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                     A S I A   P A C I F I C  

             Friday, July 13, 2007, Vol. 10, No. 137

                            Headlines

A U S T R A L I A

ADVANCED METAL: Members and Creditors to Meet on August 3
ASSOCIATION OF PRACTITIONERS: Sets General Meeting for Aug. 10
BROADWAY 96: Appoints Frank John Metzke as Liquidator
C.T. ENTERPRISES: Placed Under Voluntary Wind-Up
CHINA NEWLIFE: Appoints Provisional Liquidators

DP EDUCATION: Members Agree on Voluntary Wind-Up
GARDENVALE GARAGE: Require Creditors to File Claims by Aug. 1
HLP HEAD: Names Richard Gell Mansell as Liquidator
I.O.B. PTY: Creditors Agree on Voluntary Liquidation
JAAKKO POYRY: Sets Final Meeting for August 6

MERUM PTY: Liquidator to Give Wind-Up Report on August 6
OPALINE PTY: Sets Final Meeting for August 7
PARKANSON BLADE: Liquidator to Give Wind-Up Report on Aug. 3
RELIEF & POVERTY: Lai Kin Keung Named as Liquidator
RICH ELEGANT: Members to Hold Final Meeting on August 8

ROBERTSON PRODUCTS: Sets Annual Meeting for July 18
SELECTION STEELS: Members to Receive Wind-Up Report on Aug. 6
UNITED FUTURE: Sets Members' Final Meeting for August 7
UNITON PROPERTIES: Sets Final Meeting for August 13
VIENTO FLEUR: Placed Under Voluntary Liquidation

* Moody's Sees Challenges for AU Building Products Sector


C H I N A   &   H O N G  K O N G

AEROFLEX INC: Revised Buyout Offer Cues S&P to Remove Neg. Watch
AMC ENTERTAINMENT: Appoints Four New Associates
BENQ CORP: AU Optronics Taps European Factory to Create LCM
EMI GROUP: Warner Appoints Alan Mnuchin to Advise GBP2.3BB Bid
HANS ENERGY: Major Shareholder Sells Stake to Pony World

HARTCOURT COS: Inks MOU to Acquire Chongqing Zhengda's Two Arms
INTERNATIONAL PAPER: Declares US$0.25 Quarterly Dividend
REMY COINTREAU: Moody's Holds Ba2 Ratings on Strong Business


I N D I A

GARWARE POLYESTER: CRISIL Keeps D Rating on Debenture Program
TATA STEEL: Schedules 100th Annual General Meeting on July 18
UNION BANK OF INDIA: May Come Up With 2nd Follow-On Issue
UTI BANK: Records INR1.75BB Profit for 1st Quarter Ended June 30
UTI BANK: SUUTI to Subscribe to Preferential Offer


I N D O N E S I A

CENTRAL PROTEINAPRIMA: Moody's Affirms B1 Ratings
HILTON HOTELS: Shares Up 37% to US$45.71 on Merger News
HUNTSMAN CORP: Apollo Increases Offer to US$28 Per Share
MEDCO ENERGI: Unit Completes Testing at Libya Exploration Mines
METSO CORP: Subsidiary Expands Production Capacity at Lapua

METSO CORP: Division to Provide Power Boiler to Scotland's UPM
METSO CORP: Unit to Supply Materials Handling Solution to CBA
PERTAMINA: Responsible for Kerosene Scarcity, BPH Migas Says
PERUSAHAAN LISTRIK: Selects Mitsubishi Corp. for Power Expansion
SERVICEMASTER: Fitch Downgrades Issuer Default Rating to B

TELKOM INDONESIA: Sees Higher Q2 Earnings Due to Subscribers


J A P A N

ALL NIPPON: Moody's Upgrades Ratings to Baa3 from Ba1
DAIWA SECURITIES: Buys 1.25% Stake in Vietnam's SSI for US$11MM
IHI CORP: S&P Affirms BB+ Long-Term Corporate Credit Rating


K O R E A

E-NET CORPORATION: Converts 4th & 5th Bonds to Shares
MAGNACHIP SEMICONDUCTOR: Sets 2Q 2007 Results Conference Call
SEQUA CORP: Carlyle Agreement Cues Moody's to Review Ratings


M A L A Y S I A

AYER MOLEK: Bursa to Delist Securities on July 24
PROTON HOLDINGS: Won't Merge with Perodua, Finance Sec. Says
PROTON HOLDINGS: No to Privatization, Government Assures
TENGGARA OIL: Imperial Steel Gets Judgment in Unit's Default


N E W  Z E A L A N D

ACCESS & ASSOCIATES: Proofs of Debt Due on July 20
AWATEA VISIONS: Sets July 16 as Last Day to File Claims
BARDA FURNITURE: Creditors' Claim Must be in by July 15
BRIDGECORP: Receivership a Major Wake-Up Call, S&P Says
CENTURY FURNITURE: Taps Crichton and Horne as Liquidators

FIRST DATA: Michael Capellas Named as Chief Executive Officer
G N DESIGN: Names van Delden and Finnigan as Liquidators
HIGHRISE CONTRACTORS: Proofs of Debt Due Today
HOLMES DECORATING: Names Bryan Edward Williams as Liquidator
SAFRA MOTORS: Creditors' Proofs of Debt Due by July 13

WAITOKI PROPERTIES: Appoints Fatupaito and McCloy as Liquidators
XPHE LTD: Shareholders Agree to Liquidate Business


P H I L I P P I N E S

NAPOCOR: Seeks Clarification on ERC's Price Fixing Allegations
NIHAO MINERAL: In Talks With Chinese Firms for Possible Alliance
PHIL REALTY: Only PHP100 Million Left Out of PHP2-Billion Debt
WENDYS INTERNATIONAL: Discloses Second Quarter Same-Store Sales
* Phil. Government Plans October Sale for 40% Stake in PNOC-EDC


S I N G A P O R E

EXPORT TRADE: Receiving Proofs of Debt Until August 6
EXPORT TRADE: Receiving Proofs of Debt Until August 6
GUTHRIE BATAM: Pays Dividend to Unsecured Creditors
INTERNATIONAL HOTEL: Creditors' Proofs of Debt Due by August 6
OFFICE 1 PTE: Deadline for Proofs of Debt Set on August 6


T H A I L A N D

DAIMLERCHRYSLER AG: Chery and Chrysler Finalize Cooperative Pact
TONGKAH HARBOUR: THB52.8-Mil. Fine Could Warrant Return to Rehab
SIAM COMMERCIAL: Increases Shareholdings in Nat'l ITMX to 16.47%
THAI DURABLE: Names P. Dhanasuckanchana as Managing Director
THAI WAH: Schedules General Shareholders' Meeting on August 9

THANACHART BANK: Gets Nod on Purchase of Subsidiaries' Shares


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ADVANCED METAL: Members and Creditors to Meet on August 3
---------------------------------------------------------
The members and creditors of Advanced Metal Cutting Systems Pty
Ltd will have their final meeting on August 3, 2007, at 11:00
a.m., to receive the liquidator's report about the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Leonard A. Milner
         Venn Milner & Co Chartered Accountants
         Suite 1, 43 Railway Road
         Blackburn, Victoria
         Australia

                      About Advanced Metal

Advanced Metal Cutting Systems Pty Ltd is a distributor of
construction machineries and equipments.  The company is located
in Victoria, Australia.


ASSOCIATION OF PRACTITIONERS: Sets General Meeting for Aug. 10
--------------------------------------------------------------
The Association of Practitioners of Chinese General Chamber Hong
Kong Limited will hold its final general meeting on August 10,
2007, at 11:00 a.m., on Room A, B, & C, 1st Floor of Man Lok
Building, Nos. 89-93 Bonham Strand East in Sheung Wan, Hong
Kong.

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


BROADWAY 96: Appoints Frank John Metzke as Liquidator
-----------------------------------------------------
During a general meeting held on June 19, 2007, the members of
Broadway 96 Pty Ltd resolved to close the company's business and
appointed Frank John Metzke as liquidator.

                       About Broadway 96

Broadway 96 Pty Ltd is a provider of plumbing, heating, and air-
conditioning services.  The company is located in Victoria,
Australia.


C.T. ENTERPRISES: Placed Under Voluntary Wind-Up
------------------------------------------------
The shareholders of C.T. Enterprises Trading Limited passed on
June 22, 2007, a resolution to wind up the company's operations.

Pang Siu Chik, Alick was appointed liquidator.

The Liquidator can be reached at:

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


CHINA NEWLIFE: Appoints Provisional Liquidators
-----------------------------------------------
On May 10, 2007, Stephen Briscoe and Kenneth Chen Yung Ngai were
appointed as provisional liquidators of China Newlife (HK)
Limited.

The provisional Liquidators can be reached:

         Stephen Briscoe
         Kenneth Chen Yung Ngai
         c/o RSM Nelson Wheeler
         Corporate Advisory Limited
         Allied Kajima Building, 5th Floor
         138 Gloucester Road, Wanchai
         Hong Kong


DP EDUCATION: Members Agree on Voluntary Wind-Up
------------------------------------------------
The members of DP Education Foundation Limited met on June 22,
2007, and agreed to voluntarily wind up the company's
operations.

Tan Tin Ying was appointed as liquidator.

The Liquidator can be reached at:

         Tan Tin Ying
         Hang Seng North Point Building, Rooms 2305-8
         23rd Floor, 341 King's Road
         Hong Kong


GARDENVALE GARAGE: Require Creditors to File Claims by Aug. 1
-------------------------------------------------------------
Gardenvale Garage Pty Ltd, which is in liquidation, will declare
its first dividend on August 3, 2007.

Creditors are required to file their proofs of debt by August 3,
2007, to be included in the dividend distribution.

The company's liquidator is:

         H. A. Mackinnon
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                     About Gardenvale Garage

Gardenvale Garage Pty Ltd, which is also trading as Oz Car
Sales, is a motor vehicle dealer.  The company is located in
Victoria, Australia.


HLP HEAD: Names Richard Gell Mansell as Liquidator
--------------------------------------------------
On June 25, 2007, the members of HLP Head Office Pty Ltd had a
meeting and agreed to voluntarily liquidate the company's
business.

To facilitate the liquidation process, Richard Gell Mansell of
R. G. Mansell & Associates was appointed as liquidator.

The Liquidator can be reached at:

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

                         About HLP Head

HLP Head Office Pty Ltd is a loan broker.  The company is
located in Victoria, Australia.


I.O.B. PTY: Creditors Agree on Voluntary Liquidation
----------------------------------------------------
On June 22, 2007, the members of I.O.B. Pty Ltd decided to
voluntarily liquidate the company's business.

K. L. Sutherland H. A. MacKinnon were appointed as liquidators.

The Liquidators can be reached at:

         H. A. Mackinnon
         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                        About I.O.B. Pty

I.O.B. Pty Ltd is a distributor of durable goods.  The company
is located in Victoria, Australia.


JAAKKO POYRY: Sets Final Meeting for August 6
---------------------------------------------
Jaakko Poyry Infra-Transporatation Asia Limited will hold the
final meeting for its sole member on August 6, 2007, at 10:00
a.m., on the 8th Floor, Gloucester Tower, The Landmark at 15
Queen's Road in Central, Hong Kong.

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


MERUM PTY: Liquidator to Give Wind-Up Report on August 6
--------------------------------------------------------
A meeting will be held for the members of Merum Pty Ltd on
August 6, 2007, at 10:30 a.m.

G. M. Rambaldi, 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:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                         About Merum Pty

Merum Pty Ltd operates holding companies.  The company is
located in Victoria, Australia.


