajima and Pavel Alpeyev of Bloomberg News add that
UBS AG and Macquarie Group Ltd. estimate that prices won't
rebound from near-record lows until the second half of the year.

                       About Elpida Memory

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

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


SHINSEI BANK: Fitch Maintains BB+ Support Rating Floor
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Japan's Shinsei Bank,
Ltd and Shinsei Trust and Banking Co., Ltd:

Shinsei:

    Long-term foreign and local currency Issuer Default Ratings
    at 'BBB+', Short-term foreign and local currency IDRs at
    'F2', Individual 'C', Support '3', Support Rating Floor
    'BB+', senior unsecured notes at 'BBB+' , subordinated notes
    at 'BBB' and junior subordinated notes at 'BBB-'.  The
    Outlook remains Stable.

Shinsei Trust:

    Long-term foreign and local currency IDRs at 'BBB+', Short-
    term foreign and local currency IDRs at 'F2', Individual 'C'
    and Support '2'.  The Outlook remains Stable.

The rating affirmations follow the announcement that the
preference shares held by the Deposit Insurance Corporation were
converted into common equity as requested by the DIC.  This
increases the government's stake in Shinsei's common equity and
voting rights to 23.89% but there is no net impact on the bank
or group's regulatory capital ratios.

Shinsei's ratings reflect its adequate financial profile.  The
group's institutional banking business is performing well but
its retail banking arm has yet to make a material profit
contribution.  The group's consumer lending businesses have been
suffering from industry turmoil, and a large charge for the
impairment of goodwill and intangible assets relating to these
businesses resulted in a net loss in Fiscal Year Ended March
2007.  In FYE08 sizeable losses on exposure to the US
residential mortgage market and the delay of recognition of the
sales of large transactions among others are being offset by
exceptional gains on the sale of the bank's headquarters
building and other assets and the group expects a net profit of
JPY65 billion.

In the past two years Shinsei's capital ratios have been
affected by weak profitability, the repurchase and partial
cancellation of government-owned preference shares and the
implementation of Basel II, especially on investments attracting
a high capital charge.  Shinsei's Tier 1 capital adequacy ratio
of 8.11% and Total of 13.13% at March 2007 had fallen to 7.45%
and 12.10%, respectively, as of December 2007.  Fitch considers
these capital levels to be adequate at its current rating level,
but not strong.

The Outlook for Shinsei's is Stable, though Fitch sees some
downside risk, in the short-term, arising from securitisation
exposures which could give rise to further valuation losses.
However, exposures to the US residential mortgage market have
been heavily reserved/marked down and the group's domestic
consumer lending business appears to be stabilising which is an
encouraging development for the group's medium-to-longer-term
prospects.  Fitch will review the bank's financial condition
later this year when comprehensive information becomes
available.


XM SATELLITE: State Counsels Balk at DOJ Approval on Sirius Deal
----------------------------------------------------------------
U.S. state counsels dispute the Department of Justice's decision
allowing the merger transaction of SIRIUS Satellite Radio Inc.
and XM Satellite Radio Holdings Inc. to proceed, Reuters
reports.  The consortium from 11 states want the Federal
Communications Commission to lay down sanctions to preserve
competition and protect consumers, supposing the agency approves
the merger deal.

Reuters say that the merger deal has been labeled as anti-
competitive by the traditional radio industry and by some U.S.
lawmakers.

As reported in the Troubled Company Reporter on March 25, 2008,
the Department of Justice informed SIRIUS and XM that it has
ended its investigation into the pending merger of SIRIUS and XM
without taking action to block the transaction.  This decision
means the DOJ has concluded that the merger is not anti-
competitive and it will allow the transaction to proceed.
SIRIUS and XM each obtained stockholder approval for the deal in
November 2007.  The pending merger is still subject to approval
of the Federal Communications Commission.

According to Reuters, the state attorneys are afraid that the
result of the merger would control satellite radio access across
the nation.  They also encourage the FCC to require both
companies to make interoperable radio receivers available to
customers, offer different packages of channels on an a la carte
basis, and divest some radio spectrum that would allow another
competitor into the business, Reuters recounts.

In addition, Sirius Chief Executive Mel Karmazin pledges
offerings on a la carte pricing and adult channels barring
refunds, Reuters writes.

