TCRAP_Public/070717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, July 17, 2007, Vol. 10, No. 139

                            Headlines

A U S T R A L I A

AUTO CORRECT: Members and Creditors to Meet on August 3
BACA PROJECTS: Appoints Bettles and Carter as Liquidators
BEMAX RESOURCES: Moody's Affirms Ba3 rating with Stable Outlook
BLUE CAVE: Placed Under Voluntary Liquidation
CLEAN SEAS: Predicts Additional AU$11.5 Mil. to Sales for FY2008

COLES GROUP: Woolworths Still Interested to Buy Part of Group
COVEMINT PTY: Members Decide to Liquidate Business
GOLDVIEW PTY: Names Colin Joseph Wilson as Liquidator
ILLUSTRATIONS PTY: Members Agree on Voluntary Liquidation
K & L ARKINSTALL: Members Opt to Shut Down Business

KENDLE INT'L: Wants to Offer US$150 Million of Convertible Notes
MEGA BRANDS: S&P Affirms Corporate Credit Rating at B+
PACIFIC MEAT: Enters Wind-Up Proceedings
PEOPLE TELECOM: Inks Broadband Deal with Crazy John's
REALOGY CORP: Closes Change of Control Offer for US$1.2BB Notes

SILVERLEIGH PTY: Sets Joint Meeting for August 3
SS HOLDINGS: Undergoes Liquidation Proceedings


C H I N A   &   H O N G  K O N G

BALLY TOTAL: Names Brian Pierce as Game Sales Vice President
CITIC BANK: Expects Strong 2007 First-Half Results
FABRIKANT HK: Creditors & Contributories to Meet on July 21
FER TECHNOLOGIES: Receiving Proofs of Debt Until July 20
FINISAR CORP: Receives Additional Nasdaq Delisting Notice

HERO FORTUNE: Appoints Lee Kwok On, Alexander, as Liquidator
INTERNATIONAL PAPER: To Buy CMCP Shares for US$40 Million
INTERNATIONAL SECURITIES: Fitch Keeps Below Investment Grades
JIANGXI COPPER: Seeks JV With Mitsui for Molybdenum Projects
LOBO DYNAMIC: Commences Liquidation Proceedings

POWER STAR: Taps Puen Wing Fai & Lo Yeuk Ki as Liquidators
SUPERB (FAR EAST): Court to Hear Wind-Up Petition on July 18
TC MANUFACTURERS: Fixes July 23 as Last Day to File Claims
TYSON FOODS: China Bans Import of Meat Products
UNION ORIENTAL: Faces Court of Bank's Wind-Up Petition

VINLET DEVELOPMENT: Taps Chow Cheuk & Cheng Siu as Liquidators
YUE FANG: Wind-Up Petition Hearing Set for August 1


I N D I A

BANK OF BARODA: To Foray Into Mutual Fund Segment With Pioneer
BANK OF INDIA: To Raise Up to INR1,995 Crore by Bond Issue
BHARTI AIRTEL: Board to Consider 1st Qtr. Financials on July 26
CANARA BANK: Board to Meet on July 25 to Consider Q1 Financials
GENERAL MOTORS: Fitch Affirms Issuer Default Rating at B

IMAX CORP: Cede & Co. Issues Default Notice Under Sr. Indenture
IMAX CORP: Default Notice Prompts S&P to Junk Ratings
TATA MOTORS: DaimlerChrysler Plans to Sell 6.8% Stake


I N D O N E S I A

ALCATEL-LUCENT: To Deploy First WiMAX Network in France
CIKARANG LISTRINDO: Assigns 'Ba3' Corporate Family Rating
GARUDA INDONESIA: Enters Corporate Sales Agreement With HIPMI
GARUDA INDONESIA: Unaffected by EU's Flight Cancellation Order
MEDCO ENERGI: To Drill Well in Simenggaris Block

* Indonesia's 2007 Balance of Payment to Post US$13.4B Surplus


J A P A N

AMERICAN AIRLINES: Offers Discounted Caribbean & Mexican Flights
ALL NIPPON: New Units to Wait Over a Year to Fly Overseas
DELPHI CORP: Formally Terminates Cerberus Capital Agreement
MITSUBISHI MOTORS: AU Unit Struggles with 380 Sedan, Report Says
NORTHWEST AIRLINES: Inks Pact to Provide Content to Expedia

NORTHWEST AIRLINES: Fitch Puts EETC's Ratings on Positive Watch
SAMSONITE CORP: CVC Merger Deal Cues Moody's To Review Ratings


K O R E A

BIOMET INC: LVB Acquisition Completes Tender Offer for Shares
KOOKMIN BANK: To Reflect US$482-Mil. Back Taxes in 2Q Earnings
LYONDELL CHEMICAL: Declares US$0.225 a Share Quarterly Dividend
TRIGEM COMPUTER: Prefers Celrun to Bid for Assets


M A L A Y S I A

KNOLL INC: S&P Withdraws Ratings at Company's Request
MALAYSIA AIRLINES: To Invest MYR200 Mil. to Upgrade Systems
SHAW GROUP: Plans to File Delinquent SEC Reports by July 31
SHAW GROUP: Brian Ferraioli Named as Finance Executive VP