OPALINE PTY: Sets Final Meeting for August 7
--------------------------------------------
A final meeting will be held for the members of Opaline Pty Ltd
on August 7, 2007, at 9:30 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:

         Gideon Rathner
         c/o Lowe Lippmann
         Chartered Accountants
         5 St Kilda Road
         St Kilda, Victoria 3182
         Australia
         e-mail: grathner@lowelippmann.com.au

                        About Opaline Pty

Opaline Pty Ltd, which is also trading as Kookaburra Blinds, is
a distributor of drapery hardware, window blinds and shades.  
The company is located in Victoria, Australia.


PARKANSON BLADE: Liquidator to Give Wind-Up Report on Aug. 3
------------------------------------------------------------
A final meeting will be held for the members and creditors of
Parkanson Blade Service Pty Ltd on August 3, 2007, at 11:15 a.m.

Leonard A. Milner, the company's liquidator, will give, at the
meeting, a report about the company's wind-up proceedings an
property disposal.

The Liquidator can be reached at:

         Leonard A. Milner
         Venn Milner & Co Chartered Accountants
         Suite 1, 43 Railway Road
         Blackburn, Victoria
         Australia

                     About Parkanson Blade

Parkanson Blade Service Pty Ltd is involve with the hardware
business.  The company is located in Victoria, Australia.


RELIEF & POVERTY: Lai Kin Keung Named as Liquidator
---------------------------------------------------
The members of Relief & Poverty Alleviation Action Limited
passed on June 25, 2007, a resolution to wind up the company's
operations and appointing Lai Kin Keung as liquidator.

A resolution was also passed to transfer the company's assets to
Caring for Children Foundation Limited.

The Liquidator can be reached at:

         Lai Kin Keung
         Block A, 1st Floor
         152 Prince Edward Road, Kowloon
         Hong Kong


RICH ELEGANT: Members to Hold Final Meeting on August 8
-------------------------------------------------------
The members of Rich Elegant Limited will have their final
meeting on August 8, 2007, at 11:00 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 4407 of Hopewell Centre at 183
Queen's Road East in Wan Chai, Hong Kong.


ROBERTSON PRODUCTS: Sets Annual Meeting for July 18
---------------------------------------------------
The members and creditors of Robertson Products Limited will
have their annual meeting on July 18, 2007, at 2:30 p.m., and
3:00 p.m., respectively, on the 13th Floor of Gloucester Tower,
The Landmark at 15 Queen's Road in Central, Hong Kong.

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


SELECTION STEELS: Members to Receive Wind-Up Report on Aug. 6
-------------------------------------------------------------
A meeting will be held for the members of Selection Steels Plate
Sales Pty Ltd on August 6, 2007, at 10:00 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:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                     About Selection Steels

Selection Steels Plate Sales Pty Ltd operates holding companies.  
The company is located in Victoria, Australia.


UNITED FUTURE: Sets Members' Final Meeting for August 7
-------------------------------------------------------
A final meeting will be held for the members of United Future
(HK) Limited on August 7, 2007, at 10:30 a.m. in Room 704 of
Kowloon Building at 555 Nathan Road in Kowloon, Hong Kong.

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


UNITON PROPERTIES: Sets Final Meeting for August 13
---------------------------------------------------
The members of Uniton Properties Limited will have their final
meeting on August 13, 2007, at 4:00 p.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held at Unit C, 16th Floor of Chinaweal
Centre at 414-424 Jaffe Road in Wanchai, Hong Kong.


VIENTO FLEUR: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on May 31, 2007, the members of
Viento Fleur Pty Ltd passed a resolution to wind up the
company's operations.

Subsequently, Don Phillips was appointed as liquidator.

The Liquidator can be reached at:

         Don Phillips
         O. G. Unkerstein & Son
         44 Macfarlan Street
         South Yarra, Victoria 3141
         Australia

                       About Viento Fleur

Located in Victoria, Australia, Viento Fleur Pty Ltd is an
investor relation company.


* Moody's Sees Challenges for AU Building Products Sector
---------------------------------------------------------  
Moody's Investors Service maintains a stable rating outlook for
the Australian building products and construction materials
sector, but its companies also face formidable credit challenges
over the coming year.

"The Australian housing market is near a cyclical low point,
holding back demand for many products and thus creating pressure
on the industry's financial profile," Moody's says in a new
report.

The report examines the outlook for ratings in light of weak
markets and increased cost pressures, global consolidation
trends, and continued active capital spending.

It is authored by Peter Fullerton, a Moody's AVP/Analyst, and is
part of Moody's Industry Snapshot series, which offers succinct
and incisive looks at particular sectors.

"For the time being, key credit metrics in the sector are
expected to remain weak, and operating margins to stay flat or
decline marginally," Fullerton says.

"Even though the industry is inherently cyclical, companies will
still find it difficult to manage a sustained downturn without
making adjustments to dividend payouts or capex in order to
conserve cash," adds Fullerton.

Rising input costs have reduced margins for some producers,
although this has been less of a factor for those that own
quarries or other sources of raw materials, the report says.
Some producers have reduced exposure to commodity price
volatility through the effective use of forward contracts and
commodity swaps.

"The industry's global consolidation trend continues unabated,
as it does whenever the cycle trends lower," says Fullerton.
"The industry is currently a focus of merger and acquisition
activity, and the potential for takeover activities or changes
in control remains significant."

"This could lead to rating pressure as the acquiring companies
take on more debt, as with the rating for CSR, which was
recently put on review for possible downgrade following the
debt-funded acquisition of a glass-based products manufacturer,"
Fullerton says.

Despite these challenges, construction of new dwellings in
Australia is running below underlying demand, suggesting the
likelihood of a strong snapback when a recovery begins,
Fullerton concludes.

The report -- Managing the Cyclical Downturn -- can be found at
http://www.moodys.com/


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

AEROFLEX INC: Revised Buyout Offer Cues S&P to Remove Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services removed its 'B' corporate
credit rating on Plainview, New York-based Aeroflex Inc. from
CreditWatch, where it was placed with negative implications on
May 30, 2007.  The 'B' corporate credit rating is affirmed; the
outlook is negative.  The rating action follows a review of a
revised buyout offer for the company from a private equity
consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a US$60 million revolving
credit and a $500 million term loan," said Standard & Poor's
credit analyst Lucy Patricola.  The '2' recovery rating
indicates that lenders can expect substantial (70%-90%) recovery
of principal in the event of payment default.  The 'B+' rating
is one notch higher than the 'B' corporate credit rating on
Aeroflex.  All ratings are based on preliminary offering
statements and are subject to review upon final documentation.

The ratings reflect the company's niche product positions, high
leverage at inception and nominal cash flow.  Partial offsets
include stable operating trends, good revenue visibility, and
barriers to entry protecting the company's markets.

Headquartered in Plainview, NY, Aeroflex Inc. is a specialty
provider of microelectronics and test and measurement products
to the aerospace, defense, wireless, broadband and medical
markets.  For the twelve months ended March 31, 2007, revenues
were US$577 million.  Aeroflex has offices in China, France,
Germany, and Argentina.


AMC ENTERTAINMENT: Appoints Four New Associates
-----------------------------------------------
AMC Entertainment Inc. has hired four new associates: Stann
Tate, Justin Scott, Chad Novak and Andy Traub.  They bring more
than 60 years of collective experience in their respective
fields to the Kansas City-based theatrical exhibition company.

"We're excited to welcome these new directors into our AMC
family," said Keith Wiedenkeller, AMC's senior vice president of
human resources.  "Each one brings a wealth of diverse
experience from an impressive list of companies."

Mr. Tate is the director of community relations, a newly created
position at AMC that focuses on community outreach.  He joins
AMC from the Kansas Speedway where he was the director of public
relations since 2000.  Drawing from his involvement on boards of
several local non-profit organizations, Mr. Tate will create a
strategic cause-marketing program to give back to the
communities where AMC operates.  Mr. Tate currently serves on
the boards of The Leukemia & Lymphoma Society's Mid-America
Chapter and the Big Brothers Big Sisters of Greater Kansas City.  
He holds a bachelor's degree in communications and a master's
degree in sports administration from Ohio University in Athens,
Ohio.

Mr. Scott also fills a newly created position as the director of
corporate communications, overseeing internal, external and
financial communications.   Mr. Scott comes to AMC from Cerner
Corp. where he directed public relations and creative services
teams since 2003.  He currently serves on the board of the
Kansas City chapter of the International Association of Business
Communicators.  Mr. Scott graduated from St. Lawrence University
in Canton, New York, with bachelor's degrees in English and
sociology.  He also holds a master's degree in journalism from
Temple University in Philadelphia.

Mr. Novak is the new director of hosted services in AMC's
technology and systems department, where he will specialize in
information technology and network security as well as support
services such as e-mail and theatre workforce scheduling.  He
joins AMC from NovaStar Financial Group where he provided
information and network security services for a firm with more
than 2,400 employees nationwide.  Mr. Novak also has spent more
than 23 years as a member of the United States Army Reserve.  He
graduated from the University of Maryland in College Park, Md.,
with a bachelor's degree in management information systems and
holds a master's degree in computer resources and information
management from Webster University in St. Louis.

Mr. Traub is AMC's new director of recruitment in human
resources, where he will develop strategically targeted
campaigns designed to attract associates by demonstrating how
AMC is an employer of choice.  Before joining AMC, Mr. Traub
managed recruitment at Bartlett and Company since 2001.  Mr.
Traub is active in the Society for Human Resource Management
both nationally and locally.  He graduated from Kansas State
University where he earned a bachelor's degree in elementary
education with an emphasis in social sciences.

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
Hong Kong, Brazil and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 13, 2007, Standard & Poor's Ratings Services assigned a 'B'
corporate credit rating and stable outlook to AMC Entertainment
Holdings Inc., the new super-holding company of Marquee Holdings
Inc. and ultimate parent of operating company AMC Entertainment
Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings
Inc.'s proposed US$400 million senior unsecured pay-in-kind term
loan facility due 2012 and a 'CCC+' rating to its 364-day US$275
senior unsecured PIK term loan due 2008.


BENQ CORP: AU Optronics Taps European Factory to Create LCM
-----------------------------------------------------------
AU Optronics Corp. will begin to contract BenQ Corp.'s European
factory to build liquid-crystal display modules in the fourth
quarter of this year Economic News Service reports.  AUO has
since outsourced its manufacturing to BenQ's mainland Chinese
factory since the second quarter.

According to the report, AUO originally planned to open
facilities in Eastern Europe to handle the manufacturing
considering the 14% tariff the European Union imposes on
imported LCD TVs.  However, it aborted the plan and decided to
contract BenQ's factory in Czech to make the modules for it
after the two companies, which are under the same chairman,
adjusted their management team.

BenQ's Czech factory is currently staffed with 400 workers to
make LCD monitors, the Chinese paper relates.  BenQ previously
rent a factory near the monitor factory to produce LCD TVs, but
has since moved its TV production to the monitor factory since
the second quarter.  The Czech factory's output has increased
sharply due to strong demands for monitors and TVs, the report
notes.

Sheaffer Lee, BenQ's president was quoted by China Economic News
as saying that the Czech factory will work closer with AUO and
play a weighing role in BenQ's global manufacturing deployment
mainly on LCM contracts.

In addition, Hui Hsiung, the newly appointed president of Qisda
Corp., pointed out that his company and AUO will work together
given the rising trend of outsourcing LCM contract.  Qisda is a
pure manufacturer recently spilt from BenQ, which retains brand-
name operation, the report says.

Mr. Hsiung, which is also concurrently the executive vice
president of AUO, noted that AUO will lower investments in the
labor-intensive LCM manufacturing and center its investments on
front-end equipment stressing technology and capital.  He added
that AUO's outsourcing LCM production will not exceed 10% of its
output, the report adds.  

BenQ announced the plan of separating contract manufacturing
operation from brand-name operation in April this year as part
of its plan to improve finance, China Economic News recounts.  
The spin-off will take effect on September 1 this year.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


EMI GROUP: Warner Appoints Alan Mnuchin to Advise GBP2.3BB Bid
--------------------------------------------------------------
Warner Music Group Corp. appointed Alan Mnuchin of AGM Partners
as adviser on a possible GBP2.3 billion bid for EMI Group PLC,
Trista Kelley reports for Bloomberg News citing the Daily
Telegraph as its source.

