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                     A S I A   P A C I F I C  

             Monday, July 16, 2007, Vol. 10, No. 138

                            Headlines

A U S T R A L I A

ANALIS CONSULTING: Sets Joint Meeting for July 31
C.M.C. (AUSTRALIA): Members Resolve to Close Business
D.J. BARNES: Members & Creditors to Meet on August 3
J. C. LEWIS: Members to Receive Wind-Up Report on Aug. 8
JOWELL PTY: Joint Meeting Set for August 3

LEETON PEAK: Creditors' Proofs of Debt Due on July 31
MINUET PTY: Sets Members' Meeting for August 15
PITKETHLY HOLDINGS: Placed Under Voluntary Liquidation
RON MCCURDY: To Declare Dividend on August 8
TACA (AUSTRALIA): Liquidator to Give Wind-Up Report on Aug. 3

* ASIC Prosecutes 124 Company Officers Over Public Complaints


C H I N A   &   H O N G  K O N G

BANK OF COMMUNICATION: In Talks to Take 10% in Changsu Real
CASCADES INC: Moody's Rates CND$100 Mil. Credit Facility at Ba3
CHINA MINSHENG: Fitch Lifts Individual Rating to D
DANA CORP: Mauritius Unit Closes 4% Capital Buy of Dongfeng Dana
DEVI NAVIGATION: Placed Under Voluntary Liquidation

FOUNDATIONASIA LIMITED: Liquidator Quits Post
LOK SHIPPING: Appoints Chong and Tang as Liquidators
MAK KEE: Taps Kwok Yiu Cheong as Liquidator
PERIVALE LIMITED: Requires Creditors to File Claims by Aug. 13
POWER SPEED: Members' Final Meeting Set for August 15

SENIOR HOME: Sets Final Meeting for August 17
TCL MULTIMEDIA: Shows Over-Subscription of Proposed Rights Issue
TOA TRAING: Commences Liquidation Proceedings
TRADEFIT INVESTMENTS: Members to Hear Wind-Up Report on Aug. 15
ZTE CORP: To Build Cellular Phone Line Network for Nepal Telecom


I N D I A

BANK OF INDIA: Fitch Upgrades Individual Rating to C/D From D
GENERAL MOTORS: Bear Stearns Puts Peer Perform Rating on Shares
HANOVER COMPRESSOR: Shareholders to Vote August 16 on Merger
STATE BANK OF INDIA: Government Names Two Non-Official Directors
TATA MOTORS: US$490-Mil. Bonds Get S&P's 'BB+' Rating

UTI BANK: Shareholders Approve Issue of up to 4,23,97,400 Shares


I N D O N E S I A

ALCATEL-LUCENT: To Publish 2nd Quarter Results on July 31
FREEPORT-MCMORAN: Cuts Term Debt to US$2.45 Billion at June 30
FREEPORT-MCMORAN: Fitch Affirms BB Issuer Default Rating
HILTON HOTELS: Faces Suit in Del. Over US$20B Sale to Blackstone
NUTRO PRODUCTS: Notes Redemption Cues S&P to Withdraw Ratings

* Fitch Ratings Comments on Indonesia's Finance Companies


J A P A N

ADVANCED MEDICAL: Offers US$4.3 Billion for Bausch & Lomb
ADVANCED MEDICAL: Moody's Retains Review on Low-B Ratings
DAIEI INC: Posts JPY8.7 Billion Operating Profit for Q1 for FY07


K O R E A

DURA AUTOMOTIVE: Committee Wants EBITDA Outlook Disclosed
DURA AUTOMOTIVE: Toyota Wants Decision on Leases by July 24
EUGENE SCIENCE: Completes US$2 Million Financing
FRESH DEL MONTE: S&P Puts Preliminary B Rating on Sr. Unsec Debt
UAL CORP: Discloses June 2007 Plan Consummation Status Report

WOORI BANK: Wins Approval to Open Another China Bank Branch


M A L A Y S I A

SHAW GROUP: Expects to File Restated Financials on July 31
SHAW GROUP: Brings In Jeffrey Merrifield as VP-Power Group
STAR CRUISES: Resorts World Cuts Shareholding by 14.02%
PROTON HOLDINGS: Unit Enters China Market Via Jinhua Youngman


N E W  Z E A L A N D

AUCKLAND MANAGEMENT: Faces CIR's Wind-Up Petition
DALMORE PROPERTIES: Court to Hear Wind-Up Petition Today
DENNY'S CORP: Same-Store Sales Up 2.8% in 2007 Second Quarter
FOGDEN DRAINAGE: Taps Murray G. Allott as Liquidator
FOXTON CARAVANS: Commences Liquidation Proceedings

GLOBETROTTERS (2004): Enters Wind-Up Proceedings
MASANAK CONSTRUCTION: Fixes August 17 as Last Day to File Claims
NORTH ISLAND: Court to Hear Wind-Up Petition on August 9
POTTER GROUP: Receiving Proofs of Debt Due Today
RAVENSWOOD PAINTING: Creditors' Proofs of Debt Due Today

STEEL BUILDING: Undergoes Liquidation Proceedings


P H I L I P P I N E S

PHIL NAT'L BANK: Could Earn PHP10 Billion From Planned Offering
PHIL LONG DISTANCE: Unit Shifts Business to Tap Into OFW Markets


S I N G A P O R E

GOH HUP: Creditors Set to Meet on July 19
HEXION SPECIALTY: Inks Definitive Merger Pact with Huntsman
KESTREL PROPERTIES: To Declare Dividend on July 24
LEVI STRAUSS: May 27 Balance Sheet Upside-Down by US$865.2 Mil.
LIAN HUAT: Fixes July 21 as Last Day to File Claims

P.E.M. INVESTMENTS: Sets July 20 as Last Day to File Claims
POLYONE CORP: Fitch Lifts Issuer Default Rating to BB-


T H A I L A N D

BANGKOK BANK: To Invest THB6 Billion in Information Tech Systems

     - - - - - - - -

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

ANALIS CONSULTING: Sets Joint Meeting for July 31
-------------------------------------------------
The members and creditors of Analis Consulting Pty Ltd will have
their joint meeting on July 31, 2007, at 11:00 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         A. R. Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                    About Analis Consulting

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


C.M.C. (AUSTRALIA): Members Resolve to Close Business
-----------------------------------------------------
During a general meeting held on June 20, 2007, the members of
C.M.C. (Australia) Pty Ltd resolved to close the company's
business and appointed Gregory Stuart Andrews as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G. S. Andrews & Associates
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                     About C.M.C. Australia

C.M.C. Australia Pty Ltd, which is also trading as Cadworks,
provides engineering services.  The company is located in
Western Australia, Australia.


D.J. BARNES: Members & Creditors to Meet on August 3
----------------------------------------------------
A joint meeting will be held for the members and creditors of
D.J. Barnes & Sons Pty Ltd on August 3, 2007, at 12:30 p.m.

At the meeting, the company's members and creditors will receive
a report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

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

                       About D.J. Barnes

D.J. Barnes & Sons Pty Ltd is a distributor of durable goods.  
The company is located in Victoria, Australia.


J. C. LEWIS: Members to Receive Wind-Up Report on Aug. 8
--------------------------------------------------------
The members of J. C. Lewis Pty Ltd will hold a meeting for its
members on August 8, 2007, at 10:15 a.m., hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company will also declare dividend on August 8, 2007.  
Creditors' proofs of debt must be in by that day to be included
in the company's dividend distribution.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia

                       About J. C. Lewis

J. C. Lewis Pty Ltd provides health and allied services.  The
company is located in South Australia, Australia.


JOWELL PTY: Joint Meeting Set for August 3
------------------------------------------
Jowell Pty Ltd will hold a joint meeting for its members and
creditors on August 3, 2007, at 3:00 p.m.

During he meting, the company's liquidator will present a report
to the members and creditors a report about the company's wind-
up proceedings and property disposal.

The company's liquidator is;

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

                        About Jowell Pty

Jowell Pty. Ltd, which is in investor relation-company, is
located in Victoria, Australia.


LEETON PEAK: Creditors' Proofs of Debt Due on July 31
-----------------------------------------------------
Leeton Peak Pty Ltd, which is in liquidation, requires its
creditors to file their claims by July 31, 2007.

The company will declare dividend on August 3, 2007.

The company's liquidator is:

         G. S. Andrews
         c/o G. S. Andrews & Assocs
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                        About Leeton Peak

Leeton Peak Pty Ltd is a distributor of textile goods.  The
company is located in Victoria, Australia.


MINUET PTY: Sets Members' Meeting for August 15
-----------------------------------------------
The members of Minuet Pty Ltd will hold a meeting on August 15,
2007, at 9:45 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

The company will also declare dividend on August 8, 2007.  
Creditors are required to file their claims by that day to be
included in the company's dividend distribution.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia

                        About Minuet Pty

Minuet Pty Ltd is an automotive dealer.  The company is located
in New South Wales, Australia.


PITKETHLY HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on June 20, 2007, the
members of Pitkethly Holdings Pty Ltd resolved to voluntarily
liquidate the company's business and appointed Roger David
Midgley Smith as liquidator.

The Liquidator can be reached at:

         Roger David Midgley Smith
         126 George Street
         Morwell, Victoria 3840
         Australia

                    About Pitkethly Holdings

Pitkethly Holdings Pty Ltd operates retail bakeries.  The
company is located in Victoria, Australia.


RON MCCURDY: To Declare Dividend on August 8
--------------------------------------------
Ron Mccurdy Engine Reconditioners Pty Ltd, which is in
liquidation, will declare the first dividend on August 8, 2007,
to the exclusion of creditors who cannot file their claims by
that day.

The company will also hold a meeting for its members on
August 15, 2007, at 9:15 a.m.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia

                       About Ron Mccurdy

Ron Mccurdy Engine Reconditioners Pty Ltd operates general
automotive repair shops.  The company is located in Victoria,
Australia.


TACA (AUSTRALIA): Liquidator to Give Wind-Up Report on Aug. 3
-------------------------------------------------------------
Taca (Australia) Pty Ltd will hold a joint meeting for its
members and creditors on August 3, 2007, at 4:30 p.m.

Barry Keith Taylor, 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:

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

                      About Taca (Australia)

Taca (Australia) Pty. Ltd. is in the business of welding repair.  
The company is located in Victoria, Australia.


* ASIC Prosecutes 124 Company Officers Over Public Complaints
-------------------------------------------------------------
One hundred and twenty four company officers around Australia
have been prosecuted over the last three months in respect of
summary offences following complaints filed with the Australian
Securities and Investments Commission.

The successful prosecutions involved 296 contraventions of the
law and resulted in fines and costs of AU$218,075 being imposed
as well as six good behavior bonds and a 320-hour community
service order.

Summary prosecutions, an important part of ASIC's enforcement
work, are aimed at improving the quality of information
available to the public, shareholders or officers of Australian
companies.  The work undertaken by ASIC is of particular
assistance to directors and also to small businesses, which make
up the greatest proportion of Australian companies.

