TCRAP_Public/070706.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, July 6, 2007, Vol. 10, No. 133

                            Headlines

A U S T R A L I A

BACKHOUSIA PTY: Liquidator to Give Wind-Up Report on July 27
CALSONIC AUSTRALIA: Enters Wind-Up Proceedings
CARIB PTY: Sets Members' Final Meeting for July 26
CONSTELLATION BRANDS: Hires Rob Sands as Chief Executive Officer
ENCYSIVE PHARMACEUTICALS: Cuts 70% of US Work Force

ENCYSIVE PHARMACEUTICALS: George Cole Named as President and CEO
FESTON PTY: Members to Receive Wind-Up Report on July 20
JD & S FINANCIAL: Placed Under Voluntary Wind-Up
KAGARA ZINC: Revises Profit Forecast to AU$130 Million
MAHONIA PTY: Members to Meet on July 27

PETERS HOLDINGS: Members' Final Meeting Set for July 27
REALOGY CORP: Change of Control Offer for Notes Ends on July 3
REGENCY HOTEL: Liquidator to Present Wind-Up Report on Aug. 3
SUN CA: Members and Creditors to Meet on July 31
TULSA PTY: To Declare Dividend for Priority Creditors on July 20


C H I N A   &   H O N G  K O N G

CHINA MINSHENG: Expects First Half Earnings to Rise Up To 60%
CHINA NONFERROUS MFCL: Creditors' Proofs of Debt Due by July 28
CHINA NONFERROUS MSCL: Proofs of Debt Due by July 28
CITIC BANK: To Provide CNY10BB Credit Line to China Huadian
CONFREIGHT INTERNATIONAL: Placed Under Voluntary Liquidation

EAGLE SMART: Taps Andrew C.C. Ma & Felix K.L. Lee as Liquidators
INTELLIGENT SHOE: Members and Creditors to Meet on August 3
MICHELE PASCUCCI: Appoints Ma & Lee as Liquidators
OASIS CONSULTANTS: Members to Receive Wind-Up Report on July 30
UNION LASER SURGERY: Names Lee King Yue as Liquidator

WAKOMICRO TECHNOLOGIES: Sets Final Meeting for July 30
WELL-MADE TOY: Names Andrew Ma & Felix Lee as Liquidators
WISE POOL: Shareholders Resolve to Shut Down Business
* PwC Adds 55 New Partners in China
* China's Credit Quality Favorable But Risks Intensify, Says S&P


I N D I A

AES CORP: Names Catherine Freeman as Deputy Chief Fin'l Officer
BALLARPUR INDUSTRIES: To Explore Ways to Boost Growth Prospects
BANK OF BARODA: Completes Sale of 0.90% NSEIL Stake
BHARTI AIRTEL: Temasek to Buy 4.99% Stake, Report Says
BHARTI AIRTEL: Inks US$900MM Expansion Deal With Nokia Siemens

CANARA BANK: US$250-Million Notes Due 2021 Gets S&P's BB Rating
GENERAL MOTORS: June 2007 Sales Drop 24%
IMAX CORP: Obtains Nasdaq Nod for Continued Common Stock Listing


I N D O N E S I A

ALCATEL-LUCENT: Deutsche Bank Maintains Hold Rating on Firm
BANK INTERNATIONAL: Increases Credits for Small Businesses
CANWEST MEDIAWORKS: Debt Reduction Cues Moody's to Hold Ratings
HILTON HOTELS: Inks US$26-Bil. Merger Deal with Blackstone Group
HILTON HOTELS: Inks 1st Conrad Management Pact in South America

INDOFOOD: Sales Up 12% in First Half Noodle Sales
MCDERMOTT INT'L: Moody's Lifts Corporate Family Rating to Ba3
PERTAMINA: Imports 11.6-Million Barrels of Fuel Products in July
PERUSAHAAN LISTRIK: Launches Tender for Muara Bekasi-Muara


J A P A N

CHUO MITSUI: Mitsui Trust to Sell Entire Stake to Affiliate
TEKKEN CORP: R&I Affirms BB+ Rating with a Stable Outlook
SENSATA TECHNOLOGIES: Buying Airpax Holdings for US$276 Million
SENSATA TECHNOLOGIES: S&P Revises Outlook After Airpax Purchase
SANYO ELECTRIC: To Increase Lithium-Ion Cells Production by 17%


K O R E A

ACTUANT CORP: Acquires BH Electronics for US$30 Million
ACTUANT CORP: Reports US$29.6 Mil. Net Income in Third Quarter
ACTUANT CORP: Promotes Mark Goldstein as Chief Operating Officer


M A L A Y S I A

SELOGA HOLDINGS: Securities Commission Rejects Reform Proposals
SUREMAX GROUP: Lat Infrabina Claims MYR44 Mil. Judgment Payment
SUREMAX GROUP: RHB Bank Quits Reform Adviser Post
TAP RESOURCES: Securities Commission Junks Restructuring Plan
SOLUTIA INC: Wants Monsanto and Retiree Settlement Pacts Okayed

SOLUTIA INC: Bank of New York Balks at Amended Plan
VANGUARD CAR: S&P Retains Positive Watch on B+ Credit Rating


N E W  Z E A L A N D

AIHP LTD: Fixes Sept. 11 as Last Day to File Claims
BRIDGECORP LIMITED: Placed in Receivership
CENTRAL DISTRICTS: Appoints Brown and Rodewald as Liquidators
FLETCHER BUILDING: Completes Acquisition of Formica Corp.
HIVE NET: Shareholders Agree on Liquidation

K & D CAMPBELL: Shareholders Resolve to Close Business
KATO LOGGING: Court to Hear Wind-Up Petition on July 9
NOAH'S ARK: Taps Brown and Rodewald as Liquidators
PIBON HOLDINGS: Commences Liquidation Proceedings
PRIESTLEY HEATING: Court to Hear Wind-Up Petition on July 9

PROPERTY WORKS: Subject to CIR' Wind-Up Petition
SEFTON GROVE: Filing Proofs of Debt Due Today


P H I L I P P I N E S

ACCESS WORLDWIDE: Converts Promissory Notes to Common Stock
BANGKO SENTRAL: Buys US$2 Bil. Spot Currency to Slow Down Peso
BANGKO SENTRAL: Urges Banks to Use Special Purpose Vehicles Act
CHIQUITA BRANDS: US Siding with Firm in Banana Dispute with EU
DEL MONTE: Settles Antitrust Suits by Banana Buyers for US$2.5M

PHIL NAT'L BANK: Expects PHP1 Billion Annual Net Income for 2007
PRIME ORION: Unit Acquires Interest in PNB Loans for PHP400 Mil.
* Revenue Collection for 2007 May Fall PHP25 Billion Off Target


S I N G A P O R E

CKE RESTAURANTS: Court Rejects Preliminary Injunction Motion
MULTILINE SHIPPING: Taps Lau Chin Huat as Liquidator
PETROLEO BRASILEIRO: Operating 3 Biodiesel Plants by Year-End
PETROLEO BRASILEIRO: To Present New Wage Proposal to Stop Strike
QUANTUM ENERGY: Wind-Up Petition Hearing Set for July 13

SINTRADE SHIPPING: Creditors Resolve to Close Business
SPECTRUM BRANDS: Carries Out Management Streamlining
VALEANT PHARMA: Settles Patent Infringement Suit with Kali Labs


T H A I L A N D

ADVANCE AGRO: Sees Increased Production With New Cut-Size Lines
HANTEX PCL: SET Cancels Call-Market Trading of Securities
STANDARD CHARTERED: SET Cancels Call-Market Trading of Stocks
THAI-DENMARK: Reports to SET on Progress of Rehabilitation Plan
THAI WAH: Supranee and Pattrarat Leave Posts as Directors

THANACHART BANK: SET Cancels Call-Market Trading of Securities


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

BACKHOUSIA PTY: Liquidator to Give Wind-Up Report on July 27
------------------------------------------------------------
Backhousia Pty Ltd will hold the final meeting for its members
on July 27, 2007, at 10:30 a.m.

At the meeting, Barry J. Tognola, the company's liquidator, will
give a report about the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

         Barry J. Tognola
         c/o WHK - TCM Smith
         22 Walker Street
         Townsville, Queensland 4810
         Australia

                      About Backhousia Pty

Located in Queenslan, Australia, Backhousia Pty Ltd is an
investor relation company.


CALSONIC AUSTRALIA: Enters Wind-Up Proceedings
----------------------------------------------
On June 12, 2007, the members of Calsonic Australia Pty Ltd had
a meeting and resolved to voluntarily wind up the company's
operations.

Salvatore Algeri and Timothy B. Norman were appointed as
liquidators.

The Liquidators can be reached at:

         Salvatore Algeri
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                    About Calsonic Australia

Calsonic Australia Pty Ltd --
http://www.calsonickansei.co.jp/english-- is a distributor of  
industrial and commercial machinery and equipment.  The company
is located in Victoria, Australia.


CARIB PTY: Sets Members' Final Meeting for July 26
--------------------------------------------------
The members of Carib Pty Ltd will have their final meeting on
July 26, 2007, at 9:00 a.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Gary F. Westbrook
         c/o T. H. White & Co
         1st Floor, 184 Barkly Street
         St Kilda, Victoria 3182
         Australia

                        About Carib Pty

Carib Pty Ltd provides business services.  The company is
located in Victoria, Australia.


CONSTELLATION BRANDS: Hires Rob Sands as Chief Executive Officer
----------------------------------------------------------------
Constellation Brands Inc.'s board of directors has named Robert
S. (Rob) Sands, chief executive officer effective July 26, 2007.  
Richard Sands will remain active in the company as chairman of
the board.

"The board of directors of Constellation Brands has unanimously
concurred that it is in the best interests of the company and
its stockholders that Rob Sands succeed Richard Sands as the
next chief executive officer," stated James A. Locke III, head
of the board's governance committee.  "Rob's 21 years with the
company; his proven knowledge, experience and leadership
abilities; established track record in having already served as
Constellation's general counsel, chief operating officer and
president; collectively give the board full confidence in his
capabilities to lead the company."

Rob Sands joined Constellation Brands in June 1986 as general
counsel overseeing the company's legal affairs, with an emphasis
on its acquisitions.  In 1993 he was appointed executive vice
president and general counsel and promoted to chief executive
officer of Constellation International after the company's
acquisition of the United Kingdom's Matthew Clark plc in 1998.  
From 2000 through most of 2002, he served as group president
over both the U.K. operations and Canandaigua Wine company.

He was named president and chief operating officer for
Constellation Brands in December 2002.  He is a member of the
company's board of directors and has a bachelor's degree from
Skidmore College and a law degree from Pace University.  Prior
to joining Constellation he was an attorney at a Rochester,
N.Y., law firm.

"After 28 years with the company, and the last 14 as chief
executive officer, it is time for me to pass the CEO baton, and
Rob is the right choice to maintain continuity in
Constellation's ongoing pursuit of True Growth and harvesting
opportunities to improve return on invested capital, earnings
and free cash flow," said Richard Sands, Constellation Brands
chairman and chief executive officer.  "Rob's focus will be to
lead Constellation Brands to the next level of growth and value
creation by maintaining the company's entrepreneurial spirit,
decentralized structure, core values and long-term strategic
vision.  I will be available to provide guidance, although Rob
will be running the company, something I firmly believe is the
right structure to maximize the company's future growth
potential."

Richard Sands joined Constellation Brands in August 1979, and
subsequently served in various wine production, finance, sales
and marketing roles before being named executive vice president
in 1982.  In May 1986, he was named president and chief
operating officer, and was named chief executive officer in
1993. In September 1999 he was named chairman.

He has a bachelor's degree from the University of Vermont, in
addition to master's and doctorate degrees in social psychology
from the University of North Carolina.

Resulting from these changes, Keith Wilson has been promoted to
the newly created position of chief administrative officer and
he will report to Rob Sands, also effective July 26, 2007.  Mr.
Wilson, who is currently Constellation's executive vice
president and chief human resources officer, will be overseeing
the company's global information technology, human resources and
supply chain activities, in addition to having responsibility
for the corporate communications and community relations group.  
Also effective on July 26, 2007, Jose Fernandez will be promoted
to the new position of chief executive officer for Constellation
Wines North America, which encompasses the company's
Constellation Wines U.S. and Vincor Canada operations.  He is
currently chief executive officer for Constellation Wines U.S.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and  
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Canada, Australia, Japan,
and New Zealand.   One of Constellation Brands wine and grape
processing facilities is located in Casablanca, Chile.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 15, 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured debt rating to Constellation Brands
Inc.'s proposed US$700 million note offering due 2017, issued
under Rule 144A with registration rights.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2007, Fitch Ratings has assigned a 'BB-' rating to
Constellation Brands Inc.'s proposed US$700 million 10-year
senior note offering.

As reported in the Troubled Company Reporter-Latin America on
May 10, 2007, Moody's assigned a Ba3 rating to Constellation
Brands Inc.'s US$700 million senior unsecured note issuance
which will be used to reduce outstanding borrowings under the
US$900 million revolving portion of the company's senior credit
facility.  Moody's affirmed all other ratings of the company
with stable outlook.


ENCYSIVE PHARMACEUTICALS: Cuts 70% of US Work Force
---------------------------------------------------
Encysive Pharmaceuticals Inc. will reduce its U.S. work force by
about 70%, to about 65 people in an effort to focus its
resources on most promising assets.

The company disclosed that its board of directors had authorized
a strategic restructuring following the company's receipt of a
third "approvable letter" from the U.S. Food and Drug
Administration for Thelin(TM), which is under review for the
treatment of pulmonary arterial hypertension.  

As a result, about 150 company employees, including the U.S.
sales force, will be terminated immediately, with a smaller
group leaving in the coming months.  The company also eliminated
the position of chief operating officer.

The company is providing cash severance payments to employees
directly affected by the workforce reduction.  The company
estimates that it will record about US$15 million in
restructuring and severance costs in 2007.

Headquartered in Houston, Texas, Encysive Pharmaceuticals Inc.
(Nasdaq: ENCY) -- http://www.encysive.com/-- is a    
biopharmaceutical company engaged in the discovery, development
and commercialization of novel, synthetic, small molecule
compounds to address unmet medical needs.  

The company has successfully developed one FDA approved drug,
Argatroban, for the treatment of heparin-induced
thrombocytopenia, which is licensed to and marketed by GSK.  The
company's lead drug candidate, Thelin(TM) is an endothelin
receptor antagonist for the treatment of pulmonary arterial
hypertension.  Thelin(TM) is commercially available in the
United Kingdom and has been approved in Australia.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 30, 2007,
KPMG LLP, in Houston, expressed substantial doubt about Encysive
Pharmaceuticals Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2006, and 2005.  The auditing
firm pointed to the company's recurring losses from operations
and net capital deficiency.


ENCYSIVE PHARMACEUTICALS: George Cole Named as President and CEO
----------------------------------------------------------------
Encysive Pharmaceuticals Inc. appointed George W. Cole, the
company's chief operating officer, as its president and chief
executive officer.  Mr. Cole was also elected to the company's
board of directors.

Mr. Cole had served the company as COO since November 2005.  
From 1992 to 2005, he served as president of Altana Pharma U.S.  
Mr. Cole received his B.S. in Pharmacy from the University of
Louisiana and his M.B.A. from the University of Evansville.

In connection with the appointment and election, the termination
agreement dated Oct. 25, 2005, between the company and Mr. Cole
was amended to reflect the changes in Mr. Cole's duties,
responsibilities and position and to increase Mr. Cole's annual
base salary to US$490,000.  

In addition, the amendment to the Cole Agreement provides for
the grant by the company to Mr. Cole of options to purchase
500,000 shares of the company's common stock with an exercise
price of US$1.89 per share.  The options, which will be granted
pursuant to and governed by the terms of the company's incentive
plans, will vest as to one-half of the shares covered thereby on
each of May 31, 2009 and May 31, 2010.

The amendment to the Cole Agreement is qualified by reference to
the letter agreement dated June 24, 2007, between the company
and Mr. Cole.

Effective June 24, 2007, the company's employment of Bruce D.
Given, M.D., the company's former president and CEO, was
terminated.  Subject to certain conditions including the
execution of release in favor of the company and its affiliates,
the company will provide Dr. Given with the benefits contained
in a termination agreement dated March 21, 2003, as amended,
between the company and Dr. Given.

Headquartered in Houston, Texas, Encysive Pharmaceuticals Inc.
(Nasdaq: ENCY) -- http://www.encysive.com/-- is a    
biopharmaceutical company engaged in the discovery, development
and commercialization of novel, synthetic, small molecule
compounds to address unmet medical needs.  

The company has successfully developed one FDA approved drug,
Argatroban, for the treatment of heparin-induced
thrombocytopenia, which is licensed to and marketed by GSK.  The
company's lead drug candidate, Thelin(TM) is an endothelin
receptor antagonist for the treatment of pulmonary arterial
hypertension.  Thelin(TM) is commercially available in the
United Kingdom and has been approved in Australia.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 30, 2007,
KPMG LLP, in Houston, expressed substantial doubt about Encysive
Pharmaceuticals Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2006, and 2005.  The auditing
firm pointed to the company's recurring losses from operations
and net capital deficiency.


FESTON PTY: Members to Receive Wind-Up Report on July 20
--------------------------------------------------------
Feston Pty Ltd will hold a final meeting for its members on
July 20, 2007, at 10:30 a.m.

The members will receive at the meeting a report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Barry J. Tognola
         c/o WHK - TCM Smith
         22 Walker Street
         Townsville, Queensland 4810
         Australia

                        About Feston Pty

Feston Pty Ltd is a distributor of furniture and fixtures.  The
company is located in Victoria, Australia.


JD & S FINANCIAL: Placed Under Voluntary Wind-Up
------------------------------------------------
During a general meeting held on June 5, 2007, the members of JD
& S Financial Services Pty Ltd agreed to voluntarily wind up the
company's operations.

The company's liquidators are:

         David Michael Stimpson
         Terry Grant van der Velde
         SV Partners, Insolvency Accountants
         and Risk Managers
         SV House, Suite 2b
         Plaza Links, 1-9 Plaza Parade
         Maroochydore, Queensland 4558
         Australia

                          About Jd & S

Located in Queensland, Australia, Jd & S Financial Services Pty
Ltd, is an investor relation company.


KAGARA ZINC: Revises Profit Forecast to AU$130 Million
------------------------------------------------------
Kagara Zinc Limited has downgraded its profit forecast from
AU$175 million, as of its January 2007 revision, to
AU$130 million for the fiscal year ending June 30, 2007,
following disruptions at its Queensland operations, reports the
Australian Associated Press.

According to the report, Kagara said that this prediction is
based on the 25% drop in output during the three months to
June 30, which they think will have an impact on its profit.