N E W  Z E A L A N D

ELECTRIC BOX: Fixes August 3 as Last Day to File Claims
FIGARO AGRICULTURAL: Shareholders Agree on Business Liquidation
HSU HOLDINGS: Commences Liquidation Proceedings
LIBERTY MOTORCYCLES: Sets July 26 as Deadline to File Claims
MFSS LTD: Creditors' Proofs of Debt Due by August 3

MILADY STYLES: Fixes July 18 as Last Day to File Claims
REGIS PROPERTIES: Wind-Up Petition Hearing Set for August 16
THE PIPI: Court to Hear Wind-Up Petition on July 19
* Strong Gov't. Finances Cues S&P to Affirm NZ's Ratings


P H I L I P P I N E S

AFP-RSBS: Ex-President Speaks Up on Ombudsman's Graft Charges
APC GROUP: Unit Inks Farm-In Agreement with Monte Oro Resources
LAFAYETTE MINING: Environmental Group Pleads Not Guilty to Libel
PHIL. BANK OF COMMUNICATIONS: PDIC Withdraws 36.19MM Shares
PHIL NAT'L BANK: PCGG Cannot Sue PNB on NOCOSII Loan, Court Says

RIZAL COMMERCIAL: Plans to Further Expand Operations Nationwide


S I N G A P O R E

BARONET LIMITED: Receiving Proofs of Debt Until July 31
CLOVER HOLDINGS: Creditors' Proofs of Debt Due by July 31
GUAN AIK: Requires Creditors to File Claims by August 7
JIN-WEN INVESTMENT: Pays Dividend to Creditors
LEONG SENG: Creditors Set to Meet on July 19

SOLUTIA INC: Files Second Amended Plan and Disclosure Statement
SOLUTIA INC: Wants Court Nod on Hal Wallach as HR Senior VP
SPECTRUM BRANDS: Lowers Projections for Fiscal Year 2007


T H A I L A N D

ABICO HOLDINGS: Takes 50.46% in PPO Farm for THB97,139


* BOND PRICING: For the Week 16 July to 20 July 2007

     - - - - - - - -

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

AUTO CORRECT: Members and Creditors to Meet on August 3
-------------------------------------------------------
A joint meeting will be held for the members and creditors of
Auto Correct Pty Ltd on August 3, 2007, at 10:30 a.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:

         C. M. Williamson
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia


BACA PROJECTS: Appoints Bettles and Carter as Liquidators
---------------------------------------------------------
On June 7, 2007, Jason Bettles and Susan Carter of
Worrells were appointed as liquidators of Baca Projects Pty Ltd.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         Worrells Solvency & Forensic Accountants
         Web site: http://www.worrells.net.au

                       About Baca Projects

Baca Projects Pty Ltd is a general contractor of single-family
houses.  The company is located in Queensland, Australia.


BEMAX RESOURCES: Moody's Affirms Ba3 rating with Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has affirmed its Ba3 corporate family
rating and Ba3 senior unsecured debt rating for Bemax Resources
Limited in view of the successful closing of its US$175 million
s144a bonds issuance.  Both ratings have had their provisional
status removed.  The outlook for the ratings is stable.

Bemax Resources Limited is an Australia-based mineral sands
producer, producing zircon- and titanium-based feedstock
products.  Bemax intends to expand operations to additional
mining sites as well as ramp up operations at its Broken Hill
Mineral Separation Plant (MSP) facility to allow for the
processing of Rutile and Zircon.


Headquartered in Queensland, Australia, BeMax Resources Limited
-- http://www.bemax.com.au/-- is engaged in mineral  
exploration, development of mineral tenements, mining mineral
sands, processing mineral sands and sale of separated mineral
sands products.  The Company operates three mine sites and two
mineral separation plants.  The Company's Murray Basin
operations in the region deals with large scale mineral sands
mining.  During the year ended December 31, 2006, the Company's
operations continued at the Ludlow Mine with the Tutunup South
Mine that commenced operations.  The Company's exploration
continued in the Murray Basin, development for the second Murray
Basin Mine, the Snapper Mine, design and engineer requirements
and statutory approvals for the Mineral Separation Plant in
Broken Hill and re-purchase of Zircon marketing rights for the
Ginkgo and Snapper deposits Zircon production.  During 2006, the
Broken Hill Region contained heavy mineral (HM) of 85.2 million
tons and a Company wise total of over 98 million tons.


BLUE CAVE: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on May 29, 2007, the members of
Blue Cave Pty Ltd, which is formerly known as Dovira Pty
Ltd, resolved to voluntarily wind up the company's operations.

Robert Hutson and Ginette Muller of KordaMentha were appointed
as liquidators.

The Liquidators can be reached at:

         Robert Hutson
         Ginette Muller
         KordaMentha (Queensland)
         Level 4, Corporate Centre One
         2 Corporate Court
         Bundall, Queensland
         Australia

                        About Blue Cave

Blue Cave Pty Ltd, which is also trading as Coverworld,
is a general contractor of single-family houses.  The company is
located in New South Wales, Australia.


CLEAN SEAS: Predicts Additional AU$11.5 Mil. to Sales for FY2008
----------------------------------------------------------------
Clean Seas Tuna Limited expects to sell more than 1.25 million
kilograms of kingfish for the fiscal year 2008, adding
AU$11.5 million to its sales figures, Alexandra Tredrea, of
News.com, reports.