The latest prosecutions have been part of a record level of
activity by the ASIC.  For the year to 30 June 2007, the ASIC
successfully prosecuted 561 company officers for 1133
contraventions of the Corporations Act, with fines and costs
totaling AU$1.09 million imposed on company officers.

These results reflect an increase over 2005/06 when the ASIC
prosecuted 502 company officers for 920 contraventions with
slightly over AU$1 million in fines and costs imposed.

"These results show that ASIC undertakes a range of regulatory
functions, and looks at misconduct across the corporate sector",
said ASIC's Executive Director of Consumer Protection, Mr. Greg
Tanzer.

"Companies and directors who fail to comply with basic
requirements can cause significant financial harm to creditors
and consumers and make it harder for company liquidators to
recover property for creditors, most of whom are small business
owners themselves".

The ASIC's prosecutions relate to a range of contraventions
including companies' officers failing to assist the liquidators
and administrators of their failed companies and failing to
update the ASIC registers with the addresses of their companies
and company officers in an attempt to hide from creditors.

The ASIC's prosecutions follow complaints received from the
general public and business community.

"We rely heavily on information provided by the public and
encourage people to contact ASIC with their concerns and
complaints", Mr. Tanzer said.

A full list of the people and companies prosecuted in the last
three months can be viewed for free at this site:

              http://ResearchArchives.com/t/s?2191


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

BANK OF COMMUNICATION: In Talks to Take 10% in Changsu Real
-----------------------------------------------------------
Bank of Communications is in talks to buy a 10% stake in
Changshu Rural Commercial Bank in eastern China, a regulatory
source told Reuters.

According to the source, Reuters relates, the two banks had long
been in talks for potential investment, but no final agreement
has been reached.

If successful, it would become Bank of Communication's first
equity investment in another lender and would potentially allow
the national bank to better serve urban and semi-rural swathes
of the country where rural commercial banks typically operate,
the news agency adds.

"The local government and regulators welcome big banks to invest
in small, rural banks and encourage them to develop rural
banking businesses together in Jiangsu province," said the
source.  "Changshu Bank also targets small- and medium-sized
enterprises for banking services, which are believed to have
huge market potential," the source added.

Another source close to Bank of Communications said that the
Shanghai-based lender is keen to acquire small rivals to expand
its national network, but he declined to name any target,
Reuters says.

                         Changsu Bank

Changshu Bank -- http://www.csebank.com/-- about 100 kilometers  
northwest of Shanghai, has 40 branches and 72 sub-branches and
its capital adequacy ratio stood at 11.11 percent at the end of
2006.

The bank, which was formed out of restructured rural credit
cooperatives in 2001, had assets totaling CNY24.4 billion
(US$3.2 billion) and more than 900 employees at the end of last
year.

                    Bank of Communications

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is  
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China.  It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.

The bank's business is divided into four segments: corporate
banking, retail banking, treasury and others.  Its corporate
banking business provides products and services to the corporate
customers, such as loans, deposits, bill discounting, trade
finance, fund custody and guarantees.

The retail banking business provides retail banking products and
services to its retail customers, such as deposits, mortgage
loans, debit cards, credit cards, wealth management and foreign
exchange trading services.

The treasury operations include inter-bank money market
transactions, foreign exchange trading and government, and
finance bond trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.

On May 4, 2007, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service affirmed Bank of
Communications' D Bank Financial Strength Rating.


CASCADES INC: Moody's Rates CND$100 Mil. Credit Facility at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 (LGD5, 72%) rating to
Cascades' Inc.'s new CND$100 million senior unsecured revolving
credit facility.

At the same time Moody's affirmed Cascades' Ba2 corporate family
rating, its probability of default rating of Ba2, its Baa3
senior secured ratings, and its Ba3 senior unsecured ratings.  
The senior unsecured ratings of Ba3 reflect a loss given default
of LGD-5 (72%) and the senior secured ratings of Baa3 reflect a
loss given default of LGD-2 (18%).  The rating outlook is
stable.

Cascades' Ba2 corporate family rating reflects the diversity
derived from its boxboard, packaging and tissue businesses, its
significant position in the Canadian containerboard segment and
its relatively stable earnings and cash flow.  The rating also
considers Cascades' debt protection measures, which are weak for
the rating and Cascades' exposure to the strong Canadian dollar,
to cyclical pricing, particularly in the containerboard and
boxboard segments, and to volatile raw material costs,
especially recycled fibers, as well as energy and chemicals.  
The ratings also reflect the company's penchant for conducting
relatively small, but debt financed acquisitions. The rating
outlook is stable.

Rating Assigned:

-- CND$100 million senior unsecured revolver, Ba3, LGD5, 72%

Ratings Affirmed:

-- Corporate Family Rating: Ba2
-- PDR: Ba2
-- CND$675mm Sr. Unsecured Notes due 2013, Ba3, LGD5, 72%
-- CND$250mm 6.75% Sr. Unsecured Notes due 2013, Ba3, LGD5, 72%

The most recent rating action for Cascades was to confirm
Cascades' Ba2 corporate family rating and assign a Baa3 rating
to senior secured debt on Dec. 20, 2006.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. --
http://www.cascades.com/-- produces, transforms, and markets  
packaging products, tissue paper and fine papers, composed
mainly of recycled fibres.  Cascades employs nearly 15,600 men
and women who work in some 140 modern and flexible production
units located in North America, in Europe and in Asia.  The
Cascades shares trade on the Toronto stock exchange under the
ticker symbol CAS.  The company has operations in Hong Kong,
Colombia, and the United Kingdom.


CHINA MINSHENG: Fitch Lifts Individual Rating to D
--------------------------------------------------
On July 13, 2007, Fitch Ratings upgraded China Minsheng Banking
Corp.'s individual rating to "D" from "D/E" while it affirmed
its support rating at "4".

The upgrade of CMBC's Individual rating reflects improved
capitalization following a recent private placement, and
continued above-average asset quality.

CMBC raised CNY18.2 billion in an A-share private placement in
March 2007, nearly doubling the bank's equity base at end 2006.  
As a result, the rating firm estimates CMBC's new total CAR,
Tier 1 CAR, and equity/asset ratios to be on the order of 12%,
8%, and 5%, respectively, up noticeably from 8%, 4%, and 3%,
respectively, at end 2006.

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


DANA CORP: Mauritius Unit Closes 4% Capital Buy of Dongfeng Dana
----------------------------------------------------------------
Dana Corporation's wholly owned subsidiary, Dana Mauritius
Limited, closed the purchase of 4% of the registered capital of
Dongfeng Dana Axle Co, Ltd. from Dongfeng Motor Co, Ltd. and
certain of its affiliates under the amended sale and purchase
agreement among the parties that have been reported previously.

Dana Mauritius paid about US$5 million for this equity interest.

Under the amended sale and purchase agreement, Dana Mauritius
has agreed, subject to certain conditions, to purchase an
additional 46% equity interest in Dongfeng Dana Axle Co, Ltd.
within the next three years for about US$55 million.

Dongfeng Dana is a Chinese commercial vehicle axle manufacturer
formerly known as Dongfeng Axle Co, Ltd.

                      About Dana Corp

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC  
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007. They have until Nov. 2, 2007, to solicit acceptances of
that plan.


DEVI NAVIGATION: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on July 3, 2007, the
members of Devi Navigation Limited resolved to voluntarily
liquidate the company's business.

Cordelia Tang and Ricky P.O. Chong were appointed as
liquidators.

The Liquidators can be reached at:

         Ricky P.O. Chong
         Cordelia Tang
         905 Silvercord, Tower 2, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


FOUNDATIONASIA LIMITED: Liquidator Quits Post
---------------------------------------------
John Robert Lees of John Lees & Associates Limited quit as the
liquidator of Foundationasia Limited on July 3, 2007.

The former liquidator can be reached at:
         
         John Robert Lees
         John Lees & Associates Limited
         1904, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


LOK SHIPPING: Appoints Chong and Tang as Liquidators
----------------------------------------------------
On July 3, 2007, the members of Lok Shipping Limited had a
meeting and resolved to voluntarily liquidate the company's
business.

Ricky P.O. Chong and Cordelia Tang were appointed as
liquidators.

The Liquidators can be reached at:

         Ricky P.O. Chong
         Cordelia Tang
         905 Silvercord, Tower 2, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


MAK KEE: Taps Kwok Yiu Cheong as Liquidator
-------------------------------------------
On July 3, 2007, the members of Mak Kee Transportation Limited
appointed Kwok Yiu Cheong as the company's liquidator.

The Liquidator can be reached at:

         Kwo Yiu Cheong
         Knutsford Commercial Building, Room 1105
         5 Knutsford Terrace
         Tsimshatsui, Kowloon


PERIVALE LIMITED: Requires Creditors to File Claims by Aug. 13
--------------------------------------------------------------
Perivale Limited requires its creditors to file their proofs of
debt by August 13, 2007, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 5, 2007.

The company's liquidators are:

         Chan Wah Tip Michael
         Ho Man Kei Keith
         601 Prince's Building, Chater Road
         Central, Hong Kong


POWER SPEED: Members' Final Meeting Set for August 15
-----------------------------------------------------
The members of Power Speed Limited will have their final meeting
on August 15, 2007, at 10:30 a.m., to hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The meeting will be held on the 8th Floor of Kailey Tower at 16
Stanley Street in Central, Hong Kong.


SENIOR HOME: Sets Final Meeting for August 17
---------------------------------------------
A final general meeting will be held for the members of Senior
Home Limited on August 17, 2007, at 2:30 p.m., on Unit A, 14th
Floor of JCG Building at 16 Mongkok Road, Mongkok in Kowloon,
Hong Kong.

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


TCL MULTIMEDIA: Shows Over-Subscription of Proposed Rights Issue
----------------------------------------------------------------
TCL Multimedia Technology's valid acceptances and excess
applications were received for a total of 5.509 billion rights
shares -- including excess applications for 3.6 billion rights
shares -- representing an over-subscription of 1.82x, Infocast
News reports.

The rights issue has become unconditional, the report adds.  

On May 23, 2007, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia entered into a Purchase Agreement
with Deutsche Bank AG where the company will issue
US$140 million in convertible bonds due 2012.

The bonds, which carry an interest of 4.5% per annum, are
convertible into shares of the company at an initial conversion
price of HK$0.40 each, the TCR-AP said.

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,  
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology
products,refrigerators and washing machines.  Its other activity
includes trading electronic parts and components used in the
production of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.  
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.


TOA TRAING: Commences Liquidation Proceedings
---------------------------------------------
During a meeting held on July 6, 2007, the members of Toa
Trading Company Limited agreed to liquidate the company's
business and appointed Ng Oi Che as liquidator.