The 25% downslide, writes the AAP, was a result of a timing
delay in accessing high grade ore from the Balcooma polymetallic
and copper open pits, due to poor weather and interruption to
ore haulage.  AAP, quoting the company, said that Kagara "has
assumed responsibility for open pit mining at Balcooma and Mt
Garnet."

Revising its profit forecast twice, the base metal miner
originally estimated its profit for the 2006-07 financial year
was AU$200 million, relates the report.

                        About Kagara Zinc

Headquartered in West Perth, Australia, Kagara Zinc Limited --
http://www.kagara.com.au/-- is primarily engaged in mineral  
exploration, development and mineral production.  During the
fiscal year ended June 30, 2006 (fiscal 2006), the company
carried out mining activities from the Mt Garnet Zinc plant.  On
January 20, 2006, the Company acquired Kagara Copper Pty Ltd.

The Troubled Company Reporter - Asia Pacific, on Jan 30, 2007,
listed Kagara Zinc's bond with a 9.750% coupon and a May 6, 2007
maturity date as distressed.


MAHONIA PTY: Members to Meet on July 27
---------------------------------------
The members of Mahonia Pty Ltd will meet on July 27, 2007, at
10:30 a.m., to hear the liquidator's report about the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Barry J. Tognola
         c/o WHK - TCM Smith
         22 Walker Street
         Townsville, Queensland 4810
         Australia

                       About Mahonia Pty

Located in Queensland, Australia, Mahonia Pty Ltd is an investor
relation company.


PETERS HOLDINGS: Members' Final Meeting Set for July 27
-------------------------------------------------------
A final meeting will be held for the members of Peters Holdings
Pty Ltd on July 27, 2007, at 11:00 a.m.

Campbell Walker Peters, the company's liquidator, will give, at
the meeting, a report about the company's wind-up proceedings
and property disposal.

The Liquidator can be reached at:

         Campbell Walker Peters
         PO Box 173
         Charters Towers, Queensland 4820
         Australia

                     About Peters Holdings

Located in Queensland, Australia, Peters Holdings Pty Ltd is an
investor relation company.


REALOGY CORP: Change of Control Offer for Notes Ends on July 3
--------------------------------------------------------------
Realogy Corporation announced that its change of control offer
for any and all of its outstanding US$250,000,000 principal
amount of Floating Rate Senior Notes due 2009, US$450,000,000
principal amount of 6.15% Senior Notes due 2011 and
US$500,000,000 principal amount of 6.50% Senior Notes due 2016
will expire at 10:00 a.m., New York City time, on Tuesday,
July 3, 2007.  Realogy will not extend the expiration date for
the change of control offer.

As required by the indenture and the Notes, the purchase price
with respect to each series of Notes is equal to 100% of the
principal amount of such series of Notes, plus accrued interest
payable with respect to such series of Notes to July 9, 2007,
which will be the payment date.

Realogy has retained Wells Fargo Bank, National Association to
act as Depositary in connection with the offer.  Questions
regarding how to tender the Notes subject to the change of
control offer and requests for the Change of Control Notice and
Offer to Purchase and other documents may be made to Wells Fargo
Bank, National Association by telephone at (213) 614-2588.

                     About Realogy Corp.

Headquartered in Parsippany, N.J., Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor   
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.  
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.


REGENCY HOTEL: Liquidator to Present Wind-Up Report on Aug. 3
-------------------------------------------------------------
A final meeting will be held for the members and creditors of
Regency Hotel Group Pty Ltd on August 3, 2007, at 10:30 a.m.

Mark Pearce, the company's liquidator, will give, at the
meeting, a report about the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

         Mark Pearce
         Pearce & Heers
         Insolvency Accountants
         Australia
         Telephone:(07) 3221 0055
         Facsimile:(07) 3221 8885

                       About Regency Hotel

Regency Hotel Group Pty Ltd operates hotels.  The company is
located in Queensland, Australia.


SUN CA: Members and Creditors to Meet on July 31
------------------------------------------------
The members and creditors of Sun Ca Pty Ltd will meet on
July 31, 2007, at 9:00 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

         M. G. Mccann
         Grant Thornton
         Chartered Accountants
         Level 4, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia

                          About Sun Ca

Sun Ca Pty Ltd provides building cleaning and maintenance
services.  The company is located in Queensland, Australia.


TULSA PTY: To Declare Dividend for Priority Creditors on July 20
----------------------------------------------------------------
Tulsa Pty Ltd, which is in liquidation, and formerly trading as
Pandora Panetteria, will declare dividend for its preferred
creditors on July 20, 2007.

Preferred creditors are required to file their proofs of debt by
July 6, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Terry Grant Van Der Velde
         David Michael Stimpson
         SV Partners
         SV House, 138 Mary Street
         Brisbane, Queensland 4000
         Australia

                        About Tulsa Pty

Tulsa Pty Ltd is a distributor of bread and other bakery
products, except for cookies and crackers.  The company is
located in Queensland, Australia.


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

CHINA MINSHENG: Expects First Half Earnings to Rise Up To 60%
-------------------------------------------------------------
China Minsheng Banking Corp is expecting to report a more than
60% growth in earnings for the first half of this year due to
increased lending and rapid expansion in investment and wealth
management business, Infocast News relates.

According to the report, Minsheng reported a net profit of
CNY1.733 billion, or CNY0.17 per share, for the first six months
of 2006.

The bank is due to release its audited first half profit on
August 31.


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

On September 4, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed China Minsheng
Banking Corp.'s Individual D/E and Support 4 ratings.


CHINA NONFERROUS MFCL: Creditors' Proofs of Debt Due by July 28
---------------------------------------------------------------
The creditors of China Nonferrous Metals Futures Company Limited
are required to file their proofs of debt by July 28, 2007.

Failure to prove debts by the due date will exclude a creditor
from sharing in the company's dividend distribution.

The company's liquidator is:

         Desmond Chung Seng Chiong
         Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


CHINA NONFERROUS MSCL: Proofs of Debt Due by July 28
----------------------------------------------------
China Nonferrous Metals Securities Company Limited requires its
creditors to file their proofs of debt by July 28, 2007.

Creditors who cannot file their debts by the due date will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Desmond Chung Seng Chiong
         Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


CITIC BANK: To Provide CNY10BB Credit Line to China Huadian
-----------------------------------------------------------
CITIC Bank has inked a CNY10-billion credit line agreement with
China Huadian Corp, one of China's five biggest power producers,
Xinhua Finance relates, citing a report from the Shanghai
Securities News.

The agreement, according to the report, covers China Huadian and
its affiliates.

China Huadian is a wholly state-owned enterprise approved by the
State Council, comprising enterprises and institutions formerly
owned by State Power Corporation of China.

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group.  With 416
branches, CITIC Bank had total assets of CNY689.5 billion at the
end of September 2006.

The bank carries Fitch Ratings' Individual strength of D and
support rating of 2 following its IPO which, improved the bank's
capitalization, strengthened ability of the government to
support and CNCB's historically close relationship with the
central government.

The Troubled Company Reporter - Asia Pacific on May 10, 2007,
reported that Moody's Investors Service handed a Bank's Bank
Financial Strength Rating of D- to CITIC Bank.


CONFREIGHT INTERNATIONAL: Placed Under Voluntary Liquidation
------------------------------------------------------------
At an extraordinary general meeting held on June 22, 2007, the
members of Confreight International Limited passed a resolution
to wind up the company's operations.

Tong Lap Hong was appointed as liquidator.

The Liquidator can be reached at:

         Tong Lap Hong
         Kowloon Building, Room 704
         555 Nathan Road, Kowloon
         Hong Kong


EAGLE SMART: Taps Andrew C.C. Ma & Felix K.L. Lee as Liquidators
----------------------------------------------------------------
On June 22, 2007, the members of Eagle Smart Limited passed a
resolution appointing Andrew C.C. Ma & Felix K.L. Lee as the
company's liquidators.

The liquidators can be reached at:

         Andrew C.C. Ma
         Felix K.L. Lee
         Seaview Commercial Building, 19th Floor
         21-24 Connaught Road, West
         Hong Kong


INTELLIGENT SHOE: Members and Creditors to Meet on August 3
-----------------------------------------------------------
The members and creditors of Intelligent Shoe Manufacturing
Company Limited will meet on August 3, 2007, at 10:00 a.m. and
11:00 a.m., respectively, to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on the 8th Floor of Richmond Commercial
Building at 109 Argyle Street, Mongkok in Kowloon, Hong Kong.


MICHELE PASCUCCI: Appoints Ma & Lee as Liquidators
--------------------------------------------------
Andrew C.C. Ma & Felix K.L. Lee were appointed as liquidators of
Michele Pascucci Foundation Limited on June 22, 2007.

The Liquidators can be reached at:

         Andrew C.C. Ma
         Felix K.L. Lee
         Seaview Commercial Building, 19th Floor
         21-24 Connaught Road, West
         Hong Kong


OASIS CONSULTANTS: Members to Receive Wind-Up Report on July 30
---------------------------------------------------------------
The members of Oasis Consultants Limited will meet on July 30,
2007, at 10:00 a.m., to receive the liquidator's report about
the company's wind-up proceedings and property disposal.

The meeting will be held on Unit 1202, 12th Floor of Malaysia
Building, at No. 50 Gloucester Road in Wanchai, Hong Kong.


UNION LASER SURGERY: Names Lee King Yue as Liquidator
-----------------------------------------------------
Lee King Yue was named as the liquidator of Union Laser Surgery
Clinic Limited, through a special resolution passed on June 22,
2007.

The Liquidator can be reached at:

         Lee King Yue
         Two International Finance Centre, 72-76th Floor
         8 Finance Street, Central
         Hong Kong


WAKOMICRO TECHNOLOGIES: Sets Final Meeting for July 30
------------------------------------------------------
A final meeting will be held for the members and creditors of
Wakomicro Technologies Limited on July 30, 2007, at 2:30 p.m.
and 3:00 p.m., respectively, on Unit B, 16th Floor of Empire
Land Commercial Centre at 81-85 Lockhart Road, Hong Kong.

Ng Kwok Cheung, Bernard, the company's liquidator, will give at
the meeting a report about the company's wind-up proceedings and
property disposal.


WELL-MADE TOY: Names Andrew Ma & Felix Lee as Liquidators
---------------------------------------------------------
The members of Well-Made Toy Far East Limited passed on June 22,
2007, a resolution to appoint Andrew C.C. Ma & Felix K.L. Lee as
the company's liquidators.

The Liquidators can be reached at:

         Andrew C.C. Ma
         Felix K.L. Lee
         Seaview Commercial Building, 19th Floor
         21-24 Connaught Road, West
         Hong Kong


WISE POOL: Shareholders Resolve to Shut Down Business
-----------------------------------------------------
The shareholders of Wise Pool Limited met on June 22, 2007, and
decided to shut down the company's business.

Pang Siu Chik, Alick was appointed as liquidator.

The Liquidator can be reached at:

         Pang Siu Chik, Alick
         China Merchants Building, Room 804
         152-155 Connaught Road, Central
         Hong Kong


* PwC Adds 55 New Partners in China
-----------------------------------
PricewaterhouseCoopers will admit 55 new partners in China to
support its growth that has surged more than 30% annually over
the past five years, China Daily reports.

The accounting firm's current 40 new partners from the mainland
and 15 from Hong Kong account for 10% of the company's new
partners around the globe and will bring the total number in
China to nearly 330, the paper notes.  In addition, the firm
also plans to raise its total headcount in China to 13,000
professionals from 8,000 currently to meet demand in what is now
its third-largest market globally.

"China is critical for PwC, not only because it's the fastest-
growing market around the world but, more importantly, because
of the role China is playing in capital markets," the company's
Global CEO Samuel A. DiPiazza was quoted by the Daily during a
press conference in Shanghai.  "Whether it's in London, New
York, Dubai or Frankfurt, the capital markets are heavily
influenced by what happens here in China," he said.

"Chinese companies, both State-owned enterprises and public or
private companies listed here, will be looking for advisory
assistance as they become more competitive in global markets,
whether it's in process improvement, risk control, acquisition
or tax," Mr. DiPiazza added.

Foreseeing increasing demand from Chinese companies growing
globally -- along with active mergers and acquisitions in
Chinese enterprises in the coming five years -- the professional
services firm has decided to invest US$50 million to US$100
million in China by 2011, the Daily adds.  To date it has poured
US$200 million into the country, has 12 offices across the
nation and audits 40% of the China's major clients that have H-
share listings.

Frank Lyn, PwC's China markets leader, was quoted by the paper
as saying that revenue growth has come mostly from auditing
Chinese SOEs and initial public offerings.  Last year, the
accounting firm helped more than 20 companies with a total IPO
value of US$23 billion list in Shanghai or Hong Kong, the paper
relates.

PwC has a high turnover rate of 15% to 18% in personnel across
the world, yet the rate could exceed 20% in China.


* China's Credit Quality Favorable But Risks Intensify, Says S&P
----------------------------------------------------------------
Investors' strong appetite for high-yield bonds in Greater China
is reflected in the industry report card released on July 5,
2007, by Standard & Poor's Ratings Services, titled "Overall
Credit Quality Remains Sound As Greater China Corporates Pound
The Growth Trail."
     
Standard & Poor's has rated 28 new issue ratings and 19
corporate credit issuer ratings in China, Hong Kong, and Taiwan
over the past 18 months.  Some 32 of the 76 total issuers are
now categorized below BBB-, highlighting the influx of high-
yield issuers in this region.
     
Chinese real-estate developers led the drive to the capital
markets, particularly in Hong Kong, in a bid to shore up their
land banks and re-finance.
     
More ratings were lowered than raised from Jan. 1, 2006, to
June 29, 2007.  Standard & Poor's downgraded 15 issuers, largely
reflecting heightened credit risks as companies pursued debt-
funded acquisitions. The default rate remained low, however.
     
"Over the near term, corporate credit quality in the region
should be stable, underpinned by sound economic fundamentals,"
said Standard & Poor's credit analyst Lawrence Lu.
  

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

AES CORP: Names Catherine Freeman as Deputy Chief Fin'l Officer
---------------------------------------------------------------
The AES Corporation's Board of Directors appointed Catherine
Freeman to the position of Deputy Chief Financial Officer.
Ms. Freeman previously held the title of Vice President and
Controller.  In her new role, Ms. Freeman's principal
responsibility will be to review and ensure adequate and
consistent application of AES financial policies and controls
across the Company's subsidiaries.  In this role, Ms. Freeman
will act as a member of the board of directors of certain
publicly traded subsidiaries of AES and shall provide technical
and corporate governance support for those boards, including
their respective financial audit committees.  She will also be
responsible for assisting with the review of the financial
controls and audits at the Company's subsidiaries, including
their technical performance, staffing and quality assurance
programs.  Ms. Freeman joined the Company in 2004 as Vice
President and Controller, and in that position maintained the
Company's accounting functions and managed our global financial
controls.

AES also reported that the Board appointed Mary Wood to the
position of Vice-President and Controller where she will assume
responsibility for the Company's accounting functions.
Ms. Wood is a partner at Tatum, LLC, an executive services and
consulting firm in the U.S., where she is a Partner in the South
Florida office.

Ms. Wood brings more than twenty-five years of accounting
experience to AES.  Ms. Wood, 52, has a Bachelor's of Business
Administration in accounting from Florida Atlantic University.  
Prior to joining Tatum in 2005, she worked as Executive Vice
President and Chief Financial Officer for DHL Express of the
Americas from 2002-2004 and as Senior Vice President of Shared
Services for ANC Corporation.  She was formerly Vice-President,
Controller and Chief Accounting Officer for AutoNation Inc. and
Chief Financial Officer for Alamo Rent-A-Car.  Ms. Wood was a
partner at KPMG Peat Marwick from 1987 until 1995.

The Company has reached agreement on the terms of Ms. Wood's
employment with AES.  The agreement expires on December 31,
2008.   Ms. Wood will receive a salary of US$25,000 per month,
she will be eligible for a 50% annual cash incentive bonus based
on individual and business performance, she will be eligible for
a "success bonus" for achieving certain to be agreed-upon
milestones in the amount of up to US$240,000,  she will be
reimbursed for healthcare costs up to US$8,000 per year, and she
will be eligible to participate in The AES Corporation
Retirement Savings Plan, which is the company's 401(k) plan, and
any profit sharing award to employees.  The Company will also
reimburse Ms. Wood for her accommodations in Virginia and her
travel expenses from Florida to Virginia.  The Company has no
obligation to provide Ms. Wood any stock-based compensation and
she will not be eligible to participate in the Company's
severance plan.  However, if the Company terminates Ms. Wood
within the first 90 days of her employment, she shall be
entitled to a US$20,000 severance payment, which increases to
US$40,000 if the termination occurs more than 90 days after her
employment commences until the expiration of the agreement.

In connection with Ms. Wood's employment with AES, the Company
has entered into an Interim Engagement Resources Agreement with
Tatum.  Pursuant to the agreement, the Company will pay Tatum a
fee of US$11,250 per month for each month Ms. Wood is employed
with the Company.  Tatum will also be paid amounts equal to 25%
of any success bonus and/or severance paid to Ms. Wood.  In
addition, if the Company terminates the Tatum Agreement and
retains Ms. Wood as an employee or as an independent contractor
(i) during the first 18 months of the term of the Tatum
Agreement, the company will pay Tatum a break up fee of 45% of
Ms. Wood's total base salary and target bonus amount; and (ii)
after the first 18 months of the term of the Tatum Agreement but
prior to the day following the one year anniversary of Ms.
Wood's termination by the company, the company will pay Tatum a
break up fee of 35% of Ms. Wood's total base salary and target
bonus amount.

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

AES has operations in India.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


BALLARPUR INDUSTRIES: To Explore Ways to Boost Growth Prospects
---------------------------------------------------------------
Ballarpur Industries Ltd's board of directors at its meeting on
July 4, 2007, inter alia, deliberated on the business or growth
plans of the company, a filing with the Bombay Stock Exchange
reveals.

Upon deliberations and discussions, the board formulated a
committee of directors to examine ways and means of enhancing
the growth prospects of the company and to revert with a
proposal for the same. The company is authorized to appoint any
consultants, including lawyers and financial advisors for the
purpose.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.   
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of May 15, 2007, the company
still carry those ratings.


BANK OF BARODA: Completes Sale of 0.90% NSEIL Stake
---------------------------------------------------
Bank of Baroda informed the Bombay Stock Exchange that the bank
has completed the sale of 4,00,500 shares of National Stock
exchange of India Ltd (representing 0.90% of NSEIL equity) to
Citigroup Strategic Holdings Mauritius Ltd.  The shares were
sold at a price of INR2281.01 each, which resulted in the bank
booking a profit of INR90.65 crore.

The deal was contracted on Feb. 14, 2007 together with other
banks and concluded on June 28, 2007 on the receipt of the
regulatory approvals.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com -- is a provider of banking  
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.  