According to the report, Warner is yet to decide if it will
counter EMI's accepted offer from Terra Firma Capital Partners
Ltd.

Mr. Mnuchin will work with Warner's advisers Goldman Sachs Group
Inc. and Lehman Brothers Holdings Inc., Ms. Kelley relates.

Warner Music confirmed last month that it continues to actively
consider an offer for the UK music group, despite its bid being
snubbed in favor of an equity firm.

On May 21, 2007, EMI's board of directors accepted a GBP2.4
billion offer from Terra Firma Capital, subject to shareholder
approval.

EMI, the world's third largest music producer, have been subject
to several takeover bids from Warner Music and other equity
firms after it suffered losses due to a shrinking CD market and
rampant online piracy.

                        Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened
its bid to acquire EMI by offering to pay a break-up fee of
between GBP50 million and GBP100 million in case the European
Commission blocks its planned takeover of the U.K. music group,
Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

                        Terra Firma Offer

Terra Firma announced that Maltby Ltd. has extended the deadline
for EMI shareholders to accept its cash offer to July 12, 2007
from July 4, 2007.

As of July 4, 2007, Maltby received valid acceptances totaling
to 28,901,772 EMI shares or around 3.56% of the existing issued
ordinary share capital of EMI.

                       About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over EUR7
billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                           About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                         *     *     *

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its financial
       year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the group
      as CEO of EMI Group and of EMI Recorded Music and is
      reviewing its balance sheet.


HANS ENERGY: Major Shareholder Sells Stake to Pony World
--------------------------------------------------------
Hans Energy disclosed with the Hong Kong Stock Exchange that
Vand Petro, one of its controlling shareholders, has entered
into an agreement to sell 370,000,000 Shares, representing
approximately 9.91% of the enlarged issued share capital of the
company, to Pony HK World.

The share is priced at HK$1.10 each and the agreement is
expected to be completed on or about July 13, 2007 or such later
date as agreed between the parties.

According to the company's statement, Vand Petro holds a
convertible note in the amount of HK$681,000,000, of which
HK$510,000,000 has already been converted and HK$171,000,000
remains outstanding.

"On or immediately prior to the completion of the Share Sale,
Vand Petro will convert the entire outstanding balance of the
Convertible Note into 570,000,000 Shares," the statement said.

                    Reason for the Share Sale

The directors of Hans Energy believe that having Pony HK as a
shareholder of the company will enhance its international
profile and expansion opportunities both in the PRC and around
the world.

                          About Pony HK

Pony HK is a wholly-owned subsidiary of Istithmar PJSC, a
private equity and alternative investment house headquartered in
Dubai, the United Arab Emirates, with offices in Shanghai and
New York.  Established in 2003, Istithmar is 100% owned by Dubai
World which in turn is wholly owned by the Government of Dubai.  
In the three years since its inception, in the consumer,
industrial and financial services sectors, Istithmar has
invested in over 30 companies and has deployed approximately
US$2.0 billion in equity capital.

Hans Energy Company Limited, formerly known as Wisdom Venture
Holdings Limited, is involved in the transshipment and storage
facilities and port income.  Other activities include provision
of administrative services and investment holding.  Operations
are carried out in Hong Kong and China.

As reported by the Troubled Company Reporter - Asia Pacific on
April 13, 2007, Hans Energy has total assets of US$94.75 million
with stockholders' deficit of US$10.76 million.


HARTCOURT COS: Inks MOU to Acquire Chongqing Zhengda's Two Arms
---------------------------------------------------------------
The Hartcourt Companies, Inc. has entered into a Memorandum of
Understanding with Chongqing Zhengda Software Group Co., Ltd to
acquire a 100% equity interests in its two subsidiaries,
Chongqing Zhengda Education Group and Chongqing Zhengda Hengling
Co.

The proposed consideration to be paid by the company for the
acquisition is about 415 million restricted shares of our common
stock.  Chongqing Zhengda Education Group has agreed to
guarantee the total profit after tax of its two units of not
less than CNY25 million (US$3.29 million), CNY35 million (US$4.6
million) and CNY50 million (US$6.58 million) each year for the
three years following closing.  The Company and Chongqing
Zhengda Education Group agreed that the above-mentioned
restricted shares will be released to the vendors in three equal
installments in three years on the condition of the above
mentioned profits realized accordingly.

As a part of the deal, the company also agreed to raise US$4
million cash to finance the expansion plan of Chongqing Zhengda
Education Group and Chongqing Zhengda Hengling Co as well as the
equity buyout from their minority shareholders.  Several Asia
based institutional investors have signed term sheets, with a
view to providing such funds as equity investors of the company,
subject to the final completion of the acquisition deal.

Chongqing Zhengda Education Group is the sponsor of Chongqing
Zhengda Software Polytechnic College, which has over 7,000
students in campus and Chongqing Zhengda Hengling Co is a
software outsourcing service company which uses the talents
(faculties and students) of CZSPC to provide software
outsourcing services to multinationals in China and
internationally.  After the completion of the acquisition,
Chongqing Zhengda Software Group Co will become the controlling
shareholder of the company with at least 50% equity interests.

Victor Zhou, CEO of the Hartcourt, commented, "The acquisition
is part of ongoing strategy to build up the operating assets of
the company in vocational education business.  I believe the
merger and acquisition will considerably change the company both
in business and its earnings in coming years.  Given the size
and substantiality of the deal, we have sent a big due diligence
team to Chongqing and started to prepare a proxy statement,
which will be sent out to fellow shareholders."

"With the solid and substantial cash profits to be generated by
ZDEG and ZDHL, we believe Hartcourt can provide huge value to
current shareholders, but also make it easier to raise more
funds to do further acquisitions," added Dr. Yungeng Hu,
President and CFO of the Company.

                  About The Hartcourt Companies

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The  
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

Kabani & Company, Inc., in Los Angeles, Calif., raised
substantial doubt about The Hartcourt Companies, Inc.'s ability
to continue as a going concern after auditing their consolidated
financial statements for the year ended May 31, 2006.  The
auditor pointed to the company's negative cash flow from
operations and accumulated deficiencies.


INTERNATIONAL PAPER: Declares US$0.25 Quarterly Dividend
--------------------------------------------------------
International Paper declared a regular quarterly dividend of
US$0.25 per share for the period from July 1, 2007, to Sept. 30,
2007, inclusive, on its common stock.  This dividend is payable
on Sept. 17, 2007, to holders of record at the close of business
on Aug. 15, 2007.

The company also declared a regular quarterly dividend of US$1
per share for the period from July 1, 2007, to Sept. 30, 2007,
inclusive, on its preferred stock.  This dividend is also
payable on Sept. 17, 2007, to holders of record at the close of
business on Aug. 15, 2007.

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest  
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia. Its
Asian operations is specifically located in China.

                       *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


REMY COINTREAU: Moody's Holds Ba2 Ratings on Strong Business
------------------------------------------------------------
Moody's Investors Services changed the outlook of Remy Cointreau
SA to stable from negative and affirmed the ratings - Corporate
Family Rating at Ba2, senior unsecured at Ba2 and LGD assessment
at LGD4.

The change in outlook is based on the improvement in the
company's underlying performance in fiscal year ended March 31,
2007 reflecting the group's refocused business strategy on its
premium and super premium brands and a positive momentum in its
main markets.  This, combined with a reduction in leverage
following a number of disposals in the past year, resulted in a
moderate improvement in Remy's debt protection ratios.

The Ba2 corporate family rating reflects the company's portfolio
of brand name products and the general stability in its
operations.  Moody's believes that the recent change in Remy's
longer-term strategy towards premium and super premium products
provides potential for profitability improvement through, inter
alia, greater pricing flexibility.  Overall, Remy Cointreau
enjoys a strong Ba/low Baa business profile.

These strengths, however, are balanced against the high reliance
of Remy to the Cognac segment, which represented over 55% of its
operating profit at fiscal year ended March 31, 2007 and its
exposure to foreign currency fluctuations.  In addition, the
decision to exit the Maxxium joint venture as of March 2009 will
result in a significant cash outflow of circa EUR164 million
(post tax) in that year partly offset by the sale of its 25%
stake in the joint venture to the remaining partners.  The
corporate family rating is also constrained by the company's
leverage and its aggressive shareholder policy with credit
metrics in the high single B rating category.

The stable outlook is based on the generally stable industry
conditions and the expectations that the company will continue
to improve its margins and apply part of its cash flow
generation to deleveraging.  The Ba2 rating and the stable
outlook also factors in Moody's view that Remy will maintain a
ratio of Debt to EBITDA between 4.0x and 4.8x over time.  
Moody's nonetheless cautions that the effects on the cost
structure of the exit from Maxxium remain unclear.  Any
indication of a disruption or unanticipated additional costs
could lead to a revision of the ratings and/or outlook.  The
current rating does not factor in any debt-financed acquisitions
or significant increases in Remy's already high shareholder
returns.

Headquartered in Paris, France, Remy Cointreau S.A. is a major
producer of cognac and other spirits.  It had revenues of EUR786
million in the fiscal year ending March 31, 2007.  The company
has operations min China.


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

GARWARE POLYESTER: CRISIL Keeps D Rating on Debenture Program
-------------------------------------------------------------
Credit Rating Information Services of India Limited has
reaffirmed its 'D' rating on Garware Polyster Ltd's non-
convertible debenture programme.

The rating continues to indicate that the instrument is in
default.  The arrears on interest and principal repayments have
not been entirely cleared.

Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film.  Its  
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry.  In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.


TATA STEEL: Schedules 100th Annual General Meeting on July 18
-------------------------------------------------------------
Tata Steel Ltd will hold the 100th Annual General Meeting of its
members on July 18, 2007, according to a regulatory filing in
the Bombay Stock Exchange.

The AGM was originally scheduled on Aug. 29, 2007.  The BSE
filing, however, did not explain why the company rescheduled the
meeting.

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

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

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.


UNION BANK OF INDIA: May Come Up With 2nd Follow-On Issue
---------------------------------------------------------
Union Bank of India is likely to come up with a second follow on
equity issue, MC Viaijayanthi of the Hindustan Times reports,
citing unnamed "informed sources."

"The bank has room to issue six to seven per cent of its equity
so that the government is able to maintain a controlling (post-
issue) stake of 51 per cent," Mr. Viaijayanthi quotes his source
as saying.

The government of India currently holds 55% interest in Union
Bank.

Mr. Viaijayanthi recalls that the bank said in May that it had
enough headroom to raise about INR1,500 crore of hybrid bonds
and will not go in for equity dilution to raise capital.

Union Bank of India -- http://www.unionbankofindia.com/-- is
one of the 10 largest Indian banks with total assets of more
than INR800 billion as of March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgraded the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UTI BANK: Records INR1.75BB Profit for 1st Quarter Ended June 30
----------------------------------------------------------------
UTI Bank Limited posted a net profit of INR1.75 billion for the
first quarter ended June 30, 2007, a 45% jump from the INR1.21
billion booked in same quarter in 2006.

Total income has increased from INR11.54 billion in
April-June 2006, to INR18.79 billion in 1st quarter in FY2008,
which is comprised mostly from interest revenue of INR15.37
billion.

The bank's expenditures in the current quarter under review
totaled INR15.11 billion, a 73% increase from the INR8.71
billion booked in the June 2006 quarter.  The bank recorded
provisions and contingencies in the June 2007 quarter totaling
INR1.01 billion, which includes provision for non performing
asset of INR496.10 million.