The Liquidator can be reached at:

         Ng Oi Che
         Alliance Building, Room 206, 2nd Floor
         130-136 Connaught Road
         Central, Hong Kong


TRADEFIT INVESTMENTS: Members to Hear Wind-Up Report on Aug. 15
---------------------------------------------------------------
Tradefit Investments Limited will hold a meeting for its members
on August 15, 2007, at 10:00 a.m., on the 3rd Floor of Chinachem
Tower, at 34-37 Connaught Road in Central, Hong Kong.

Fung Kit Yee, the company's liquidator, will give at the meeting
a report about the company's wind-up proceedings an property
disposal.


ZTE CORP: To Build Cellular Phone Line Network for Nepal Telecom
----------------------------------------------------------------
ZTE Corp has won a contract to provide 3.5 million additional
cellular phone lines to Nepal Telecom within the next three
years, XFN-Asia reports.

The project, which is the biggest ever for Nepal Telecom,
includes the installation of new networks for GSM mobile phone
services, as well as 3G cellular networks based on W-CDMA
(Wideband Code Division Multiple Access) protocol, the report
adds.

Working on the project will start in the next three to four
months, Susan Wang of the news agency relates, adding that the
first one million of those will be provided for the Kathmandu
Valley

The terms of the contract, however, were not disclosed, Ms. Wang
notes.

Headquartered in Shenzhen, China, ZTE Corp --
http://www.zte.com.cn/-- produces and sells general system and  
communication terminal equipment.  The group operates both in
the domestic and international market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


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

BANK OF INDIA: Fitch Upgrades Individual Rating to C/D From D
-------------------------------------------------------------
Fitch Ratings, on July 12, 2007, upgraded the Individual rating
of Bank of India to 'C/D' from 'D'.  The Support rating is
affirmed at '2'.

The upgrade reflects BoI's improved performance in recent years
on the back of a robust domestic economy that has resulted in
the reported asset quality and net interest margin now being in
line with India's better government banks.  The Support rating
draws on BoI's systemic importance and its position as the
sixth-largest Indian bank with a national footprint.

Higher growth in the better yielding SME and retail segments has
helped boost NIM, and together with lower depreciation in the
available for sale portfolio of government securities has aided
the improvement in Return on Assets since FY06.  BoI's
international business also supports its fee income to a
slightly higher level compared with most government banks,
though it trails the better 'new' private banks in this regard.

Reported NPL ratios improved significantly on the back of
recoveries from legacy delinquent accounts.  NPLs could however
increase as the retail loan portfolio starts to season and
rising interest rates affect borrowers' repayment capacity.  The
rapid growth has also necessitated greater sophistication in
risk management and loan monitoring, especially in the
relatively new consumer loan business; BoI has been investing in
technology to improve its processes and risk management.

Equity infusion will soon be necessary not only to support
growth but to provide for operational risk under Basel II, as
well as to invest in the proposed life insurance joint venture.
While BoI has headroom to raise equity from the market, it plans
to raise hybrid Tier 1 and Tier 2 capital to meet its capital
needs in FY08.  The Tier 1 ratio is planned to be maintained at
slightly above 6%, which is lower than the 8% level targeted by
most large banks in India and may need to increase to provide
greater cushion against the underlying risks faced in the
increasingly challenging environment.

BoI's 2,700 branches are spread throughout the country.
International business (on the back of Indian trade) out of UK,
the US and Singapore accounts for 21% of the bank's assets and
25% of net income.  The government's shareholding in the bank is
69.5%.


GENERAL MOTORS: Bear Stearns Puts Peer Perform Rating on Shares
---------------------------------------------------------------
Bear Stearns analyst Peter Nesvold has downgraded General Motors
Corp's shares to "peer perform" from "outperform,"
Newratings.com states.

Mr. Nesvold said in a research note that General Motors' share
price appreciated significantly by 31% since May 10, 2007.

Mr. Nesvold told Newratings.com that the "fundamental challenges
appear to have risen since then, as indicated by a 24% year-on-
year decline in sales in June, higher discounting by the
Japanese players and mortgage-related concerns."

It is a good time to take profits, Newratings.com states, citing
Bear Stearns.

                      About General Motors

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

                            *   *   *

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

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


HANOVER COMPRESSOR: Shareholders to Vote August 16 on Merger
------------------------------------------------------------
Hanover Compressor Company and Universal Compression Holdings
Inc. disclosed that the registration statement for the proposed
merger between Hanover and Universal (which includes each
company's proxy statement for its 2007 annual meeting of
shareholders) has been declared effective by the U.S. Securities
and Exchange Commission.  The effectiveness of the registration
statement satisfies a condition to the closing of the proposed
merger of equals, and provides each company the ability to have
the merger agreement submitted to its shareholders for their
consideration.

Each company's shareholders of record as of June 28, 2007, will
be asked to consider and vote on the proposed merger at its
respective annual shareholders' meetings, scheduled for
Aug. 16, 2007, at separate locations in Houston, Texas.  As
previously reported, upon the closing of the merger, each common
share of Hanover will be converted to 0.325 shares of a newly
created company, Exterran Holdings, Inc., and each common share
of Universal will be converted to one common share of
Exterran.  Hanover and Universal expect the merger to close on
or about Aug. 20, 2007, if both companies' shareholders have
approved the merger and the other closing conditions are
satisfied as of that date.

The effectiveness of the registration statement follows the
announcement on July 5, 2007, that both Hanover and Universal
had received notice that the waiting period required by the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 with
respect to their proposed merger has been terminated.

                  About Universal Compression

Universal Compression Holdings, headquartered in Houston, Texas,
is a leading natural gas compression services company, providing
a full range of contract compression, sales, operations,
maintenance and fabrication services to the domestic and
international natural gas industry.

             About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.


STATE BANK OF INDIA: Government Names Two Non-Official Directors
----------------------------------------------------------------
State Bank of India has informed BSE that in exercise of the
powers conferred by clause (d) of section 19 of the State Bank
of India Act, 1955 (23 of 1955),

The Central Government, in consultation with the Reserve Bank of
India, has nominated two persons as part time non official
directors on the Central Board of Directors the State Bank of
India:

   1. Dr. Deva Nand Balodhi
   2. Prof. Salahuddin Ansari

The nominees are given a period of three years starting July 9,
2007, or until further orders, whichever is earlier.

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

                          *     *     *

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

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

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


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

The rating on Tata Motors factors in the company's moderate
approach to the Indian rupee INR114 billion (US$2.8 billion)
capital expenditure plans for the next four years.  Standard &
Poor's expects some weakening in Tata Motor's profitability and
cash flow protection measures due to higher borrowings for its
capital expenditure plan.  Nonetheless, the company's financial
profile is expected to remain consistent with its current
rating.

The outlook on the corporate credit ratings for Tata Motor is
stable.

Although the medium-term forecasts for volume growth and
operating profitability have been moderately reduced, the
company's business diversity, its passenger vehicles business,
and increasing contribution from overseas operations are
expected to enhance its ability to manage cyclical downturns in
the domestic commercial vehicles segment. The higher operating
efficiency, integration, and access to financial resources also
add stability to the outlook on the ratings.

Tata Motors Ltd. is India's largest manufacturer of commercial
vehicles and the second largest in passenger vehicles.  In the
fiscal year ended March 31, 2007, the company reported revenues
of INR369.9 billion and net income of INR21.7 billion.


UTI BANK: Shareholders Approve Issue of up to 4,23,97,400 Shares
----------------------------------------------------------------
UTI Bank Ltd's shareholders at the adjourned Extraordinary
General Meeting on July 13, 2007, passed two special
resolutions:

   1. Raising of Tier-I capital of the bank by way of issue of
      equity shares not exceeding 4,23,97,400 equity and/or
      equity shares through global depository receipts and/or
      securities convertible into equity shares at the option of
      the holders of such securities, and/or securities linked
      to equity shares and/or any instruments or securities
      representing either equity shares and/or convertible
      securities linked to equity shares.

   2. To offer to the promoters of the Bank to subscribe up to
      3,19,25,561 equity shares on preferential basis.

Out of the the approval of 4,23,97,400 equity shares given by
the shareholders, the bank's board of directors decided to raise
capital by way of:

   -- Qualified Institutional Placements issue of 2,82,65,000
      Shares; and

   -- Global Depositary Receipts issue for the remaining
      1,41,32,400 shares.

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

ALCATEL-LUCENT: To Publish 2nd Quarter Results on July 31
---------------------------------------------------------
Alcatel-Lucent will publish its second quarter 2007 results on
July 31, 2007.  The press release will be sent at 1:00PM CEST.

Patricia Russo, CEO of Alcatel-Lucent, will present the second
quarter 2007 results during a live audio Web cast and conference
call for financial analysts and media, which will be held at
2:00PM CEST.  The audio Web cast will be available at
http://www.alcatel-lucent.com/2q2007

Dial-in instructions for analysts and journalists who wish to
participate in the Q&A session are listed below:

   From the USA:                     888 428 44 79    

   From other countries:           +1 612 332 1214

Please ask for the "Alcatel-Lucent" teleconference and state
your name.  We advise you to dial in 15 minutes before the start
of the conference call.

The conference call will be available for digital replay from
July 31, 2007, at 7:15 p.m. CEST, ending on August 15, 2007, at
5:59 a.m. CEST at the following call in numbers:

From the USA: 800 475-
6701                                                       
access code: 880302

From other countries: + 1 320 365-
3844                                        
access code: 880302

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


FREEPORT-MCMORAN: Cuts Term Debt to US$2.45 Billion at June 30
------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. reduced its senior secured
term debt from US$4.4 billion at March 31, 2007, to US$2.45
billion at June 30, 2007, and has refinanced its term debt to
achieve interest cost savings and improved terms.

FCX established a new US$2.45 billion Term Loan A and used the
proceeds to repay fully amounts borrowed under its Term Loan B.
Interest cost savings associated with this transaction
approximate 0.75% per annum.

Richard C. Adkerson, chief executive officer, said, "Since
closing the Phelps Dodge transaction just over three months ago,
we have reduced the balance of our term debt from US$10 billion
to US$2.45 billion.  We expect to continue to generate
significant cash flows from our operations, which would enable
us to take steps to enhance shareholder value through
investments in our attractive growth projects, further debt
reductions and cash returns to shareholders."

As previously reported, in March 2007 FCX raised US$10 billion
in senior secured term loans as part of US$17.5 billion of debt
financing for the Phelps Dodge acquisition.  Immediately after
closing the Phelps Dodge transaction, FCX raised US$5.76 billion
of proceeds from equity financings, which were used, together
with subsequent internally generated cash flow from operations,
to repay debt.

Total debt at June 30, 2007, is expected to approximate
US$9.7 billion and consolidated cash is expected to approximate
US$2 billion, compared with US$12.0 billion in total debt and
US$3.1 billion in consolidated cash, at March 31, 2007.

FCX expects to record a charge of about US$31 million to net
income in the third quarter of 2007 for the early extinguishment
of the Term B loan.

                      About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry    
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family  
rating to Ba2 from Ba3.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.