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

                         *     *      *

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.   The agency also affirmed the
bank's Individual Rating of 'C/D'.  The outlook on all ratings
is stable.


BHARTI AIRTEL: Temasek to Buy 4.99% Stake, Report Says
------------------------------------------------------
Temasek Holdings (Private) Ltd, the Singaporean government's
investment arm, will buy a 4.99% stake in Bharti Airtel Limited,
Moneycontol.com reported on Wednesday.  The stake value is
estimated at about INR8,000 crore.

Forbes.com says the deal was still likely.  Temasek was offered
the stake by one of Bharti's group companies by granting
Temasek's wholly owned subsidiary an option to acquire an
indirect stake in Bharti Airtel, Ruth Davis of Forbes.com
relates.

The option arrangement envisages acquisition of such number of
shares which, on exercise, will result in a beneficial stake in
the Company to the extent of 4.99%.

Reports, however, failed to disclose the price of the deal.

Moneycontrol pointed out an "interesting" effect of the deal to
the share holding of Bharti Airtel.  If Temasek will proceed
with the purchase of the stake, the Singapore government will
now control close to 35% stake in Bharti Airtel because SingTel,
which Temasek owns about 56% stake, has a 30% interest in Bharti
Airtel.

Bharti Enterprises continues to maintain a controlling interest
of over 45% in the company through its subsidiary Bharti Telecom
Ltd.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


BHARTI AIRTEL: Inks US$900MM Expansion Deal With Nokia Siemens
--------------------------------------------------------------
Bharti Airtel Ltd, on July 3, 2007, signed a Memorandum of
Understanding with Nokia Siemens Networks for an expansion
contract valued at about US$900 million.  Under the deal, Nokia
Siemens Networks will expand Airtel's GSM network in eight
circles; its National Long Distance and International Long
Distance network with 1.8 million Next Generation Network ports,
and its International Calling Card prepaid service capacity by
4.5 million news users.  The GSM and NGN expansions are planned
over two years and the International calling cards expansion
over three years.

The Memorandum of Understanding was signed between Manoj Kohli,
President and CEO of the company and Simon Beresford Wylie, CEO
of Nokia Siemens Networks.

Commenting on the partnership, Mr. Kohli said, "Bharti Airtel is
undertaking a massive expansion and integration exercise across
its mobile and fixed networks to significantly augment its
service delivery capacity.  Today's comprehensive network
expansion contract is a reflection of this vision.  Nokia
Siemens Networks with its industry leading product portfolio and
strong services capabilities is the strategic partner for Bharti
Airtel to deliver on its vision of world class telecom services
to its customers."

The two year GSM expansion will cover the eight existing circles
of Mumbai, Maharashtra & Goa, Gujarat, Madhya Pradesh &
Chattisgarh, Bihar & Jharkhand, Orissa, Kolkata and West Bengal
where Nokia Siemens Networks already provides equipment and
Managed Services.  The expansion will enable Airtel to rapidly
expand its geographical footprint to rural India and increase
its overall network capacity.

The contract includes network planning, implementation and
project management, handling of local logistics and materials as
well as system integration for the base station sites.

Nokia Siemens Networks has one of the world's largest services
networks with more than 20,000 dedicated professionals and
outstanding execution capability.  The network will be continued
to be supported by the multitechnology, multivendor NetAct(TM)
network and service management system.  Nokia Siemens Networks
will deploy the latest state of art GSM equipment such as Flexi
Edge and Ultrasite BTS, BSC3i, 3GPP-based mobile softswitching
solution including 3G capable MSC Servers and Media Gateways,
and transmission network including PDH & SDH.

For the two year Fixed Network expansion, Nokia Siemens Networks
will deploy 1.8 million Next Generation Networks ports across
Airtel's National Long Distance and International Long Distance.
The NGN expansion exercise in the country will allow Airtel to
consolidate its position as a leading fixed line operator
covering Class 4 - Long Distance National and International
Switches.  Nokia Siemens Networks will deploy its complete IP
trunking solution with SURPASS hiE 9200 softswitches, SURPASS
hiG 1200 media gateways and SURPASS hiR 200 media servers.  For
optimized support of international traffic, some of the
components will be deployed in other countries.

The three-year International Calling Cards services expansion
will see Airtel more than quadruple its capacity and adequately
address its calling card business expansion to tap more
international markets.  The calling card prepaid service will be
supported by Nokia Siemens Networks' flexible IN@vantage
platform for intelligent services.  It also allows Bharti to
increase network traffic and related revenues by addressing
specific market segments and user expectations with dedicated
communication solutions.


Both Nokia and Siemens have been associated with building
Airtel's mobile and fixed networks.  The previous major deal for
GSM expansion that was signed last year between Nokia and Bharti
was valued at US$400 million.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


CANARA BANK: US$250-Million Notes Due 2021 Gets S&P's BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BBB-' long-term and 'A-3' short-term counterparty
credit ratings to India-based Canara Bank.  The outlook on the
long-term rating  is stable.  Standard & Poor's also assigned
its 'C' bank fundamental strength rating to the bank.

At the same time, Standard & Poor's assigned its 'BB' issue
rating to Canara Bank's US$250 million Upper Tier II
subordinated notes due in 2021.  The differential between the
'BBB-' counterparty credit rating on Canara Bank and the 'BB'
rating on its Upper Tier II subordinated notes reflects the
subordination and interest deferral features.

This interest deferral feature is linked to the compliance of
the regulatory capital adequacy ratio (RCAR) and a profit test,
which in turn is linked to the "balance in P&L account," a
component of the reserves and surplus on the bank's balance
sheet.  A "net loss" is defined as a negative balance in this
account.  If the bank's RCAR is below the minimum regulatory
requirement stipulated by the Reserve Bank of India, it would be
mandatory to skip interest payments.

As of March 31, 2007, Canara Bank's RCAR stood at 13.50%,
compared with the minimum regulatory requirement of 9%.  If the
bank is in compliance with the RCAR but reports a "net loss,"
the bank will require the regulator's (RBI) permission before
the bank can make interest payments on the notes.

The Upper Tier II subordinated notes will not be included in
Standard & Poor's measure of core capital, which is adjusted
common equity.  This is in line with Standard & Poor's treatment
of other forms of hybrid capital, including preference shares,
in its analysis of capital.

"The counterparty credit ratings on Canara Bank take into
account its strong market position in the domestic market,
healthy funding and liquidity profile, and its adequate
financial profile," said Standard & Poor's credit analyst Ivy
Tan.  "Profitability of the bank remained adequate and its asset
quality is above average.  However, its capitalization position
is weak compared with its domestic peers.  Further growth in its
loan book will likely put increased pressure on the bank's
capitalization."

A BFSR of 'C' indicates that Canara Bank has adequate
fundamental strength.  However, the bank is more sensitive to
uncertainties and adverse circumstances than the higher-rated
entities.

The stable outlook on the ratings for Canara Bank reflects our
expectations that the bank's current financial profile will be
maintained, aided by its strong domestic market position and the
robust economic growth.  A significant improvement in its
financial profile, coupled with improved risk management
practices, could have positive effects on the ratings.
Conversely, a significant deterioration in its profitability,
capitalization or asset quality will put downward pressure on
the ratings.


GENERAL MOTORS: June 2007 Sales Drop 24%
----------------------------------------
General Motors Corp. dealers in the United States delivered
326,300 vehicles in June, down 24%, compared with year-ago
monthly sales.  The decline was partly attributed to a planned
reduction of an additional 13,487 daily rental sale vehicles in
the month.  GM now has taken more than 92,000 daily rental
vehicles out of the sales totals in 2007.

"Given the planned reduction in daily rental sales, we expected
June would be a tough comparison to a year ago," Mark LaNeve,
vice president, GM North American Sales, Service and Marketing,
said.  "Our retail performance for the month was also below the
solid running rate we've experienced for the first half of the
year which we attribute to a soft industry and lower incentive
spending than our competitors.  However, we continue to believe
that maintaining a disciplined approach to both incentives and
daily rental car sales is key to making our marketing strategy
work in the long run."

"We continue our focus on the retail side of the equation and
first-half results were solid," Mr. LaNeve added.  "We are
delighted with the continuing success of new products,
especially the GMC Acadia, Saturn OUTLOOK and Buick Enclave.  As
with many of our vehicles, these all-new crossovers offer great
fuel economy, terrific performance and outstanding value.  For
example, a year ago we were selling only about 3,000 mid-utility
crossover vehicles.  This June we blew the doors off the segment
with deliveries in excess of 15,000."

Increased sales of the Saturn AURA, as well as the new mid-size
crossovers GMC Acadia, Saturn OUTLOOK and Buick Enclave,
demonstrate GM's strong positioning in the marketplace for fuel-
efficient vehicles.  The GMC Acadia, Saturn OUTLOOK and Buick
Enclave had retail sales of more than 12,000 vehicles, pushing a
significant retail increase in GM's mid-crossover segment.  GM's
total sales of more than 15,000 vehicles in this segment pushed
monthly performance up more than 377%, compared with the same
month last year.

The all-new Chevrolet Silverado and GMC Sierra full-size pickup
trucks -- fuel efficiency leaders in their class -- helped the
GM full-size pickup segment post a first half 2007 sales
increase, compared with the same period a year ago, in a
challenging industry environment.  The Silverado and Sierra also
offer the best warranty coverage and residual values in segment,
a winning combination for these products.

"We're seeing increased residual values for our products as a
result of staying aligned and disciplined to our North American
turnaround and market growth plans," Mr. LaNeve said.  "For
customers, this means providing industry-leading products in
terms of design, segment fuel economy, warranty coverage and
performance.  This translates to a beneficial cost of ownership
experience.  With new products such as the Cadillac CTS and
Chevrolet Malibu coming to dealer showrooms later this year, we
expect to build on this customer enthusiasm."

                    Certified Used Vehicles

June 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 45,876
units, up 6% from last June.  Total year-to-date certified GM
sales are 273,241 units, up 4% from the same period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 40,423 sales, up 9%
from last June.  Year-to-date sales for GM Certified Used
Vehicles are 240,138 units, up 5% from the same period in 2006.

Cadillac Certified Pre-Owned Vehicles posted June sales of 3,108
units, down 14% from last June.  Saturn Certified Pre-Owned
Vehicles sold 1,484 units in June, down 9%.  Saab Certified Pre-
Owned Vehicles sold 764 units, down 11% from last June, and
HUMMER Certified Pre-Owned Vehicles sold 97 units, up nearly 7%.

"GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified brand, posted a strong performance in
June, leading the segment with sales of 40,423 units, up 9% from
last June," Mr. LaNeve said.  "GM Certified is on track to build
on this momentum toward another record performance for the
category for 2007."

              June & Second Quarter 2007 Production

In June, GM North America produced 404,000 vehicles (142,000
cars and 262,000 trucks).  This is down 56,000 units or 12%
compared to June 2006 when the region produced 460,000 vehicles
(173,000 cars and 287,000 trucks).  (Production totals include
joint venture production of 21,000 vehicles in June 2007 and
27,000 vehicles in June 2006.)

GM North America built 1.141 million vehicles (401,000 cars and
740,000 trucks) in the second-quarter of 2007.  This is down
96,000 vehicles or 8 percent compared to second-quarter of 2006
when the region produced 1.237 million vehicles (462,000 cars
and 775,000 trucks).  The region's 2007 third-quarter production
forecast is unchanged at 1.075 million vehicles (377,000 cars
and 698,000 trucks).

GM also announced revised 2007 second-quarter and third-quarter
production forecasts for its international regions.

   * GM Europe

     The region's 2007 second-quarter production forecast is
     revised at 463,000 vehicles, down 5,000 units from last
     month's guidance.  In the second-quarter of 2006 the region
     built 495,000 vehicles.  The region's 2007 third-quarter
     production forecast remains unchanged at 389,000 vehicles.  
     In the third-quarter of 2006 the region built 374,000
     vehicles.

   * GM Asia Pacific
   
     GM Asia Pacific's 2007 second-quarter production forecast  
     is revised at 569,000 vehicles, up 1,000 units from last  
     month's guidance.  In the second-quarter of 2006 the region
     built 482,000 vehicles.  The region's 2007 third-quarter
     production forecast is revised at 518,000 vehicles, down
     6,000 units from last month's guidance.  In the third-
     quarter of 2006 the region built 433,000 vehicles.

   * GM Latin America, Africa and the Middle East

     The region's 2007 second-quarter production forecast is
     revised at 234,000 vehicles, up 1,000 units from last
     month's guidance.  In the second-quarter of 2006 the region
     built 206,000 vehicles.  The region's 2007 third-quarter
     production forecast is unchanged at 258,000 vehicles.  In
     the third-quarter of 2006 the region built 215,000
     vehicles.

                     About General Motors

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.  With global manufactures
its cars and trucks in 33 countries.  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.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others.  It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.  
The rating outlook remains negative.


IMAX CORP: Obtains Nasdaq Nod for Continued Common Stock Listing
----------------------------------------------------------------
The Nasdaq Listing Qualifications Panel has granted IMAX
Corporation's request for continued listing of its shares on
The Nasdaq Stock Market.

The decision is subject to the condition that the company files
its Form 10-K for the fiscal year ended Dec. 31, 2006, its Form
10-Q for the fiscal quarter ended March 31, 2007, and all
required restatements, on or before Oct. 1, 2007, and that it
continue to meet all other Nasdaq listing requirements.  The
company expects to make these filings shortly.
    
In March 2007, the company disclosed that it would delay filing
its financial statements due to the discovery of certain
accounting errors and subsequently broadened its accounting
review to include certain other accounting matters based on
comments received by the company from the staff of the
Securities and Exchange Commission and the Ontario Securities
Commission.
    
On April 12, 2007 and May 14, 2007, Nasdaq sent the company
letters indicating that it was not in compliance with
Marketplace Rule/4310(c)(14), which requires timely filing of
periodic reports with the SEC for continued listing of the
company's common shares, and that company's common shares were
subject to delisting from The NASDAQ Stock Market.
    
On June 29, 2007, the company has substantially addressed the
above-referenced comments from the SEC and OSC by revising its
accounting policy with regard to revenue recognition for theatre
systems, and that it expects to file its financial statements.
    
The Panel noted in its decision that the company's filing delay
does not appear to have been the result of misconduct or
malfeasance, and that the company was working diligently to
complete its reporting.
    
                          About IMAX Corp.

Headquartered jointly in New York City and Toronto, Canada,
IMAX Corporation -- http://www.imax.com/-- (NASDAQ:IMAX; TSX:  
IMX) is an entertainment technology company, with particular
emphasis on film and digital imaging technologies including 3D,
post-production and digital projection.  IMAX is a fully-
integrated, out-of-home entertainment enterprise with activities
ranging from the design, leasing, marketing, maintenance, and
operation of IMAX(R) theatre systems to film development,
production, post-production and distribution of large-format
films.  IMAX also designs and manufactures cameras, projectors
and consistently commits significant funding to ongoing research
and development.  IMAX has locations in Guatemala, India, Italy,
among others.

                          *     *     *

As reported in the Troubled Company Reporter on July 4, 2007,
Moody's Investors Service downgraded the corporate family rating
of IMAX Corporation to Caa1 from B3 and downgraded the rating on
its senior unsecured bonds to Caa2 from Caa1.  Moody's also
downgraded the probability of default rating to Caa1 from B3.  
Ratings remain under review for further downgrade.


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

ALCATEL-LUCENT: Deutsche Bank Maintains Hold Rating on Firm
-----------------------------------------------------------
Deutsche Bank analyst Gareth Jenkins has kept her "hold" rating
on Alcatel-Lucent's shares, Newratings.com reports.

Newratings.com relates that the target price for Alcatel-
Lucent's shares was set at EUR11.50.

Ms. Jenkins said in a research note that Alcatel-Lucent would
register second quarter earnings per share at EUR0.08.

Ms. Jenkins told Newratings.com that "Alcatel-Lucent's EBIT and
net income figures may vary significantly from expectations,
resulting in short-term volatility in the company's share
price."

Alcatel-Lucent is "likely to benefit from a transition towards
wireline capex in developed markets" and strong "order intake in
submarine is expected to lend support" to its margins in the
second half of this year, Newratings.com says, citing Deutsche
Bank.

Alcatel-Lucent's "ongoing headcount reduction" would improve
profitability into 2008, Ms. Jenkins told Newratings.com.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable   
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                         *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

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


BANK INTERNATIONAL: Increases Credits for Small Businesses
----------------------------------------------------------
PT Bank International Indonesia is increasing the amount of its
credits for micro and small businesses (UKM) in cooperation with
smallholder credit banks (BPR) under a linkage program, Antara
News reports.

According to the report, the bank's move is part of a strategy
to reach the UKM sector and to support efforts being made to
strengthen the competitive edge of BPRs based on Indonesian
Banks.  Through this program, BPRs would gain capital strength
in developing their activities in financing the UKMs.

BII Commercial and UKM Affairs Director Dira K Mochtar signed
Credit Provision Agreement Letters with directors of BPRs, with
Bank Indonesia Governor Burhanuddin Abdullah as witness, the
report notes.

Antara points out that the amount of the credits based on the
signed agreement was IDR46.4 billion.  The ceiling of the
credits that would be provided further to UKMs through the BPR
is between IDR500 million and IDR25 billion and they would
mature in three to five years.

The report says that BII had provided credits for five BPRs in
Bekasi, Magelang, Yogyakarta, Solo and Makassar to be channeled
to UKMs.

Up till May 2007, the number of BPRs under the BII's linkage
program had reached 75 with a total initial ceiling of credits
worth IDR569.8 billion and outstanding loans totaling
IDR342.9 billion, the report adds.

                     About Bank Internasional

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

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

The Troubled Company Reporter - Asia Pacific reported on Feb. 6,
2007, that Moody's Investors Service changed the outlook for
Bank Internasional Indonesia Tbk's long-term credit ratings to
positive from stable.  The bank's short-term deposit rating
continues to carry a stable outlook while the BFSR remains on
review for possible upgrade.

The bank's detailed ratings are: issuer/subordinated debt of
Ba3/Ba3; foreign currency long-term/short-term deposit of B2/Not
Prime; and bank financial strength of E+.

Another TCR-AP report on Feb. 1, 2007, said that Fitch Ratings
affirmed all the ratings of Bank Internasional as: Long-term
foreign Issuer Default rating 'BB-', Short-term rating 'B',
National Long-term rating 'AA-(idn)'; Individual 'C/D', and  
Support '4'.  The Outlook for the ratings was revised to
Positive from Stable.


CANWEST MEDIAWORKS: Debt Reduction Cues Moody's to Hold Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed all ratings of CanWest
MediaWorks Inc. and CanWest MediaWorks LP following the
announcement by CanWest that LP would reduce the amount of its
planned debt offerings by about US$130 million related to the
privatization of CanWest MediaWorks Income Fund by CanWest.