According to the report, Clean Seas Chairman Hagen Stehr said
that the company also aims to fill its production pipeline with
the production of 1.2 million kingfisher fingerlings in 2007-
2008, with potential sales worth AU$30 million.

Mr. Stehr, writes Ms. Tredrea, said that rising "farmgate"
prices for kingfish meant Clean Seas was likely to make at least
AU$9.25/kg.

Ms. Tredrea quotes Mr. Stehr as saying, "Aquaculture is emerging
as a mature industry in Australia and as such is earning the
genuine interest of major investors.  Clean Seas is taking a
leadership position within the industry and is attracting funds
from major players as a result."

Forty percent of kingfish harvested from Clean Seas' pens in
Spencer gulf were sold in Australia and the rest overseas,
relates Ms. Tredrea.

                        About Clean Seas

Port Lincoln, Australia-based Clean Seas Tuna Limited --
http://www.cleanseastuna.com/-- is engaged in the propagation  
of Kingfish producing fingerlings for sale, as well as the
growout of Kingfish and Mulloway. In addition, the company is
also constructing an onshore Southern Bluefin Tuna broodstock
facility at Arno Bay.

The Troubled Company Reporter - Asia Pacific, on Jan 30, 2007,
listed Clean Seas Tuna's bond with a 9.000% coupon and a
September 30, 2008 maturity date as distressed.


COLES GROUP: Woolworths Still Interested to Buy Part of Group
-------------------------------------------------------------
Woolworths Limited is still keen in buying part of Coles Group
if it ends back on the auction, Peter Ryan, of ABC News,
reports.

Mr. Ryan quotes Woolworths Chief Executive Officer Michael
Luscombe as saying that its customer traffic improved
"dramatically" and that the "amount of money each customer is
spending on average in all of our stores has improved."

Coles rival, Mr. Ryan writes, is keeping its options open with
regard to buying one or more of the merchandise brands of Coles.

According to the report, Woolworths partial bid was rejected
last week in favor of Wesfarmers Limited.  However, the rival is
still determined that there is a chance that the deal could fall
through if either Coles or Wesfarmers shares decline any
further.  In line with this, Woolworths has already submitted to
the Australian Competition and Consumer Commission an
application for clearance of its first bid.

Mr. Luscombe further says that if shares continue to fall, this
could force the Coles board of directors to break up the retail
empire rather than sell it as a single concern, meaning brands
such as Officeworks, Kmart or Target, would be up for grabs,
conveys Mr. Ryan.

Richard Gluyas of The Australian reports that Woolworths has
already asked the ACCC to complete its market inquiries into a
possible acquisition of Officeworks, together with either Target
or Kmart.

Woolworths, who approached Coles after the agreed Wesfarmers
takeover announcement, is believed to have unsuccessfully
offered Coles around AU$6 billion for Officeworks, and either
Target or Kmart, Mr. Gluyas reports.

                     About Coles Group

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in  
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


COVEMINT PTY: Members Decide to Liquidate Business
--------------------------------------------------
The members of Covemint Pty Limited decided to liquidate the
company's business, on June 21, 2007, and appointed Kim Wallman
of HLB Mann Judd as liquidator.

The Liquidator can be reached at:

         Kim Wallman
         HLB Mann Judd(Insolvency Western Australia)
         Level 2, 15 Rheola Street
         West Perth 6005
         Australia

                       About Covemint Pty

Covemint Pty Limited, which is also trading as The Duxton Hotel,
is in the hotels and motels business.  The company is located in
Victoria, Australia.


GOLDVIEW PTY: Names Colin Joseph Wilson as Liquidator
-----------------------------------------------------
Goldview Pty Ltd was placed under voluntary liquidation on
June 18, 2007, and Colin Joseph Wilson was appointed as
liquidator.

The Liquidator can be reached at:

         Colin Joseph Wilson
         Cordner Wilson Ludeke Pty Ltd
         Level 2 Riverwalk Place
         corner of Robina Town Centre Drive
         and Laver Drive, Robina Queensland 4226
         Australia

                       About Goldview Pty

Goldview Pty Ltd, which is also trading as P & S Electrical
Wholesalers, is a distributor of electrical apparatus, equipment
wiring supplies and construction materials.  The company is
located in New South Wales, Australia.


ILLUSTRATIONS PTY: Members Agree on Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on June 20, 2007, the
members of Illustrations Pty Ltd agreed to voluntarily liquidate
the company's business and appointed Kim Wallman of HLB Mann
Judd as liquidator.

The Liquidator can be reached at:

         Kim Wallman
         HLB Mann Judd (Insolvency Western Australia)
         Level 2, 15 Rheola Street
         West Perth 6005
         Australia

                     About Illustrations Pty

Illustrations Pty Ltd, which is also trading as Noel Holly
Photography, is involved with commercial photography.  The
company is located in Western Australia, Australia.


K & L ARKINSTALL: Members Opt to Shut Down Business
---------------------------------------------------
On June 18, 2007, the members of K & L Arkinstall Pty Ltd had a
meeting and decided to shut down the company's operations.

The company's liquidator is:

         Anthony Ray Cordner
         Level 2 Riverwalk Place
         corner of Robina Town Centre Drive
         and Laver Drive,
         Robina, Queensland 4226
         Australia

                     About K & L Arkinstall

K & L Arkinstall Pty Ltd provides automotive services, except
repair and carwashes.  The company is located in Victoria,
Australia.