As previously reported in the TCR, XM and SIRIUS have entered
into a definitive agreement, under which the companies will be
combined in a tax-free, all-stock merger of equals with a
combined enterprise value of approximately $13 billion, which
includes net debt of approximately $1.6 billion.

Under the terms of the agreement, XM shareholders will receive a
fixed exchange ratio of 4.6 shares of SIRIUS common stock for
each share of XM they own.  XM and SIRIUS shareholders will each
own approximately 50% of the combined company.

                       About SIRIUS Satellite

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

                             About XM

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

                           *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
Standard & Poor's Ratings Services said its ratings on
Washington, District of Columbia-based XM Satellite Radio
Holdings Inc. and XM Satellite Radio Inc. (CCC+/Watch
Developing/--) 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.




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

GENEXEL-SEIN: To Issue 10 Million Shares of Common Stock
--------------------------------------------------------
Genexel-Sein Inc. has agreed to issue 10 million shares of its
common stock though a rights issue, Reuters reports.

According to the report, the shares' par value and offer price
are KRW500 and KRW1,235, respectively.  The shares, the report
relates, will be open for subscription for the existing
shareholders from May 13, 2008, to May 14, 2008 and the
unclaimed shares from the rights issue will be offered to the
public from May 19, 2008 to May 20, 2008.

Reuters says the listing date of the new shares is June 11,
2008.

The company has hired Hanyang Securities Co., Ltd. as
underwriter, the report adds.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

Korea Ratings gave the company's US$3,000,000 overseas bond with
warrants issue a 'B+' rating with a stable outlook.


KAFCO C&I: To Issue Fourth Convertible Bonds
--------------------------------------------
Kafco C&I Co., Ltd. will issue its fourth convertible bonds
raising funds up to KRW1.9 billion, through a public offering,
Reuters reports.

Reuters provided these details regarding the bond insurance are:

    -- maturity on April 8, 2011;
    -- yield to maturity 5%;
    -- zero coupon;
    -- lump-sum redemption of principal on maturity date; and
    -- 100% conversion rate of bonds to common shares at KRW625
       per share and subscription period for conversion from
       May 8, 2008, to March 8, 2011.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gave the company's KRW1.20-billion bond a CCC
rating with negative outlook, as of April 18, 2006.




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


MALAYSIAN AIRLINE: To Purchase 55 Narrow-Body Planes From Boeing
----------------------------------------------------------------
Malaysian Airline System Bhd has agreed to purchase 55 narrow-
body planes from US-based Boeing Co, writes Jose Barrock of The
EdgeDaily.

According to the report, industry officials said that the entire
deal could be worth more than US$3 billion or MYR9.6 billion,
assuming each of the plane costs about US$70 million.  But bulk
buyers like Malaysian Airline get huge discounts based on the
specification for the planes, Mr. Barrock reports.

"This development ends the speculations on whether which plane
manufacturer the company will make its purchase," Mr. Barrock
says.  The Troubled Company Reporter-Asia Pacific reported on
March 20, 2007, that the airline is likely to cancel its A380
jumbo passenger jets orders from Airbus as the new delivery
dates of the aircrafts will no longer fit into the carrier's
plan.

Malaysian Airline would probably sign up for the Boeing 737-800
series, The EdgeDaily notes.  The 737-series is Boeing’s fleet
of narrow-body planes.

According to Mr. Barrock, under its Business Turnaround Plan,
the company wants a fleet of narrow-body planes with higher seat
factor and a longer reach to carry passengers throughout Asia,
especially South Asia and the Far East, which are its primary
target markets.

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.


PAN MALAYSIAN: Appoints Sankar & Yan as Liquidators for Units
-------------------------------------------------------------
As part of the rationalization efforts of Pan Malaysian
Industries Berhad, the company has appointed Venkiteswaran
Sankar and Yeung Wing Yan as the provisional liquidators of its
subsidiaries, Favourmark Corporation Sdn Bhd and Pamford
Limited.

Favourmark, a wholly-owned subsidiary of Pan Malaysian, is
incorporated in Malaysia.  Pamford, a company incorporated in
Hong Kong, is a wholly-owned subsidiary of Gerbang Ekuiti Sdn
Bhd which in turn is a wholly-owned subsidiary of Pan Malaysian.