Specifically, the rating action considers that LP's senior
subordinated note offering would be reduced by US$250 million to
US$400 million, partially offset by an increase in senior
secured term loans of US$65 million and a new planned senior
subordinated term loan of US$75 million.  The outlook remains
stable.

Ratings Affirmed:

CanWest MediaWorks Inc:

-- corporate family rating at B1

-- probability of default rating at B1

-- US$760 million senior subordinated notes, due 2012 at B3,
    LGD 5, 89%

-- Speculative grade liquidity rating at SGL-2

CanWest MediaWorks Limited Partnership:

-- senior secured rating at Ba1 (LGD 2, 13% from LGD 1, 7%):
-- US$250 million senior secured revolver, due 2012
-- US$265 million senior secured term loan A, due 2012
    (increased from US$250 million)

-- CND$500 million senior secured term loan B, due 2014
    (increased from CUS$450 million equivalent)

-- US$400 million senior subordinated rating at B2 (LGD 5, 75%
    from LGD 5, 73% and reduced from US$650 million)


                  About CanWest MediaWorks

CanWest MediaWorks Inc. -- http://www.canwestmediaworks.com/--    
is  a wholly owned subsidiary of CanWest Global Communications
Corp, Canada's largest media company.  In addition to owning the
Global Television Network, CanWest is Canada's largest publisher
of daily newspapers, and also owns, operates and/or holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, Web sites and radio
networks in Indonesia, Canada, New Zealand, Australia,
Singapore, Malaysia, Turkey, the United States and the United
Kingdom.


HILTON HOTELS: Inks US$26-Bil. Merger Deal with Blackstone Group
----------------------------------------------------------------
Hilton Hotels Corporation entered into a definitive merger
agreement with The Blackstone Group's real estate and corporate
private equity funds in an all-cash transaction valued at
approximately US$26 billion.  Under the terms of the agreement,
Blackstone will acquire all the outstanding common stock of
Hilton for US$47.50 per share.  The price represents a premium
of 40% over yesterday's closing stock price.

Hilton's Board of Directors approved the transaction on July 3,
2007.  It is anticipated that the transaction will close during
the fourth quarter of 2007; completion is subject to the
approval of Hilton's shareholders, as well as other customary
closing conditions.  A special shareholders meeting will be
scheduled at a later date.

The acquisition brings together a leading global hospitality
company with Blackstone's extensive portfolio of hotels and
resorts.  Blackstone currently owns more than 100,000 hotel
rooms in the U.S. and Europe, ranging from limited service
properties such as La Quinta Inns and Suites to LXR Luxury
Resorts and Hotels.  The LXR collection includes such upscale
properties as The Boulders Resort and Spa (Arizona), The El
Conquistador Resort (Puerto Rico), The Boca Raton Resort and
Club (Florida), The Golden Door Spa (San Diego), and The London
NYC (New York).  Blackstone's holdings complement Hilton's
unparalleled family of brands, which include Hilton, Conrad
Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn,
Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by
Hilton, and The Waldorf=Astoria Collection.

Blackstone intends to invest in the Hilton properties and brands
globally to enhance and grow the business for the benefit of
owners, franchisees and customers.  Over the last fifteen years,
Blackstone has been the largest private investor in hospitality
worldwide and it has a strong track record of reinvesting in its
hotel properties.  Blackstone has invested approximately US$1
billion in redevelopment capital in its LXR properties over the
last three years; it has also grown the La Quinta brand by
approximately 45% since its acquisition in January 2006.

"Our priority has always been to maximize shareholder value,"
Stephen F. Bollenbach, Hilton's co-chairman and chief executive
officer, said.  "Our Board of Directors concluded that this
transaction provides compelling value for our shareholders with
a significant premium.  We are delighted that a company with the
resources and reputation of Blackstone fully appreciates the
value inherent in our global presence, strong brands, industry
leading marketing and technology programs, and unique portfolio
of hotel properties."

"It is hard to imagine a better strategic fit for us than Hilton
with its world-class people, brands and network of hotels,"
Jonathan Gray, Senior Managing Director, Blackstone, commented.  
"This transaction is about building the premier global
hospitality business.  We are committed to investing in the
company and working with Hilton's outstanding owners and
franchisees to continue to grow and enhance the business."

"Blackstone's real estate and corporate private equity funds
collaborated on the acquisition of Hilton, demonstrating
Blackstone's unique ability to undertake such a transaction,"
Michael Chae, Senior Managing Director, Blackstone, added.  "We
look forward to working with Hilton's management team and
employees to enhance the value of the company."

Blackstone views Hilton as an important strategic investment; no
significant divestitures are envisaged as a result of this
transaction.

The transaction is not contingent on the receipt of financing.  
Financing commitments have been provided by Bear Stearns, Bank
of America, Deutsche Bank, Morgan Stanley and Goldman Sachs.  
These institutions also served as financial advisors to
Blackstone.  Simpson Thacher & Bartlett LLP acted as legal
advisor to Blackstone. UBS Investment Bank and Moelis Advisors
acted as financial advisors to Hilton, and Sullivan & Cromwell
LLP acted as legal advisor to Hilton.

               About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


HILTON HOTELS: Inks 1st Conrad Management Pact in South America
---------------------------------------------------------------
Hilton Hotels Corporation, G&D Developers and Grupo Farallón
disclosed the signing of the Conrad Buenos Aires, the luxury
brand's first management agreement in South America.  Located in
Puerto Madero, this will be the Hilton Family's second property
in the expanding district and its fourth development in
Argentina, and will include both a hotel and residences.  
Construction is planned to begin at the end of 2008 and
completion is scheduled for late 2010.

The 196-guestroom Conrad Buenos Aires and 350-unit +5411
Residences at the Conrad Buenos Aires will be developed by G&D
Developers and Grupo Farallón as part of a mixed-use complex
called +5411 Juana Manso Blvd.  Hilton Hotels Corporation will
operate the hotel under the terms of a multi-year management
agreement.

"We are thrilled to introduce Conrad Hotels & Resorts in
Argentina, and to combine the brand's unique and luxurious
elements with the emerging elegance of the Puerto Madero area,"
Tom Keltner, chief executive officer, Americas and global
brands, for Hilton Hotels Corporation, commented.  "Argentina's
tourism growth continues to deliver opportunities, and we look
forward to bringing our fourth hotel development to the
country."

"We are delighted to have the opportunity to offer a Conrad
Hotel as part of the +5411 Development," Daniel Mintzer, who co-
founded G&D Developers with Gabriel Mayo, added.  "It brings us
great pride to partner with Conrad Hotels & Resorts and we are
sure the brand's prestige and excellence will strengthen our
project."

Located in Puerto Madero, the contemporary Conrad Buenos Aires
will feature 430-square-foot guestrooms, a signature restaurant,
a stylish lobby bar, fitness facilities including a swimming
pool, and close to 7,000 square feet of meeting space.  Both the
hotel and residences will form part of a diverse development
project offering over 160,000 square feet of office space, and
54,000 square feet of retail space, as well as underground
parking for 1,100 cars.  The hotel and residences are a short
distance away from the established Hilton Buenos Aires, and 25
minutes from Ministro Pistarini International Airport.

"Buenos Aires is a thriving commercial center within South
America and we are truly delighted that Conrad will be
showcasing the brand in this flourishing destination," Tom
Potter, area vice president, South America, for Hilton Hotels
Corporation, said.  "Both business and leisure travelers to
Buenos Aires will be able to experience the luxury of Conrad
Hotels & Resorts with its individual style and sophisticated
service.  Conrad Buenos Aires will appeal to the discerning
traveler looking for an exclusive luxury environment where they
can truly be themselves."

"We are honored that the first Conrad management agreement in
South America will be part of our +5411 project," Eduardo
Gutierrez, engineer and president of Grupo Farallón, commented.  
"Hilton Hotels Corporation will manage the hotel, delivering the
Conrad brand's exceptional standards.  This addition to +5411
helps us offer excellence in hospitality and satisfy the
sophisticated and growing demand in Argentina."

Buenos Aires, capital of Argentina and the country's largest
city, is the nation's financial, industrial, commercial, and
cultural center.  Puerto Madero is the most recently renovated
neighborhood in Buenos Aires.  Previously a forgotten port, the
area is now bustling with restaurants, renovated lofts, offices,
high-rise residences, and luxury hotels.  Tourists can enjoy
Puerto Madero's ecological reserve, walks along the Rio de la
Plata riverbank, and a floating casino. The city also offers an
array of museums, historical buildings, theaters, shopping
centers, delectable dining options, and a tantalizing nightlife.

Conrad Hotels & Resorts is continuously growing and
strengthening its global portfolio and currently has 17 luxury
hotels and resorts in leading urban and resort destinations
globally.  New Conrad Hotels & Resorts are in conversion in the
Maldives and under development in Shanghai, Abu Dhabi, Dubai,
the Bahamas and Koh Samui.

Hilton Hotels Corporation currently manages the Hilton Buenos
Aires in Puerto Madero.  The company will manage the Hilton
Iguazu Resort scheduled to open in Iguazu Falls in late 2008,
and the Hilton Ushuaia in the southernmost city of the world,
scheduled to open in 2009.

               About Hilton Hotels Corporation

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


INDOFOOD: Sales Up 12% in First Half Noodle Sales
-------------------------------------------------
PT Indofood Sukses Makmur Tbk posted over 12% increase in its
first-half noodle sales, Reuters reports.

According to the report, in the first six months a year ago,
flour sales rose 2% due to stronger demand.  The company also
produced an average of 200 million packs of noodles per week
during the first half of 2006.

Franciscus Welirang, senior vice president director of the
company, said that flour sales volumes, in the first half of
2007 had a 2% increase.  For the full year, the company's target
is 5-7%, the report says.

Reuters adds that Indofood is aiming to boost its annual
capacity to 14.5 billion packs from 13.5 billion currently.

                     About Indofood Sukses

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed  
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 were 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007. The
Company also plans to redeem all the outstanding balance of the
Eurobonds this year.

The Troubled Company Reporter - Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services withdrew
its 'B' corporate credit rating on Indofood at the company's
request.


MCDERMOTT INT'L: Moody's Lifts Corporate Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service upgraded the ratings of McDermott
International Inc. and its subsidiaries.

Moody's raised MII's Corporate Family Rating to Ba3 from B1.  

Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1,
its Probability of Default Rating to B1 from B2 and its senior
secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%).

The Babcock & Wilcox Company's senior secured bank facility
rating was raised to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).  
The rating outlook for J. Ray is positive, while the rating
outlooks for MII and B&W are both stable.

The Corporate Family Ratings upgrades reflect continuing
operating and financial performance improvement, greater
visibility of near term performance based on growing backlogs,
lower leverage with no funded debt at either J. Ray or B&W, and
strong liquidity.  The ratings are tempered by the inherent
cyclicality in both J. Ray's and B&W's businesses, exposure to
fixed price contracts and potential event risk arising from
MII's growth strategy.

                     J. Ray McDermott

J. Ray's improved performance is primarily reflected in the
company's higher backlog, which increased US$1 billion to
US$4.2 billion at March 31, 2007, from US$3.2 billion at
June 30, 2006.  Moody's expects J. Ray will continue to benefit
from strong fundamentals in the offshore construction market
over the near to medium term.  J. Ray has added to its backlog
while maintaining its disciplined bidding process as shown in
its consistent operating margins.  The rating upgrade further
reflects J. Ray's consistent free cash flow generation --
greater than US$300 million for the twelve months ended
March 31, 2007 -- leading to increased cash on its balance sheet
while maintaining no funded debt. However, Moody's notes that a
substantial amount of its cash will be used to fund the recently
announced $260 million Secunda acquisition.

The rating upgrade of J. Ray's senior secured credit facility
reflects the higher CFR as well as the application of Moody's
loss given default methodology.  J. Ray's Ba2 secured facility
rating benefits from its senior position in the company's
capital structure, which is supported by a significant amount of
unsecured obligations including trade payables and an
underfunded pension.

J. Ray's positive outlook reflects the company's substantial
backlog and Moody's expectation that it will benefit from
continued investment in energy infrastructure, while maintaining
the company's disciplined bidding process and low financial
leverage.  J. Ray could be upgraded through a combination of
continued strong operating and financial performance, as
reflected in a growing backlog and sustained higher operating
margins, increased diversification, and maintaining low leverage
while pursuing its growth strategy.

                       Babcock & Wilcox

MII's CFR rating upgrade reflects B&W's consistent performance
since emerging from bankruptcy in February 2006 and the recent
repayment of B&W's US$250 million term loan, resulting in no
funded debt.  B&W's backlog grew modestly to US$2.3 billion at
March 31, 2007, compared to US$1.9 billion at March 31, 2006.  
About 43% of this backlog is expected to roll-off in the
remainder of 2007, providing near term visibility for the
company's revenue.  B&W should continue to benefit from the
favorable business outlook based on expected growth in
electrical generation demand and the increased environmental
spending requirements of its customers.  In April, B&W repaid
its US$250 million term loan that had funded a payment
obligation to the asbestos settlement trust.  All of B&W's
financial obligations under the plan of reorganization from its
bankruptcy were settled by the end of 2006.  Looking forward,
leverage and coverage should improve through a combination of
MII's plans to fully fund its pensions, which will lower
adjusted debt, and modestly growing cash flow.

On a standalone basis, Moody's considers B&W's credit quality to
be consistent with MII's Ba3 CFR.  B&W's Baa3 senior secured
rating of its credit facility reflects the application of
Moody's loss given default methodology.  The secured facility
rating benefits from substantial underfunded pension obligations
at B&W as well as other companies within the MII family.  
Moody's expects that this rating uplift will decline over time
as MII funds these pensions.

               About McDermott International

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its   
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.


PERTAMINA: Imports 11.6-Million Barrels of Fuel Products in July
----------------------------------------------------------------
PT Pertamina (Persero) will import 11.6 million barrels of fuel
products this month, up from an average of 10 million barrels in
recent months, Thomson Financial reports.

The report relates that Hanung Budya, Pertamina deputy director
for marketing, said that they will import more fuel in July to
anticipate rising demand as the school holiday season comes to
end.

Mr. Budya said that Pertamina is expected to import 10.4 million
barrels of fuel consisting of 3.4 million barrels of premium
gasoline, 5.4-6.0 million barrels of diesel fuel, and 600,000
barrels of kerosene, the report notes.  

The report adds that the remainder will be fuel oil.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a     
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PERUSAHAAN LISTRIK: Launches Tender for Muara Bekasi-Muara
----------------------------------------------------------
PT Perusahaan Listrik Negara has launched a tender offer for the
construction of a 7.2-kilometer gas pipeline from Muara Bekasi
to its Muara Tawar power plant in West Java, Thomson Financial
reports.

Tony Agus Mulyantono, PLN's deputy director for primary energy
and power plants, said 10 companies have expressed interest to
participate in the bidding process.

The construction of the gas pipeline is expected to start in
September, the report adds.

                 About Perusahaan Listrik

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

PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on
June 19, 2007, that Moody's Investors Service assigned a B1
senior unsecured rating to PT Perusahaan Listrik Negara's
proposed U.S. dollar bond issuance.

At the same time, Moody's has affirmed PLN's B1 corporate family
rating and A1.id national scale rating.  The outlook for all the
ratings is positive, which is in line with the sovereign's
positive outlook.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.


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

CHUO MITSUI: Mitsui Trust to Sell Entire Stake to Affiliate
-----------------------------------------------------------
The parent company of Chuo Mitsui Trust and Banking Co. Ltd.,
Mitsui Trust Holdings Inc., plans to Chuo Mitsui to a Mitsui &
Co. affiliate, Kazuhiro Shimamura, of MarketWatch, reports.

According to Mr. Shimamura, Mitsui Trust's entire stake in Chuo
Mitsui will be sold to its affiliate Mitsui Leasing &
Development Ltd., but Mitsui Trust declined to disclose the
value of the transaction, which will be completed by the end of
July.

Chuo Mitsui, writes Mr. Shimamura, will be joining the merger in
October between Mitsui Leasing and the leasing unit of
Norinchukin Bank, which serves as the main bank for Japan's
agricultural, forestry and fishery cooperatives.

The Chuo Mitsui Trust and Banking Co. Ltd. --
http://www.chuomitsui.co.jp/-- offers trust banking and  
commercial banking services such as money, pension, loan, and
securities investment trusts.  The company also provides
financial services such as securities brokerage, leasing, credit
cards, asset management, and investment advisory in Japan, the
United Kingdom, the United States and Panama.

The Troubled Company Reporter - Asia Pacific reported on May 11,
2007, that Moody's Investors Service gave the bank a C- bank
financial strength rating.  

On January 24, 2007, TCR-AP reported that Fitch Ratings gave the
bank a C/D individual rating.


TEKKEN CORP: R&I Affirms BB+ Rating with a Stable Outlook
---------------------------------------------------------
Ratings and Investment Information, Inc., has conducted reviews
and affirmed the ratings for Tekken Corp. with a stable outlook.

   Issuer Rating: BB+;

   Long-term Issue Rating: BB+

   Outlook: Stable

Tokyo-based Tekken Corp., -- http://www.tekken.co.jp/-- is  
primarily engaged in the construction business.  The company has
four subsidiaries and four associated companies, the Company has
three business segments.  The Construction segment is engaged in
the general construction, special construction, as well as the
procurement of construction materials and equipment.  The Real
Estate segment is involved in the development of housing and
land estates.  The Others segment is engaged in the management
of construction equipment and materials, as well as the
operation of sports facilities and golf courses.  Headquartered
in Tokyo, the Company has four subsidiaries and four associated
companies.


SENSATA TECHNOLOGIES: Buying Airpax Holdings for US$276 Million
---------------------------------------------------------------
Sensata Technologies, Inc. reached a definitive agreement with
Chicago Growth Partners and Airpax senior management to acquire
Airpax Holdings, Inc., for US$276 million, which is expected to
be completed in July.

The acquisition includes about 2,800 employees and sales,
engineering and production facilities in Cambridge and
Frederick, Maryland; White Bear Lake, Minnesota; Oviedo,
Florida; and Brownsville, Texas, in the United States;
Matamoros, Mexico; Sakado, Japan; and Shanghai, China.

Sensata Technologies Chief Executive Officer Tom Wroe said,
"This transaction gives us leading customer positions in
electrical protection for high-growth network power and
critical, high-reliability mobile power applications and further
secures Sensata's position as a leading designer and
manufacturer of sensing and electrical protection solutions for
the residential, industrial, heating, ventilation, air-
conditioning, military and mobile markets.  The purchase also
further expands Sensata's global footprint and offers
opportunities for operational synergies across both
organizations."