KENDLE INT'L: Wants to Offer US$150 Million of Convertible Notes
----------------------------------------------------------------
Kendle International Inc. intends to offer, subject to market
and other conditions, an aggregate of US$150 million of
convertible senior notes due in 2012.

The notes will be convertible, in certain circumstances, into a
combination of cash and Kendle common stock.  Upon conversion,
holders will receive cash up to the principal amount of the
notes to be converted, and any excess conversion value will be
delivered in shares of the company's common stock.

The company intends to grant the underwriter an option to
purchase up to an additional US$22.5 million of convertible
senior notes to cover over-allotments, if any.

In connection with the offering, Kendle intends to enter into
convertible note hedge transactions with certain dealers.  These
transactions are intended to reduce the potential dilution to
the company's shareholders upon any future conversion of the
notes.  The company also intends to enter into warrant
transactions concurrently with the offering, pursuant to which
it intends to sell warrants to purchase Kendle common stock to
the same dealers that intend to enter into the convertible note
hedge transactions.

In connection with the convertible note hedge transactions, it
is expected that the dealers that are party to such
transactions, or their affiliates, will enter into various
derivative or other transactions with respect to Kendle common
stock.  In addition, following pricing of the offering of the
notes, such parties or their affiliates may continue to enter
into, or to unwind, various derivatives transactions with
respect to Kendle common stock and/or to purchase or sell shares
of Kendle common stock in secondary market transactions,
including during the cash settlement averaging period relating
to a conversion of the notes.

The company intends to use the remaining net proceeds from this
note offering for the repayment of debt under its credit
agreement and for general corporate purposes, which may include
working capital and acquisitions or investments in businesses,
products or technologies complementary to its own.

UBS Investment Bank is acting as sole book-running manager in
connection with the offering.

The public offering of the company's convertible senior notes
will be made only by means of a prospectus under the company's
existing US$300 million shelf registration statement.

Copies of the preliminary prospectus and accompanying prospectus
also may be obtained from:

          UBS Investment Bank
          Attention: Prospectus Department
          299 Park Avenue
          New York, NY, 10171
          Telephone: (888) 827-7275

                         About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) --
http://www.kendle.com/-- is a global clinical research  
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Latin America and Africa.  In the Asia Pacific,
Kendel maintains operations in Australia, China, and India.


MEGA BRANDS: S&P Affirms Corporate Credit Rating at B+
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and bank loan ratings on Montreal, Quebec-based leading
toy manufacturer MEGA Brands Inc.  In addition, S&P revised the
recovery rating on the company's bank loan to '3' from '2'.  The
'3' recovery rating indicates an expectation of meaningful (50%-
70%) recovery of principal in the event of a payment default, in
contrast to a '2' recovery rating, which indicates the
expectation of substantial (70%-90%) recovery of principal.  The
revision to the recovery rating is due to the recent change in
Standard & Poor's recovery scale, as well as the use of a lower
EBITDA amount and EBITDA multiple in the event of default.

At the same time, Standard & Poor's removed the ratings from
CreditWatch with negative implications, where they were placed
April 20, 2007.  The outlook is stable.

"The rating affirmation and stable outlook follow our review of
MEGA Brands' operating and financial strategies, in the context
of the challenges it has faced with the Magnetix product, other
litigation, and an intensely competitive environment," said
Standard & Poor's credit analyst Lori Harris.  "Furthermore, the
company has announced a CDN$78 million offering of common
shares, net proceeds of which are expected to repay debt, which
will positively affect MEGA Brands' financial risk profile," Ms.
Harris added.  Into the affirmation, S&P incorporated an
expectation that MEGA Brands will have no additional material
Magnetix-related, one-time expenses and that financial
performance will show improvement in the medium term.

The ratings on MEGA Brands reflect its weak financial profile;
customer concentration; seasonal sales; litigation risk; and
challenging toy industry fundamentals, including a very
competitive operating environment and ongoing reliance on
successful new product introductions.  These factors are
partially offset by the company's good market position within
its categories and brand equity.

The stable outlook reflects the expectation that MEGA Brands
will maintain its leading position in its core markets and that
credit measures will remain in line with Standard & Poor's
expectations.  

Furthermore, the stable outlook incorporates the expectation
that any material problems related to the Magnetix brand are
behind the company.  The ratings could be revised upward if the
company strengthens its business risk profile through building
its market position or if MEGA Brands improves its financial
risk profile.  Should MEGA Brands experience future material
Magnetix-related, one-time expenses or the company's financial
performance is not in line with Standard & Poor's expectations
in the next several quarters, the outlook or ratings could face
pressure.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a  
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


PACIFIC MEAT: Enters Wind-Up Proceedings
----------------------------------------
Pacific Meat Packers Pty Ltd entered wind-up proceedings on
June 25, 2007, and Dennis Anthony Turner was appointed as
liquidator.

The Liquidator can be reached at:

         Dennis Anthony Turner
         PKF Chartered Accountants
         Level 11, 485 La Trobe Street
         Melbourne, Victoria 3001
         Australia

                       About Pacific Meat

Pacific Meat Packers Pty Ltd is a distributor of meat products.  
The company is located in Victoria, Australia.


PEOPLE TELECOM: Inks Broadband Deal with Crazy John's
-----------------------------------------------------
Crazy John's has struck a new deal to provide People Telecom
Ltd. customers with home and high speed broadband products,
reports the Australian Associated Press.