A copy of the bank's unaudited financial results for the quarter
ended June 30, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2187

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading.  Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On Nov. 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1-billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


UTI BANK: SUUTI to Subscribe to Preferential Offer
--------------------------------------------------
The Specified Undertaking Unit Trust of India confirms that it
will subscribe to UTI Bank Ltd's preferential allotment offer,
which offer is linked to its proposed US$1-billion capital
issue, Courav Majumdar of The Financial Express reports.  The
SUUTI is one of the promoters of the bank.

As reported by the Troubled Company Reporter - Asia Pacific, the
bank wants to raise US$1 billion in Tier I capital by way of
issue of equity shares not exceeding 4,23,97,400 shares, equity
shares through depositary receipts, or securities convertible
into equity shares at the option of the holder.  Additionally,
the bank plans to offer its promoters to subscribe 3,19,25,561
shares on preferential allotment basis if they so desire.

On June 25, 2007, the bank's shareholders agreed to defer the
raising of capital and preferential allotment of shares to
provide promoter shareholders further time for consultation.

SUUTI, which holds 27.33% in UTI, will have to shell out at
least INR650 crore for the subscription, FE notes.  However,
SUUTI administrator S. B. Mathur makes it clear that liquidity
will not a problem.

According to FE, the bank has pointed it out that it would
prefer a pure global depositary issue as that would give it
better pricing.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading.  Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On Nov. 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1-billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


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

CENTRAL PROTEINAPRIMA: Moody's Affirms B1 Ratings
-------------------------------------------------
Moody's Investors Service has affirmed its B1 long-term foreign
currency rating of the US$325 million guaranteed senior notes
due 2012, as issued by Blue Ocean Resources Pte Ltd and
guaranteed by PT Central Proteinaprima.

At the same time, Moody's has affirmed its B1 corporate family
rating and A3.id national scale issuer rating of CPP, removing
these ratings from their provisional status. The ratings outlook
is stable.

The rating action follows CPP's successful issuance of the US$
bonds and the refinancing of its term loan.

                  About Central Proteinaprima

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.


HILTON HOTELS: Shares Up 37% to US$45.71 on Merger News
-------------------------------------------------------
Hilton Hotels Corporation's shares closed at US$45.71 Friday,
marking a 37% increase and the company's highest since July
1980, Michael Patterson of Bloomberg reports.

As reported in the Troubled Company Reporter on July 5, 2007,
the company entered into a definitive merger agreement with The
Blackstone Group in an all-cash transaction valued at
approximately US$26 billion.  Under the agreement, Blackstone
will purchase all of Hilton's outstanding common stock at
US$47.50 per share.

                         Rating Actions

As reported in the Troubled Company Reporter on July 6, 2007, as
a result of its transaction with Blackstone, Fitch Ratings
downgraded Hilton Hotels' issuer default rating to B from BB+.  
Fitch says that although the terms of the transaction and
prospective capital structure have yet to be finalized, it
believes that the deal will likely result in a substantial
increase in leverage more consistent with ratings in the 'B'
category.  Fitch also placed all of Hilton Hotel's ratings under
Rating Watch Negative.

At the same time, Standard & Poor's Ratings Services also
lowered its corporate credit rating on Hilton Hotels to BB- from
BB+.  According to S&P credit analyst Emile Courtney, the BB-
rating reflects S&P's expectation the deal will be completed and
represents the highest outcome that S&P deems appropriate given
its review on preliminary information available.  S&P also
placed Hilton Hotels' ratings on CrediWatch with negative
implications.

                 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
nvironment 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.


HUNTSMAN CORP: Apollo Increases Offer to US$28 Per Share
--------------------------------------------------------
Apollo Management LP, through Hexion Specialty Chemicals Inc.,
increased its offer to buy Huntsman Corp. to US$28 per share,
the Wall Street Journal reports.  With the new offer, the
transaction is now valued at US$10.5 billion, including debt,
the report adds.

As reported in the Troubled Company Reporter on July 6, 2007,
Apollo had previously offered to acquire all of Huntsman's
outstanding common stock at US$27.25 per share in cash, topping
Basell International Holdings BV's US$25.25 per share in cash
offer.

                     About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial   
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.  
The company has locations in China, Australia, Netherlands, and
Brazil. It is an Apollo Management L.P. portfolio company.  
Hexion had 2006 sales of US$5.2 billion and employs more than
7,000 associates.

                         About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global   
manufacturer of differentiated and commodity chemical products.
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  The
company has operations in Indonesia, Italy and Guatemala.

The Troubled Company Reporter - Asia Pacific reported on Apr 02,
2007, Moody's Investors Service upgraded the corporate family
rating for Huntsman Corporation and Huntsman International LLC,
a subsidiary of Huntsman, to Ba3 from B1, and upgraded other
ratings as appropriate.  

The ratings on recently redeemed debt have been withdrawn.  The
outlook for Huntsman's ratings was moved to stable from
developing.

Summary of the ratings activity:

Upgrades:

   * Huntsman Corporation

     -- Corporate Family Rating, Upgraded to Ba3 from B1

   * Huntsman International LLC

     -- Corporate Family Rating, Upgraded to Ba3 from B1

     -- Senior Secured Bank Credit Facility, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Subordinated Regular Bond/Debenture, Upgraded to
        B2 from B3, LGD5, 89%

   * Huntsman LLC

     -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
        from B2, LGD4, 57%

Outlook Actions:

   * Huntsman Corporation

     -- Outlook, Changed To Stable From Developing

   * Huntsman International LLC

     -- Outlook, Changed To Stable From Developing

   * Huntsman LLC

     -- Outlook, Changed To Stable From Developing

Withdrawals:

   * Huntsman International LLC

     -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
        previously rated B3

     -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
        previously rated B2


On Jan. 23, 2007 Standard & Poor's Ratings Services affirmed
its 'BB-' corporate credit rating and other ratings on Salt Lake
City, Utah-based chemicals producer Huntsman Corp. and its
subsidiary Huntsman International LLC.


MEDCO ENERGI: Unit Completes Testing at Libya Exploration Mines
---------------------------------------------------------------
PT Medco Energi Internasional Tbk.'s subsidiary, Medco
International Ventures Limited, completed the testing for four
exploration mines in Area 47, Libya.  Medco International tested
for the flow of light sweet crude oil, Tempo Interactive
reports.

According to the report, Medco Energi Company Secretary Andi
Karamoy said that the test results were good.  It means that it
is identical to the A1-47/02 mines results, which reached a
maximum combination level of 12,500 barrels of oil per day.

Mr. Karamoy said that they expect the reserves in Area 47 to
strengthen the company's portfolio, and make a significant
contribution to future Medco performance, the report notes.

Medco International Ventures Limited owns 50% of Area 57, while
the remaining stake is owned by Verenex.

                      About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged    
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Medco Energi.  The outlook
remains negative.  According to S&P, the negative outlook on
Medco reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


METSO CORP: Subsidiary Expands Production Capacity at Lapua
-----------------------------------------------------------
Metso Power, which is part of Metso Corp.'s Metso Paper business
area, is increasing its production capacity at the Lapua factory
in Finland.  

The goal is to be able to better meet the growing demand for
power plants fueled by renewable energy sources as well as the
needs for modernization and maintenance services at pulp and
paper mills.

The expansion will increase the production facilities by about
one third and will be ready for use at the beginning of 2008.  
In the same conjunction, Metso Power is buying the entire
production hall, which is currently leased, to ensure flexible
development of the premises also in the future.  The total value
of the investments is nearly EUR8 million.

The current Lapua factory was built in 1990 and the first
expansion was completed in 1993.

Metso Power has four production units serving business globally.
Metso Power manufactures the key components for its main
products, which are fluidized bed boilers and recovery boilers,
oil and gas boilers and evaporators.  The production of new
boilers is centralized to the Tampere factory in Finland.  The
Lapua factory and two factories located in Sweden specialize in
manufacturing and installing parts needed for boiler rebuilds
and maintenance.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *     *     *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


METSO CORP: Division to Provide Power Boiler to Scotland's UPM
--------------------------------------------------------------
Metso Power, a part of Metso Corp.'s Metso Paper business area,
will supply UPM's Caledonian paper mill with a biomass-fired
power boiler to the mill's new power plant in Irvine, Scotland.
Start-up for the plant is scheduled for the first half of 2009.
The value of the order is approximately EUR40 million.  The
order is included in Metso's second quarter order backlog.

The power boiler will utilize bubbling fluidized bed technology.
The delivery will also include a dry flue gas cleaning system,
which improves mill's environmental performance.  The boiler
will burn CO2 (carbon dioxide) neutral biomass utilizing a
combination of wood fuel and site-derived residues as its
primary fuel.

With this new power plant UPM will continue to reduce carbon
emissions by 75,000 tons annually.  The company has reduced its
production related fossil CO2 emissions by 25 percent during the
last ten years by investing in biomass-based energy generation
and in energy efficiency.  The new power plant at the Caledonian
mill will also significantly assist Scotland in achieving its
2010 national renewables generation target of 18 percent.

UPM's sales in 2006 were EUR10 billion, and it has about 28,000
employees.  UPM's main products include printing papers, self-
adhesive label materials and wood products.  The production
capacity of the Caledonian mill is 280,000 tons of LWC magazine
paper and it employs 360 people.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *     *     *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


METSO CORP: Unit to Supply Materials Handling Solution to CBA
-------------------------------------------------------------
Metso Minerals, one Metso Corp.'s three business areas, will
supply a bulk materials handling solution to CBA (Companhia
Brasileira de Aluminio).  The delivery will be completed within
the first quarter of 2009.  The value of the order is
approximately EUR12 million.

The order is included in Metso's second quarter order backlog.  
The order comprises two bridge reclaimers, one stacker and six
belt conveyors.  Additionally, the order includes electrical
services, engineering, erection supervision, operator training,
and start-up and commissioning services.

Metso's solution is for the expansion of the bauxite yard
located in Aluminio, State of Sao Paulo.  With the expansion,
CBA targets to increase its production from some 400,000 to
475,000 tons of aluminum per year.

CBA is a part of the Votorantim Group, which is one of the
largest private industrial conglomerates in Latin America.  It
operates in the areas of hydroelectric power stations, cement
factories, steel industries, aluminum refineries, and pulp and
paper.  CBA employs some 6,500 people.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology   
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *     *     *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


PERTAMINA: Responsible for Kerosene Scarcity, BPH Migas Says
------------------------------------------------------------
PT Pertamina (Persero) is responsible for the kerosene scarcity
in a number of regions as stated by the Downstream Executing Oil
and Gas Agency, which monitors subsidized fuel oil distribution,
Tempo Interactive reports.

According to the report, BPH Migas' allegation is in accordance
with Government Regulation No. 36/2004 on Downstream Oil and Gas
Business.

Trijono, a BPH Migas Committee member, asked Pertamina to
coordinate with BPH Migas in executing kerosene conversion to
liquefied natural gas, pointing out that Pertamina has withdrawn
kerosene in volumes exceeding the agreement that was already
made with BPH Migas, Tempo relates.

The report cites Pertamina Managing Director Arie Sumarno as
saying that Pertamina cannot monitor kerosene distribution
alone; it should be carried out with BPH Migas.  

On BPH Migas' side, Mr. Sumarno explained that it could only
distribute kerosene in line with the 9.9 million kiloliters
government quota, Tempo says.

The report adds that the kerosene scarcity was due to price
differences between subsidized and non-subsidized kerosene, the
report adds.

                       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: Selects Mitsubishi Corp. for Power Expansion
----------------------------------------------------------------
PT Perusahaan Listrik Negara has selected Mitsubishi Corp. for a
power expansion project at the Muara Karang gas-fired power
plant, Antara News reports.

According to the report, PLN wants to increase its capacity to
720 megawatts.

The report relates that Tonny Agus Mulyantono, PLN deputy
director, said that the project may cost around US430 million.

Mr. Mulyantono said that Mitsubishi Corp. won over other bidders
such as Siemens AG and Mitsui & Co, the report notes.