Airpax Chief Executive Officer Dennis Karr said, "We are very
excited about this opportunity to bring our expertise,
experience and resources to another worldwide leader in the
controls and sensors arena. Both Airpax and Sensata will benefit
from access to an expanded customer base, wider portfolio and
the know-how and technical expertise of the combined
organization."

Airpax Corporation was founded in 1947 in Baltimore, Maryland,
and was purchased by North American Phillips Corporation in the
1970s. It was purchased by management and Industrial Growth
Partners, a private equity firm, in 1999 and by management,
Chicago Growth Partners, and Norwest Equity Partners in 2004.

                        About Airpax

Headquartered in Cambridge, Maryland, with facilities around the
world, Airpax manufactures customized hydraulic magnetic circuit
breakers and certain thermostats and temperature sensors, and is
a leading manufacturer of DC to AC inverters, electronic
monitoring and control systems, and other sensors.  Airpax
serves original equipment manufacturers (OEMs) in the
telecommunications, industrial, recreational vehicle, heating,
ventilation and air-conditioning, refrigeration, marine,
military, medical, information processing electronic power
supply, power generation, over-the-road trucking, construction,
agricultural and alternative energy markets.

                  About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and  
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan and the Netherlands.  Sensata Technologies employs
approximately 5,400 people world-wide.

                         *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Moody's Investors Service affirmed the ratings of Sensata
Technologies B.V., but changed the outlook to negative from
stable following the company's recent announcement that it
intends to acquire Airpax Holdings, Inc. for US$276 million.
The company's Speculative Grade Liquidity rating of SGL-2 is
unchanged.


SENSATA TECHNOLOGIES: S&P Revises Outlook After Airpax Purchase
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Sensata Technologies B.V. to negative from stable.  

The outlook revision follows the company's announcement that it
will acquire Airpax Holdings Inc. for US$276 million plus fees
and expenses using a combination of cash and debt.  All of S&P's
ratings on Sensata, including 'B+' corporate credit rating, have
been affirmed.

"The acquisition delays the financial deleveraging that Standard
& Poor's expects for the ratings," said Standard & Poor's
analyst Clarence Smith.  The ratings on Attleboro, Mass.-based
Sensata continue to reflect its highly leveraged financial
profile, which more than offsets its satisfactory business
profile.


SANYO ELECTRIC: To Increase Lithium-Ion Cells Production by 17%
---------------------------------------------------------------
Sanyo Electric Co., Ltd., will increase production capacity of
lithium-ion batteries by 17% because of high demand from laptop
computers, Yoshinori Eki writes for Bloomberg News.

Mr. Eki interviewed Sanyo spokesman Hiroyuki Okamoto who
confirmed a report from the Nikkei Business Daily that they will
raise production to 70 million units in a month for this fiscal
year ending March 31, 2008 and will be spending JPY37 billion on
its battery businesses for the current year.

Mr. Okamoto revealed to Mr. Eki that a "large" part of the
investment will be used for lithium-ion battery production but
declined to provide the actual figure.

Reportedly, Sanyo is counting on its solar and rechargeable
battery units to bolster earnings.  

The Troubled Company Reporter - Asia Pacific reported on May 30,
2007, that Sanyo posted net sales of JPY2.22 trillion for the
fiscal year ended March 31, 2007 as compared from the previous
year's JPY2.40 trillion, which is the third year that they
reported a net loss.

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

On May 23, 2006, Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on SANYO Electric Co. Ltd.  At the same time, the
ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


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

ACTUANT CORP: Acquires BH Electronics for US$30 Million
-------------------------------------------------------
Actuant Corporation has acquired BH Electronics for US$30
million in cash.  Funding for the transaction came from the
Company's revolving credit facility.

BHE will operate within Actuant's Electrical Segment. Mark
Goldstein, Chief Operating Officer of Actuant, stated: "BHE is a
great addition to our global marine platform. BHE's strong
relationships with major recreational boat builders in the U.S.,
coupled with the products provided through our existing brands
such as Marinco, BEP, Ancor, and Guest, will enable us to
further develop our strategy of providing systems solutions to
the OEM market. We are also excited about the prospects for
introducing BHE's products and solutions to OEMs in other
markets where Actuant has a significant presence, such as RV and
off-highway vehicles."

                         About BHE

Headquartered in Munford, Tennessee, BH Electronics produces
dashboard control panels and electronic assembly systems,
primarily for the marine market.  BHE generated US$35 million in
sales in 2006, and has approximately 450 employees.

                    About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU) -
- http://www.actuant.com/-- is a diversified industrial company  
with operations in more than 30 countries, including Australia,
Brazil, China, Hong Kong, Italy, Japan, Taiwan, United Kingdom
and South Korea.  The Actuant businesses  are market leaders in
highly engineered position and motion  control systems and
branded hydraulic and electrical tools and  supplies.  Since its
creation through a spin-off in 2000, Actuant has grown its sales
from US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The
company employs a workforce of approximately 6,000 worldwide.  
Actuant Corporation trades on the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ACTUANT CORP: Reports US$29.6 Mil. Net Income in Third Quarter
--------------------------------------------------------------
Actuant Corporation reported results for its third quarter ended
May 31, 2007.  Including restructuring charges, third quarter
fiscal 2007 net earnings and diluted earnings per share were
US$29.6 million and US$0.95, respectively, compared to prior
year net earnings and EPS of US$26.8 million and US$0.86,
respectively.  Fiscal 2007 third quarter results include a
US$0.4 million (US$0.01 per diluted share) charge covering a
portion of the Company's previously announced restructuring of
its European Electrical business.  Fiscal 2006 third quarter
results include a US$2.6 million (US$0.08 per diluted share)
one-time tax benefit.  Excluding the restructuring charge and
prior year tax benefit, third quarter EPS increased 23% year-
over-year from US$0.78 to US$0.96.

Third Quarter 2007 Highlights:

   * 23% improvement in EPS, excluding restructuring and prior
     year tax benefit, representing largest quarterly EPS growth
     of the year.

   * Record sales of US$385 million, a 22% increase over the
     prior year.

   * Strong cash flow resulting in third quarter net debt
     reduction of US$88 million.  Year-to-date free cash flow of
     US$98 million, a 138% conversion of net income.

   * Sequential and year-over-year operating profit and EBITDA
     margin improvement.

   * Completed acquisition of T.T. Fijnmechanica B.V.,
     broadening the Industrial Segment product offering.

   * Announced US$250 million Senior Notes offering (completed
     June 12).

Robert Arzbaecher, President and CEO of Actuant commented, "We
are pleased with our performance in the third quarter which
added to our track record of consistent, profitable growth.  
With the exception of the expected year-over-year sales decline
in the Actuation Systems segment, we saw continued core sales
growth in our other three segments.  These results reinforce the
benefits of Actuant's customer, market and geographic
diversification.  In addition, acquisitions contributed US$42
million or 13% of the sales improvement in the third quarter and
highlight the success of adding to growth opportunities in our
existing businesses via acquisitions."

                      Consolidated Results

Third quarter sales increased 22% to US$385 million from US$317
million in the prior year, reflecting the combination of core
growth, business acquisitions and the weaker US dollar.  
Excluding the impact of foreign currency rate changes (5%) and
acquisitions (13%), core sales growth was 4%.  The Industrial
Segment once again generated double-digit core sales growth
while the Actuation Systems Segment reported a year-over-year
sales decline due to prior year convertible top launches and the
North American heavy-duty truck pre-buy.

The third quarter operating margin was 13.7%, excluding
restructuring charges, an increase of 20 basis points versus the
prior year resulting from improvements in both gross profit
margin and selling, administrative and engineering spending,
partially offset by higher acquisition related amortization
expense.  These improvements reflect the Company's strategic
sourcing and Lean Enterprise Across Discipline (LEAD)
activities.

Sales for the nine months ended May 31, 2007 were US$1.069
billion, or 22% higher than the US$877 million in the comparable
prior year period.  Excluding the impact of foreign currency
rate changes and sales from acquired businesses, core sales
increased 7%.

Earnings for the nine months ended May 31, 2007, excluding the
restructuring charge, rose 19% to US$77.1 million, or US$2.48
per diluted share, compared to US$64.8 million, or US$2.11 for
the comparable prior year period (excluding the tax benefit).  
Year-to-date fiscal 2007 results include US$0.10 per diluted
share of European Electrical restructuring charges while fiscal
2006 included an US$0.08 favorable tax adjustment (see attached
reconciliation of earnings).

Third quarter fiscal 2007 Industrial Segment sales increased 36%
to US$113 million, resulting from increased demand, the weaker
US dollar and sales from acquired businesses.  Excluding
currency translation and sales from acquired businesses,
Industrial Segment sales increased approximately 15% from the
comparable prior year period, driven by continued strong demand
in both the high-force hydraulic tool and joint integrity
product lines.
Third quarter operating profit margins expanded 370 basis points
to 29.3% due primarily to the benefit of higher volume and
operating efficiencies.

Fiscal 2007 third quarter Electrical Segment sales increased 17%
to US$128 million, reflecting 3% core sales growth, favorable
foreign currency exchange rate changes and the August 2006
acquisition of Actown.  The Electrical Segment operating profit
margin declined from 10.2% in the third quarter of fiscal 2006
to 8.1% in fiscal 2007, excluding restructuring charges,
primarily due to restructuring related inefficiencies in the
European Electrical operations, product buyback and reset costs
and unfavorable sales and acquisition mix.  The company expects
to substantially complete the previously announced restructuring
of its European Electrical operations by the end of calendar
2007.

Fiscal 2007 third quarter Engineered Products Segment sales more
than doubled to US$32.9 million reflecting both 5% core sales
growth and the acquisition of Maxima in December 2006.  
Operating profit increased to US$4.3 million from US$2.1 million
while margins declined 120 basis points.

                       Financial Position

Quarter-end net debt (total debt of US$555 million less US$74
million of cash) was US$481 million, a decrease of US$88 million
from the beginning of the quarter.  Actuant's free cash flow in
the quarter was approximately US$92 million driven by strong
earnings conversion, improved working capital management and the
timing of certain cash payments.  Approximately US$23 million of
cash was used in business acquisitions which nearly offset the
US$20 million increase in accounts receivable securitization
proceeds in the quarter.

                             Outlook

The Company updated its fiscal year 2007 guidance to reflect
both the TTF acquisition and third quarter results.  Full year
fiscal 2007 EPS is expected to be in the range of US$3.38-3.43
(excluding European Electrical restructuring charges) on sales
of US$1.430-1.440 billion.  Fourth quarter EPS (excluding
restructuring charges) is projected to be in the US$0.90-0.95
range.
Actuant also provided its preliminary outlook for fiscal 2008,
which reflects the continued execution of its dual strategy of
organic growth and tuck-in business acquisitions.  The company
is targeting approximately 10-15% EPS growth (excluding future
acquisitions), above the mid-point of its fiscal 2007 EPS
guidance. Diluted EPS is projected to be in the US$3.70-3.90
range, excluding European Electrical restructuring charges.  
The company currently anticipates that next year's sales will be
in the US$1.530-1.550 billion range, an increase of 6-8% over
fiscal 2007.

Mr. Arzbaecher commented, "We are very pleased with the way
fiscal 2007 has developed and expect 2008 to follow a similar
pattern.  Our 2007 EPS guidance from last June anticipated 9-14%
growth because, similar to our preliminary 2008 guidance, it
didn't include the benefit of future acquisitions.  As a result
of acquisitions and base business performance, fiscal 2007 EPS
is currently forecasted to grow 17-18% above the prior year. We
are excited about the prospects for the upcoming year.  There
are growth opportunities in all our segments and the pipeline
for additional acquisitions remains very active.  Our focus on
LEAD, including Asian sourcing, will continue to drive margin
enhancement opportunities.  We expect continued strong
performance in 2008."


                    About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU) -
- http://www.actuant.com/-- is a diversified industrial company  
with operations in more than 30 countries, including Australia,
Brazil, China, Hong Kong, Italy, Japan, Taiwan, United Kingdom
and South Korea.  The Actuant businesses  are market leaders in
highly engineered position and motion  control systems and
branded hydraulic and electrical tools and  supplies.  Since its
creation through a spin-off in 2000, Actuant has grown its sales
from US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The
company employs a workforce of approximately 6,000 worldwide.  
Actuant Corporation trades on the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ACTUANT CORP: Promotes Mark Goldstein as Chief Operating Officer
----------------------------------------------------------------
Actuant Corporation has promoted Mark Goldstein to the newly  
created position of Chief Operating Officer.  Prior to this  
appointment, Mr. Goldstein was serving as Executive Vice  
President, Tools & Supplies.  He will continue to report to  
Robert Arzbaecher, Actuant's Chief Executive Officer.  

Mr. Goldstein will be responsible for managing the company's  
four business segments, taking advantage of the existing  
synergies among them, maximizing their contribution to the  
company's results and identifying and developing profitable  
organic and acquisition growth opportunities.  

Mr. Arzbaecher stated, "We are immensely proud of Actuant's  
success since it's spin-off in August 2000.  We've grown our  
sales from under US$500 million to US$1.4 billion for fiscal  
2007.  In our quest to continue our track record of profitable  
growth long into the future, I recognized the need to create the  
Chief Operating Officer role to support me in managing the  
complexity that results from our diversified business model.   
Mark has played an instrumental role in providing strategic  
insights, operational focus and team-building skills to the  
Tools & Supplies businesses over the past six years and I look  
forward to working with him to extend those proven leadership  
capabilities across the entire organization."  

Mr. Goldstein joined Actuant in 2001 as President of Gardner  
Bender and was promoted to Executive Vice President of Tools &  
Supplies in January 2003.  He joined Actuant from The Stanley  
Works where he spent 22 years, both in Stanley Tools as well as  
Stanley Door Systems.  He holds a Bachelors Degree in Economics  
from the University of Rochester (New York).


                    About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU) -
- http://www.actuant.com/-- is a diversified industrial company  
with operations in more than 30 countries, including Australia,
Brazil, China, Hong Kong, Italy, Japan, Taiwan, United Kingdom
and South Korea.  The Actuant businesses  are market leaders in
highly engineered position and motion  control systems and
branded hydraulic and electrical tools and  supplies.  Since its
creation through a spin-off in 2000, Actuant has grown its sales
from US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The
company employs a workforce of approximately 6,000 worldwide.  
Actuant Corporation trades on the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.
  

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

SELOGA HOLDINGS: Securities Commission Rejects Reform Proposals
---------------------------------------------------------------
Seloga Holdings Bhd informed the Bursa Malaysia Securities Bhd
that the Securities Commission had rejected its reform plan
proposals.

In a letter addressed to the company, the commission cited these
reasons, which leads to its decision to reject the proposals:

    (i) Uncertainty over the viability of the new business of
        manufacturing of bitumen/asphalt due to:

        (a) the continuous delay in the commencement of
            commercial production, which may potentially impact
            the overall future financial position of SHB.  The
            new business is expected to play a crucial role in
            regularizing SHB's financial position;

        (b) the possibility that the delay in commencement of
            commercial production may result in the termination
            of the existing supply agreement.  Moreover, nothing
            concrete has surfaced on the alternative plans by
            Kemaman Bitumen Company Sdn Bhd to use other
            substitute crude oil/supplier;

        (c) uncertainty as to whether KBC, a newly start-up
            company, would be able to make in-roads into the
            market; and

        (d) the dependency on a single customer.

   (ii) Concern over the viability of the property development
        business due to:

        (a) the Taman Nusantara project being undertaken by its
            wholly owned subsidiary, Infra Expert Development
            Sdn Bhd, which is loss making based on its past
            financial statements;

        (b) the project being only 10% completed as at Dec. 28,
            2006; and

        (c) the substantial decrease in the consideration for
            the acquisition of IED raising concern on the
            viability of the project.

  (iii) Substantial accumulated losses remaining post
        restructuring.

        After the Proposals, SHB would still have remaining
        accumulated losses which will take a number of years for
        SHB to eliminate, assuming the same level of profits are
        maintained.


Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities  
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SUREMAX GROUP: Lat Infrabina Claims MYR44 Mil. Judgment Payment
---------------------------------------------------------------
Suremax Group Bhd diclsoed with the Bursa Malaysia Securities
Bhd that its subsidiary, Suremax Land Sdn Bhd, received on
July 4, 2007, a summon and a statement of claim from Lat
Infrabina Enterprise for the amount of MYR44.76 million.

The summon and the statement of claim were both dated June 15,
2007.

With the amount, Lat Infabina also claims:  

    -- interest on the amount owing/accrued at the rate of 1.5%
       per month from September 13, 2004, until full settlement;

    -- interest on the judgment amount at the rate of 1.5% per
       annum from the date of judgment until full settlement;

    -- cost of the action; and

    -- other relief or further relief as the Honorable
       Court deems reasonable and just.

The summons has been fixed for mention on September 20, 2007.

Suremax maintains that there is no material financial impact on
the group arising from the summons, however, the company said it
will seek legal advice from its Solicitors on the next course of
action.


Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad
engaged in property development, construction, trading in
construction materials,and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

                         Going Concern

On May 16, 2006, the Troubled Company Reporter - Asia Pacific
reported that Suremax's audited financial statements for the
year ended August 31, 2005, contained the company's auditors'
modified opinion with emphasis on its ability to continue as a
going concern.  Furthermore, the TCR-AP added that based on the
company's six-month period accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.

Accordingly, Suremax become an affected listed issuer of the
Bursa Securities' Amended Practice Note 17 category, and is
therefore required to implement a plan to regularize its
financial condition.


SUREMAX GROUP: RHB Bank Quits Reform Adviser Post
-------------------------------------------------
RHB Investment Bank Bhd terminated its services on June 28,
2007, acting as Suremax Group Bhd's adviser for the proposed
restructuring scheme.

In a disclosure with the Bursa Malaysia Securities Bhd, Suremax
said that the termination was mutually agreed and it will be
served with immediate effect.

Suremax added that it is now in the process of finalizing the
procurement of services of another adviser to advise on the
Proposed Restructuring Scheme.

As reported by the Troubled Company Reporter - Asia Pacific, on
June 7, 2007, the Bursa Securities said it will delist and
remove the securities of Suremax after it failed to submit its
regularization plan to approving authorities on May 31, 2007.


Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad
engaged in property development, construction, trading in
construction materials,and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

                         Going Concern

On May 16, 2006, the Troubled Company Reporter - Asia Pacific
reported that Suremax's audited financial statements for the
year ended August 31, 2005, contained the company's auditors'
modified opinion with emphasis on its ability to continue as a
going concern.  Furthermore, the TCR-AP added that based on the
company's six-month period accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.

Accordingly, Suremax become an affected listed issuer of the
Bursa Securities' Amended Practice Note 17 category, and is
therefore required to implement a plan to regularize its
financial condition.