Pan Malaysian does not consider Favourmark and Pamford as their
major subsidiaries, thus the wind-up is expected not to have any
material financial or operational effect on Pan Malaysian for
the financial year ending March 31, 2008.

Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property, and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.

Pan Malaysian Industries Bhd's balance sheet as of June 30,
2007, went upside down by MYR29.1 million on total assets of
MYR643.76 million and total liabilities of MYR672.85 million.


TECHVENTURE BERHAD: Moves to Another Location
---------------------------------------------
Techventure Berhad has moved to a new location.  The company is
now located at:

           Lot 4.100, Tingkat 4
           Wisma Central, Jalan Ampang
           Kuala Lumpur 50450
           Malaysia
           Telephone: 03-21619733
           Facsimile: 03-21628157
           e-mail: tssecsvc@tm.net.my

Techventure Berhad is based in Malaysia. Apart from being a
corrugated cartons manufacturer, the Group is also involved in
the production of rubber insulation materials and roto-molded
plastic products like septic tanks, playground equipment,
traffic barriers, and water tanks. It markets its entire
corrugated cartons and plastic products locally while about 80%
of the rubber insulation materials are exported.  In addition,
the Group also manufactures ice cream.

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The company fell under the category because:

  -- the auditors have expressed a modified opinion with
     emphasis on Techven's going concern status in the latest
     audited accounts for the financial year ended Dec. 31, 2005,
     and

  -- there are defaults in payment by Techven and its major
     subsidiaries as announced pursuant to Practice Note
     No. 1 and Techven is unable to provide a solvency
     declaration to Bursa Malaysia Securities Berhad.




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

ABC LTD.: Subject to CIR's Wind-Up Petition
-------------------------------------------
On January 31, 2008, the Commissioner of Inland Revenue filed a
petition to have ABC Ltd.'s operations wound up.

The petition will be heard before the High Court of Wellington
on April 7, 2008, at 10:00 a.m.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


ADVANCE INTERIORS: Wind-Up Petition Hearing Set for April 7
-----------------------------------------------------------
The High Court of Hamilton will hear on April 7, 2008, at
10:45 a.m., a petition to have Advance Interiors & Construction
Ltd.'s operations wound up.

Commerer Fluhler Contracting Limited filed the petition on
Jan. 31, 2008.

Commerer Fluhler's solicitor is:

           S. J. Chatwin
           Ellice Tanner
           NZI Building, Level 4
           Garden Place
           PO Box 19144, Hamilton
           New Zealand


ARGENT NETWORKS: Commences Liquidation Proceedings
--------------------------------------------------
Argent Networks Ltd. commenced liquidation proceedings on
March 5, 2008.

Only creditors who were able to file their proofs of debt by
April 1, 2008, will be included in the company's dividend
distribution.

The company's liquidators are:

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


ARTISAN DEVELOPMENTS: Commences Liquidation Proceedings
-------------------------------------------------------
Shareholders of Artisan Developments Ltd. met on March 7, 2008,
and resolved to voluntarily liquidate the company's business.

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

The company's liquidator is :

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


CLEAR CHANNEL: Banks Want NY State Court to Dismiss Lawsuit
-----------------------------------------------------------
Citigroup Inc. Morgan Stanley, Credit Suisse Group, Royal Bank
of Scotland Group Plc, Deutsche Bank AG and Wachovia Corp. have
asked a New York state court to dismiss complaints filed against
them by private equity firms Thomas H. Lee Partners LP and Bain
Capital Partners relating to a US$19 billion financing agreement
to acquire Clear Channel Communications Inc., Reuters reports.

As reported in the Troubled Company Reporter on March 31, 2008,
a full trial on a temporary restraining order issued by a Texas
court to force financiers of the proposed acquisition of Clear
Channel to honor a financing deal is set April 8, 2008.

The TCR reported on March 27, 2008, Bain and Thomas H. Lee,
which have agreed to buy Clear Channel Communications Inc., sued
the group that promised to finance the US$19 billion
acquisition, to compel them to honor the agreement.  The private
equity firms filed complaints in New York state court in
Manhattan and in Bexar County, Texas.  The firms alleged the
backers breached a contract entered in May to fund the deal.
Clear Channel joined the suit in Texas.