FREEPORT-MCMORAN: Fitch Affirms BB Issuer Default Rating
--------------------------------------------------------
Ratings upgrades these ratings of Freeport-McMoRan Copper & Gold
Inc. and its subsidiary Phelps Dodge:

FCX

    -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
    -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
    -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
    -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

Phelps Dodge

    -- 8.75% senior unsecured notes due 2011 to 'BB' from 'BB-';

    -- 7.125% senior unsecured debentures due 2027 to 'BB' from
       'BB-';

    -- 9.50% senior unsecured notes due 2031 to 'BB' from 'BB-';

    -- 6.125% senior unsecured notes due 2034 to 'BB' from
       'BB-'.

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

    -- US$500 million PT Freeport Indonesia/FCX Secured Bank
       Revolver at 'BBB-';

    -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45
billion five-year term loan A.  Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014.  The term loan amortizes at 10% per annum with the
remainder due at maturity.

The Rating Outlook remains Positive.

Fitch estimates pro forma June 30, 2007 debt at US$10 billion
(down from US$12 billion) and latest 12 months ended June 30
EBITDA at US$9 billion for total debt/EBITDA of 1.1 times.  If
copper prices remain at US$3/lb on average for the remainder of
the year, the year-end debt level should be reduced to about
US$9 billion.

The ratings reflect FCX's position as the world's second largest
copper producer, its diversified operations and strong liquidity
as well as the company's exposure to copper prices and its
relatively high financial leverage.  The outlook is for copper
producers to continue to benefit from a strong pricing
environment over the near term.

                  About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) --
http://www.fcx.com/-- is an international mining industry    
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.


HILTON HOTELS: Faces Suit in Del. Over US$20B Sale to Blackstone
----------------------------------------------------------------
A shareholder is suing Hilton Hotels Corp. saying a
US$20 billion agreement to sell the company to Blackstone Group
LP was inadequate, reports say.

Stockholder David B. Shaev filed his complaint in Delaware
Chancery Court.  

The complaint asks the court in Wilmington to grant the lawsuit
class-action status and stop the sale, or, if the sale goes
through, hold a trial to determine how much more Hilton should
be forced to pay shareholders.  It was prepared by the New York
law firm Hardwood Feffer and the Wilmington firm Rigrodsky &
Long, P.A.

Rigrodsky & Long, P.A. can be reached at
http://www.rigrodskylong.com/  

As reported in the TCR-Europe on July 6, 2007, Hilton Hotels
entered into a definitive merger agreement with The Blackstone
Group's real estate and corporate private equity funds in an
all-cash transaction valued at around US$26 billion.  

Under the terms of the agreement, Blackstone will acquire all
the outstanding common stock of Hilton for US$47.50 per share.  
The price represents a premium of 40% over yesterday's closing
stock price.

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

                      About Hilton Hotels

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

                          *     *     *

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

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

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


NUTRO PRODUCTS: Notes Redemption Cues S&P to Withdraw Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on City
of Industry, California-based Nutro Products Inc. following the
acquisition of the company by Mars Inc. and redemption of the
company's $165 million float notes due 2013 and $150 million
10.75% notes due 2014, on July 9, 2007.

Ratings List

Nutro Products Inc.

Not Rated Action; CreditWatch Action

                             To         From
                             --         ----
Corporate Credit Rating      NR         B-/Watch Pos/--
Senior Secured
  Local Currency             NR         B/Watch Pos
Senior Unsecured
  Local Currency             NR         CCC/Watch Pos
Subordinated                NR         CCC/Watch Pos


                    About Nutro Products

Based in City of Industry, California, Nutro Products, Inc.
-- http://www.nutroproducts.com/-- formulates and manufactures   
dry and canned food, biscuits, and treats for dogs and cats.  
The company's brand names include Natural Choice, MAX, and
Gourmet Classics.  Its products are available in feed stores and
pet supply shops, such as Petco and PetSmart, across the U.S.
And Canada.  Nutro's products are also distributed worldwide,
including Indonesia, Peru and Austria, among others.


* Fitch Ratings Comments on Indonesia's Finance Companies
---------------------------------------------------------
Fitch Ratings has commented in an upcoming Special Report on
finance companies in Indonesia that their total assets have
doubled to IDR108 trillion in the last four years, although
their combined contribution remained quite modest at 6.4% of the
banking industry's assets at end-2006.

The main driver of rapid growth was consumer finance which
contributed to about 62% of the outstanding receivables of
finance companies, reflecting the consumption-led recovery in
Indonesia in the post-crisis period.  Over 90% of these
receivables were in car and motorcycle financing.  Meanwhile,
the traditional business of capital goods leasing has seen its
contribution decline to 35%.  There were 214 finance companies
registered in Indonesia at end-2006, although unofficial
statistics suggests that only about 140 were in active
operation; of which, the five largest listed finance companies
account for about a third of total assets and outstanding
receivables.

The weak public infrastructure, low penetration rate of car and
motorcycles and the rising income levels in Indonesia should
continue to support domestic demand for cars and motorcycles and
concurrently, the growth in the car/motorcycle financing.
Throughout 2000-2005, outstanding receivables of finance
companies grew by about 18% CAGR, thanks to the growth in car
sales volume of 12% CAGR and motorcycle sales volume of 42%
CAGR.  Fitch, however, believes that future growth in financing
will become more broad-based with leasing re-emerging as another
key driver of growth in line with the recovery in corporate
financing.

Competition for market share and the weaker operating conditions
in H205 to H106 affected the quality of finance companies'
receivables as reflected in the rise in net charge-offs at the
five largest listed finance companies - from 2.7% in 2004 to
3.7% in 2005 and 3.3% in 2006.  Consequently, profitability
declined, with the risk-adjusted revenue margin of these larger
entities declining to 0.4% in 2006 and 2.4% in 2005, from 4.0%
in 2004; the substantial contribution from non-interest income
kept ROA at 2.3% in 2006.  With support from stronger
macroeconomic conditions and with a substantial portion of bad
loans already expensed off thanks to the automatic write-off
policy at some of these larger entities, Fitch expects asset
quality and profitability to improve at these larger finance
companies in 2007.

The reasonably good risk-return profile of automotive financing,
with the average net interest margin of about 8% for car
financing and 14% for motorcycle financing, has attracted a fair
share of buying interests from larger domestic banks.  Two of
the five largest listed finance companies are now owned by two
major domestic banks.  Fitch believes this is a positive
development given the higher risk management standards and
practices these parent banks can bring and the better control
over the way lending is being done at these smaller and less
sophisticated non-bank financial institutions.


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

ADVANCED MEDICAL: Offers US$4.3 Billion for Bausch & Lomb
---------------------------------------------------------
Advanced Medical Optics Inc. has submitted a proposal to acquire
Bausch & Lomb for US$75 per share in cash and AMO stock.  AMO
was designated as a party that B&L can continue to negotiate
with despite the end of the "go shop" period.  The proposal
values Bausch & Lomb at approximately US$4.3 billion in equity
value.

Under the terms of the AMO proposal, each Bausch & Lomb share
would be exchanged for US$45 in cash and a fixed number of
shares of AMO common stock having a value of US$30 at the time
of signing a definitive agreement.  AMO expects the transaction
to be marginally dilutive on a cash basis in year one and
significantly accretive on a cash basis in year two.

"We are pleased that B&L's board has determined that our offer
is bona fide and is reasonably likely to result in a superior
offer," said AMO chairman, president and CEO Jim Mazzo.  "We
look forward to working with them to reach a definitive
agreement as soon as possible and believe our bid represents a
strategically and financially superior proposal to B&L's
existing merger agreement."

A combination of Advance Medical and Bausch & Lomb would:

   a) Significantly expand AMO's global scale and scope.  With
      sales in over 100 countries and operations in over 50,
      B&L's global reach would more than double AMO's direct
      presence and would greatly enhance its ability to expand
      market opportunities and margins.
   
   b) Broaden and deepen AMO's product portfolio.  B&L's
      strengths are in contact lenses and lens care, eye drops
      for dry eye, allergies and inflammation, vitamins for
      ocular health,  vitreoretinal surgical products and post-
      operative prescription products.   Combining these with
      AMO's eye care, cataract and refractive products and
      technologies would create a broad-based product offering
      for physicians, which is consistent with AMO's strategy of
      providing the complete refractive solution.

   c) Enhance ability to generate efficiencies and innovation.  
      The combined global platform would provide significant
      opportunities to enhance efficiencies and create
      productivity improvements.  Economies of scale would allow
      both companies to build on their unique and complementary
      heritages of product leadership and innovation within
      ophthalmology through increased investment in R&D.

"This is a truly unique opportunity that would enable AMO to
accelerate our strategic goal of providing a full range of
advanced technologies to address the vision needs of patients of
all ages," Mr. Mazzo said.  "I am confident that delivering on
this strategy will allow us to generate significant value for
shareholders and create new opportunities for our combined
employee base."

"The AMO and B&L businesses complement each other and together
would provide increased scale, scope and the enhanced ability to
generate productivity and efficiency improvements.  Through a
focus on integrating the best of both businesses, well as the
sale of some non-core assets, our goal is to create a stronger,
more competitive combined company with a platform for sustained,
profitable growth."

"AMO's successful acquisition strategy, combined with strong
organic growth, has enabled the company to grow its enterprise
value from US$410 million in 2002 to US$3.8 billion today," Mr.
Mazzo added.  

"This strong track record makes us confident that we can deliver
significant value through a transaction with B&L.  We have
already identified sufficient cost-saving opportunities that
would make the transaction accretive on a cash basis in year
two.  We are also confident in our ability to continue to
effectively manage our existing businesses and deliver on our
current and future financial commitments."

"A team of outside advisors will work in conjunction with the
management teams to complete a rapid and successful integration.
B&L has played an historic role in our industry and we have
enormous respect for its proud heritage and skilled employees.
Together, I believe we have a unique opportunity to create a
company that is capable of changing the face of our industry and
will bring benefits to our patients, customers, employees and
shareholders."

AMO has conducted a thorough review of the potential antitrust
issues in connection with the proposed transaction, and it is
confident it will be able to address these issues in a timely
manner.

The cash consideration has been fully committed by Goldman Sachs
and will be financed using a combination of bank and public
debt. AMO expects that the combined company's leverage at the
time of closing will be in line with AMO's pro forma leverage at
the time of the closing of the IntraLase transaction.

AMO expects to continue its due diligence.  There can be no
assurance that the proposal will result in any transaction.  The
company does not anticipate providing additional information
about the proposed transaction unless and until it deems further
public comment to be required.

Goldman Sachs is acting as financial advisor and Skadden, Arps,
Slate, Meagher & Flom LLP is acting as a legal advisor to AMO

                        About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.

                    About Advanced Medical Optics

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures  
and markets ophthalmic surgical and contact lens care products.  
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.


ADVANCED MEDICAL: Moody's Retains Review on Low-B Ratings
---------------------------------------------------------
Moody's Investors Service maintains Advanced Medical Optics,
Inc. ratings on review for possible downgrade following AMO's
announcement of its offer for Bausch & Lomb, Inc. for US$75 per
common share in a combination of US$45 in cash and US$30 in AMO
common stock.