Mitsubishi Corp. will co-operate with other businesses for the
project including Mitsubishi Heavy Industries, Sumitomo Corp.
and Truba Jurong, Antara 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.


SERVICEMASTER: Fitch Downgrades Issuer Default Rating to B
----------------------------------------------------------
Fitch Ratings has removed The ServiceMaster Company's ratings
from Rating Watch Negative and has downgraded the Issuer Default
Rating and senior unsecured rating to 'B' from 'BB-'.  At the
same time, Fitch withdraws the following ratings:

-- Issuer Default Rating 'B';
-- Unsecured bank facility 'BB-';
-- Senior unsecured 'B'.

Fitch had indicated in its press release dated March 19, 2007
that pro forma credit metrics were reflective of a 'B' or 'B-'
IDR.  Also, Fitch notes that under the proposed structure the
unsecured ratings would likely be rated in the 'CCC' category.

Fitch believes that the credit profile could face further
pressure as financing costs could be higher than initial pro
forma estimates.  Also, even a modest cyclical downturn could
negatively affect the company's capacity to service its
obligations.

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.


TELKOM INDONESIA: Sees Higher Q2 Earnings Due to Subscribers
------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk expects to report stronger
earnings in the second quarter to June compared with that of the
previous quarter due to the higher subscriber base for its
cellular and fixed wireless telephone services, Thomson
Financial reports.

The report cites Telkom Finance Director Sudiro Asno as saying
that Telkom's cellular subscriber base is estimated to have
risen to 42.8 million at end-June compared with 38.9 million at
end-March and 35.6 million at the end of 2006, while subscriber
base for its fixed wireless service is estimated to have risen
to around 5.3 million at end-June.  For the first six months,
net additions to this service are estimated at some 1.1-1.2
million.

As for its fixed-line service, Mr. Asno said the subscriber base
at the end of the first half is expected to be flat at around
8.7 million, the report notes.

According to Thomson Financial, another reason for the company's
expectation is due to the absence of major natural disasters
over the three months to June that can affect the operation
unlike the previous quarters when Indonesia was visited by heavy
flooding.

The report notes that Telkom posted a net profit of
IDR3.04 trillion in the first quarter to March, which is lower
from IDR3.46 trillion a year earlier.

Mr. Asno said Telkom may report a slight decline in the average
revenue per user for the second quarter, but this should be
offset by higher phone traffic volume due to the increase in its
subscribers, the report adds.

                    About Telkom Indonesia

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

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


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

ALL NIPPON: Moody's Upgrades Ratings to Baa3 from Ba1
-----------------------------------------------------  
Moody's Investors Service has upgraded to Baa3 from Ba1 the
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
The rating action concludes the review initiated on April 19,
2007.  The rating outlook is stable.

The upgrade reflects Moody's view that ANA's stable
profitability as well as its strong financial profile will
continue to strengthen the company's cash flow generation,
through timely capital expenditure on aircraft fleet
reorganization.

After recording its then highest ever operating profit of
JPY89 billion in fiscal year ending-March 2006 (fiscal 2005),
ANA further increased its operating profit to JPY 92 billion in
fiscal 2006.  This profit growth has been achieved by ANA's
constantly growing revenues, realized mainly by increased unit
prices.  It is also a result of solid cost structure thanks to
the introduction of cost-efficient new aircraft, rationalization
of aircraft fleet management and reduction of operational costs.

The company's profit increase has been achieved despite stagnant
passenger flight demand and ongoing high prices for aircraft
fuel; both have played substantial roles constraining airlines'
profitability.

Moody's believes that ANA's leading position in the stable
domestic passenger market, as well as its highly competitive
cost structure, are the key factors which explain ANA's steady
profit growth compared to its global and domestic peers.  ANA's
domestic passenger numbers in fiscal 2006 was 46.5 million, up
from 45.5 million in fiscal 2005 with a market share of 48.1%.

Other than ANA's recently improved operational cash flow, the
airline's well-balanced financial policy has also helped
significantly improve its financial strength.  Since fiscal
2003, ANA has reorganized its fleet with small and mid-sized
cost-efficient aircraft, having spent approximately
JPY150 billion or more annually on capital expenditure, mainly
on new aircraft.

At the same time, the company has been constantly reducing its
financial debt, including off-balance lease obligations.  ANA's
total debt and lease obligation at end-March 2007 totaled
JPY1,100 billion, down from JPY1,354 billion at end-March 2004.

During current fiscal year 2007, ANA plans to spend
JPY355 billion on capital expenditure to accelerate its fleet
reorganization.  However, the company has sold its hotel-related
assets at JPY 281 billion in June 2007 in order to offset its
financial burden.

ANA's financial policy is to concentrate its financial resources
on its fleet by disposing of non-air assets, in order to cope
with the planned expansion of landing slot capacity at Tokyo
International Airport in 2010.  As a result, the company's total
debt is projected to be lower at end-March 2008 than during the
previous year.

ANA's ongoing mid-term business strategy until fiscal 2009, aims
to achieve debt to equity ratio of about 2.0, including off-
balance lease obligations.  The company is to achieve the
financial target two years ahead of its original plan, and will
disclose its new mid-term business strategy in early 2008.

Although the new plan is likely to include intensive capital
expenditure on further reorganization of its fleet, Moody's
believes that ANA will maintain its adequate financial
flexibility going forward.

All Nippon Airways Co., Ltd., headquartered in Tokyo, is Japan's
second-largest airline company in revenue terms.


DAIWA SECURITIES: Buys 1.25% Stake in Vietnam's SSI for US$11MM
---------------------------------------------------------------
Vietnam broker Saigon Securities Inc. (SSI.HN) had sold one
million shares to Japan's Daiwa Securities Group Incorporation
for about US$10.9 million, Reuters reports.

Reuters, citing an SSI statement published by the Hanoi
Securities Trading Center, relates that the sold shares
represent a 1.25% stake, for VND175,100 (US$10.9) each, a 9.4%
premium.

According to the Reuters report, foreign banks have been moving
increasingly into Vietnam as a wave of privatizations and share
sales drive market activity.  This week, the report says,
Australia and New Zealand Bank Group Ltd. bought 8 million
shares in SSI for VND170,000 each, along with 555,600
convertible SSI bonds at VND100,000 each.

The Vietnam Index (.VNI) was the top performing stock index in
Asia in 2006 and is up almost 40% so far this year, Reuters
notes.

                   About Daiwa Securities

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.  
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter - Asia Pacific reports that Fitch
Ratings, on October 25, affirmed the company's C individual
rating.


IHI CORP: S&P Affirms BB+ Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB+' long-term
corporate credit and 'BBB-' senior unsecured debt ratings on IHI
Corp., and revised the outlook on the long-term corporate credit
rating to positive from stable.

"Although the business profiles of (IHI) differ slightly, the
rating and outlook revision(s) are based on expectations that
(the company's) total sales and funds from operations will
increase as a result of expanding capital investments by
domestic Japanese companies and an increased global appetite for
overseas investments," said Standard & Poor's credit analyst
Hiroki Shibata.  "In addition, the (company has) been
strengthening (its) risk management systems for large-scale
overseas projects, and making progress in enhancing (its) debt-
to-capital structures, and this has also contributed to the
rating and outlook revisions," added Mr. Shibata.

IHI has stable earnings in its primary aero-engine & space
operations and industrial machinery operations segments, and the
downside risks in the company's revenues have been diminishing
as the shipbuilding & offshore operations and logistics systems
& structures operations segments are expected to achieve
improved operating profits in fiscal 2007.  In addition, a
massive unprofitable order will be eliminated from the energy &
plants operations segment, and will further help reduce downside
risks.  Moreover, securing stable profit contributions from such
sources as real estate leasing through the redevelopment of the
Toyosu area will help boost stability in operating cash flows.
There is a limited likelihood that IHI's debt-to-capital
structure will deteriorate in light of diminished business
risks, despite the high-level capital investments that will make
reducing debt difficult.

IHI may be upgraded if it is able to strengthen its risk
management for large overseas projects and reinforce the
likelihood that it will achieve profit growth as outlined in its
medium-term management plan.  Accumulating profits, reducing
debt, and heightening its resistance to changes in the external
environment as the company improves its earnings performance
over the next several years will also be critical.


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

E-NET CORPORATION: Converts 4th & 5th Bonds to Shares
-----------------------------------------------------
E-Net Corporation disclosed that KRW1,889,380,000 worth of its
fourth and fifth bonds have been converted for 2,178,628 shares,
Reuters News reports.

According to the report, the conversion price of the 4th bond is
KRW760, while the 5th bond's price is KRW881 per share, which
bring the total number of the company's outstanding common
shares to 49,654,777.

The new shares will be listed on July 23, 2007, the report adds.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of  
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter - Asia Pacific reported on March
16, 2007 that Korea Ratings gave E-Net Corporation's fifth
unregistered/unsecured overseas convertible bonds issuance of
US$10 million with warrants a 'B-' rating with a stable outlook
on March 6, 2007.

On March 2, 2007 that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


MAGNACHIP SEMICONDUCTOR: Sets 2Q 2007 Results Conference Call
-------------------------------------------------------------
MagnaChip Semiconductor Ltd. will hold a conference call with
investors and analysts to discuss the Company's second quarter
2007 results on July 26, 2007 at 10:00 a.m. EDT in New York.

The news release disclosing the second quarter 2007 results will
be disseminated before the Nasdaq stock market opens on
Thursday, July 26, 2007 in New York.

The dial-in number for the live audio call beginning at 10:00
a.m. EDT on Thursday, July 26, 2007 in New York is +1-201-689-
8560.  A live webcast of the conference call will be available
on MagnaChip's website at http://www.magnachip.com/

A replay of the call will be available from 1:00 p.m. EDT on
Thursday, July 26, 2007 through midnight on Thursday, August 2,
2007 in New York at http://www.magnachip.com/and by telephone  
at +1-201-612-7415.  The account number to access the replay is
3055 and the conference ID number is 247275, respectively.

                 About MagnaChip Semiconductor

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

                          *     *     *

Moody's Investors Service, on April 20, 2007, downgraded
MagnaChip Semiconductor LLC's corporate family rating to B2 from
B1.  At the same time, Moody's has downgraded the following debt
ratings as issued by MagnaChip Semiconductor Finance Co (US) and
MagnaChip Semiconductor SA:

   1) USUS$100 million 5-year senior secured credit revolver to
      B1 from Ba3

   2) USUS$500 million aggregate floating- and fixed-rate second
      priority senior secured notes due 2011 to B2 from B1

   3) USUS$250 million senior subordinated notes due 2014 to
      Caa1 from B3

The outlook for the ratings is negative.  This concludes the
review for possible downgrade commenced on February 1, 2007. On
Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
The outlook on the long-term corporate credit rating is
negative.


SEQUA CORP: Carlyle Agreement Cues Moody's to Review Ratings
------------------------------------------------------------
Moody's Investors Service reviews the ratings of Sequa
Corporation for possible downgrade in response to the
announcement that the Carlyle Group entered into an agreement to
purchase the publicly traded company for about US$2.7 billion or
US$175 per share.

The company announced that the acquisition will be financed
through a combination of equity and external debt provided by
Carlyle.  Sequa has a Corporate Family Rating of B1.

Moody's review will focus on the impact the proposed transaction
will have on the entity's future capital structure, financial
strategy and credit metrics.  The review will also assess the
degree to which the company's operating strategy will be able to
sustain earnings, cash flow generation and liquidity to support
the new capital structure, which may be comprised of
significantly more debt.  The current debt is primarily composed
of senior unsecured notes, US$498 million 9% due 2009 and US$199
million 8.875% due April 2008.  

The notes' indentures provide a put option to holders in the
event of a change in control.  If these bonds are redeemed in
their entirety, Moody's will withdraw all ratings at the close
of the transaction, expected in the fourth quarter.  The company
also has a small unrated bank credit facility held by certain
foreign subsidiaries consisting of a term loan and letter of
credit facility due 2010.