According to the report, the agreement on high speed broadband
will be used by Crazy John's to launch its expansion into the
broadband consumer and small to medium enterprise market later
this year.

People Telecom, according to the AAP, estimates the home phone
business to be worth AU$1 million a year.

The AAP quotes People Telecom chief Executive Officer John
Stanton as saying, "Crazy John's have consistently demonstrated
themselves to be a dynamic and successful distributor of mobile
telecoms services across Australia and People Telecom looks
forward to contributing to their further success and
diversification into new business areas."


Headquartered in North Sydney Australia, and listed with the
Australian Stock Exchanges and the New Zealand Exchange Ltd.,
People Telecom Ltd.-- http://www.peopletelecom.com.au/--  
formerly Swiftel Ltd, is engaged in the provision of
telecommunication services to the Australian corporate and
public markets. The Company offers a range of products to homes
and businesses, including broadband Internet access, fixed wire
phone services, mobile phone services and corporate data
products. The Company's wholly owned subsidiaries include
Swiftel Communications Pty Ltd, Swift Broadband Pty Ltd, People
Telecommunications Pty Limited, People Mobile Pty Ltd and PTS
Australia Pty Ltd.

                       Going Concern Doubt

The directors in the company's annual report said that the
company and the consolidated entity have made a loss from
ordinary activities of AU$22,103,061 and AU$21,609,667
respectively for the year ended June 30, 2006 (2005:
AU$2,746,931 and AU$596,412 respectively).  Excluding the asset
impairment loss of AU$21,241,233 the company and the
consolidated entity made a loss of AU$861,828 and AU$368,434
respectively for the year ended June 30, 2006.


REALOGY CORP: Closes Change of Control Offer for US$1.2BB Notes
---------------------------------------------------------------
Realogy Corporation has closed its change of control offer for
any and all of its outstanding:

   a) US$250,000,000 principal amount of Floating Rate Senior
      Notes due 2009;
   
   b) US$450,000,000 principal amount of 6.15% Senior Notes due
      2011; and

   c) US$500,000,000 principal amount of 6.50% Senior Notes due
      2016.

As required by the Notes and the indenture governing the Notes,
the purchase price with respect to each series of Notes equaled
100% of the principal amount of such series of Notes, plus
accrued interest payable with respect to such series of Notes to
July 9, 2007.

Based upon final results from the depositary for the tender
offer, of the US$1.2 billion aggregate principal amount of the
Notes outstanding, Realogy purchased approximately US$1 billion,
consisting of approximately US$230,000,000 principal amount of
Floating Rate Senior Notes due 2009, US$324,245,000 of the
principal amount of 6.15% Senior Notes due 2011 and
US$448,500,000 of the principal amount of 6.50% Senior Notes due
2016.

Realogy effected payment of the validly tendered Notes on
July 9, 2007 by depositing immediately available funds with the
depositary, Wells Fargo Bank, National Association, which in
turn is required to transmit payment to tendering holders of
Notes.

To finance the purchase of the Notes, Realogy utilized a portion
of the delayed draw term loan subfacility under the senior
secured credit facility it established in April 2007.

The change of control offer was made pursuant to Realogy's
obligations under the indenture governing the Notes, which
requires Realogy to make an offer to purchase the Notes after a
"change of control triggering event."

A "change of control triggering event" occurred on April 10,
2007 as a result of (i) the "change of control" that resulted on
that date from the consummation of Realogy's merger with an
affiliate of Apollo Management L.P. and (ii) the lowering of the
ratings for the Notes to below investment grade by both Moody's
Investors Service, Inc. and Standard & Poor's Rating Services in
March 2007.

                        About Realogy Corp.

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

                           *     *     *

Standard & Poor's downgraded Realogy Corp.'s long-term foreign
and local issuer credit ratings to BB+.


SILVERLEIGH PTY: Sets Joint Meeting for August 3
------------------------------------------------
The members and creditors of Silverleigh Pty Ltd will have their
joint meeting on August 3, 2007, at 11:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         C. M. Williamson
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                      About Silverleigh Pty

Located in Western Australia, Silverleigh Pty Ltd is an investor
relation company.


SS HOLDINGS: Undergoes Liquidation Proceedings
----------------------------------------------
The members of SS Holdings Qld Pty Ltd passed a resolution on
June 22, 2007, to wind-up the company's operations and appointed
Philip John Martin as liquidator.

Subsequently, the liquidator required the company's creditors to
file their proofs of debt by July 13, 2007, or be excluded from
sharing in the company's dividend distribution.

The company's liquidator is:

         Philip John Martin
         Elliotts Accounting
         123 Margaret Street
         Toowoomba, Queensland 4350
         Australia

                       About SS Holdings

SS Holdings (Queensland) Pty Ltd is a distributor of motor
vehicle supplies and new parts.  The company is located in
Queensland, Australia.


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

BALLY TOTAL: Names Brian Pierce as Game Sales Vice President
------------------------------------------------------------
Bally Technologies, Inc. has appointed Brian Pierce as its Vice
President of North American Game Sales.