TAP RESOURCES: Securities Commission Junks Restructuring Plan
-------------------------------------------------------------
The Securities Commission rejected Tap Resources Bhd's
application for implementation of the reform plan proposals,
which application was on July 3, 2007.

According to the company's disclosure with the Bursa Malaysia
Securities Bhd, the bases of rejection given by the Securities
Commission are:

    1) Uncertainty over the future viability of TAP's core
       business;

    2) Uncertainty over the ability of the current management to
       turn around TAP;

    3) Uncertainty over the future direction of TAP arising from
       the possible emergence of new substantial shareholders;
       and

    4) Significant on-going litigations against TAP.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 12, 2007, the various proposals Tap Resources wants to
undertake in its restructuring plan.

The company's regularization plan involves:

   * liquidation or disposal of certain subsidiaries;

   * debt settlement with various creditors of Tap
     Construction;

   * TCSB's capital reduction of the issued and paid-up share
     capital;

   * capital reduction involving reduction of the existing
     issued and paid-up share capital;

   * renounceable rights issue;

   * private placement of new TAP shares;

   * restructuring of debts of RCLS holders; and

   * amendment to the Memorandum and Articles of Association.

Based on Tap Resources' proposals, certain subsidiaries are
facing liquidation as these subsidiaries have either ceased or
wound down their respective businesses.

The subsidiaries to face liquidations are:

    -- Tap Builders Sdn Bhd;
    -- Tanco Properties (North) Sdn Bhd;
    -- Mech-E Engineering & Trading Sdn Bhd; and
    -- Sumbangan Tiara Sdn Bhd

These subsidiaries have a negative or minimal shareholders'
funds position and therefore will not have any material surplus
arising from such liquidation, the company said.

Meanwhile, Tap Resources also proposed to settle the debts of
Tap Construction Sdn Bhd, a wholly owned subsidiary, through
TCSB S176 Scheme.

According to the company, Tap Construction's total known debts
as of Oct. 31, 2006, stood at MYR126,567,556.  Of the total
debt, MYR117,978,197 is owed by Tap Construction to Tap
Resources while another MYR3,106,976 is owed by Tap Construction
to the Inland Revenue Board.

Under the proposed TCSB S176 Scheme, the amount owed to the IRB
is proposed to be paid in full in cash -- subject to the outcome
of an appeal being made by TCSB against IRB -- while all other
debts will be converted into equity where every MYR1 of debt
will be settled in full by the issuance of new ordinary shares
of M1.00 each.

In addition, TCSB will reduce its issued and paid up share
capital and the credit arising from the reduction will be used
to offset its accumulated losses as at October 31, 2006.

Accordingly, the board of Tap Resources will undertake a write-
off of certain fixed assets of its unit by 60% of its existing
net book value.  The write-offs, based on the estimated
valuation of assets, will result in an impairment from
MYR51,414,140 to MYR20,565,656.

Moreover, Tap Resources also proposes to implement a capital
reduction exercise involving a reduction of the existing issued
and paid-up share capital from MYR109,155,805 comprising
109,155,805 ordinary shares to MYR10,915,580 comprising
109,155,805 ordinary shares, by way of reducing the par value of
each share to RM0.10.

The credit of MYR98,240,225 arising from the capital reduction
will be utilized to reduce part of the accumulated losses of the
company, which stood at MYR161,385,037 as of April 31, 2006.

Tap Resources also proposes to reduce the entire amount of
MYR21,142,802 standing in its share premium account based on the
latest audited financial statements as at April 30, 2006, to set
off the its accumulated losses.

Meanwhile, Tap Resources' proposed rights issue involves the
renounceable rights issue of 54,577,902 Right Share on the basis
of one Rights Share for every two TAP Shares held after the
Proposed Capital Reduction, together with one free warrant for
every Rights Share subscribed.

Tap Resources will also undertake private placement involving
the issuance of up to 50,000,000 new TAP Shares at an issue
price to be determined later.

Lastly, Tap Resources proposes to restructure its MYR33,088,053
debts owing on the redemption of its outstanding RCSLS together
with outstanding interests through:

   a. Conversion of MYR6,000,000 outstanding on the nominal
      value of RCSLS held by ABB into a three-year term loan and
      on terms to be agreed between the Company and the lender;

   b. Settlement of MYR27,088,053 outstanding on the nominal
      value of RCSLS via the issuance of 270,880,530 new TAP
      Shares of MYR0.10 at par; and

   c. The balance of the debt, together with all interest,
      penalties and other charges accruing after the Cut-off
      Date will be completely waived.

The company added that in the event that the Proposed Debt
Restructuring results in any of the Lenders obtaining more than
33% of the voting shares in TAP, a waiver will be sought for
such Lender from the requirement to undertake a mandatory
general offer in accordance with the provisions of the Malaysian
Code on Take-overs and Mergers, 1998.

                      About the Company

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

The company is classified under the PN17 category because, for
the nine months ended January 31, 2006, its shareholders' equity
on a consolidated basis is equal to or less than 25% of the
issued and paid up capital of the Company and such shareholders
equity is less than the minimum issued and paid up capital as
required under paragraph 8.16A (1) of the Listing Requirements
of Bursa Malaysia Securities Berhad, plus it has a default in
payments and is unable to provide a solvency declaration.


SOLUTIA INC: Wants Monsanto and Retiree Settlement Pacts Okayed
---------------------------------------------------------------
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve:

  (i) a settlement among Solutia, Monsanto Company, Pharmacia
      Corporation, the Official Committee of Unsecured
      Creditors, the Official Committee of Retirees, and the Ad
      Hoc Trade Committee; and

(ii) a settlement among Solutia, Monsanto, the Retirees'
      Committee, and the Creditors Committee.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Monsanto Settlement achieves the overriding
goal of Solutia's reorganization -- the permanent reallocation
of significant legacy liabilities arising from the 1997 spin
off.  Monsanto assumes all of Solutia's legacy tort liabilities
and a substantial portion of its environmental liabilities.

By removing the cloud of the legacy liabilities, the Monsanto
Settlement will enhance creditor recoveries, materially improve
Solutia's future prospects, preserves crucial commercial
relationships with Monsanto and pave the way to a successful
reorganization, Mr. Henes says.

The proposed Monsanto Settlement achieves as much or more than
Solutia could achieve by litigating to an improbable victory
without the huge risks, uncertainties, delays and expense that
the litigation would visit on Solutia's estates and creditors,
Mr. Henes points out.

Solutia's relationship with Monsanto has always been a critical
part of its business, Mr. Henes tells Judge Beatty.  Under the
Monsanto Settlement, Monsanto has agreed to extend a master
operating agreement for an additional three years through 2020.  
The Master Operating Agreement provides for Solutia to be
"guest" at certain Monsanto-owned facilities that are critical
to Solutia's businesses.  It also enables Solutia to obtain
discounted raw materials and other efficiencies that help
improve Solutia's profitability, Mr. Henes informs the Court.

The Master Operating Agreement and other important commercial
agreements are preserved under the Monsanto Settlement.  
Conversely, without the Monsanto Settlement, protracted and
acrimonious litigation would materially and perhaps permanently
impair these agreements and relationships, Mr. Henes maintains.

The Monsanto Settlement provides that:

  (1) Monsanto will be responsible for all alleged legacy tort
      liabilities.  Monsanto has agreed to be responsible for
      all past and future tort claims related to conduct that
      occurred before the spin-off.  Solutia currently estimates
      that the ultimate liability for these asserted claims will
      range between US$15,000,000 and 40,000,000, not accounting
      for future claims that could be asserted for pre-spin
      conduct, hundreds of additional lawsuits asserting
      thousands of claims that have been commenced against
      Monsanto.

  (2) Monsanto will assume significant environmental legacy
      liabilities that arise from sites owned by Old Monsanto
      but never owned by Solutia, which Solutia estimates will
      remove approximately US$150,000,000 worth of complex
      environmental claims from its estates.  Monsanto will also
      be responsible for the remediation of dioxin contamination
      in the Kanawha River and surrounding areas.

  (3) Solutia will be responsible for environmental legacy
      liabilities that arise from sites it has owned and
      operated following the spin-off, with the remediation
      costs Solutia expects to reach US$82,000,000 over the next
      five years.

  (4) Solutia and Monsanto will share environmental liabilities
      that arise from sites that were never owned or operated by
      Solutia but which have been affected by historical
      contamination from Solutia-owned plants located in
      Anniston, Alabama and Sauget, Illinois.  Costs for the
      Shared Sites will be allocated in this manner:

       -- The first US$50,000,000 will be paid through Funding
          Co., a special purpose limited liability company under
          the Plan that will be funded with proceeds from the
          rights offering;

       -- The next US$50,000,000 will be paid by Monsanto, less
          costs it has incurred for remediation of the Shared
          Sites during Solutia's Chapter 11 cases;

       -- Solutia will be responsible for the next
          US$325,000,000 in costs for Shared Sites.  Solutia,
          however, has the option to cap its annual costs at
          US$30,000,000 per year and have Monsanto bear excess
          remediation costs to improve reorganized Solutia's
          liquidity and cash flow; and

       -- After US$425,000,000, Solutia and Monsanto will split
          evenly all costs for Shared Sites.

The Retiree Settlement preserves post-employment medical and
other benefits for Solutia's 20,000 retirees, establishes a
trust funded with US$175,000,000 in cash to assure the payment
of the benefits, and will save Solutia approximately
US$110,000,000 in consensual benefit modifications.  The Retiree
Settlement is conditioned upon, and made possible only as a
result of, Monsanto's assumption of legacy liabilities as part
of the Monsanto Settlement.

The Retiree Settlement provides:

  (A) Creation of the Retiree Trust.  On the effective date,
      Solutia will contribute US$175,000,000 in cash proceeds
      from the rights offering to a retiree trust.  The trust
      will satisfy reorganized Solutia's continued payment of
      modified and life insurance benefits for pre-spin
      retirees.

  (B) Modifications to Medical Benefits.  Reorganized Solutia
      can limit the amount it pays each year for retiree medical
      expenses, change deductibles and prescription drug co-
      payments and cap the benefits paid to individual retirees
      after the age of 65.

  (C) Modifications to Life Insurance Benefits.  Life insurance
      benefits have been capped for employees who retired before
      December 31, 2001, and eliminated for those who retired
      after that date.

  (D) Retiree Claim.  The retirees will receive an allowed, non-
      priority unsecured claim in the aggregate amount of
      US$35,000,000.  The recovery on account of the Retiree
      Claim will be contributed to the retiree trust and used
      solely to reimburse Solutia for its payment of benefits
      for pre-spin and post-spin retirees.

  (E) Retiree Release.  The retirees have agreed to release
      Solutia, Monsanto and Pharmacia, any employee benefit
      plans of Monsanto or Pharmacia and their respective
      representatives, affiliates and successors from all claims
      related to "retiree benefits."

The Settlements' release and injunction provisions are narrowly
tailored to preserve the rights of parties with claims being
assumed by Monsanto and are only designed to provide finality
for Monsanto on the liabilities Solutia is retaining.  The
Settlements do not afford "blanket immunity" to Monsanto or
Pharmacia.  The retirees have consented to the releases even
though they restrict the Retirees' rights, Mr. Henes avers.

In addition, Pharmacia has agreed to release Solutia from any
prepetition obligations, to waive its claim in the Chapter 11
cases, and to receive no distributions under the Plan.  As
consideration, Pharmacia will receive limited releases from and
injunctions against any and all claims relating to Solutia or
the legacy liabilities retained by Solutia.

Monsanto, according to Mr. Henes, has agreed to reasonable
consideration in exchange for its contributions and in
satisfaction of its claim.  Monsanto asserts at least
US$825,000,000 in claims against the Debtors' estates, including
(1) US$215,900,000 that Monsanto has spent for legacy
liabilities from the Petition Date through May 31, 2007; (2)
US$179,000,000 that Monsanto estimates it will spend in the
future on environmental and tort liabilities under the Monsanto
Settlement; and (3) US$428,700,000 that Monsanto spent to settle
the Anniston litigation.

In satisfaction of its claim and based on its contributions,
Monsanto will receive 20% of Reorganized Solutia's stock, which
Solutia estimates will be worth approximately US$240,000,000 at
the mid-point of total enterprise value.  Additionally,
consistent with the proposed allocation of legacy liabilities,
Monsanto will have an administrative claim for all amounts it
has spent on (a) Retained Sites and (b) environmental
liabilities in excess of US$50,000,000 at the Shared sites.  
Solutia has also agreed to pay reasonable fees and expenses
incurred by Monsanto's professionals for work related to the
Chapter 11 cases, capped at the aggregate fees of the Creditors
Committee's professionals.  Finally, subject to its assumption
of liability relating to certain of the legacy tort and
environmental claims, Monsanto will receive releases from and
injunctions against claims relating to Solutia or the legacy
liabilities retained by Solutia.

                        About Solutia Inc.

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

Solutia has operations in Malaysia, China, Singapore, Belgium,
and Colombia.

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

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization Plan
on July 10, 2007.  The Debtors' exclusive period to file a plan
expires on July 30, 2007.  (Solutia Bankruptcy News, Issue No.
91; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Bank of New York Balks at Amended Plan
---------------------------------------------------
The Bank of New York, as indenture trustee for the 11.25% senior
secured notes due 2009 issued by Solutia Inc. or its
predecessor, filed a statement with the U.S. Bankruptcy Court
for the Southern District of New York regarding the treatment of
Senior Secured Noteholders' claims under Solutia Inc. and its
debtor-affiliates' Amended Joint Plan of Reorganization.

The Bank relates that for the past three and a half years, the
Debtors and the holders of the Senior Secured Notes have co-
existed in relative peace.

"Now, however, with the prospect of emergence from Chapter 11 on
the horizon, the Debtors, obviously at the behest of certain
constituents, have elected to breach the peace and declare war
on the Senior Secured Noteholders," John K. Cunningham, Esq., at
White & Case LLP, in Miami, Florida, contends.

The Official Committee of Unsecured Creditors has attempted to
suddenly block any payment of the Senior Secured Notes Trustee's
legal fees in contravention of a certain cash collateral order.  
The Debtors have filed an objection to the Senior Secured Notes
Trustee's claim contending that the allowable amount of the
claim does not include the stated principal amount of
US$223,000,000 set forth in the Senior Secured Notes, but rather
is allegedly limited to a lesser amount based upon a novel
argument of "amortized original issue discount" in the Senior
Secured Notes, Mr. Cunningham states.

"The Debtors' new theory of allowance, which is totally
unsupported by any existing case law or the Bankruptcy Code, is
that an oversecured creditor who takes an interest bearing note
at par is to be treated differently in bankruptcy than one who
takes a note at a discounted to par, but with a lower interest
rate," Mr. Cunningham tells the Court.

Mr. Cunningham insists that without a resolution of the instant
dispute and a consensual allowance of a claim amount on the
Senior Secured Notes, the First Amended Joint Plan of
Reorganization contains a fundamental incurable defect that
solicitation of the Plan needs to be denied outright.

The Debtors have chosen to treat the claims of the Senior
Secured Noteholders as unimpaired and therefore, not entitled to
vote at any of the estates where their secured claims lie.  Mr.
Cunningham points out that the Debtors' positions with respect
to non-impairment under the Plan are inherently inconsistent and
unsupportable by the facts and law.  Section 1124 of the
Bankruptcy Code expressly provides that the Debtors' failure to
reinstate the Senior Secured Notes under the Plan renders the
notes impaired and, thus, entitles the Senior Secured
Noteholders to vote on, and object to, the Plan.

The Disclosure Statement also fails to satisfy Section 1125 in
several material respects with respect to its description of the
Senior Secured Notes Trustee's claim, Mr. Cunningham notes.

Mr. Cunningham asserts that because the Plan will have to be re-
solicited if the Court later agrees that the claims of the
Senior Secured Noteholders are impaired, solicitation of the
Plan should be denied at this time.  In the alternative, to
avoid utter and complete waste, in the event that the Court were
otherwise inclined to approve the disclosure statement, before
permitting solicitation, the Court should determine whether the
treatment of the Senior Secured Noteholders' claims proposed by
the Debtors satisfies the requirements of Section 1124, he adds.

                        About Solutia Inc.

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

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

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization Plan
on July 10, 2007.  The Debtors' exclusive period to file a plan
expires on July 30, 2007.  (Solutia Bankruptcy News, Issue No.
91; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


VANGUARD CAR: S&P Retains Positive Watch on B+ Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Vanguard Car Rental USA Holdings Inc., including the 'B+'
corporate credit rating, remain on CreditWatch with positive
implications, where they were placed on April 2, 2007.
      
"We expect Vanguard to be acquired in the near future by
Enterprise Rent-A-Car Co. [BBB/Stable/A-2]," said Standard &
Poor's credit analyst Betsy Snyder.  "When the acquisition is
completed, we expect to equalize the corporate credit rating on
Vanguard with the Enterprise rating."
     
Enterprise has already received approval for the acquisition by
the U.S. regulatory authority, and is still awaiting approval by
the Canadian regulatory authority. Ratings on the $975 million
secured credit facility, Vanguard's only rated corporate debt,
are expected to be withdrawn when that facility is paid off at
the time of the acquisition.

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
United States, Canada, Mexico, Europe, the Caribbean, Latin
America, Hong Kong, Malaysia, the Pacific Rim, Africa, the
Middle East and Australia.  


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

AIHP LTD: Fixes Sept. 11 as Last Day to File Claims
---------------------------------------------------
On May 31, 2007, David Murray Blanchett and Vivian Judith
Fatupaito were appointed as liquidators of AIHP Ltd.

The Liquidators fixed Sept. 11, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         David Murray Blanchett
         Vivian Judith Fatupaito
         C/o PricewaterhouseCoopers
         Corner of Bryce and Anglesea Streets
         PO Box 191, Hamilton
         New Zealand
         Telephone:(07) 838 3838
         Facsimile:(07) 839 4178


BRIDGECORP LIMITED: Placed in Receivership
------------------------------------------
Bridgecorp Ltd has been placed in receivership on July 2, 2007,
after failing to pay principal due to debenture holders.  In
that regard, John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.

According to couriermail.com.au, Bridgecorp owes around 1,800
New Zealand investors about NZ$500 million.  Subsequently,
Bridgecorp's Australian arm was placed into voluntary
administration, the news agency added.

The receivers have set up a Web site --
http://www.pwc.com/nz/Bridgecorp-- to provide information for  
investors on frequently asked questions.


CENTRAL DISTRICTS: Appoints Brown and Rodewald as Liquidators
-------------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed as
liquidators of Central Districts Motorcycles (2003) Ltd. on
May 30, 2007.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Website: http://www.rhb.co.nz


FLETCHER BUILDING: Completes Acquisition of Formica Corp.
---------------------------------------------------------
Fletcher Building Limited completed the acquisition of United-
States based Formica Corporation on July 2, 2007, a regulatory
filing with the New Zealand Stock Exchange says.