                      About Sequa Corp.

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/  
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
and Korea.


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

AYER MOLEK: Bursa to Delist Securities on July 24
-------------------------------------------------
The Bursa Malaysia Securities Berhad will delist and remove the
securities of The Ayer Molek Rubber Company Berhad from its
Official List at 9.00 a.m. on July 24, 2007.

On June 6, 2007, the Troubled Company Reporter - Asia Pacific
reported that the bourse decided to delist and remove the
securities of the company after it failed to file its reform
plan for approval to relevant authorities on May 31, 2007.

In addition, the bourse said that its decision to de-list the
securities of the company was also due to its failure to comply
with the minimum issued and paid-up capital of MYR60 million as
required of a company listed on the Main Board of Bursa
Securities.

However, on June 14, 2007, the TCR-AP said that the removal of
the securities of the company on June 13, 2007, was deferred due
to an appeal against the bourse's earlier decision.  Leasing
Corporation Sdn. Bhd., who is the depositor and registered
holder of 452,000 of the company's shares representing 25.11% of
its paid up capital, lodged the appeal before the Appeals
Committee.

"After having considered all the fact and circumstances of the
matter, the Appeals Committee has decided to disallow the
appeal," the bourse said.  

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s,
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.


PROTON HOLDINGS: Won't Merge with Perodua, Finance Sec. Says
------------------------------------------------------------
Proton Holdings Bhd won't merge with another national carmaker
Perodua as the company is still in talks with Volkswagen and
General Motors for a ossible tie up, Malaysia's Finance Ministry
parliamentary secretary Hilmi Yahaya told Bernama News.

Mr. Yahaya also assured with the news agency that the government
will not close down the national carmaker and is still scouring
all avenues to bring about its recovery and become globally
competitive.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


PROTON HOLDINGS: No to Privatization, Government Assures
--------------------------------------------------------
Malaysia's Second Finance Minister Nor Mohamed Yakcop assured
that the government is not planning to privatize ailing national
car maker Proton Holdings Bhd, Bernama News relates.

The assurance came after talks of Proton Holdings being taken
private has surfaced yet again as the car maker continues its
search for the elusive foreign strategic partner, the report
says.

According to The Edge Daily, the talks of privatization has
resurfaced after JP Morgan, in a repeat of its view more than a
year ago, stated that Proton may be headed for privatization,
and "broken up", with key assets injected into a "new company"
that will facilitate the entry of the foreign partner.

JP Morgan, according to The Edge, even upgraded its outlook on
Proton to neutral with a target price of MYR6 on the assumption
that the government would privatize Proton as a first step to
the restructuring story.

"Our upgrade lies in the assumption that the government will
privatize Proton as a first step to the restructuring story,
before the assets are re-injected into a private entity.  
Although the outcome of the negotiations with VW is still
inconclusive, we believe that a decision will be made rather
soon given the impatience of all parties involved to resolve the
issue," JP Morgan was quoted by The Edge as saying in a report.

JP Morgan believes that a local party, most likely Khazanah
given its 42.7% stake, would privatize Proton, where it would
then break up Proton and inject key assets into the "newco"
whereby Volkswagen would take up 51% and the rest by a local
party.  We believe that this is the most likely outcome arising
from the negotiations, given that VW is only interested in the
selected few assets in Proton.  Proton would need to be
privatized and be removed from public scrutiny and public
shareholders in order for the "break-up" on Proton to take
place," it said.

"We are also uncertain whether VW will offer cash, shares, a
waiver-in-kind for the royalty fees, or a combination of the
above in exchange for the 51% stake of the newco," JP Morgan
said.

It also believes that the deal structure would be complex and
would serve to benefit VW rather than the government, despite
the government's intention to retain the identity of Proton.  
"While we do not think that the local bidders are capable of
solving the issues plaguing Proton, we expect a local party to
absorb the remaining 49% of the newco, assuming that Proton will
remain as a private entity," JP Morgan said.

However, the minister insisted that discussions are ongoing
between Proton and Germany's Volkswagen and the government wants
to forge a deal for Proton sooner rather than later.

"We are really putting it on a fast track and trying to solve it
as soon as possible," Nor Mohamed told Bernama.

In addition, Hilmi Yahaya, the finance ministry parliamentary
secretary also expressed that the government will not allow
Proton to go bust, even if plans for a foreign tie-up fail to
materialize, but there are no plans to take it private.

"The government will not let Proton die because it is our
national car and we need to preserve the country's reputation,"
Mr. Hilmi was quoted by national Bernama news agency as telling
parliament.

He was responding to a question on whether state-owned Proton,
which is losing both money and market share, will fold up if it
fails to find a foreign partner, Associated Press relates.

The government, via its investment arm Khazanah Nasional Bhd,
controls a 43% stake in Proton.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


TENGGARA OIL: Imperial Steel Gets Judgment in Unit's Default
------------------------------------------------------------
Tenggar Oil Bhd disclosed with the Bursa Malaysia Securities Bhd
that its subsidiary company, Tenggara Lubricant Sdn. Bhd, has
been served with a judgment in default order on April 17, 2007.

The judgement in default order was dated March 14, 2007, and was
served by Imperial Steel Drum Manufacturers Sdn. Bhd and was
issued by the Session Court of Melaka for these claims:

    1) Total sum of MRY174,425.54;

    2) Interest rate of 8% per annum from maturity date up to
       the date of full settlement; and

    3) Legal costs of MYR1,962.00.

Headquartered in Kuala Lumpur, Malaysia, Tenggara Oil Berhad is
undertaking a divestment and restructuring exercise, which will
reposition it as a service oriented and trading group from its
current resource-based businesses.  Current businesses include
investment holding, supply of ready mixed concrete, property
holding, management and construction.  As part of a corporate
revamp exercise, the Company has repositioned itself in the oil
and gas business, which will be its core business.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


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

ACCESS & ASSOCIATES: Proofs of Debt Due on July 20
--------------------------------------------------
The shareholders of Access & Associates Ltd. are required to
file their proofs of debt to Peri Micaela Finnigan and Boris van
Delden on July 20, 2007.

Ms. Finnigan and Mr. van Delden were appointed as liquidators of
the company on June 7, 2007.

The Liquidators can be reached at:

         Peri Micaela Finnigan
         Boris van Delden
         McDonald Vague
         PO Box 6092, Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


AWATEA VISIONS: Sets July 16 as Last Day to File Claims
-------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of Awatea Visions Ltd. on June 11, 2007.

Accordingly, creditors are required to file their proofs of debt
by July 16, 2007, to the liquidators to be included in the
company's dividend distribution.

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


BARDA FURNITURE: Creditors' Claim Must be in by July 15
-------------------------------------------------------
Barda Furniture Ltd fixed July 15, 2007, as the last day for
creditors to file their proofs of debt.

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

The company's liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


BRIDGECORP: Receivership a Major Wake-Up Call, S&P Says
-------------------------------------------------------
Standard & Poor's Ratings Services believes the receivership on
Monday July 2, 2007 of Bridgecorp, a New Zealand commercial
property finance company, unambiguously highlights the need for
strengthened regulations in the New Zealand Non-Bank Deposit-
Taking sector announced last month by the New Zealand
Government.  Standard & Poor's will carefully monitor the impact
of the Bridgecorp default on the NBDT sector, in particular, its
potential effects on market confidence and the spill-over
effects this could have on New Zealand's extraordinarily large
number of retail debenture-issuing finance companies.  
Bridgecorp was not rated by Standard & Poor's.

                     Four Past Failures Signal
                  Importance Of Proposed Reforms

From an NBDT industry risk perspective, the Bridgecorp default--
being the fourth failure in the NBDT sector over the past year
or so -- most notably occurred during a time when macroeconomic
conditions have been favorable for finance company lenders.
Consequently, Standard & Poor's believes that defaults in the
NBDT sector during an economic downturn could be significantly
higher than that experienced recently, considering that the four
failures occurred during relatively good times.

"The failure of Bridgecorp during favorable macroeconomic times
highlights the need for the NBDT sector to get its house in
order before the next economic and property cycle," said Gavin
Gunning, Director, Corporate and Government ratings.  "Coupled
with the failures of three other finance companies, these events
are an unequivocal red flag signaling that reforms need to occur
within the industry as a matter of priority if more investors
are not to lose out when the economic cycle turns."

               Initiatives to Strengthen NBDT Sector

As a counterpoint, however, Standard & Poor's notes that many
NBDTs have been accelerating initiatives to strengthen their
businesses in anticipation of impending regulatory changes
affecting the NBDT sector.  Initiatives evident from Standard &
Poor's dialogue with NBDTs include NBDTs diversifying funding
sources, securitizing assets, streamlining organizational
structures, evaluating mergers and strategic alliances, and
improving corporate governance.  While these initiatives are in
principle viewed favorably, they are yet to be fully implemented
and have not been tested in an economic downturn.

In addition, the finance company segment of the New Zealand NBDT
sector remains very crowded with about 70 retail debenture-
issuing finance companies, which is a large number for the size
of the country's population.  Standard & Poor's believes the
finance company industry has significant scope for
consolidation, with a smaller number of individually stronger
companies likely to strengthen the industry in the long term.

          Credible Credit Ratings Add Value to Investors

The Bridgecorp failure will highlight to investors the higher
risks of some NBDTs.  To regulators, it may manifest in a
heightened urgency to implement recently announced reforms. A
major challenge for investors currently, however, is
differentiating between stronger and weaker NBDTs; a role where
Standard & Poor's believes it can add value by assigning
credible, independent credit ratings.

Standard & Poor's believes that investors should gain some
comfort from the likelihood that, based on an analysis of public
information, many financially stronger NBDTs in the industry
could achieve a rating in the 'BBB' or 'BB' rating categories.
NBDTs that achieve a 'BBB' or 'BB' category rating are likely to
be amongst the better-rated companies in the sector.  "Based on
public information we believe that there are some sound
companies in the New Zealand NBDT sector in which investors can
have confidence," said Mr. Gunning.  "At this stage however many
of them are not publicly rated by Standard & Poor's."

"The receivership of Bridgecorp highlights the need for credible
ratings in the NBDT sector.  It equally highlights that all
ratings are not the same," said Mr. Gunning. A feature of the
New Zealand NBDT sector is the absence of independent credible
benchmarks to guide investor decision-making, including
assisting the financial advisory community in making
recommendations to the investing public.  Based on current or
recent information in the public domain, Bridgecorp had been
rated by at least three ratings providers.  Standard & Poor's
however did not rate Bridgecorp.

"Standard & Poor's most important priority in the New Zealand
NBDT sector is investor education, which include a range of
initiatives being introduced," Mr. Gunning said.  "These
initiatives are geared toward explaining the significance of
credible ratings and improving financial literacy concerning
ratings in New Zealand".

                  Impact of Bridgecorp Default
            on Investor Confidence Being Monitored

Standard & Poor's will closely monitor market reaction to the
Bridgecorp default.  Investor confidence in the retail
debenture-issuing sector will undoubtedly be negatively
affected, although the extent of the reaction is difficult to
predict.  Based on information in the public domain, some of
Bridgecorp's difficulties were well documented, which may soften
the blow from a market confidence perspective.  Regrettably,
this factor will be of little comfort to New Zealand mum-and-dad
investors that were funding Bridgecorp to the tune of nearly
NZ$500 million.

The Bridgecorp default was unique compared with the three NBDT
failures of last year.  Bridgecorp was a commercial property
rather than a consumer financier, and the size of the Bridgecorp
default is larger than the combined size of the three NBDT
defaults of last year.  These two factors could have the most
immediate impact on market confidence once they are understood
by the investing public.