Mr. Pierce most recently served as Executive Vice President of
Sales for gaming supplier Paltronics.  He previously served as
Vice President of North American Sales from 2004 to 2006 for
slot machine supplier WMS Gaming, where he spent a total of 10
years.  Mr. Pierce also has casino operations experience from
being employed by the Claridge Casino Hotel in Atlantic City,
N.J.

"Brian is highly regarded throughout the gaming industry and the
relationships he has created and his keen focus on customer
service will serve him well in this position with Bally," said
Gavin Isaacs, Bally Chief Operating Officer.  "Brian is joining
our company at a very exciting time, and he and the entire sales
team will benefit from a high level of energy and the best
product lineup in Bally's long history."

"Indeed I am very excited to join Bally at a time when the
company is climbing so rapidly," said Mr. Pierce.  "I've admired
Bally and its sales force from afar and couldn't be happier to
lead the North American team and build on the momentum already
in place."


Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,  
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


CITIC BANK: Expects Strong 2007 First-Half Results
--------------------------------------------------
China CITIC Bank disclosed with the Hong Kong Stock Exchange
that it is expecting to post more than 80% growth in its net
profit for the first half of 2007.

The increase, according to the bank, was fuelled by sharp growth
in its lending business as well as fee income.  The forecast
results were unaudited and were prepared in accordance with
Chinese accounting standards, the statement said.

Reuters recounts that for the first half of 2006, the company
posted a net profit of CNY1.72 billion (US$227.2 million).


CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group.  With 41b
branches, CITIC Bank had total assets of CNY689.5 billion at the
end of September 2006.

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

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


FABRIKANT HK: Creditors & Contributories to Meet on July 21
-----------------------------------------------------------
Fabrikant Hong Kong Limited, which is in compulsory liquidation,
will hold a meeting for its creditors and contributories on
July 21, 2007, at 11:00 a.m. and 11:30 a.m., respectively.

The meeting will be held in Room 203 of Duke Windsor Social
Service Building at No. 15 Hennessy Road in Wanchai, Hong Kong.


FER TECHNOLOGIES: Receiving Proofs of Debt Until July 20
--------------------------------------------------------
FER Technologies Limited, which is formerly known as China
Effort Industries Limited, requires its creditors to file their
proofs of debt by July 20, 2007.

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

The company's liquidator is:

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


FINISAR CORP: Receives Additional Nasdaq Delisting Notice
---------------------------------------------------------
Finisar Corporation had received an additional Staff
Determination notice from The Nasdaq Stock Market, stating that
Finisar is not in compliance with Nasdaq's Marketplace Rule
4310(c)(14) because it did not timely file its annual report on
Form 10-K for the fiscal year ended April 30, 2007, and that its
common stock is subject to delisting from the Nasdaq Global
Select Market.

Finisar had received similar Staff Determination notices for
failure to timely file its quarterly reports on Form 10-Q for
the quarters ended Oct. 29, 2006, and Jan. 28, 2007.

In response to the original Staff Determination notice, Finisar
requested a hearing before the Nasdaq Panel, which was held on
Feb. 15, 2007.  At the hearing, Finisar requested that its
common stock continue to be listed pending completion of the
Audit Committee's review of Finisar's stock option grant
practices, the preparation of restated financial statements, if
required, and the filing of the October 10-Q.  Finisar
supplemented its request to cover the delayed filing of the
January 10-Q.

The Panel issued a decision on April 4, 2007, granting Finisar
an extension of time to June 11, 2007, to file its October 10-Q
and any required restatements of its financial statements and an
extension of time to July 3, 2007, to file its January 10-Q.

Finisar appealed the Panel's decision to the Nasdaq Listing and
Hearing Review Council and requested that the Listing Council
stay the Panel's decision, and any future Panel decisions to
delist Finisar's securities, pending appeal, and grant Finisar
an extension of time to come into compliance with its reporting
obligations until at least Aug. 31, 2007.

The Listing Council has called for review and stayed the April
4, 2007 decision of the Panel.  The Listing Council has
requested that Finisar make an additional submission for its
consideration by Aug. 10, 2007.  The Listing Council will then
review the matter on the basis of the written record.  Finisar
intends to supplement its previous submission to Nasdaq to
include the Form 10-K in its pending request for additional time
to make required filings.  

There can be no assurance that the Listing Council will grant
Finisar's request for continued listing.  Pending a decision by
the Listing Council, Finisar's common stock will continue to be
traded on the Nasdaq Global Select Market.

                     About Finisar Corporation

Headquartered in Sunnyvale, California, Finisar Corporation
(NASDAQ: FNSR) -- http://www.finisar.com/-- is a technology  
leader for fiber optic components and subsystems and network
test and monitoring systems.  These products enable high-speed
data communications for networking and storage applications over
Gigabit Ethernet Local Area Networks, Fibre Channel Storage Area
Networks, and Metropolitan Area Networks using Fibre Chanel, IP,
SAS, SATA, and SONET/SDH protocols.

The company has operations in China.

                      Notices of Default

On April 24, 2007, the company received three substantially
identical purported notices of default from U.S. Bank Trust
National Association, as trustee for the company's 2-1/2%
Convertible Senior Subordinated Notes due 2010; 2-1/2%
Convertible Subordinated Notes due 2010; and its 5-1/4%
Convertible Subordinated Notes due 2008.