The New York case wants a judge to order the banks to provide
the promised loans. In Texas, Clear Channel asked for an order
banning the banks from interfering with the merger agreement and
sought more than $26 billion in damages.

The main New York case on the Clear Channel buyout is BT Triple
Crown Merger Co. v. Citigroup, 08-600899, New York State Supreme
Court, County of New York (Manhattan).  The Texas case is Clear
Channel Communications Inc. and CC Media Holdings Inc. v.
Citigroup, 2008-CI-04864, Texas District Court, Bexar County,
Texas.

As previously reported in the TCR, the privatization of Clear
Channel appeared in danger of collapsing after the backers
reportedly failed to reach agreement on the final financing of
the transaction.  Clear Channel had anticipated closing the
merger agreement 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.

Talks between the private equity firms and their banks
reportedly became mired over details of the credit agreement.

The main dispute centers on the syndicate's demand that the
private-equity firms replace a long-term financing package of at
least six years in the original agreement with a short-term,
three-year bridge-financing agreement; and a condition that the
buyers not use a revolving credit facility or Clear Channel's
cash flow to pay down about US$3.8 billion in short-term debt
securities.

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.

                             *     *     *

As reported in the Troubled Company Reporter on March 28, 2008,
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.

Fitch Ratings stated that in line with previous guidance, Clear
Channel Communications' 'BB-' Issuer Default Rating and Senior
Unsecured Ratings would remain in place if the going-private
transaction is not completed.

Moody's Investors Service stated that assuming the transaction
is completed as currently contemplated, Clear Channel will
likely be assigned a Corporate Family Rating of B2 and the
rating on the existing senior notes is likely to be notched down
to Caa1 based on their expected subordination to the new senior
secured debt facilities and the new senior notes.


GLOBAL STRATEGY: Requires Creditors to File Claims by April 21
--------------------------------------------------------------
Global Strategy Managers Limited requires its creditors to file
their proofs of debt by April 21, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

           Henry David Levin
           David Stuart Vance
           c/o PPB McCallum Petterson
           Forsyth Barr Tower, Level 11
           55-65 Shortland Street
           Auckland
           New Zealand
           Telephone: (09) 336 0000
           Facsimile: (09) 336 0010


INTERNATIONAL ENVIRONMENTAL: Faces Emerson's Wind-Up Petition
-------------------------------------------------------------
On November 9, 2007, Emerson Process Management Australia Pty.
Limited filed a petition to have International Environmental
Engineering Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
April 9, 2008, at 10:00 a.m.

Emerson's solicitor is:

           Dianne S. Lester
           c/o Credit Consultants Debt Services NZ Limited
           3-9 Church Street, Level 3
           PO Box 213, Wellington
           New Zealand
           Telephone: (04) 470 5972


NELSON BUILDING: Fitch Assigns BB Long-Term IDR Rating
------------------------------------------------------
Fitch Ratings has assigned New Zealand's Nelson Building Society
a Long-term Issuer Default Rating of 'BB', Short-term IDR 'B',
Individual 'C/D', Support '5' and Support Rating Floor 'No
Floor'.  The Outlook for the Long-term IDR is Stable.

The ratings for NBS reflect its relatively small size and
concentration in the Nelson region of NZ, but also recognise the
Society's robust risk management processes, excellent asset
quality and adequate capitalisation.

"NBS has reported solid lending growth since FY03, primarily in
residential mortgages in Nelson, and nearby Tasman regions in
NZ's South Island.  More recently, growth in relatively higher
margin lending during the six months ended September 2007 (H108)
led to a 39bp net interest margin increase to 2.42%.
Nonetheless, Fitch expects margin pressure to continue in
FY08/09 as higher wholesale funding costs encourage banks, and
other financial institutions, to concentrate more on relatively
lower-cost retail deposit markets.  Countering this margin
pressure is the good level of customer loyalty that building
societies generally experience, which underpins their retail
funding models," commented John Miles, Senior Director,
Financial Institutions.

NBS demonstrates a conservative approach to risk management and
its processes appear adequate for its size and the level of
complexity in its business.  Lending is undertaken within
prudent limits and the majority of the loan portfolio is secured
by real estate.  As a result, asset quality is excellent and NBS
has not reported any impaired assets since FY03.