                 Funding Sensitivities Could Emerge
                     for Some Finance Companies

The greatest sensitivity impacting the NBDT industry in the
short term is the potential impact of the Bridgecorp default on
the funding bases of retail debenture-issuing finance companies.
"Industry sensitivities in the short term are likely to be
liability-driven for finance companies, in contrast to asset-
driven industry sensitivities -- which include higher nonperforming
loans -- when the economic cycle eventually turns," said Mr.
Gunning.  "Debenture renewal rates are likely to be one of the
best barometers of retail investor confidence and will be
monitored by Standard & Poor's."

Potential increased funding sensitivities include finance
companies being heavily dependant on retail investors to renew
their investments upon maturity.  The extent to which investor
confidence is affected is most likely to be seen in finance
company renewal rates.  The financial advisory and planning
community may have a critical say in this regard.  Some finance
companies have very concentrated funding profiles and are
heavily dependant on a few financial advisors in distributing
their debenture products.  The extent to which financial
advisors decide to change their investment mix and
recommendations in the wake of the Bridgecorp receivership could
manifest in funding difficulties for some finance companies.

Standard & Poor's believes financial advisors are most likely to
scrutinize finance companies engaged in commercial property and
property development, and potentially those with concentrated
distribution capabilities.  "In our opinion, the Bridgecorp
receivership will clearly reinforce to the New Zealand financial
advisory community the importance of appropriate research in
formulating NBDT recommendations for retail investors," Mr.
Gunning concluded.

Ratings are statements of opinion, not statements of fact or
recommendations to buy, hold, or sell any securities.  Standard
& Poor's (Australia) Pty. Ltd. does not hold an Australian
financial services license under the Corporations Act 2001.  Any
rating and the information contained in any research report
published by Standard & Poor's is of a general nature.  It has
been prepared without taking into account any recipient's
particular financial needs, circumstances, and objectives.
Therefore, a recipient should assess the appropriateness of such
information to it before making an investment decision based on
this information.

                        About Bridgecorp

Based in New Zealand, Bridgecorp Ltd is a property development
and finance company.

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


CENTURY FURNITURE: Taps Crichton and Horne as Liquidators
---------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of Century Furniture Christchurch Limited on
June 11, 2007.

The Liquidators fixed July 15, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


FIRST DATA: Michael Capellas Named as Chief Executive Officer
-------------------------------------------------------------
First Data Corp. reported that Michael D. Capellas will become
chief executive officer following completion of the acquisition
of the company by an affiliate of Kohlberg Kravis Roberts & Co.  

Mr. Capellas will succeed Henry C. Duques who has served as
chairman and CEO since November 2005, and previously served as
chairman from 1989 to 2003 and CEO from 1989 to 2002.  Mr.
Duques announced his intention to retire within two years when
he returned to the chairman and CEO roles in late 2005.

Prior to completion of the KKR transaction, Mr. Capellas will be
working closely with KKR and the First Data management team.

Mr. Capellas is a widely respected executive in technology-
related and other industries. Most recently, he served as CEO of
MCI Inc., formerly Worldcom, from 2002 until its acquisition by
Verizon in 2006, and Chairman from 2002 to 2004.  He also served
as CEO of Compaq Computer Corporation from 1999 to 2002, and
chairman from 2000 to 2002.  He subsequently served as president
of Hewlett-Packard Company following the acquisition of Compaq
by Hewlett-Packard.  Since 2006, Mr. Capellas has served as a
senior advisor to Silver Lake Partners, an investment firm
focused on investments in technology-related industries.

Scott C. Nuttall, a Member of KKR, said: "We are delighted to
have recruited a world-class executive like Michael Capellas to
become CEO of First Data.  [Mr. Capellas] has a strong track
record for vision, innovation and value creation in large
technology-related businesses and is ideally suited for this
position.  We are confident that he will deepen customer
relationships, and his leadership will be characterized by the
same excitement and passion for success that he brought to his
previous companies."

Mr. Capellas said: "As a leading provider of electronic commerce
and payment solutions for financial institutions, merchants and
other organizations throughout the world, First Data has had a
tremendous heritage for success.  I look forward to joining
First Data at this pivotal time and believe the company is
uniquely positioned to pioneer innovative technologies for the
next-generation of electronic and mobile commerce around the
world."

Ric Duques, chairman and CEO of First Data, said: "[Mr.
Capellas] is by any measure an accomplished, energetic and
visionary CEO and I will be stepping down with the utmost
confidence that he will be leading this great company to an even
brighter future.  Under [Mr. Capellas]'s leadership, I am
certain that the company will find more innovative ways to grow
First Data's powerful competitive position in the electronic
payment and merchant markets, as well as its rapidly expanding
international business."

James D. Robinson III, chairman of First Data's executive
committee, said: "We are very pleased to attract Michael
Capellas and his extraordinary track record for success to First
Data.  We would also like to thank Ric Duques for his many years
of dedicated service to First Data.  He has been the driving
force behind making First Data the great company that it is
today, and we want to wish [Mr. Duques] a fulfilling
retirement."

Mr. Capellas joined Compaq in 1998 as chief information officer
and also served as chief operating officer before being named
CEO.  Prior to joining Compaq, he served in senior-level
positions with Oracle Corporation and SAP AG and in a variety of
technology and financial positions with Schlumberger Ltd.  Mr.
Capellas received a bachelor of business administration degree
from Kent State University.  He is a member of the Board of
Directors of Cisco Systems Inc. and serves on the national board
of the Boys and Girls Club of America.

It is expected that KKR's acquisition of First Data will be
completed by the end of the third quarter of 2007, subject to
the approval of First Data shareholders, regulatory approvals
and customary closing conditions.

                         About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at
2 million ATM and retail locations.

                          *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.  The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about $29
billion.


G N DESIGN: Names van Delden and Finnigan as Liquidators
--------------------------------------------------------
The High Court of Auckland named Boris van Delden and Peri
Micaela Finnigan as the liquidators of G N Design Ltd. on
June 8, 2007.

The Liquidators are receiving the creditors' proofs of debt
until July 13, 2007.

The Liquidators can be reached at:

         Boris van Delden
         Peri Micaela Finnigan
         McDonald Vague
         PO Box 6092, Wellesley
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


HIGHRISE CONTRACTORS: Proofs of Debt Due Today
----------------------------------------------
The High Court of Auckland appointed John Trevor Whittfield and
Peri Micaela Finnigan as the liquidators of Highrise Contractors
Ltd. on May 24, 2007.

The Liquidators fixed today, July 13, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         John Trevor Whittfield
         Peri Micaela Finnigan
         McDonald Vague
         PO Box 6092, Wellesley
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


HOLMES DECORATING: Names Bryan Edward Williams as Liquidator
------------------------------------------------------------
On June 8, 2007, Bryan Edward Williams was named as the
liquidator of Holmes Decorating Ltd.

Accordingly, Mr. Williams required the creditors of the company
to file their proofs of debt by July 9, 2007.  Failure to comply
will result to exclusion from sharing in the company's dividend
distribution.

The Liquidator can be reached at:

         Bryan Edward Williams
         c/o Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road
         RD 2, Henderson 0782
         New Zealand
         Telephone:(09) 412 9762
         Facsimile:(09) 412 9763


SAFRA MOTORS: Creditors' Proofs of Debt Due by July 13
------------------------------------------------------
Paul Graham Sargison and Gerald Stanley Rea were appointed as
liquidators of Safra Motors Ltd. on June 12, 2007.

Messrs. Sargison and Rea require the company's creditors to file
their proofs of debt by July 13, 2007.

The Liquidators can be reached at:

         Paul Graham Sargison
         Gerald Stanley Rea
         Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


WAITOKI PROPERTIES: Appoints Fatupaito and McCloy as Liquidators
----------------------------------------------------------------
On May 17, 2007, Vivian Judith Fatupaito and Colin Thomas McCloy
replaced Rory Grieve and Peter Jollands as the liquidators of
Waitoki Properties Ltd.

Creditors are required to file their proofs of debt to the
liquidators by Aug. 17, 2007, to be included in the company's
dividend distribution.

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         PricewaterhouseCoopers
         188 Quay Street
         Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


XPHE LTD: Shareholders Agree to Liquidate Business
--------------------------------------------------
The shareholders of XPHE Ltd. resolved to liquidate the
company's business on June 11, 2007.

Creditors who will be able to file their proofs of debt by
July 13, 2007, will be included from sharing in the company's
dividend distribution.

The company's liquidators are:

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


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

NAPOCOR: Seeks Clarification on ERC's Price Fixing Allegations
--------------------------------------------------------------
The National Power Corp. will ask the Energy Regulatory
Commission to clarify its price manipulation charges against the
company regarding certain communications with the Power Sector
Assets and Liabilities Management Corp, the Philippine Star
reports.

The Troubled Company Reporter-Asia Pacific had reported on
Wednesday that the ERC will talk to NAPOCOR after the
investigation on PSALM revealed correspondence made by NAPOCOR
President Cyril del Callar to PSALM urging it to sign an
agreement on the revenue requirement for each of its trading
team.  Mr. del Callar also instructed the groups to bid prices
based on the Commission's approved time of use rates.

PSALM does trading on NAPOCOR's behalf, the TCR-AP said.  The
investigation also resulted in PSALM being acquitted of the
price fixing charges, which were filed by the Philippine
Electricity Market Corp. in November 2006, the TCR-AP added.

For his part, Mr. del Callar told the Star that his company will
seek clarification on what the ERC considers inappropriate
behavior, as some evidences may have been misinterpreted.  He
also said that the company fully understands the ERC's concerns
for the investigation, as it merely shows that the systems
established through the Electric Power Industry Reform Act are
working to uphold the interests of electric consumers.

Mr. del Callar also revealed that the company is reviewing its
scope and style of the communications with PSALM to avoid
misinterpretation in the future.

                         About NAPOCOR

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16-
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.

                          *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines.  This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.  
Napocor will use the proceeds for capital expenditure.

On October 25, 2006, Fitch Ratings assigned a rating of 'BB' to
the US$500 million fixed-rate notes issued by National Power
Corporation in the Philippines.


NIHAO MINERAL: In Talks With Chinese Firms for Possible Alliance
----------------------------------------------------------------
NiHao Mineral Resources International Inc. is in discussions
with Chinese companies to establish world-class tenements in the
Philippines, executive director Francis Tan told the Philippine
Daily Inquirer in an interview.

The company also plans to buy mining rights on a 7,103-hectare
nickel property located in Botolan and Iba, Zambales, Mr. Tan
further said.  The transaction is still subject to a financial
audit, according to the NiHao executive.

Mr. Tan further revealed to the Inquirer that the company is
also planning a stock rights offering to take place possibly
during the second half of 2007.  NiHao expects its proceeds from
the sale to reach PHP700 million, he added.

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.  

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for 2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


PHIL REALTY: Only PHP100 Million Left Out of PHP2-Billion Debt
--------------------------------------------------------------
Only PHP100 million is left unpaid out of PHP2 billion that the
Philippine Realty and Holdings Corp. owes its creditors,
signifying that the company is heading towards full business
recovery soon, the Philippine Daily Inquirer says.  

According to PhilRealty's rehabilitation counsel, Atty. Amado
Santiago Jr., the company now has one remaining creditor to
which its obligations remain unsettled.  PhilRealty is now ready
to resume its flagship residential project, Andrea North Skyline
Tower in Quezon City, after it was suspended in 2000, the
Inquirer suggests.

The company entered into rehabilitation in 2003, after it
incurred huge losses from 1999 until 2001 due to the sudden
decline in the rental rates for condominium units and occupancy
rates.  

In June last year, the company settled its debts with its
largest creditor bank by selling its mortgaged shares in the
International Exchange Bank.  The company took off
PHP1.1 billion from its outstanding debts as a result of the
transaction.  The article then recounts that by the end of 2006,
the company reported its second consecutive net income, earning
PHP686.8 million for the year, following a PHP323.5 million net
income in 2005.