The notices asserted that the company's failure to timely file
its Form 10-Q report for the quarter ended Jan. 28, 2007 with
the SEC to provide a copy to the Trustee constituted a default
under each of the three indentures between the company and the
Trustee governing the respective series of notes.  The notices
each indicated that, if the company does not cure the purported
default within 60 days, an "Event of Default" would occur under
the respective Indenture.

The company in January 2007, also received three similar
purported notices of default from the Trustee with respect to
the Company's failure to timely file its Form 10-Q report for
the quarter ended Oct. 29, 2006 with the SEC and to provide a
copy to the Trustee. On March 7, 2007, the company reported that
the 60-day period to cure the purported default with respect to
the October 10-Q had expired and that, as a result, the Trustee
or holders of at least 25% in aggregate principal amount of one
or more series of the Notes may take the position that an Event
of Default has occurred under the Indentures and attempt to
assert the contractual right to declare all unpaid principal,
and any accrued interest, on the Notes of such series to be due
and payable.


HERO FORTUNE: Appoints Lee Kwok On, Alexander, as Liquidator
------------------------------------------------------------
On July 4, 2007, Lee Kwok On, Alexander was appointed as the
liquidator of Hero Fortune Limited.

Mr. Lee Kwok On is receiving creditors' proofs of debt until
August 13, 2007.

The Liquidator can be reached at:

         Lee Kwok On, Alexander
         Park-In Commercial Centre, 1901-2
         56 Dundas Street, Kowloon


INTERNATIONAL PAPER: To Buy CMCP Shares for US$40 Million
---------------------------------------------------------
International Paper Co. has signed an agreement with Cofipac to
purchase the remaining shares of its joint venture Compagnie
Marocaine des Cartons et des Papiers (CMCP) in Morocco for
approximately US$40 million.  As a result, CMCP will be wholly
owned by International Paper.  Completion of the transaction is
subject to normal closing conditions and is expected before the
end of the third quarter.

In October 2005, International Paper acquired approximately 65
percent of CMCP shares to further grow its corrugated box
business and to strengthen its position in the fruit and
vegetable segment in the Mediterranean region.

Morocco remains an attractive market for International Paper and
the company intends to continue investing in its packaging
business there.  "CMCP is a strong business with good prospects
for the future in both industrial and fruit and vegetable
segments," said Paul Brown, vice president of International
Paper's European corrugated container business.

"Morocco has a fast-growing economy with a rapidly developing
consumer base that is expected to drive box demand growth.  In
addition, Morocco is a leading exporter of fresh fruit and
vegetable products to European markets, and I am pleased to say
that a large portion of the fruits and vegetables exported from
Morocco to Europe are packaged in International Paper corrugated
containers."

Aziz Qadiri and Hicham Qadiri will retire from their general
management roles at CMCP upon closing.  They will assume
advisory roles to the new management team and also serve on
CMCP's board of directors.  A new managing director will also be
appointed at that time.

"I want to thank the Qadiris for building CMCP into one of the
pre-eminent companies in Morocco, and I look forward to
continuing our successful relationship," Mr. Brown said.

CMCP has approximately 1,500 employees and operates four box
plants and one recycled containerboard mill in Morocco.  CMCP
produces corrugated packaging materials for the industrial and
agricultural markets.  In 2006, CMCP had sales of approximately
US$145 million.

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

Its Asian operations are specifically located in China.

                       *     *     *

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


INTERNATIONAL SECURITIES: Fitch Keeps Below Investment Grades
-------------------------------------------------------------
On July 13, 2007, Fitch Ratings affirmed Taiwan International
Securities Corporation's ratings, which showed:

    -- Long-term foreign currency Issuer Default Rating at BB,
    -- Short-term foreign currency IDR at B,
    -- National Long-term rating at BBB+(twn),
    -- National Short-term rating at F3(twn),
    -- Individual Rating at D and
    -- Support Rating at 5.

The Support Rating Floor of 'NF' remains unchanged.  The Outlook
is Negative.

TISC's ratings reflect the company's poor track record in
earnings performance, its modest market position and
deteriorating liquidity.  TISC is adequately capitalized despite
consecutive losses in 2004-2006.  Its weak performance was
attributed to investment losses at its two subsidiaries, TISC
Securities (HK) Limited and Taiwan International Futures
Corporation (TIF).  Fitch expects any further negative financial
impact to be limited following massive write downs and
reasonable loss reserving for possible losses from yet-to-be
settled lawsuits against TIF.  TISC reported an unaudited net
income of TWD1,166 million in H107 due to the buoyant trading
volume in Taiwan's stock market and its good trading results.

TISC's liquidity deteriorated due mainly to the TWD6bn reverse
repos at end-2006 with underlying securities being inverse
floating-rate structured bonds purchased from its affiliated
company Taiwan International Investment Management.  In
addition, TISC may suffer losses should interest rates rise
substantially as it mainly uses repos for funding this
structured note investment.  The company would have to
demonstrate more stable profitability and improve its liquidity
position and risk control in overseas operations for a positive
revision of the Outlook.

TISC is the 15th-largest securities firm by equity in Taiwan,
with a 2.2% market share in the securities brokerage business in
2006.  The Chang family and China Development Financial Holding
Corporation remain the major shareholders of TISC.


JIANGXI COPPER: Seeks JV With Mitsui for Molybdenum Projects
------------------------------------------------------------
Jiangxi Copper Group is looking to cooperate with Japan-based
Mitsui Co. Ltd. on various molybdenum projects, Interfax
reports, citing a company official who refused to be named.