As reported by the Troubled Company Reporter - Asia Pacific on
May 23, 2007, Fletcher Building acquired Formica for US$700
million plus deferred payments of up to US$50 million from
private equity investors Cerberus Capital Management, L.P. and
Oaktree Capital Management, LLC.

The acquisition price reportedly was 7.2 times the enterprise
value to Earnings Before Interest, Tax, Depreciation and
Amortization in 2008.  On a normalized basis before synergies,
Fletcher estimates Formica's EBITDA for the year to June 2008 to
be around US$94 million.

Fletcher Building and Formica believes the acquisition
represents growth opportunities for both firms.

"Our goal has been to establish an ownership structure that will
allow us to build upon our success and continue to invest in and
grow the business, and our people," said Frank Riddick,
President and Chief Executive Officer of Formica.  Mr. Riddick b
believes the combination of the two companies' Laminex
businesses will create the largest global manufacturer of
decorative surfaces and high-pressure laminates in the world.

Formica does not expect the new ownership to have a significant
impact on day-to-day operations, the acquired company said in a
media release.  In the near term, Formica will be structured as
a business unit within the Fletcher Building Laminates & Panels
division.  Frank Riddick will remain as President and Chief
Executive Officer of Formica and the management team will remain
with the company.

The sellers will retain Formica's South America operations and
certain real estate in California.

                          About Formica

Cincinnati, Ohio-based Formica Corp. -- http://www.formica.com/  
-- designs, manufactures and distributes a full range of
surfacing products for commercial and residential applications,
including Formica(R) Brand Laminate, Formica(R) Solid Surfacing,
Formica Granite(R), Formica(R) Stone Natural Quartz Surfacing,
Formica(R) Veneer Premium Wood Surfacing and Formica(R)
DecoMetal.  The company has offices in Mexico, Spain, Sweden,
United Kingdom, Finland, France, Italy, Russia, China, Hong
Kong, Singapore, Taiwan, and Thailand.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Oct. 13, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Building Products sector, the
rating agency confirmed its B2 Corporate Family Rating for
Formica Corp.  Additionally, Moody's revised its probability-of-
default ratings and assigned loss-given-default ratings on these
loans:

                                                    Projected
                         Old POD  New POD  LGD      Loss-Given
   Debt Issue            Rating   Rating   Rating   Default
   ----------            -------  -------  ------   ----------
   US$60m Gtd. Sr. Sec.
   Revolving
   Credit Facility       B2       B1       LGD3     42%

   US$210m Gtd. Sr. Sec.
   Term Loan             B2       B1       LGD3     42%

                     About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of  
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.  
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

The Troubled Company Reporter - Asia Pacific, on July 3, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon and maturity dates:

                   Coupon          Maturity
                   ------          --------
                   8.600%          03/15/08     
                   7.800%          03/15/09     
                   7.550%          03/15/11


HIVE NET: Shareholders Agree on Liquidation
-------------------------------------------
The shareholders of Hive Net Ltd. met on May 31, 2007, and
agreed to liquidate the company's business.

Peter Reginald Jollands and Rory Iain Grieve the appointed
liquidators, fix July 13, 2007, as the last day for creditors to
file their claims.

The Liquidators can be reached at:

         Peter Reginald Jollands
         Rory Iain Grieve
         Jollands Callander, Accountants
         and Insolvency Practitioners
         Administrator House, Level 8
         44 Anzac Avenue, Auckland
         New Zealand
         Website: http://www.jollandscallander.co.nz


K & D CAMPBELL: Shareholders Resolve to Close Business
------------------------------------------------------
The shareholders of K & D Campbell Ltd. met on May 30, 2007, and
resolved to close the company's business.

Kiran Dutt was appointed as liquidator.

The Liquidator can be reached at:

         Kiran Dutt
         PO Box 9687, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 630 3808
         Facsimile:(09) 630 3970


KATO LOGGING: Court to Hear Wind-Up Petition on July 9
------------------------------------------------------
The High Court of Rotorua will hear a petition to wind up the
operations of Kato Logging Ltd. on July 9, 2007, at 10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
May 25, 2007.

The CIR's solicitor is:

         Kay S. Morgan
         c/o 1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


NOAH'S ARK: Taps Brown and Rodewald as Liquidators
--------------------------------------------------
On May 31, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as liquidators of Noah's Ark Pets Limited.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Website: http://www.rhb.co.nz


PIBON HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
Pibon Holdings Ltd. went into liquidation on May 21, 2007, and
R. G. Pardington was appointed as liquidator.

The liquidator can be reached at:

         R. G. Pardington
         c/o Deloitte, Chartered Accountants
         8 Nelson Street
         PO Box 33, Auckland
         New Zealand
         Telephone:(09) 309 4944
         Facsimile:(09) 309 4947


PRIESTLEY HEATING: Court to Hear Wind-Up Petition on July 9
-----------------------------------------------------------
On May 7, 2007, The Galbraith Brewing Company Limited filed a
petition to wind up the operations of Priestley Heating Services
Ltd.

The petition will be heard before the High Court of Tauranga on
July 9, 2007, at 10:45 a.m.

The Galbraith's solicitor is:

         Malcolm David Whitlock
         Whitlock & Co.
         c/o Baycorp House, Level 2
         15 Hopetoun Street
         Auckland
         New Zealand


PROPERTY WORKS: Subject to CIR' Wind-Up Petition
------------------------------------------------
The Commissioner of Inland Revenue filed on May 14, 2007, a
petition to wind up the operations of Property Works (BOP) Ltd.

The petition will be heard before the High Court of Rotorua on
July 9, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Kay S. Morgan
         New Zealand
         Telephone:(07) 959 0373


SEFTON GROVE: Filing Proofs of Debt Due Today
---------------------------------------------
Arron Leslie Heath and Michael Lamacraft were appointed as the
liquidators of Sefton Grove Ltd. on June 8, 2007.

The Liquidators are receiving the creditors' proofs of debt
until today, July 6, 2007.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


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

ACCESS WORLDWIDE: Converts Promissory Notes to Common Stock
-----------------------------------------------------------
Access Worldwide Communications Inc. has converted all of the
company's outstanding convertible promissory notes to common
stock.
    
"We are very pleased to report that all of Access' convertible
debt has been converted to common shares," Shawkat Raslan,
chairman, president and chief executive officer of Access
Worldwide, said.  "The conversion of the convertible notes
strengthens our balance sheet, and provides Access with positive
shareholder equity."

Based in Arlington, Virginia, Access Worldwide Communications
Inc. (OTCBB: AWWC) -- http://www.accessww.com/-- is a business  
process outsourcing services company that offers customer
management and other BPO services from its offices in the United
States and the Philippines.  The company has approximately 1,000
employees worldwide, Access supports clients in a variety of
industries, including financial services, technology,
telecommunications, consumer products, healthcare and media.

At March 31, 2007, the company's balance sheet showed
stockholders' deficit of US$1,100,799, compared to a deficit of
US$1,180,464, at Dec. 31, 2006.


BANGKO SENTRAL: Buys US$2 Bil. Spot Currency to Slow Down Peso
--------------------------------------------------------------
In an effort to maintain export competitiveness, the Bangko
Sentral ng Pilipinas purchased in May at least US$2 billion from
the spot currency market to slow down the rise of the Philippine
peso before it reached the PHP45 per US$1 level, the Manila
Standard reports.

The purchase added almost US$800 million to the Philippines'
international reserves from April to May, the report relates.

The Manila Standard notes that the BSP's forex swaps in May
reached US$10.06 billion, as compared to US$7.82 billion as of
April 30, because the spot currency purchases were immediately
exchanged for pesos to stop the Philippines' domestic liquidity
from burgeoning and threatening the inflation target.

However, the peso may still keep on appreciating because
remittances and foreign investments still flood the currency
market, as foreign investors converge on emerging markets in
Asian countries, the report relates.

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is  
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


BANGKO SENTRAL: Urges Banks to Use Special Purpose Vehicles Act
---------------------------------------------------------------
All banks should take advantage of the extended Special Purpose
Vehicles Act if they want to unload non-performing assets
faster, Bangko Sentral ng Pilipinas Deputy Governor Nestor
Espenilla Jr. told the SunStar Daily.

Mr. Espenilla said that the Philippine banking industry can be
globally competitive in line with other Asian countries if the
plan materializes faster.

About 19% or PHP96.7 billion in bad assets had been disposed by
banks under the first phase of the SPVA transactions, Mr.
Espenilla said as he spoke to stakeholders during Euromoney's
2nd Annual Philippines Investment Conference last June 21 and 22
at the Shangri-la's Mactan Island Resort and Spa.

The SPVA provides a target for the disposal of some P82 billion
worth of non-performing assets, the report said. In an earlier
report, BSP Gov. Amando Tetangco Jr. said that 27 banks may
possibly dispose of about PHP82.1 billion worth of NPAs under
SPVA.

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is  
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


CHIQUITA BRANDS: US Siding with Firm in Banana Dispute with EU
--------------------------------------------------------------
Enquirer reports that the U.S. government is siding with
Chiquita Brands International Inc. in its 15-year battle against
the European Union over access to its banana market.

US Trade Representative Susan Schwab told Enquirer that she
would ask a World Trade Organization panel to conduct a probe on
the current system, "which favors bananas imported from former
colonies in the Caribbean over those from Latin American
countries."  The investigation would determine whether the
system breaches WTO rules.

Enquirer relates that the original system imposed quotas
limiting imports from Latin America.  The US intervened on
Chiquita Brands' behalf and imposed almost US$200 million in
yearly sanctions against European products after Chiquita Brands
complained that it lost US$1.5 billion because of the quotas.

Ms. Schwab said in a statement, "We share the concern of Ecuador
and several other Latin American banana exporters regarding the
continued existence of a discriminatory tariff rate quota in the
EU's current banana regime."

According to Enquirer, Chiquita Brands spokesperson Mike
Mitchell said the firm considered the intervention as a positive
step.  He said, "We certainly hope the USTR's action ... will
continue to press the European Commission to resolve the
situation very quickly."

The report says that Chiquita Brands has been fighting EU over
its banana licensing system since the early 1990s.  EU is the
company's most profitable banana market.  However, other firms
are able to charge higher prices there.

Enquirer notes that in 2001, the EU committed to converting
quotas to a tariff-only system by 2006.

However, the Europeans imposed heavy tariffs of EUR176 per ton
on bananas from Latin America, Ms. Schwab's office told
Enquirer.

The fees added US$75 million in net costs in 2006, a major
factor in the firm's US$96 million loss, Enquirer states, citing
Chiquita Brands.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


DEL MONTE: Settles Antitrust Suits by Banana Buyers for US$2.5M
---------------------------------------------------------------
Fresh Del Monte Produce Inc., and its subsidiary, Del Monte
Fresh Produce Co., entered into settlement agreements to dismiss
the two putative class actions brought on behalf of all direct
and indirect U.S. purchasers of bananas from Fresh Del Monte and
other banana producers.

Under the settlement agreement with the direct purchasers of
bananas, Fresh Del Monte has agreed to pay a total of no more
than US$2.5 million to the class and the attorneys for the
class.

Between July 25, 2005, and Aug. 22, 2005, several plaintiffs
served putative class action complaints against the company,
certain subsidiaries and several other corporations all in the
U.S. District Court for the Southern District of Florida on
behalf of all direct purchasers of bananas for the period from
May 2003 to the present.

The complaints alleged that the defendants engaged in a
continuing agreement, understanding and conspiracy to restrain
trade by artificially raising, fixing and maintaining the prices
of, and otherwise restricting the sale of, bananas in the U.S.
in violation of Section 1 of the Sherman Act.

A similar action was brought by a New York corporation for the
period from July 2001 to the present.

Additionally, between Oct. 21, 2005, and Nov. 10, 2005, Arizona,
California, Minnesota, New York, Tennessee and Kansas residents
filed a putative class action complaint against the company, one
of its subsidiaries and several other corporations in the U.S.
District Court for the Southern District of Florida on behalf of
all indirect purchasers of bananas in their respective states
for the period from May 2003 to the present.

That complaint alleges violations of numerous state antitrust,
competition, and unjust enrichment statutes.  A similar action
was brought by a California resident for the period from July
2001 to the present.

The cases on behalf of the direct purchasers have been
consolidated in the U.S. District Court for the Southern
District of Florida.

The cases on behalf of the indirect purchasers have been
assigned to the same judge in the U.S. District Court for the
Southern District of Florida.

The recent settlement with the indirect banana purchasers is for
donations of fruit or other food products to a charity over the
next twelve months and a payment of money towards attorneys'
fees and the cost of notice to the class. The total retail value
of the donations to be made is US$833,334; the payment toward
attorneys' fees and notice costs will not exceed US$108,334.

"Fresh Del Monte has always maintained that these lawsuits are
without merit and that the Company has done absolutely no wrong
with respect to its sales of bananas," said Mohammad Abu-
Ghazaleh, Fresh Del Monte's Chairman and Chief Executive
Officer. "However, Fresh Del Monte believes the settlement of
these lawsuits, once finally approved by the Court, is in the
best interest of the Company because it will dispose of these
class action litigations and eliminate the continued burden,
disruption, and expense of responding to and defending against
the claims."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading  
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2007, Standard & Poor's Ratings Services lowered its
ratings on Cayman Islands-based Fresh Del Monte Produce Inc.
The corporate credit rating was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 1, 2006, after the
company's third-quarter earnings release and continued weak
operating performance.

S&P said the rating outlook was negative.  About US$399 million
of total debt was outstanding at Sept. 29, 2006.


PHIL NAT'L BANK: Expects PHP1 Billion Annual Net Income for 2007
----------------------------------------------------------------
The Philippine National Bank expects to earn PHP1 billion for
2007 as compared with the PHP810 million reported for 2006,
Reuters reports.

According to Reuters, the bank reported a 60% growth in its net
income for the January-March period this year, attaining
PHP308 million from the PHP193 million disclosed for the same
period in 2006.  

Reuters Estimates forecasted a PHP1.14 billion net profit for
2007, the report relates.

PNB President Omar Mier told Reuters that the bank is currently
in talks to merge with Allied Banking Corp.  The bank executive
also said that the bank's current 10.8% non-performing loan
ratio will be lowered in the second half, due to a planned sale
of PHP4 billion-PHP5 billion worth of bad assets, and promised a
single digit ratio by the end of this year.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006 that Moody's Investors Service has revised the
outlook of Philippine National Bank's foreign currency long-term
deposit rating of B1, local currency senior debt rating of Ba2,
and local currency subordinated debt rating of Ba3 to stable
from negative.

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

The Troubled Company Reporter - Asia Pacific reported on Nov. 1,
2006 that Fitch Ratings affirmed Philippine National Bank's
Individual rating at 'E' and Support rating '3' after a review
of the bank.

The Troubled Company Reporter - Asia Pacific reported that
Standard and Poor's Ratings Services has given PNB 'B' Short-
Term Foreign Issuer Credit and Short-Term Local Issuer Credit
Ratings, as well as 'B-' Long-Term Foreign Issuer Credit and
Long-Term Local Issuer Credit Ratings effective as of April 26,
2006.


PRIME ORION: Unit Acquires Interest in PNB Loans for PHP400 Mil.
----------------------------------------------------------------
Prime Orion Philippines Inc.'s indirect subsidiary, HLG
Philippines Inc., acquired all rights, title and interest of the
Philippine National Bank in the loans that it extended to POPI
and its subsidiaries.

The loans were acquired for a cash consideration of
PHP400 million.

The transaction has reduced the group's consolidated loans,
accrued interest and expenses by PHP3.88 billion as of June 28,
2007.

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc. acquires by purchase, exchange, assign, donate
or otherwise, and to hold, own and use, for investment or
otherwise and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, pledge, traffic, deal in and with, and
otherwise operate, enjoy and dispose of any and all properties
of every kind and description and wherever situated, as and to
the extent permitted by law, including but not limited to,
buildings, tenements, warehouses, factories, edifices and
structures and other improvements, and bonds, debentures,
promissory notes, shares of capital stock, or other securities
and obligations, created, negotiated or issued by any
corporation, association, or other entity, domestic or foreign.

Prime Orion Philippines, Inc. and subsidiaries have principal
business interests in real estate, financial services and
manufacturing.

As of the quarter ended Dec. 31, 2006, the company had a capital
deficiency of PHP5.21 billion. The company and subsidiaries also
posted a consolidated net loss of PHP40.5 million for the three
months ended Dec. 31, 2006.


* Revenue Collection for 2007 May Fall PHP25 Billion Off Target
---------------------------------------------------------------
Collection deficits during the first half by the Bureau of
Internal Revenue and the Bureau of Customs will cause revenue
collection for 2007 to be only PHP1.094 trillion, the
Development Budget Coordination Committee told the Philippine
Daily Inquirer.

The report says that the figure is PHP25 billion lower than the
official PHP1.119 trillion-revenue target.  This will account
for only 14.8% of the predicted gross domestic product for 2007,
as compared to the 15.1% target.

According to preliminary reports, the BIR amassed only
PHP307.44 billion in taxes for the first half of 2007, which is
about PHP45 billion below its PHP352.69 billion target for the
period. BOC also managed to get only PHP75 billion as of May.

According to the report, the lower revenue collection is
attributed to the BIR's inefficient processes.

Under the most optimistic forecasts made by the DBCC, the BIR
will be able to speed up its collection for July until December
in order to end up with only a PHP19 billion shortfall from its
projeted target of PHP765 billion.  The BOC would be able to
collect only PHP223.25 billion under the expected total revenues
for this year, lower than its PHP228 bilion target.  

BIR Deputy Commissioner Lilian Hefti pledged to implement
revenue-enhancement programs in order to make up for the
collection deficit, the report relates.  These programs would
include reviewing the current tax amnesties and investigation of
the taxes remitted by the country's top 10,000 corporations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


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

CKE RESTAURANTS: Court Rejects Preliminary Injunction Motion
------------------------------------------------------------
The U.S. District Court in Santa Ana, Calif., has denied a
motion for a preliminary injunction that CKE Restaurants, Inc.
filed against Jack in the Box Inc. seeking to have television
ads supporting its new 100% Sirloin Burger taken off the air.
CKE Restaurants, Inc., parent company of Carl's Jr. and Hardee's
restaurants, claims that the Jack in the Box(R) ads mislead the
public about the origins of Angus beef.  The court found that
CKE Restaurants, Inc. did not meet its burden of demonstrating
this.

"We're glad that common sense prevailed and that this motion was
denied," said Terri Graham, vice president and chief marketing
officer for Jack in the Box Inc.  "Jack in the Box is the only
major quick-serve chain offering a 100% Sirloin Burger, so we
wanted our advertising to highlight the high quality of our new
burger and differentiate it from our competitors' products in a
humorous way."