Around 90% of NBS's funding is derived from retail sources,
either in the form of share deposits or term deposits which all
rank equally.  NBS is structured as a 'mutual' in that it is
owned by its members.  While it is not presently regulated by
the Reserve Bank of New Zealand, Fitch notes that NBS is
required to meet minimum capital requirements set out in its
Trust Deed.  In terms of capitalisation, liabilities must not
exceed 95% of total tangible assets which broadly equates to a
5% minimum equity/assets ratio.  NBS reported an equity/assets
ratio of 8.65% in H108 and an average of 5.85% annually since
FY03.

NBS was established in Nelson in 1862 to provide housing and
personal finance to customers in the Nelson and Tasman regions
to the north of NZ's South Island.  The regional economy is
underpinned by fishing, forestry and a growing tourism industry,
and NBS' products and services are distributed via a network of
six branches.


PRITAM HOLDINGS: Taps Van Delden & Whittfield as Liquidators
------------------------------------------------------------
On February 11, 2008, Boris van Delden and John Trevor
Whittfield were appointed liquidators of Pritam Holdings Ltd.

The liquidators can be reached at:

           Boris van Delden
           John Trevor Whittfield
           c/o McDonald Vague
           DDB Building, Level 5
           80 Greys Avenue
           Auckland
           New Zealand


S M SURFBOARDS LTD: Appoints H. Levin & D. Vance as Liquidators
---------------------------------------------------------------
Henry David Levin and David Stuart Vance were named liquidators
of S M Surfboards Ltd. on March 6, 2008.

Creditors are required to file their proofs of debt by April 21,
2008, to be included in the company's dividend distribution.

The liquidators can be reached at:

           Henry David Levin
           David Stuart Vance
           c/o PPB McCallum Petterson
           Forsyth Barr Tower, Level 11
           55-65 Shortland Street
           Auckland
           New Zealand
           Telephone:(09) 336 0000
           Facsimile:(09) 336 0010


TAG LEASES: Undergoes Liquidation Proceedings
---------------------------------------------
Tag Leases Ltd. commenced liquidation proceedings on March 6,
2008.

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

The company's liquidators are:

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


TINDERBOX ADVERTISING: Fixes April 11 as Last Day to File Claims
----------------------------------------------------------------
Tinderbox Advertising Ltd. requires its creditors to file their
proofs of debt by April 11, 2008, to be included in the
company's dividend distribution.

The company's liquidators are:

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




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

FEDDERS CORP: Michael Giordano Steps Down as President and CEO
--------------------------------------------------------------
Effective March 21, 2008, Michael Giordano is no longer
president and chief executive officer of Fedders Corporation,
the company disclosed in a regulatory filing with the Securities
and Exchange Commission dated March 28, 2008.  Mr. Giordano will
continue as a director of the company.

Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/ -- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.  The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.

The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182).  Its debtor-affiliates
filed for separate Chapter 11 cases.  Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts.  The Debtors have selected Logan &
Company Inc. as claims and noticing agent.  The Official
Committee of Unsecured Creditors is represented by Brown Rudnick
Berlack Israels LLP.  When the Debtors filed for protection from
its creditors, it listed total assets of US$186,300,000 and
total debts of US$322,000,000.

                             *    *    *

As reported in the Troubled Company Reporter on March 4, 2008,
the Debtors asked the Court to further extend their exclusive
period to file a Chapter 11 plan until April 14, 2008.




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

HOLA DEVELOPMENT: Pays Dividend to Creditors
--------------------------------------------
Hola Development Pte. Ltd., which is in compulsory liquidation,
has paid the first & final dividend to its preferential and
unsecured creditors on March 27, 2008.

The company paid 100% to all preferential creditors and 41.80%
to unsecured creditors.

The company's liquidator is:

           Goh Boon Kok
           1 Claymore Drive #08-11
           Orchard Towers Rear Block
           Singapore 229594


KNOWLEDGE DIRECTOR: Court Hears Wind-Up Petition
------------------------------------------------
The High Court of Singapore heard on March 28, 2008, at 10:00
a.m., a petition to have Knowledge Director Pte. Ltd.'s
operations wound up.

Michael Faith Consultants Pte. Ltd. filed the petition against
the company on February 29, 2008.