The proposed transaction is valued at approximately US$5
billion, including approximately US$830 million of debt.

AMO's offer is subject to termination of BOL's previously
announced merger agreement with affiliates of Warburg Pincus LLC
and the execution of a definitive merger agreement with BOL.  
The AMO offer is conditioned upon, among other things:

    (1) approval from both AMO and BOL shareholders;
    (2) regulatory approvals and
    (3) certain additional due diligence by AMO.

Additionally, the AMO offer contains a US$130 million
termination fee in the event the transaction does not close due
to the failure to obtain requisite financing or antitrust
clearance.

Moody's understands that the BOL Board of Directors, following
the recommendation of a Special Committee, favors the AMO offer.  
Further, Moody's understands that the BOL Special Committee and
its advisors will engage in further discussions with AMO
regarding its offer.

"The review for possible downgrade is based, in part, on the
belief that if the business combination is completed, the pro
forma leverage of the combined entity would be considerably
higher than AMO's leverage on a standalone basis," said Sidney
Matti, Analyst.  Given the expectation that the merger will be
financed with a significant amount of debt, a multi-notch
downgrade could occur, although it should be noted that AMO's
financing plan has not yet been made known.  Additionally, the
review will focus on the financial impact of the recall of the
company's Complete MoisturePlus contact lens solution product.

AMO's ratings were originally placed on review for possible
downgrade on May 29, 2007 following AMO's announcement that it
voluntarily withdrew its Complete MoisturePlus contact lens
solution based on information received from the U.S. Centers for
Disease Control and Prevention regarding Acanthamoeba keratitis
infections from the Acanthamoeba microorganism.

These ratings remain on review for possible downgrade:

    -- B1 Corporate Family Rating;

    -- B1 Probability of Default Rating;

    -- Ba1 (LGD2/14%) rating on US$300 million senior secured
       revolver due 2013;

    -- Ba1 (LGD2/14%) rating on US$450 million senior secured  
      term loan B due 2014;

    -- B1 (LGD4/50%) rating on US$250 million senior       
      subordinated notes due 2017; and

    -- B3 (LGD5/81%) rating on US$251 million convertible senior
      subordinated notes due 2024.

Bausch & Lomb, Inc., headquartered in Rochester, New York, is a
leading worldwide provider of eye care products, including
contact lens, lens care, ophthalmic pharmaceuticals and surgical
products.  For the twelve months ended March 31, 2007, BOL
reported approximately US$2.3 billion in revenues.  Currently,
BOL's senior unsecured debt rating is Ba1 and is under review
for possible downgrade.

Advanced Medical Optics, Inc., headquartered in Santa Ana,
California, is a global leader in the development, manufacturing
and marketing of ophthalmic surgical and contact lens care
products.  For the twelve months ended March 31, 2007, AMO
reported approximately US$1 billion in revenues.

The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.


DAIEI INC: Posts JPY8.7 Billion Operating Profit for Q1 for FY07
----------------------------------------------------------------
Daiei Incorporated has posted a JPY8.7-billion operating profit
for the first quarter of 2007, a 31.8% decrease from that of the
previous corresponding period, Just-food.com says, citing local
reports.

Sales also fell to JPY294.9 billion or an 11.9% downslide,
conveys the report.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


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

DURA AUTOMOTIVE: Committee Wants EBITDA Outlook Disclosed
---------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in DURA
Automotive Systems Inc. and its debtor-affiliates' chapter 11
cases seeks the U.S. Bankruptcy Court for the District of
Delaware's permission to publicly file the Debtors' projected
consolidated Earnings Before Taxes, Depreciation and
Amortization (EBITDA) for the years 2007 through 2001,
previously given by the Debtors as "Confidential Information."

The Five EBITDA Numbers were originally included in the 5-year
business plan presentation by the Debtors to the Official
Committee of Unsecured Creditors and the Ad Hoc Committee of
Second Lien Lenders.  The Debtors have sought permission to file
the document under seal.

M. Blake Cleary, Esq., at Young Conaway Stargatt and Taylor LLP,
in Wilmington, Delaware, explains that pursuant to Section 1102
of the Bankruptcy Code, the Creditors Committee has a duty to
disclose information to its constituents.  The Committee wants
to file the Five EBITDA Numbers on the docket to prevent
creditors from potentially being preyed upon by other creditors
with information.

Mr. Cleary notes that the Five EBITDA Numbers will be contained
in the Debtors' disclosure statement that will be likely be
filed in a few months.  In addition, the Committee has reason to
believe that the Five EBITDA Numbers have been leaked, through
no fault of the Debtors, into the marketplace.

Mr. Cleary argues that the Debtors have provided no evidence
that the Five EBITDA Numbers will provide an unfair advantage to
any of their competitors, and thus qualify as being "commercial
information."

Moreover, Mr. Cleary recounts that an unusual spike in the price
of certain of the Debtors' securities occurred after the Debtors
previewed their 5-uyear business plan to the Creditors Committee
on May 22, 2007, and the Second Lien Committee on the next day.   
The trading records show that while no trades took place on May
22, a significant increase in the volume and trading price for
the Debtors' Senior Notes took place only hours after the
Debtors' previews their Business Plan.

Mr. Cleary tells the Court since May 23, numerous creditors,
including several holders of Senior Notes, have reached out to
the Creditors Committee's professionals for an explanation as to
the increase in trading price.  "At this time, no one can be
certain as to what caused the spike in trading; however, in
light of when the spike occurred, it appears that non-public
information regarding the Five EBITDA Numbers may have been
leaked into the hands of a few traders."

                     About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


DURA AUTOMOTIVE: Toyota Wants Decision on Leases by July 24
-----------------------------------------------------------
Prior to filing for bankruptcy, Dura Automotive Systems, Inc.,
and Toyota Motor Credit Corporation entered into certain lease
agreements, whereby Toyota leased forklifts to the Debtors.

The Leases provide that at maturity the Forklifts will be
returned to Toyota.  The Leases also require the Debtor to
maintain insurance on the Forklifts and provide Toyota with
evidence of said insurance.

Toyota asks the U.S. Court for the District of Delaware to
require the Debtors to:

  (i) decide by not later than July 24, 2007 whether it will
      assume or reject the Leases,

(ii) communicate that decision to Toyota in such a manner that
      Toyota receives actual notice of the substance of the
      Debtor's decision not later than the end of Toyota's
      business hours on the same day, and

(iii) promptly file with this Court a motion for approval of its
      Decision.

Kristi J. Doughty, Esq., at Whittington & Aulgur, in Odessa,
Delaware, tells the Court that it is appropriate for the Debtor
to make a prompt determination because Toyota will suffer
economic harm that cannot be safeguarded and the potential
injury to Toyota outweighs Debtor's interests in utilizing the
Forklifts.

Ms. Doughty explains that the Forklifts are maintenance
sensitive.  She says if regular maintenance is not performed in
accordance with Toyota's schedule of hourly usage and daily and
monthly maintenance, the Forklifts quickly depreciate in real
value and are subject to ruin.

Since the Petition Date, Toyota has been unable to inspect the
Forklifts as provided in the Leases and has not received reports
on the regular maintenance required to keep the Forklifts in
good operating condition and preserve the Forklifts value during
the term of the Leases.  The inspection, according to Ms.
Doughty, is necessary to keep the Forklifts in good operating
condition and preserve their value during the Lease.  Therefore,
she asserts, Toyota's interest is not adequately protected.  Any
interest the Debtor has in utilizing the Forklifts, she says,
cannot outweigh the potential injury to Toyota if the Debtor is
permitted to delay its decision to assume or reject the Lease.

                     About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


EUGENE SCIENCE: Completes US$2 Million Financing
------------------------------------------------
Eugene Science, Inc has successfully completed a financing
through the sale of US$2 million in senior secured promissory
notes and warrants.

The Company intends to use the proceeds to:

   * complete the build out of its new 22,000-square-foot
     corporate production and research facility scheduled for
     opening in October;

   * restructure bank debt;

   * advance its patented AD/ADD production process toward
     commercialization, and;

   * general corporate purposes

Eugene Science reports it is receiving significantly increasing
interest and orders for CholZeroTM from existing and new
customers.  Completing its new production and research facility
will enable the Company to increase production capacity to meet
growing customer demand.  The facility will be located in Jang-
An Industrial Complex, Haw Sung City, Kyonggi-Do, about 40 miles
south of Seoul and ten miles from Pyungtaek Port, an important
and emerging industrial harbor servicing the capitol city of
Seoul.

The financing will be recorded in the third quarter ending
September 30.  Terms of the notes and accompanying warrants are
summarized in an 8-K filing with the SEC, and will also be
reported, along with copies of financing documents, under
'subsequent events' in the SEC 10-Q filing for the period ended
June 30, 2007.

                     About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science Inc. is a
global biotechnology company that develops, manufactures and
markets nutraceuticals, or functional foods that offer health-
promoting advantages beyond that of nutrition.  Plant sterols
are the company's primary products, which include CZTM Series of
food additives and CholZeroTM branded beverages and capsules.  
In June 2005, the company received regulatory approval for
certain health claims associated with the company's products
from government agencies in the Republic of Korea.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on May 18, 2006,
SF Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2005.  The auditor pointed to the company's recurring losses,
negative working capital, and operation in a country whose
economy is currently unstable -- South Korea.

The TCR-AP reported that the company's Sept. 30, 2006 balance
sheet also showed US$6,076,682 in total assets, US$16,750,391 in
total liabilities, resulting in a US$10,673,709 total
stockholders' deficit.  The company also reported strained
liquidity with US$2,556,354 in total current assets available to
pay US$16,003,573 in total current liabilities.


FRESH DEL MONTE: S&P Puts Preliminary B Rating on Sr. Unsec Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
senior unsecured debt, preliminary 'B' subordinated debt, and
preliminary 'B-' preferred stock ratings to Fresh Del Monte
Produce Inc.'s Rule 415 universal shelf registration for debt
securities.

The company may sell debt securities or ordinary shares or a
combination thereof.  Net proceeds are expected to be used for
general corporate purposes, including to repay outstanding
indebtedness if so specified in the prospectus supplement.  The
company may invest funds that are not immediately needed for
these purposes in short-term marketable securities.  The
corporate credit rating on Cayman Islands-based Fresh Del Monte
is 'BB-'. The outlook is negative.

"The rating reflects its participation in the highly variable,
commodity-oriented fresh fruit and vegetable industry, which is
affected by uncontrollable factors such as global supply,
political risk, weather, and disease," said Standard & Poor's
credit analyst Alison Sullivan.  Mitigating these concerns are
the company's leading positions in the production, marketing,
and distribution of fresh produce.  At March 31, 2007, Fresh Del
Monte had about US$484 million of debt outstanding.