According to the Inquirer, Tower 2 of its twin tower Icon
Residences joint venture with XCell Property Ventures Inc. is
now 75% sold, and its construction is expected to be completed
at the end of 2009.  Tower 1 is also scheduled to be finished by
June 2009, the article added.

The company also sold its shares in A. Brown Co. for about
PHP100 million last year.  

              About Philippine Realty and Holdings

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

The objectives of the rehabilitation plan are:

    1. to pay all of Philippine Realty's creditors in a fair and
       just manner;

    2. to complete and deliver the Andrea Skyline Condominium
       units to its existing buyers; and

    3. to protect the investments of the shareholders,
       particularly the small public investors, by keeping the
       business viable and profitable.

At December 31, 2006, the parent company's total debts stood
at PHP829.49 million.


WENDYS INTERNATIONAL: Discloses Second Quarter Same-Store Sales
---------------------------------------------------------------
Wendy's International, Inc., disclosed Friday preliminary same-
store sales for the second quarter of 2007, which ended July 1.

Average same-store sales at U.S. company restaurants increased
0.7% for the period, while average same-store sales at U.S.
franchise restaurants increased 0.4%.

"We've now delivered 13 consecutive months of positive same-
store sales," said Chief Executive Officer and President Kerrii
Anderson.  "We built on positive sales a year ago and lapped our
highest unit volumes of 2006 in June. Our menu management
strategy, new products, and improving marketing and restaurant
operations have enabled us to continue our momentum.

"Second-quarter same-store sales growth was not as strong as the
first quarter as we continue to execute our market-based pricing
strategy. We believe this is impacting transactions in the short
term, but will position us to produce profit expansion in the
future."

                        About Wendy's

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                         *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


* Phil. Government Plans October Sale for 40% Stake in PNOC-EDC
---------------------------------------------------------------
Finance Secretary Margarito Teves said that the Government plans
to sell another 40% of its holdings in PNOC-Energy Development
Corp. by October, after a successful secondary offering on
Tuesday, the Philippine Star reports.

The company earned PHP17.1 billion from the sale of three
billion shares, or 13% of PNOC-EDC, to foreign investors at
PHP5.70 per share.  The parent firm, PNOC, now has 47% holdings
in PNOC-EDC, the article says.

Mr. Teves further told the Star that the Government would
request PNOC-EDC's board to remit its entire earnings, as the
amount would significantly boost revenue collections and enable
the Government to keep its budget deficit target of
PHP63 billion.  

The Government also hopes to gain PHP50 billion from selling its
60% stake in PNOC-EDC, another PHP50 billion from San Miguel
Corp., and at least PHP5 billion by auctioning off its 14% stake
in the Manila Electric Co., the report adds.

                          *     *     *

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
=================

EXPORT TRADE: Receiving Proofs of Debt Until August 6
-----------------------------------------------------
The creditors of Export Trade (Singapore) Pte Ltd are required
to file their proofs of debt by August 6, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


EXPORT TRADE: Receiving Proofs of Debt Until August 6
-----------------------------------------------------
The creditors of Export Trade (Singapore) Pte Ltd are required
to file their proofs of debt by August 6, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


GUTHRIE BATAM: Pays Dividend to Unsecured Creditors
---------------------------------------------------
Guthrie Batam Resort Marketing Services Pte Ltd, which is in
compulsory liquidation, paid dividend to its unsecured creditors
on July 6, 2007.

The company paid 8.932% to all admitted unsecured claims while
100% to all admitted preferential claims.

The company's liquidator is:

         Timothy James Reid
         Ferrier Hodgson
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


INTERNATIONAL HOTEL: Creditors' Proofs of Debt Due by August 6
--------------------------------------------------------------
International Hotel Management School Pte Ltd, which is in
voluntary liquidation, requires its creditors to file their
proofs of debt by August 6, 2007.

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

The company's liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


OFFICE 1 PTE: Deadline for Proofs of Debt Set on August 6
---------------------------------------------------------
Office 1 Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by August 6, 2007.

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

The company's liquidators are:

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


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

DAIMLERCHRYSLER AG: Chery and Chrysler Finalize Cooperative Pact
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group and Chery Automobile Co.
have finalized the highly anticipated cooperative agreement
between the two automakers.

Chinese governmental authorities from the State Development and
Reform Commission officially approved the agreement and marked
the occasion by hosting a first-of-its-kind signing event.  The
ceremony was held at Beijing's Diaoyutai State Guesthouse.

Under the agreement, Chery and Chrysler will work together to
develop, manufacture and distribute Chery-made small and sub-
compact cars in North America, Europe and other major automotive
markets under the Chrysler brands.

"This is a win-win for both of our companies, and I am confident
this will be a successful relationship," said Chery Automobile
Co. Chairman and President Yin Tongyue.  "Chrysler brands are
very well known in the U.S. and Europe.  We're prepared to work
with Chrysler to expand their small-vehicle lineup with
competitive products and accelerate both our companies'
international competitiveness."

Chrysler will identify several small-car models now being
developed by Chery in China and work collaboratively to make any
necessary branding and regulatory modifications prior to their
entry into other markets.  Both companies also will jointly
develop new globally competitive products based on future Chery
small-car platforms.

Strategic growth in international markets -- while defending
market share in North America -- is an important part of
Chrysler's Recovery and Transformation Plan.

"This is the start of a very long relationship between Chrysler
and Chery," said Chrysler Group President and CEO Tom LaSorda.  
"Chery's participation in this agreement and their focus on
small and sub-compact cars will have a nearly immediate effect
on Chrysler's offerings in the small-vehicle segments.  This
strategic partnership is part of a new business model that is
allowing us to introduce all-new products more quickly, with
less capital spending."

This is not the first milestone for Chrysler in China.  
Chrysler's relationship with China began 25 years ago when it
formed Beijing Jeep Corp., the first international automotive
joint venture in the country.

The DaimlerChrysler Supervisory Board approved the framework for
the agreement earlier this year.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,  
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


TONGKAH HARBOUR: THB52.8-Mil. Fine Could Warrant Return to Rehab
----------------------------------------------------------------
Tongkah Harbour PCL is set on challenging the Department of
Primary Industries and Mines' THB52.8-million fine for allegedly
importing gold bullion without the necessary permit, while
analysts say that the fine will have negative impact on the
company including a return to rehabilitation.

The Troubled Company Reporter-Asia Pacific had reported
yesterday that the DPIM had fined the company's subsidiary
Tungkum Ltd. for shipping 105 kilogrammes of gold dore bullion
allegedly without the DPIM's authorization.  Tungkum denied the
allegations, and insisted that DPIM officials had inspected the
shipment before they were sent off, the TCR-AP said.

Ronald Ng Wai Choi, THL's managing director, told the Bangkok
Post that the company will submit a petition to the Industry
Ministry regarding the fine and, if that fails, seek
arbitration.  If that doesn't resolve the issue, the company
will take its challenge to the court.  Mr. Choi said that the
company believes it is in full compliance of the law, and that
DPIM was being unfair.

DBC Vickers Securities (Thailand) told the Nation that the fine
would force the company to post a loss of about THB40 million
for 2007, instead of the THB14 million net profit that it had
forecasted.  A Siam City Securities Analyst further said that
the THL could possibly be sent back to rehabilitation if the
fine is required to be reported as an expense in its 2006
financial statements, the Nation added.

                    About Tongkah Harbour

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co-- is primarily  
engaged in mining operations.  The company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

                       Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported that after
auditing the company's financial report for the third quarter
and nine-month periods ended Sept. 30, 2006, Kesree Narongdej of
A.M.T. & Associates Ltd expressed doubt on Tongkah's continued
operations as a going concern.  

According to the auditor, the company and its subsidiaries have
experienced the continuous operating losses, and its
consolidated financial statements for nine-month period ended
September 30, 2006, showed operating losses of THB44.78 million
and a working capital deficit of THB173.74 million.  These may
have significant effect on the liquidity status and the going
concern position of the company.


SIAM COMMERCIAL: Increases Shareholdings in Nat'l ITMX to 16.47%
----------------------------------------------------------------
Siam Commercial Bank PCL bought 47,985 additional ordinary
shares in National ITMX Co. Ltd. from PCC Capital Co. Ltd. on
Wednesday under an agreement entered into on July 19, 2005.

According to a disclosure with the Stock Exchange of Thailand,
the shares were priced at THB25 per share, for a total value of
THB1.19 million.  The bank now holds 82,335 shares in ITMX,
equal to 16.47% of its total paid-up capital.

ITMX has a registered capital of THB50 million, with THB13.25
million paid-up capital.  The shares have a par value of THB100
each.

                   About Siam Commercial Bank

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal     
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.  
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006, following the
military coup.  The Outlook on their ratings is now Stable.

After the rating action, SCB's ratings are as follows:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+;
    * Subordinated debt BBB.

On May 4, 2007 Moody's Investors Service assigned the following
ratings for SCB:

    * D+ bank financial strength rating with a positive outlook.
    * Baa1/P-2 foreign currency deposit ratings with a stable
      outlook.
    * A3/P-1 local currency deposit ratings with a positive
      outlook.


THAI DURABLE: Names P. Dhanasuckanchana as Managing Director
------------------------------------------------------------
Thai Durable Group PCL's board of directors met and appointed
Paripol Dhanasuckanchana as the company's new managing director
effective July 5, 2007.

The directors also approved the authorization of these directors
to sign and affix the company's seal on company documents:

    * Chavalit Thonglim
    * Kamol Kongthon
    * Police Lt. Gen. Chaithep Yimlamai
    * Narin Nokhuntod
    * Paripol Dhanasuckanchana

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

                       Going Concern Doubt

Jadesada Hungsapruek at Karin Audit Company Limited raised
significant doubt on the company's ability to continue as a
going concern due to:

   * the company's significant accumulated losses;

   * the company's recurring loss from operations;

   * the company's deficit as of December 31, 2006 of
     THB1.25 billion;

   * incurring negative cash flows from operating activities for
     the year ended December 31, 2006 amounting to
     THB85.92 million;

   * current liabilities exceeding current assets as of
     Dec. 31, 2006 by THB851.13 million;

   * the company's default on short-term loans and long-term
     loans from two local banks which were due.

Mr. Jadesada adds that the continuing operation of the company
in the future substantially depends on

   a) results of the negotiation with the financial institution
      creditors relating to the postponement of such loans, and
   b) the new business plan of the Company and its ability to
      operate successfully in the future and has adequate cash
      flows from operations.


THAI WAH: Schedules General Shareholders' Meeting on August 9
-------------------------------------------------------------
Thai Wah PCL will hold an extraordinary general meeting of
shareholders on August 9, 2007 to consider the election of
appropriate directors to replace those that had resigned, and
the scope of their powers.

The share register book will be closed starting July 20 until
the conclusion of the meeting to determine the rights of
shareholders to attend the meeting.

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: Gets Nod on Purchase of Subsidiaries' Shares
---------------------------------------------------------------
The Bank of Thailand has approved the purchase by Thanachart
Bank PCL of shares in the eight subsidiaries within the
Thanachart Group from Thanachart Capital PCL, a bank disclosure
with the Stock Exchange of Thailand says.

This is part of the bank's restructuring of the shareholdings
within the Group.

Details of the Purchase:

   Company Name                Par Value        Quantity
   ------------                ---------      -------------
   Thanachart Securities          THB1        1,499,999,930
   Thanachart Fund Management        10           7,499,993
   Thanachart Insurance              10          38,999,434
   Thanachart Life Insurance         10          49,999,400
   Thanachart Group Leasing          10          35,999,994
   Thanachart Broker                 10           9,999,000
   Thanachart Legal and Appraisal    10             999,993
   Thanachart Management& Services   10             599,993

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 the
following ratings:

   * A- National Long-term rating  
   * F2 Short-term rating
   * 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
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


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
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
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.

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