Michael Faith's solicitor is:

           Francis Khoo & Lim
           20 Havelock Road #03-18
           Central Square
           Singapore 059765


S. H. A. HOLDINGS: Requires Creditors to File Claims by April 21
----------------------------------------------------------------
S. H. A. Holdings Pte. Ltd., which is in voluntary liquidation,
requires its creditors to file their proofs of debt by April 21,
2008, to be included in the company's dividend distribution.

The company's liquidators are:

           Chee Yoh Chuang
           Lim Lee Meng
           18 Cross Street
           #08-01 Marsh & McLennan Centre
           Singapore 048423


SCOTTISH: S&P Says Notice of Late Filing Won't Affect Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (B/Watch Neg/--) and related entities
were not affected by the company's March 27, 2008, notification
of late filing of its 2007 10-K.  This is because S&P already
took into account the securities valuation and the other factors
Scottish Re gave for the delay when S&P placed the ratings on
CreditWatch negative.

On Jan. 31, 2008, Standard & Poor's lowered its ratings on
Scottish Re and placed them on CreditWatch negative because of
the company's continuing exposure to increasing investment
losses and meaningful risk of losing some reserve credits
secured through Ballantyne Re plc.  As previously stated,
Standard & Poor's will resolve the CreditWatch status of the
ratings when it completes its independent process of assessing
expected losses given the
ongoing market deterioration for these securities and assesses
the risk of the company incurring loss of reserve credits.

                         About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.




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

FEDERAL-MOGUL: Hires Jeff Kaminski as New CFO
---------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, Federal-Mogul Corporation Senior Vice President
Robert L. Katz reports that effective March 31, 2008, G. Michael
Lynch will retire as executive vice president and chief
financial officer of Federal-Mogul.

In connection with Mr. Lynch's retirement, (i) the Amended and
Restated Employment Agreement dated as of June 18, 2002 between
the Company and Mr. Lynch and (ii) the Severance Agreement dated
as of June 18, 2002 between the Company and Mr. Lynch will
terminate on March 31, 2008.

Jeff Kaminski, age 46, will become the Company's senior vice
president and chief financial officer effective April 1, 2008.
Mr. Kaminski has served as the Company's Senior Vice President,
Global Purchasing and a member of the Strategy Board of the
Company since April 2005.  From November 2003 to April 2005, he
served as vice president of Global Supply-Chain Management.
From July 2001 to November 2003, Mr. Kaminski was vice president
of Finance and Powertrain Operations and served in numerous
finance and operations positions including finance director for
Sealing Systems, general manager of the Company’s Aftermarket
subsidiary based in Australia and International Controller for
the Company’s Aftermarket group.

Mr. Kaminski has been employed by the Company since 1989 with
the exception of a brief period from January 2001 to July 2001
during which he served as vice president of Finance for GDX
Automotive, according to Mr. Katz.  Mr. Kaminski is a certified
public accountant and began his career in 1983 with the
accounting firm of Deloitte, Haskins & Seals before he joined RP
Scherer Corporation in August 1987 and the Company in 1989.

Federal-Mogul reports that there are no family relationships
between Mr. Kaminski and any other director or executive officer
of the Company, or with any person selected to become an officer
or a director of the Company.  Other than as a result of Mr.
Kaminski's employment with the Company, the Company adds that it
has had no transactions since the beginning of its last fiscal
year, and has no transactions proposed, in which Mr. Kaminski,
or any member of his immediate family, has a direct or indirect
material interest.

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.


FEDERAL-MOGUL: Professionals Seek Postpetition Fees and Expenses
----------------------------------------------------------------
Three more professionals have sought allowance of their
professional fees and expenses incurred during the bankruptcy
cases of Delphi Corp. and its debtor-affiliates:

                                 Final
  Professional                 Fee Period      Fees      Expenses
  ------------                 ----------      ----      --------
                               05/15/07 -
  Kostelanetz & Fink, LLP      12/27/07      US$23,145     US$180

                               10/26/04 -
  Navigant Consulting, Inc.    12/27/07        714,570     22,555

                               10/01/01 -
  Spriggs & Hollingsworth      12/27/07      1,309,892     63,363


The Debtors hired Kostelanetz & Fink and Spriggs & Hollingsworth
as their special insurance counsel.  Spriggs & Hollingsworth
gave the Debtors legal advice on matters related to Abex and to
Ferodo America.