                 About Fresh Del Monte

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

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


UAL CORP: Discloses June 2007 Plan Consummation Status Report
-------------------------------------------------------------
Erik W. Chalut, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, reports that:

  * As of June 18, 2007, United Airlines, Inc., has authorized
    the issuance of approximately 111,200,000 shares, which
    represents approximately 96.7% of the 115,000,000 shares
    of New UAL Common Stock available to United's employees and
    creditors;

  * As of May 31, 2007, approximately 100,000 shares have been
    distributed in connection with the Director Equity Incentive
    Plan of a total 175,000 shares available and approximately
    8,900,000 shares has been distributed in connection with the
    Management Equity Incentive Plan of a total 9,825,000 shares
    available; and

  * As of April 27, 2007, United will have distributed
    approximately 26,100,000  shares of New UAL Common Stock to
    its employees' 401(k) plans.  Additionally, after monetizing
    1,900,000 shares to satisfy tax withholding obligations,
    employees and retirees will have received 3,900,000 net
    shares directly.

                      Fourth Circuit Appeal

As previously reported, the Aircraft Mechanics Fraternal
Association took an appeal from the ruling of the U.S. District
Court for the Eastern District of Virginia that the effective
termination date of the Ground Plan would be March 11, 2005, to
the U.S. Court of Appeals for the Fourth Circuit.

The Fourth Circuit affirmed the decision of the District Court
on January 9, 2007.  The parties were required to petition the
Supreme Court for a writ of certiorari on or before June 8,
2007.  No writ of certiorari has been filed, which effectively
concludes the matter.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United    
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The company filed for chapter 11 protection on
Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191).  James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman,
Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis,
represented the Debtors in their restructuring efforts.  Fruman
Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented
the Official Committee of Unsecured Creditors before the  
Committee was dissolved when the Debtors emerged from
Bankruptcy.  Judge Wedoff confirmed the Debtors' Second Amended
Plan on Jan. 20, 2006.  The company emerged from bankruptcy
protection on Feb. 1, 2006.  At Dec. 31, 2006, the company's
balance sheet showed total assets of US$25,369,000,000  
and total liabilities of US$23,221,000,000.

The airline flies to Brazil, Korea and Germany.

                           *     *     *

Fitch Ratings this month affirmed the Issuer Default Ratings of
UAL Corp. and its principal operating subsidiary United
Airlines, Inc. at 'B-'.

Moody's Investors Service assigned ratings in July 2006 to
United Air Lines Inc.'s Pass Through Trust Certificates, Series
2000-1: Ba3 rating to US$233,244,336 Class A-1 Certificates; Ba3
rating to US$324,913,300 Class A-2 Certificates; and B3 rating
to US$186,368,450 Class B Certificates.


WOORI BANK: Wins Approval to Open Another China Bank Branch
-----------------------------------------------------------
Woori Bank won the approval from the China Banking Regulatory
Commission to set up a branch in Suzhou, in Southern China, XFN-
ASIA reports.

According to the report, the branch will have operating capital
of CNY200 million or its equivalent in other currencies.  China
requires foreign banks to offer retail services in yuan via
China-registered units.

Earlier, the CBRC gave the bank the go-ahead to set up a locally
incorporated unit, provisionally named Woori Bank (China) Co.
Ltd, the report recounts.

The report adds that the bank plans to open 30 new branches in
China by 2010, and expand further to 50 branches by 2012.

                        About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain,
Singapore,Moscow,London, and Dhaka.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


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

SHAW GROUP: Expects to File Restated Financials on July 31
----------------------------------------------------------
The Shaw Group Inc. plans to file its first quarter fiscal 2007
amended Quarterly Report on Form 10-Q/A for the three months
ended Nov. 30, 2006, and its second quarter fiscal 2007 Form 10-
Q for the three months ended Feb. 28, 2007 by July 31, 2007.

Shaw expects its restated first quarter fiscal 2007 results to
be a loss of approximately US$23.8 million after taxes, compared
to the previously reported loss of US$20.3 million after taxes.  
The restated loss includes additional charges of approximately
US$6.5 million, US$3.5 million after taxes, for the increase in
estimated costs of a domestic chemicals industry project,
slightly below the previously estimated range.

For second quarter fiscal 2007, Shaw estimates its financial
results to be a net loss of US$74 million after taxes.  The
results primarily consisted of net charges of approximately
US$16 million after taxes for Shaw's investment in Westinghouse
segment; charges of approximately US$24 million after taxes for
the impairment of and charges related to Shaw's investment in
certain military housing privatization projects; plus a US$10
million accrual for possible additional tax liabilities.

Second quarter results also included charges totaling
approximately US$21 million after taxes for the settlement of
claims with owners and vendors and final estimates of revenues
and costs for two major domestic EPC projects, which resolves
most major outstanding claims at May 31, 2007.  The balance of
charges for the quarter were related to a number of increased
cost accruals on projects, adjustments to revenue estimates,
goodwill impairments, reversal of certain incentive fees,
valuations of other assets, and other items.

Revenues for the second quarter were approximately US$1.2
billion and approximately US$2.5 billion for the six months
ended Feb. 28, 2007.  Operating cash flow for the second quarter
was approximately US$23 million and for the six month period was
approximately US$154 million.  Backlog at Feb. 28, 2007 was
approximately US$11.3 billion.

Shaw also reported that it expects to complete preparation of
its third quarter fiscal 2007 financial results and file its
third quarter Form 10-Q for the three months ended May 31, 2007
by Aug. 15, 2007.  Shaw estimates its third quarter fiscal 2007
net income to be within a range of US$0.30 to US$0.35 per
diluted share, which includes losses of approximately US$4
million after taxes or US$0.05 per share for Shaw's investment
in Westinghouse segment.  These estimates include an assumed
effective tax rate of approximately 40% and a preliminary
estimate for the value of the embedded derivative component of
the put option for Shaw's investment in Westinghouse.

Shaw's backlog for the quarter ending May 31, 2007 was
approximately US$13.3 billion, another record backlog for Shaw,
reflecting continued strength in the power generation and
chemicals markets.  Estimated revenues were US$1.6 billion for
third quarter fiscal 2007.  Operating cash flow for the third
quarter is expected to be approximately US$133 million, bringing
operating cash flow for the nine months ended May 31, 2007 to
nearly US$300 million.

"Although it is taking longer than we had anticipated to get our
financial reporting filings up-to-date, we continue to be
committed to providing fully transparent, timely and accurate
financial information, and we are working diligently to file the
quarterly reports for fiscal 2007 as soon as possible," Dirk J.
Wild, senior vice president, chief accounting officer and
interim chief financial officer of Shaw, said.

"As we continue to experience unprecedented growth, we are all
working extremely hard to improve our financial reporting
processes," J.M. Bernhard, Jr., chairman, president, and chief
executive officer of Shaw, said.  "We believe we have taken
appropriate steps to address concerns regarding our project
estimating process and remedial actions are underway.  As for
the second quarter, while the results are disappointing, the
loss reflects the resolution of a number of open matters, which
will allow us to focus our attention on the historic amount of
work we see ahead."

"Significant projects recently booked by our power and chemicals
groups have resulted in another record backlog of US$13.3
billion for the quarter ending May 31, 2007," Mr. Bernhard
continued.  "We continued to have strong cash collections in the
third quarter, and now have nearly $300 million in operating
cash flow for the nine-month period.  With the continued
strength in our core markets, we look forward to reporting
improved operating results in the future."

Shaw also reported that it expects to obtain appropriate waivers
under its bank credit agreement with respect to covenants
related to the delinquent SEC filings.

Shaw has not completed its final review or final financial
statements and SEC filings have not been made as of this date
for the first, second and third quarters of fiscal 2007.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the  
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SHAW GROUP: Brings In Jeffrey Merrifield as VP-Power Group
----------------------------------------------------------
The Shaw Group Inc. has named Jeffrey S. Merrifield as senior
vice president in the company's Power Group.  He will relocate
to Shaw's Power Group headquarters in Charlotte, North Carolina,
and report directly to Richard Gill, president of the Power
Group.

Mr. Merrifield formerly was a commissioner on the United States
Nuclear Regulatory Committee from October 1998 through June
2007.  Initially appointed by President Clinton and reappointed
by President Bush, he served as acting NRC chairman during the
August 2003 blackout when nine nuclear reactors underwent
emergency shutdowns, as well as during an emergency situation
that led to the first evacuation of an NRC licensed site since
Three Mile Island.

Additionally, Mr. Merrifield led the rewriting of the NRC
Strategic Plan for Fiscal Years 2004-2009, including crafting
the first-ever NRC vision statement and he headed the U.S.
delegation to the Third Convention on Nuclear Safety at the
International Atomic Energy Agency.

Before joining the NRC, Mr. Merrifield served as counsel and
staff director to the U.S. Senate Subcommittee on Superfund,
Waste Control and Risk Assessment from 1995 to 1998.  He was
also an associate at McKenna and Cuneo and served on the
legislative staffs of Senators Robert C. Smith (R-NH) and Gordon
Humphrey (R-NH).

J.M. Bernhard, Jr., chairman, president and chief executive
officer of Shaw, said, "Mr. Merrifield brings valuable
regulatory and legislative experience to The Shaw Group as we
expand our ability to engineer, design and construct advanced
nuclear power generating facilities using the AP1000 technology
that is environmentally advantageous in regards to greenhouse
gas emissions.  We welcome Jeff to Shaw and believe his guidance
will help our Power Group business answer the nation's need for
additional electrical capacity as utilities retire older
generation plants and pursue more environmentally friendly
options."

Mr. Merrifield received his Bachelor of Arts degree from Tufts
University in 1985 and his Juris Doctor degree from the
Georgetown University Law Center in 1992.  He is a member of the
bar of both New Hampshire and the District of Columbia.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the  
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and Venezuela, among others.

                       *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


STAR CRUISES: Resorts World Cuts Shareholding by 14.02%
-------------------------------------------------------
Resorts World Ltd, an indirectly wholly owned subsidiary of Star
Cruises Ltd, has sold 1.01 billion of shares, equivalent to
14.02% stake, it owned in the parent firm to CMY Capital Ltd for
MYR1.168 billion.

CMY Capital will satisfy the consideration in cash, Resorts
World's disclosure with the Bursa Malaysia Securities Bhd
revealed.

As at March 31, 2007, Resorts World held 33.91% equity interest
in Star Cruises.

Resorts World will hold a 19.9% stake in Star Cruises after the
sale and will no longer account for Star Cruises' results, the
disclosure said.  The firm also said it would book a net gain of
MYR309.7 million (US$89.77 million) following the sale.

In addition, the company said that "The Proposed Disposal arises
from the strategic decision made by Resorts World's Board to
reduce RWL's stake in SCL so as to mitigate its exposure to the
volatile earnings of the SCL Group."  

Resorts World added that the Proposed Disposal is still subject
to shareholders' and regulatory approvals.

Star Cruises Limited -- http://www.starcruises.com/-- is a  
Company publicly listed in Hong Kong and is a core member of the
Genting Group and 36.1% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  Star Cruises operates 22
ships with 35,000 lower berths under five main brands: Star
Cruises and Cruise Ferries, which service Asia Pacific, and
three brands under NCL.  The company also has operations in
Malaysia.

Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.  The ratings were placed on CreditWatch on
Dec. 11, 2006, following the announcement that Genting
International PLC had won its SD$5.2 billion bid to build
Singapore's second integrated resort on Sentosa Island.

Moody's Investors Service confirmed the B1 corporate family
rating of Star Cruises Limited.  The rating outlook is stable.  
This concludes the ratings review initiated on January 25, 2007.


PROTON HOLDINGS: Unit Enters China Market Via Jinhua Youngman
-------------------------------------------------------------
Perusahaan Otomobil Nasional Sdn Bhd, a wholly owned subsidiary
of Proton Holdings Bhd, had entered into an agreement to sell
cars in China through Jinhua Youngman Automobile Manufacturing
Co Ltd.

Under the agreement, Proton's unit will supply a minimum of
30,000 completely built up cars to Youngman to be rebadged under
the Europestar brand for a period of twenty months from the date
of the first delivery.

In addition, Proton, through its 55% owned subsidiary, Proton
Parts Centre Sdn Bhd., will supply genuine service parts to
Youngman, while Youngman will also have access to engineering
and development consultancy services from Proton via its
subsidiaries in the Lotus Group of Companies, for the
development of complete-knocked down cars for Youngman in China.


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.


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

AUCKLAND MANAGEMENT: Faces CIR's Wind-Up Petition
-------------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Auckland Management & Consultancy Ltd. on
May 7, 2007.

The High Court of Auckland will hear the petition on August 9,
2007, at 10:00 a.m.

The CIR's solicitor is:

         Adam R. A. Pell
         c/o 17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214


DALMORE PROPERTIES: Court to Hear Wind-Up Petition Today
--------------------------------------------------------
On May 28, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Dalmore Properties Ltd.

The petition will be heard before the High Court of Christchurch
today, July 16, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Beech
         c/o Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


DENNY'S CORP: Same-Store Sales Up 2.8% in 2007 Second Quarter
-------------------------------------------------------------
Denny's Corporation reported same-store sales for its company-
owned Denny's restaurants during the quarter ended June 27,
2007, compared with the related period in fiscal year 2006.

Sales:             2Q-2007     2Q-2006     YTD-2007    YTD-2006   
------             -------     -------     --------    --------
Same-Store Sales     2.8 %      (0.4 %)      0.5 %        2.1 %
  Guest Check Avg.   3.6 %       4.0 %       3.1 %        6.0 %
  Guest Counts      (0.8 %)     (4.2 %)     (2.6 %)      (3.6 %)
                                  
Restaurant Counts:              6/27/07     12/27/06                   
------------------              -------     --------
     Company-Owned                  488          521                   
     Franchised and Licensed      1,051        1,024   
                                  -----        -----            
                                  1,539        1,545                   

Nelson Marchioli, president and chief executive officer, stated,
"We are pleased with the response to our marketing activities in
the second quarter which delivered improvement in guest traffic
trends as well as a stronger menu mix.  While our second quarter
results will benefit from this sales growth, we do expect
continued margin pressures from rising commodity costs and wage
rates."

Denny's expects to release results for its second quarter ended
June 27, 2007 after the markets close on Tuesday, July 31, 2007.

                  About Denny's Corporation

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

                         *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


FOGDEN DRAINAGE: Taps Murray G. Allott as Liquidator
----------------------------------------------------
Fogden Drainage Ltd. went into liquidation on June 18, 2007, and
Murray G. Allott was appointed as liquidator.

Mr. Allott is receiving the creditors' proofs of debt until
July 20, 2007.

Mr. Allot can be reached at:

         Murray G. Allott
         111 Bealey Avenue
         Christchurch 8013
         PO Box 29432, Christchurch 8540
         New Zealand
         Telephone:(03) 365 1028
         Facsimile:(03) 365 6400
         e-mail: murray@profitco.co.nz


FOXTON CARAVANS: Commences Liquidation Proceedings
--------------------------------------------------
Foxton Caravans Ltd. started to liquidate its business on
June 18, 2007, through a special resolution passed on that day.

The company requires its creditors to file their proofs of debt
by July 27, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Roderick Thomas Mckenzie
         McKenzie & Partners Limited
         Level 1, 484 Main Street
         PO Box 12014, Palmerston North
         New Zealand
         Telephone:(06) 354 9639
         Facsimile:(06) 356 2028


GLOBETROTTERS (2004): Enters Wind-Up Proceedings
------------------------------------------------
On June 20, 2007, the shareholders of Globetrotters (2004) Ltd.
resolved to wind up the company's operations.

Creditors who can file their claims by July 23, 2007, will be
included from sharing in the company's dividend distribution.

The company's liquidators are:

         Stephen Mark Lawrence
         Anthony John McCullagh
         c/o Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7425
         Facsimile:(09) 302 0536


MASANAK CONSTRUCTION: Fixes August 17 as Last Day to File Claims
----------------------------------------------------------------
The creditors of Masanak Construction Services Ltd. are required
to file their proofs of debt by August 17, 2007.

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:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


NORTH ISLAND: Court to Hear Wind-Up Petition on August 9
--------------------------------------------------------
The High Court of Auckland will hear a petition to liquidate the
business of North Island Property Trading Ltd. on August 9,
2007, at 10:00 a.m.

The petition was filed by the Commissioner of Inland Revenue on
May 7, 2007.

The CIR's solicitor is:

         Adam R. A. Pell
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand


POTTER GROUP: Receiving Proofs of Debt Due Today
------------------------------------------------
Potter Group Ltd, which is in liquidation, is receiving proofs
of debt until today, July 16, 2007.

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

The company's liquidator is:

         David Stuart Vance
         PPB McCallum Petterson
         Level 8, The Todd Building
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


RAVENSWOOD PAINTING: Creditors' Proofs of Debt Due Today
--------------------------------------------------------
Ravenswood Painting (WGTN) Limited, which is in liquidation,
requires its creditors to file their proofs of debt today,
July 16, 2007.

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

The company's liquidator is:

         David Stuart Vance
         PPB McCallum Petterson
         Level 8, The Todd Building
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


STEEL BUILDING: Undergoes Liquidation Proceedings
-------------------------------------------------
On June 7, 2007, Steel Building Products Ltd. went into
liquidation and Gilbert Dale Chapman was appointed as
liquidator.

Mr. Chapman is receiving the creditor's proofs of debt until
July 30, 2007.

The Liquidator can be reached at:

         Gilbert Dale Chapman
         Reynolds & Associates Limited
         Insolvency Practitioners
         PO Box 259059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone: (09) 522 5662
         Facsimile: (09) 522 5788


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

PHIL NAT'L BANK: Could Earn PHP10 Billion From Planned Offering
---------------------------------------------------------------
The Philippine National Bank could earn about PHP10.4 billion
from its planned offering of 160.81 million shares next week
based on a closing price of PHP65 for its shares on Friday, the
Philippine Daily Inquirer says.

According to a disclosure with the Philippine Stock Exchange,
the bank will offer 89 million new common shares and
71.8 million secondary shares.  According to the disclosure, 70%
of the offer will be extended to international investors, while
local players can avail of 30%.  The bank said that the price of
the offer will be calculated from the average trading price of
its shares listed in the PSE for a period of 30 trading days
ending July 13, with a 10% discount.

UBS AG will act as international lead manager, the report
relates.  Local underwriting will be done by PNB Capital and
Investment Corp., Land Bank of the Philippines, and Development
Bank of the Philippines.  The bank's international roadshow for
the offering started yesterday and will end today, while the
domestic offer will take place from July 20 until July 24.  
Listing date is set on August 1.


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

                          *     *     *

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

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

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

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


PHIL LONG DISTANCE: Unit Shifts Business to Tap Into OFW Markets
----------------------------------------------------------------
The Philippine Long Distance Telephone Co.'s international sales
and marketing arm, PLDT Global Corp., is shifting its focus from
traditional voice retail services to the Mobile Virtual Network
business model, the Manila Bulletin reports.

PGC President and CEO Alfredo S. Panlilio told the Manila
Bulletin that his company is expanding its international mobile
business in order to take advantage of the growing overseas
Filipino worker communities in Asia, the United States and
Europe.

Mr. Panlilio also said that his company's partnerships with Hong
Kong and Singapore appeared to be a suitable business model
after they gave favorable economic returns and allowed PGC to
introduce services featuring both Smart Telecom's services in
the Philippines and the foreign partner's offerings.

He said PGC expects its Hong Kong wireless business to grow
further this year, as it already hit the 55,000 subscriber
threshold as of March 31.  The Singapore partnership, he said,
showed positive returns after only 10 months of operation.


Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading  
national telecommunications service provider in the Philippines.  
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that on
November 3, 2006, Moody's Investors Service affirmed Philippine
Long Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.  
At the same time, Moody's has affirmed PLDT's Baa3 domestic
currency issuer rating.  The outlook for this rating remains
positive.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.


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

GOH HUP: Creditors Set to Meet on July 19
-----------------------------------------
The creditors of Goh Hup Heng Electrical Pte Ltd will meet on
July 19, 2007, at 3:00 p.m., at 141 Market Street, Level of 5
Queen 4, International Factors Building, Singapore 048944.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's update on the conduct of the
      administration;

   -- consider the appointment of a Committee of Inspection
      pursuant to Section 277 of the Companies Act (Cap. 50);
      and

   -- consider other matters which may properly be brought
      before the meeting.

The company's liquidator is:

         Abuthahir Abdul Gafoor
         c/o 1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


HEXION SPECIALTY: Inks Definitive Merger Pact with Huntsman
-----------------------------------------------------------
Huntsman Corporation has agreed to a definitive merger agreement
with Hexion Specialty Chemicals Inc., pursuant to a transaction
with a total value of approximately US$10.6 billion, including
the
assumption of debt.

Huntsman has terminated the merger agreement with Basell AF.

Under the terms of the agreement, Hexion will acquire all of the
outstanding common stock of Huntsman for US$28 per share in
cash.  The agreement also provides that the cash price per share
to be paid by Hexion will increase at the rate of 8% per annum
beginning 270 days from July 12, 2007.

The Hexion Transaction was a superior proposal to the Basell
Agreement and was unanimously approved by the board of directors
of Huntsman.  Huntsman's board approved the agreement for the
Hexion Transaction at the recommendation of a Transaction
Committee comprised solely of Huntsman independent directors.
Hexion's board also has approved the agreement.

The transaction is subject to customary closing conditions,
including regulatory approval in the U.S. and in Europe, well as
the approval of Huntsman shareholders.  Entities controlled by
MatlinPatterson and the Huntsman family and a Huntsman
charitable trust, who collectively own approximately 57% of
Huntsman's common stock, have agreed to vote in favor of the
transaction.

The transaction is not subject to a financing condition and
commitments have been obtained by Hexion for all necessary debt
financing from affiliates of Credit Suisse and Deutsche Bank AG.
Hexion will have up to 12 months, subject to a 90 day extension
by the Huntsman board under certain circumstances, to close the
transaction.