                      About Jack in the Box

Based in San Diego, California, Jack in the Box Inc. --
http://www.jackinthebox.com/-- is a restaurant company that  
operates and franchises Jack in the Box restaurants, one of the
nation's largest hamburger chains, with nearly 2,100 restaurants
in 17 states. The company also operates a proprietary chain of
convenience stores called Quick Stuff(R), with more than 50
locations, each built adjacent to a full-size Jack in the Box
restaurant and including a major-brand fuel station.
Additionally, through a wholly owned subsidiary, the company
operates and franchises Qdoba Mexican Grill(R), an emerging
leader in fast-casual dining, with more than 350 restaurants in
39 states.

                     About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees  
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Mexico and Singapore.

                       *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on CKE Restaurants.  S&P said the outlook is
stable.


MULTILINE SHIPPING: Taps Lau Chin Huat as Liquidator
----------------------------------------------------
During a meeting held on June 22, 2007, the creditors of
Multiline Shipping Pte Ltd agreed to liquidate the company's
business and appointed Lau Chin Huat of Lau Chin Huat & Co as
liquidator.

The Liquidator can be reached at:

         Lau Chin Huat
         Lau Chin Huat & Co.
         Blk 150A, Mei Chin Road #02-00
         Singapore 140150


PETROLEO BRASILEIRO: Operating 3 Biodiesel Plants by Year-End
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's executive
manager Mozart Schmitt told Dow Jones Newswires that the firm
should start operating its first three biodiesel plants by year-
end.

Dow Jones relates that the three plants are being constructed in
the semi-arid region of Minas Gerais, Ceara and Bahia.  They
will each have the capacity of producing some 57 million liters
of biodiesel per year.

The report says that principal feed stocks to be used for the
plants are oils from:

          -- castor bean,
          -- sunflower, and
          -- soy.

Petroleo Brasileiro told Dow Jones that other than its biodiesel
production plans, it is testing the use of a 5% mix of biodiesel
in partnership with automaker Ford Motor Co. in Bahia.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp  
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate      Ratings
  -------------           ------        ----      -------
  April  1, 2008      US$400,000,000    9%         BB+
  July   2, 2013      US$750,000,000    9.125%     BB+
  Sept. 15, 2014      US$650,000,000    7.75%      BB+
  Dec.  10, 2018      US$750,000,000    8.375%     BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: To Present New Wage Proposal to Stop Strike
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA will
present a new promotion and wage proposal to its employees to
try to stop a strike, which could potentially cripple its
operations, the Associated Press reports, citing a union
official.

According to the AP, the protest is scheduled for Thursday.

Brazil's main Oil Workers' Federation director Jose Maria Rangel
commented to the press, "Petrobras [Petroleo Brasileiro] this
morning said it will present a new proposal to us on Tuesday."

Petroleo Brasileiro's press office told the AP that it may issue
a statement on the proposal later.

Federation directors had told Petroleo Brasileiro that 80% of
Brazil's oil employees voted to go on a five-day strike that
could threaten the production of 1.85 million barrels of oil per
day, the AP says.

The report says that the oil workers federation wants a new plan
to better distribute salaries and positions, claiming that
employees have been barred from promotions without proper
reasons.  The federation is also demanding that promotions be
based solely on merit.

The federation claimed that Petroleo Brasileiro's current system
is creating unjust salary discrepancies, the AP states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

Maturity Date           Amount        Rate      Ratings
-------------           ------        ----      -------
April  1, 2008      US$400,000,000    9%         BB+
July   2, 2013      US$750,000,000    9.125%     BB+
Sept. 15, 2014      US$650,000,000    7.75%      BB+
Dec.  10, 2018      US$750,000,000    8.375%     BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


QUANTUM ENERGY: Wind-Up Petition Hearing Set for July 13
--------------------------------------------------------
A petition to wind up the operations of Quantum Energy Systems
Pte Ltd will be heard before the High Court of Singapore on
July 13, 2007, at 10:00 a.m.

Winbuild Machinery Pte Ltd filed the petition on June 18, 2007.

Winbuild Machinery's solicitor is:

         Archilex Law Corporation
         180 Cecil Street #11-01
         Bangkok Bank Building
         Singapore 069546


SINTRADE SHIPPING: Creditors Resolve to Close Business
------------------------------------------------------
The creditors of Sintrade Shipping Co. Pte Ltd met on June 22,
2007, and resolved to close the company's business.

Lau Chin Huat of Lau Chin Huat & Co. was appointed as
liquidator.

The Liquidator can be reached at:

         Lau Chin Huat
         Lau Chin Huat & Co.
         Blk 150A, Mei Chin Road #02-00
         Singapore 140150


SPECTRUM BRANDS: Carries Out Management Streamlining
----------------------------------------------------
Spectrum Brands, Inc. reported a number of senior management
changes in the Global Batteries & Personal Care business and at
the corporate level as part of an operational realignment.

"The changes we announced are designed to streamline, simplify
and de-layer the corporate structure and focus management on the
operation of our business units," Spectrum Brands' Chief
Executive Officer Kent Hussey, said.  "The changes will help us
accomplish the goals of the organizational realignment we
announced in January of this year, which are to make Spectrum
Brands significantly leaner, more focused and more cost-
effective as we transform our business model into three
autonomous, product-focused business units."

Andreas Rouve has been appointed Managing Director, Europe, and
will assume responsibility for sales, marketing and supply chain
for batteries and personal care in that region in addition to
his current role as the division's Senior Vice President and
Chief Financial Officer.  "Andreas has made tremendous
contributions to our organization since he joined VARTA AG in
1989," Mr. Hussey said.  "I have the utmost confidence in his
leadership abilities and business acumen. Andreas will be a
valuable asset to the organization as we work to accelerate our
operational improvements and continue to increase
profitability."

Mr. Rouve will succeed Remy Burel, who is stepping down from his
position as President, Europe/Rest of World, after seventeen
years with the Spectrum Brands and VARTA AG organizations.  Mr.
Hussey said, "We value Remy's leadership in our international
operations, particularly in the successful integration of our
VARTA acquisition in Europe and Latin America and the
integration of Remington into the company's European business.
We thank him for his many contributions and wish him every
success in his future endeavors."

      Elimination of Other Senior Management Positions

In addition to the changes, Spectrum Brands has eliminated a
number of senior management positions as part of its operational
realignment, including its senior vice president and general
counsel, corporate chief information officer, senior vice
president of purchasing, vice president of information
technology in Europe, vice president of operations finance, and
a number of vice president and division vice president positions
throughout the organization.  In all cases, responsibilities
have been absorbed by existing personnel.

In combination with other cost-saving measures being implemented
as part of the realignment, Spectrum Brands expects these
changes will accelerate the company toward its goal of reducing
annual operating costs by an amount in excess of $50 million.

                       About Spectrum Brands

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

The company operates in 13 Latin American nations including El
Salvador, Guatemala, Costa Rica, Colombia and Nicaragua.

                       *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands, Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch keeps the outlook at negative.


VALEANT PHARMA: Settles Patent Infringement Suit with Kali Labs
---------------------------------------------------------------
Valeant Pharmaceuticals International settled its lawsuit with
Kali Laboratories Inc. for patent infringement on Diastat(R),
the only FDA-approved at-home acute treatment for break-through
epileptic seizures.

Under the terms of the settlement, the companies reached an
agreement in principle that would allow Kali to introduce a
generic version of Diastat and Diastat(R) AcuDial(TM) no earlier
than September 2010.  Other terms of the settlement were not
disclosed.

In March 2004, Kali submitted an abbreviated new drug
application with the Food and Drug Administration seeking
approval for a generic version of Diastat, a diazepam rectal
gel.  In July 2004, Xcel Pharmaceuticals Inc., which was
acquired by Valeant in March 2005, filed a complaint against
Kali for patent infringement.  The settlement, which was reached
at a conference held last week in the U.S. District Court of New
Jersey, requires the companies to finalize the agreement within
60 days.

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty   
pharmaceutical company with US$823 million of 2005 revenues.  It
has offices in Singapore and Taiwan.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 26, 2007, that Moody's Investors Service confirmed the
ratings of Valeant, including the B2 Corporate Family Rating,
and concluded the rating review for possible downgrade, which
was first initiated on October 23, 2006.  Valeant's rating
outlook is now stable.


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

ADVANCE AGRO: Sees Increased Production With New Cut-Size Lines
---------------------------------------------------------------
Advance Agro PCL expects its annual production capacity to
increase by 390,000 tons following a purchase of three 12-pocket
cut-size lines from ECH Will GmbH and Pemco Inc., according to a
press release by ECH Will.

Under their sales contract, ECH Will will deliver the first of
the cut-size line at the end of 2007, with the second and third
to be sent after an interval six months.  The sheeters will have
five unwinds made for reel diameters of 1800 mm, and equipped
with a semi-automatic splice system.

Advance Agro Public Company Limited --
http://www.advanceagro.com/-- is a pulp and paper manufacturer  
and distributor.  It markets its products under the brand name
Double A.  The company also distributes its products through
Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops
nationwide.  In addition, Advance Agro operates three power
plants.   Headquartered in Prachinburi Province, the company has
a branch office in Bangkok.  Advance Agro is comprised of a
number of subsidiaries.

The Troubled Company Reporter - Asia Pacific reported on Jan. 5,
2006, that Advance Agro Public Co. Ltd. received from Standard &
Poor's Rating Services a B- rating, an upgrade from the previous
CCC rating to its US$250 million 11 percent bonds due 2012.

At the same time, the issue rating on Advance Agro Capital
B.V.'s US$48.7 million 13 percent notes due 2007 was also raised
to 'B-' from 'CCC'. The ratings were removed from CreditWatch,
where they were placed with positive implications on November
29, 2005.

The Troubled Company Reporter - Asia Pacific reported on Mar.
13, 2007 that Moody's Investor Services has changed to positive
from stable the outlook for both Advance Agro Public Company
Limited's B3 corporate family rating and the senior unsecured
bond ratings on its notes due in 2007 and 2012.


HANTEX PCL: SET Cancels Call-Market Trading of Securities
---------------------------------------------------------
The Stock Exchange of Thailand has canceled call-market trading
of Hantex PCL effective July 4.  The company's securities are
currently suspended from trading.

The cancellation of the call-market system was done to encourage
firms which have been in violation of the free float requirement
to meet the criteria.  The company has been in breach of the
requirement for two years.

Under the amended procedures for free float requirement
violations, the company must:

    * explain its deficit within one year of its submission of
      shareholding reports; and

    * submit reports to investors every six months on the
      progress of efforts to address the deficit.

For companies whose fiscal years end December 31, the first
report is due on November 14, 2007.

If the company fails to remedy the situation in one year, the
SET will charge additional fees proportionate to the deficit in
minority shareholding for the next period.

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The company's stocks are currently under Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.

    * Notice Pending - The issuer failed to submit a quarterly
      or annual financial statement to the SET by the specified
      time.

    * Suspension - Trading in the security is being suspended
      for more than one trading session.

    * Non-Compliance - The securities of a listed company that
      may be delisted.

                       Going Concern Doubt

On June 16, 2006, Miss Chantra Wongsri-Udomporn of Dharmniti
Auditing Company Limited, the company's independent auditor,
raised significant doubt on the company's ability to continue as
a going concern, citing the following reasons:

   * The company has encountered gross losses since 1998 to
     2005.

   * As of December 31, 2005 and 2004 the company's current
     liabilities exceeded its current assets in the amount
     THB628.70 million and THB490.62 million, respectively.

   * The company's total liabilities exceeded its total assets
     THB323.35 million and THB72.50 million, respectively.

   * The company has been suffering on retained loss
     THB1.21 billion and THB1.03 billion, net loss for the years
     ended December 31, 2005, and 2004 in the amount
     THB183.51 million and THB195.85 million, respectively.

   * Other circumstances, such as:

     - The company defaulted repayment in accordance with the
       certain debt restructuring contract amounting to
       THB420.22 million with 3 financial institutions,
       including unable to achieve in negotiate of the debt
       restructuring agreement with the financial institutions.

     - The company also defaulted with another minor certain
       creditors such as the Provincial Electricity Authority,
       Natural and Resource Development, spare part, raw
       material, labor, security, etc.  However, the company has
       a scheme to raise the money from the capital increase
       amounting to THB125 million to solve its significant
       liquidity problem.

The auditor also adds that the company has been facing a
significant liquidity problem for several years.


STANDARD CHARTERED: SET Cancels Call-Market Trading of Stocks
-------------------------------------------------------------
The Stock Exchange of Thailand has canceled call-market trading
of Standard Chartered Bank (Thai) PCL effective July 4.  The
bank's securities are currently suspended from trading.

The canceling of the call-market system was made to encourage
firms which have been in violation of the free float requirement
to meet the criteria.  The company has been in breach of the
requirement for two years.

Under the amended procedures for free float requirement
violations, the company must:

    * explain its deficit within one year of its submission of
      shareholding reports; and

    * submit reports to investors every six months on the
      progress of efforts to address the deficit.

For companies whose fiscal years end December 31, the first
report is due on November 14, 2007.

If the bank fails to remedy the situation in one year, the SET
will charge additional fees proportionate to the deficit in
minority shareholding for the next period.


Based in Bangkok, Thailand, Standard Chartered Bank (Thai) PCL
(the Bank) is a Thailand-based commercial bank that provides a
wide range of banking services to individual and corporate
customers. Its consumer banking offers personal loan services
such as credit card services, installment loan, personal line of
credit, wealth management, as well as commercial loan for small
and medium sized enterprises (SMEs). Its wholesale banking
provides financial services such as lending, cash management,
trade finance, custodian and other related services for local,
global and commodity corporate, as well as financial
institutions.

On May 4, 2007, Moody's Investor Services affirmed the D+ bank
financial strength rating of the bank.


THAI-DENMARK: Reports to SET on Progress of Rehabilitation Plan
--------------------------------------------------------------
Thai-Denmark Swine Breeder PCL reported on the progress of its
business rehabilitation plan through a disclosure with the Stock
Exchange of Thailand.

According to the disclosure, the company has increased its
capital from THB150 million to THB166.5 million through the
issuance of 1.65 million shares at a value of THB10 each.  The
increase will be converted to repay the company's trade payable
to Srithai Feedmill Co. Ltd. of THB102.69 million.

The disclosure also reported that the company has been unable to
comply with the repayment terms under the reorganization plan,
and has reported the matter in order to allow the business
reorganization officer to amend the plan for debtors'
consideration.


Headquartered in Bangkok, Thai-Denmark Swine Breeder Public
Company Limited is a producer and breeder of swine and piglets.  
The company imports all of its parent stocks from Denmark.  
   
                      Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported that
Vilairat  Rojnuckarin at the Office of DIA International
Auditing, the company's independent auditors, raised significant
doubt on the company's ability to continue as a going concern,
citing that as of December 31, 2006 and 2005, the company had
total liabilities exceeding over total assets by
THB115.45 million and THB144.86 million, respectively.

Mrs. Vilairat added that on July 26, 2005, the Court ordered the
company to rehabilitate its business.  On June 27, 2006, the
Central Bankruptcy Court approved the rehabilitation plan of the
Company and appointed it as the Plan Administrator.  Therefore,
the company's going concern depends on the ability of the
company to accomplish the plan.


THAI WAH: Supranee and Pattrarat Leave Posts as Directors
---------------------------------------------------------
Supranee Kanosrikarin and Pattrarat Poonpattrarachiwin have both
resigned as directors of Thai Wah PCL, according to a company
disclosure with the Stock Exchange of Thailand.

The company received these two directors' letter of resignation
on July 3, 2007.

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.


THANACHART BANK: SET Cancels Call-Market Trading of Securities
--------------------------------------------------------------
The Stock Exchange of Thailand has canceled call-market trading
effective July 4, and has permitted the trading of Thanachart
Bank PCL.

The canceling of the call-market system was made to encourage
firms which have been in violation of the free float requirement
to meet the criteria.  The company has been in breach of the
requirement for two years.

Under the amended procedures for free float requirement
violations, the company must:

    * explain its deficit within one year of its submission of
      shareholding reports; and

    * submit reports to investors every six months on the
      progress of efforts to address the deficit.

For companies whose fiscal years end December 31, the first
report is due on November 14, 2007.

If the company fails to remedy the situation in one year, the
SET will charge additional fees proportionate to the deficit in
minority shareholding for the next period.


Headquartered in Bangkok, Thailand, Thanachart Bank PCL provides
both personal and corporate banking services. The personal
banking includes fixed, current, foreign currency and savings
deposits, residential new home loans and residential refinancing
home loans. The corporate banking offers commercial loans and
other financial services to its business clients. The Bank also
offers services to its customers to make money transfers via
automated teller machines (ATMs) and via phones. As of December
31, 2006, TBANK operated 133 branches and 242 ATMs, as well as
46 foreign exchange centers throughout the country.

On April 2, 2007, Fitch Ratings (Thailand) gave TBANK a D
Individual rating and 5 Support rating


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

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

AUSTRALIA

Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Orbital Corp. Ltd.                OEC      14.01       -4.86
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
  Cooperation (Group) Ltd         638      20.12      -42.96
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Group Co. Ltd      732      44.23      -92.62
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kelon Electrical
   Holdings Co Ltd                921     596.71      -94.69
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Heilongjiang Black Dragon
   Co., Ltd                    600187     121.30      -74.45
Heilongjiang SunField
   Science & Tech Co           000620      29.96      -49.18
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -21.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Regal Real Estate
  Investment Trust               1881     945.38     -234.38
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
  Hlds.  Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
  Tech. and Service Co., Ltd.     863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information Industry
   Group Co.                      517      99.92      -14.29
Suntek Technology Co., Ltd     600728      48.81      -16.09
Suntime International
   Economic Trading            600084     359.49      -47.93
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      53.41      -28.73
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Limited             DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     238.05     -288.85
Hindustan Organic
   Chemicals Limited              HOC     109.22      -15.18
IFCI Limited                     IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Dharmala Intiland Tbk            DILD     197.91       -6.62
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Orient Corporation               8585   37956.19    -1109.02
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tasco System Co., Ltd            2709      48.45      -14.07
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20


KOREA

Belco International Co., Ltd    53470      19.89       -5.49
BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
DongYang GangChul Co., Ltd.    001780     108.79       -9.80
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Seji Co., Ltd                   53330      37.25       -0.31
Tong Yang Major Corp.            1520    2332.81      -86.95


MALAYSIA

Ark Resources Bhd                 ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Gefung Holdings Bhd              GFHB      21.68       -1.74
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
PanGlobal Berhad                  PGL     189.92      -50.36
PSC Industries Bhd                PSC      62.80     -116.18
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Setegap Berhad                    STG      19.92      -26.88
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      22.30       -9.14
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********


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.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
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