The Official Committee of Asbestos Property Damage Claimants
retained Navigant Consulting as its asbestos claims consultants.
On behalf of the Asbestos Property Damage Committee, Navigant
conducted numerous investigations and analyses on the asbestos
personal injury claims asserted against the Debtors.

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

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the
reorganized Federal-Mogul Corporation -- Corporate Family
Rating, Ba3; Probability of Default Rating, Ba3; and senior
secured bank credit facilities, Ba2.  The outlook is stable.
The financing for the company's emergence from Chapter 11
bankruptcy protection has been funded in line with the structure
originally rated by Moody's in a press release dated Nov. 28,
2007.

As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007.  The outlook is stable.


* THAILAND: Banks Face Another Tough Year in 2008, Fitch Says
-------------------------------------------------------------
Fitch Ratings, on March 31, said that Thai banks' results in
2007 were impacted by higher provisioning under new regulatory
rules, as well as a slowdown in the domestic economy arising
from the political uncertainty following the September 2006
coup.  Banks with lower levels of reserves were impacted the
most, with significant losses reported by some banks -- notably
TMB Bank Public Company Limited which was recapitalised at end-
December 2007 with a capital injection from ING Bank NV (rated
'AA').  Barring further economic or political shocks, lower
provisioning and higher loan growth should see stronger results
in 2008 for the Thai bank sector.

"The profitability of the system was poorer in 2007, although
the stronger banks continued to perform well, namely Siam
Commercial Bank Public Company Limited (SCB), Kasikornbank
Public Company Limited (KBANK) and Bangkok Bank Public Company
Limited (BBL) -- each rated 'BBB+'," said Vincent Milton,
Managing Director of Fitch's Thai office and Senior Director of
Financial Institutions.  Of note, despite the weaker economic
sentiment, these three largest private banks have accelerated
lending, particularly to the consumer and medium size business
segments.  "The outlook for 2008 should be brighter, as the
provisioning burden is lifted and consumption and investment
spending by Thai consumers and businesses pick up.  Nonetheless,
the operating environment remains challenging and credit and
market risks have heightened as a result of the global financial
shocks witnessed in recent months," added Mr. Milton.  The main
concerns related to these shocks so far, have been direct
exposure to collateralised debt obligations and other structured
investments as well as funding risks arising out of a flight of
confidence by depositors and creditors.

In Fitch's view, the major Thai banks are generally well
positioned to withstand these credit and liquidity shocks.  BBL,
Krung Thai Bank Public Company Limited and Bank of Ayudhya
Public Company Limited have limited exposure to CDOs, accounting
for less than 6% of equity, although Fitch expects these banks
to report further mark-to-market losses in 1Q08. Bankthai
(Support Rating '4'), one of the smaller banks, which was again
forced to raise capital in early 2008 due to potential severe
losses on its subprime and CDO investments, is the only Thai
bank to be affected significantly from the fallout in the US
structured markets.  The Thai banks have limited reliance on
offshore funding and their domestic deposit and wholesale
funding have not been significantly affected by the turmoil in
offshore markets.

Contagion to the domestic financial system, to date, appears
limited, although high energy prices, local currency
appreciation and a US recession will likely impact Thailand's
economic growth in 2008.  Nonetheless, increased government
infrastructure spending and private capital expenditure, as well
as a rebound in consumption should help offset slower export
growth to maintain GDP growth at about 5%.  The banks are
expected to accelerate the clean up of their remaining legacy
bad loans from the 1997 crisis, with sector impaired loans
projected to fall to below 5% by year-end.  This could see
further losses on asset disposals, but Fitch views that the
major Thai banks are now well capitalised to absorb such losses,
supported by their positive earnings growth.  The agency notes,
however, that the implementation of Basel 2 will see a moderate
decline in capital ratios for the sector by year-end.  Fitch
expects SCB, KBANK and BBL to continue to report solid financial
results, while BAY, TMB and KTB should report a marked
improvement in performance in 2008 due to lower provisioning and
stronger loan growth.  The rating outlook on Thai banks is
generally stable, although selective upgrades are possible.

A special report titled "Thai Banks' 2007 Results and Outlook
2008: Another Tough Year Amid Global Shocks" will be available
shortly on the agency's Web site, http://www.fitchratings.com


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                          *********

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

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

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


                             *********


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

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

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

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

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





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