Huntsman's board authorized the delivery of a notice of
termination of the Basell Agreement, along with the payment of
the US$200 million break-up fee required by the Basell
Agreement.  Hexion funded US$100 million of the Basell break-up
fee while Huntsman funded the remaining US$100 million.

"This is a very favorable outcome for our shareholders and one
that reflects a confidence in our company of which our
associates can be very proud," Peter R. Huntsman, president and
CEO of Huntsman, said.  "Hexion is an attractive candidate for a
merger with Huntsman.  We have complementary businesses and,
together, will have an even stronger technology platform from
which to serve our customers."

"I have invested much of my life in Huntsman Corporation and
consider it the highest honor to be associated with such
exceptional customers and associates," Jon M. Huntsman, founder
and chairman of Huntsman, added.  "However, the time has come
when it is in the best interests of our shareholders to sell the
company.  I am pleased with the outcome of our merger
negotiations with Apollo, and have every confidence that the
combined Hexion and Huntsman teams will be superb stewards of
this business for the next era."

Merrill Lynch & Co. and Cowen and Company LLC acted as financial
advisors to Huntsman.  Vinson & Elkins L.L.P. and Shearman and
Sterling LLP acted as legal advisors to Huntsman.

                        About Huntsman Corp.

Huntsman Corp. (NYSE: HUN) -- http://www.huntsman.com/--   
manufactures and markets differentiated and commodity chemicals.
Its operating companies manufacture products for a variety of
global industries including chemicals, plastics, automotive,
aviation, textiles, footwear, paints and coatings, construction,
technology, agriculture, health care,  detergent, personal care,
furniture, appliances and packaging.

                      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.  
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.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand
                           *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


KESTREL PROPERTIES: To Declare Dividend on July 24
--------------------------------------------------
Kestrel Properties Pte Ltd, which is in voluntary liquidation,
will declare the first dividend on July 24, 2007.

The company will pay 4.6626% to all received claims.

The company's liquidator is:

         Lim Yeong Seng
         111A Telok Ayer Street
         Singapore, 068580


LEVI STRAUSS: May 27 Balance Sheet Upside-Down by US$865.2 Mil.
---------------------------------------------------------------
Levi Strauss & Co.'s balance sheet as of May 27, 2007, showed
total assets of US$2.7 billion, total liabilities of US$3.6
billion, and total stockholders' deficit of US$865.2 million.

Second-quarter results reflect continued growth momentum, with
net revenue improvements in each of the company's three regions.  
Net income also improved for the period.

Net revenues for the second quarter ended May 27, 2007, were
US$1 billion, compared to US$960.8 million for the same quarter
in 2006, a 6% increase.  The increase primarily reflects the
success of upgraded and premium products worldwide, strong
growth in emerging markets in the Asia Pacific region, and
incremental revenues from additional brand-dedicated retail
stores worldwide.  Net revenues also benefited from favorable
currency exchange rates during the period.

Net income for the second quarter increased 14% to US$45.7
million, compared to US$40.2 million in the same quarter of
2006.  Net income benefited from lower interest expense as a
result of debt repayment and lower interest rates obtained
through refinancing actions taken during 2006 and 2007.  
Refinancing-related costs also were lower in the 2007 period.  
These improvements were partially offset by higher income tax
expense in the second quarter of 2007 compared to the same
quarter of 2006 primarily due to a higher discrete tax benefit
in the 2006 period.

                  Liquidity and Capital Resources

The maximum availability under the company's senior secured
revolving credit facility is US$550 million.  As of May 27,
2007, based on collateral levels as defined by the agreement,
reduced by amounts reserved in accordance with this facility as
described below, its total availability was about US$333.3
million.  The company had no outstanding borrowings under this
facility, but had utilization of other credit-related
instruments such as documentary and standby letters of credit.  
Unused availability was about US$245.2 million.

Under the company's senior secured revolving credit facility, it
is required to maintain certain reserves against availability,
including a US$75 million reserve at all times.  These reserves
reduce the availability under its credit facility.

As of May 27, 2007, the company had cash and cash equivalents
totaling US$307.2 million, resulting in a net liquidity position
of US$552.4 million.

A copy of the company's second quarter report is available for
free at http://ResearchArchives.com/t/s?2185

"Our growth momentum continues," said John Anderson, chief
executive officer.  "Our premium products are resonating with
consumers.  North America 'our largest region' is delivering
good revenue performance, and I'm particularly pleased with
Europe's progress.  We have more work to do in Japan, Korea and
the U.S. Levi Strauss Signature(R) brand, but our solid first
half puts us on track for a good year."

"We delivered another quarter of net revenue and net income
growth.  Our strong cash flow allowed us to further reduce debt
while we continue to invest in the business," said Hans Ploos
van Amstel, chief financial officer.  "Given our first-half
performance, we expect modest net revenue and net income growth
for the fiscal year."

                        About Levi Strauss

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a   
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company's global divisions are based in Singapore, San
Francisco, and Brussels.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Mar. 6, 2007, Fitch affirmed the ratings on Levi Strauss & Co.
as:

   -- Issuer Default Rating 'B';
   -- US$650 million asset-based loan 'BB/RR1'; and
   -- US$1.8 billion unsecured notes 'BB-/RR2'.

Fitch also expects to rate Levi's new senior unsecured term loan
'BB-/RR2'.  The Rating Outlook is Positive.

Moody's Investors Service confirmed the company's B2 Corporate
Family Rating and its B3 rating on the company's various senior
unsecured notes.  Additionally, Moody's assigned an LGD5 rating
to those bonds, suggesting noteholders will experience a 59%
loss in the event of a default.


LIAN HUAT: Fixes July 21 as Last Day to File Claims
---------------------------------------------------
Lian Huat Shipping Co. Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by July 21, 2007.

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:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


P.E.M. INVESTMENTS: Sets July 20 as Last Day to File Claims
-----------------------------------------------------------
P.E.M. Investments Pte Ltd, which is in compulsory liquidation,
is receiving proofs of debt until July 20, 2007.

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

The company's liquidators are:

         Deborah Tan Yang Sock
         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


POLYONE CORP: Fitch Lifts Issuer Default Rating to BB-
------------------------------------------------------
Fitch Ratings upgraded PolyOne Corporation's ratings as:

-- Issuer Default Rating to 'BB-' from 'B';
-- Senior unsecured debt and debentures to 'BB-' from 'B+/RR3';
-- Rating Outlook Stable.

The ratings upgrade reflects PolyOne's decision to pay down debt
with the proceeds from the sale of its 24% interest in
OxyVinyls, LP to Occidental Chemical Corp for US$261 million.  
Cash proceeds will be used to reduce debt by 43% and lower
interest expense.  Interest expense is expected to be US$25
million lower in 2008 as compared to 2006.  Also, exiting the
commodity business will significantly decrease earnings
volatility.  The sale of the 24% will not affect the resin
supply agreement PolyOne has with OxyVinyls.  This agreement
remains intact until 2024.

PolyOne's size and downstream market position support the
ratings upgrade.  PolyOne is a leading global compounding and
North American distribution company.  At US$2.6 billion in
revenue latest 12 months March 31, 2007, PolyOne is larger than
many of the smaller companies that participate in the highly
fragmented plastic compounding sector.  Additionally, PolyOne's
global operations provide the company more opportunities in
rapidly growing economies compared to limited growth
opportunities in the U.S. for regional players.

PolyOne's earnings can be pressured by rapidly increasing resin
costs in a rising price environment as seen in recent years.
Downstream companies like PolyOne are slower to pass on product
price increases compared to the upstream resin producers from
whom they purchase raw materials.  However, with the increase in
capacity coming online in late 2007 and early 2008, resin prices
are expected to drop, thus giving PolyOne a chance to increase
margins.

In the current environment, resin pricing has stabilized at high
levels and PolyOne has been able to catch up with its own price
increases, supported by good demand.  For the LTM period ended
March 31, 2007, PolyOne's operating EBITDA was US$129.1 million
compared to US$138.4 at year-end 2006.  The drop in EBITDA was
primarily from the reduction in net earnings from the OxyVinyls
JV.  This is primarily a result of lower construction-related
product demand and contracting PVC resin spreads.  Profitability
has also improved ever so slightly to 5% from 4.8% at YE2005,
but remains in the single-digit range.

Meanwhile, total debt is expected to decline to US$330 million
at Aug. 9, 2007 from US$595.9 million at the end of March 2007.  
Higher earnings and lower debt will strengthen the credit
statistics with expected total adjusted debt/operating EBITDAR
of 2.5x and operating EBITDA/gross interest expense of 3.2x at
YE2007.

The stable rating outlook incorporates some stabilization in
earnings and profitability with debt reduction over the next 12
to 24 months.  The stable outlook assumes demand is stable; any
necessary price increases can be passed through; and costs
moderate slightly.  Other than the medium-term notes maturing
each year (US$20 million per year through 2011), Fitch does not
anticipate any additional significant debt reduction nor does
Fitch expect any major acquisitions.  PolyOne does not have any
significant maturities until 2012.

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North   
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.


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

BANGKOK BANK: To Invest THB6 Billion in Information Tech Systems
----------------------------------------------------------------
Bangkok Bank PCL plans to invest more than THB6 billion in
information technology systems this year in order to provide
more efficient services to its customers, bank president
Chatsiri Sophonpanich told the Bangkok Post.

Mr. Chatsiri also told the Bangkok Post that he is changing the
bank's corporate image in order to keep up with the rapid pace
of change and heavy competition in the sector.   

The article relates that even though the bank is the largest
bank in Thailand by assets, analysts have said that the bank
appears to be conservative and slow to change compared to its
smaller competitors.  Mr. Chatsiri admitted that the bank's
growth caused the overall industry to lag behind due to
centralization of operations 10 years ago.

The article recounts that lending authority was sharply limited
at the branch level after the 1997 Asian Financial crisis.  The
bank had sought to curb credit risk and limit its non-performing
loans at that time.

Headquartered in Bangkok Bangkok Bank PCL --
http://www.bangkokbank.com/-- is Thailand's largest bank, with  
total assets of THBB1.498 trillion (US$39 billion) at end-June
2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was re affirmed on September 20, 2006, following the military
coup in Thailand.

On May 4, 2007, Moody's Investors Service retained its D+ rating
for Bangkok Bank's bank financial strength, and its Baa1/P
Foreign Currency Deposit rating. The outlook is stable.

The bank also carries the following ratings by Fitch with a
stable outlook:
    * BBB+ long-term foreign senior debt
    * BBB long-term subordinate debt
    * F1+ local and F2 short-term foreign senior debt
    * C Individual rating
    * Support Rating of 2.

In addition, Standard & Poor's Rating Services assigned these
ratings for Bangkok Bank:
     * BBB+ senior debt
     * BBB subordinated debt
     * A-2 short term rating
     * C Financial Rating

The outlook is stable.




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

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