"Jiangxi Copper and Mitsui already cooperate on several copper-
related projects," the official told Interfax, adding that both
parties expressed an interest in expanding current cooperation
to include molybdenum resources.

However, Jiangxi Copper and Mitsui have not laid out any
specific plans concerning potential cooperation on molybdenum
projects, the report notes.

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.
Jiangxi Copper is a constituent of the Xinhua/FTSE China 200
Index.

On July 18, 2006, Xinhua Far East China Ratings commented that
the likelihood of downward surprises on the issuer rating for
Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


LOBO DYNAMIC: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on July 6, 2007, the
members of Lobo Dynamic Investment Limited decided to
voluntarily liquidate the company's business and appointed
Arthur Leung Wing Kuen as liquidator.

The Liquidator can be reached at:

         Arthur Leung Wing Kuen
         44 Kennedy Road
         Hong Kong


POWER STAR: Taps Puen Wing Fai & Lo Yeuk Ki as Liquidators
----------------------------------------------------------
The sole shareholder of Power Star Enterprises Limited passed,
on July 5, 2007, a written resolution appointing Puen Wing Fai
and Lo Yeuk Ki, Alice as the company's liquidators.

The Liquidators can be reached at:

         Puen Wing Fai
         Lo Yeuk Ki, Alice
         Kwan Chart Tower, 6th Floor
         6 Tonnochy Road, Wanchai
         Hong Kong


SUPERB (FAR EAST): Court to Hear Wind-Up Petition on July 18
------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Superb (Far East) Limited on July 18, 2007, at
9:30 a.m.

The petition was filed before the Court on May 14, 2007, by Paul
Y (E&M) Contractors Limited.

Paul Y (E&M)'s solicitor is:

         Deacons
         Alexandra House, 5th Floor
         Chater Road, Central
         Hong Kong


TC MANUFACTURERS: Fixes July 23 as Last Day to File Claims
----------------------------------------------------------
The creditors of TC Manufacturers Limited are required to file
their proofs of debt by July 23, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

         Lai Tin Yin Fion
         Lyn Yee Chen Jean
         Unit F, 23rd Floor
         157 Prince Edward
         Road West, Kowloon
         Hong Kong


TYSON FOODS: China Bans Import of Meat Products
-----------------------------------------------
China's General Administration of Quality Supervision,
Inspection and Quarantine has suspended the import of meat
products from seven U.S. companies, including Tyson Foods Inc,
China Daily reports.

According to the report, the meat products were banned after it
was found that the main ingredients of some Chinese delicacies
such as pig ears and chicken feet, which are imported from the
U.S., contained salmonella, feed additives and veterinary drugs.

The other U.S. companies on the ban list are:

    -- Sanderson Farms Inc
    -- Intervision Foods
    -- AJC International Inc
    -- Cargill Meat Solutions Corp
    -- Van Luin Foods USA Inc and
    -- "Thumph Foods", which most likely is Missouri-based
       Triumph Foods.

The last three firms have been given 45 days to get their
products in order, China Daily says, but the suspension period
for the other companies has not been specified.


Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of  
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.

On Sept. 27, 2006, the Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service took a number of rating
actions in relation to Tyson, including the assignment of a Ba1
rating to the company's:

   -- US$1 billion senior unsecured bank credit facility; and

   -- US$345 million senior unsecured bank term loan for its
      Lakeside Farms Industries Ltd. subsidiary, under a full
      Tyson Foods, Inc. guarantee.


UNION ORIENTAL: Faces Court of Bank's Wind-Up Petition
------------------------------------------------------
On June 22, 2007, Court by Bank of China (Hong Kong) Limited
filed a petition to wind up the operations of Union Oriental
Company Limited.

The petition will be heard before the High Court of Hong Kong on
August 29, 2007, at 9:30 a.m.

Court by Bank's solicitor is:

         K.W. Ng & Co.
         Wings Building, 11th Floor
         110 Queen's Road, Central
         Hong Kong


VINLET DEVELOPMENT: Taps Chow Cheuk & Cheng Siu as Liquidators
--------------------------------------------------------------
Chow Cheuk Lap and Cheng Siu Hang were appointed as the
liquidators of Vinlet Development Limited through a special
resolution passed on May 17, 2007.

The Liquidators can be reached at:

         Chow Cheuk Lap
         Cheng Siu Hang
         China Insurance Group Building
         2nd Floor, Rooms 201-203 & 205
         141 Des Vouex Road, Central
         Hong Kong


YUE FANG: Wind-Up Petition Hearing Set for August 1
---------------------------------------------------
A petition to wind up the operations of Yue Fang Godown Limited
will be heard before the High Court of Hong Kong on August 1,
2007, at 9:30 a.m.

Tam Mei Kwan presented the wind-up petition before the Court on
May 30, 2007.


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

BANK OF BARODA: To Foray Into Mutual Fund Segment With Pioneer
--------------------------------------------------------------
Bank of Baroda will foray into the mutual fund business by
teaming up with Pioneer, an Italian company, Bishnu Dash of the
Business Standard reports.

The bank, through its subsidiary, Bank of Baroda Asset
Management company, has signed a memorandum of understanding
with Pioneer, with the details still being worked out, the
report relates, citing BOB Executive Director V. Santhanaraman
as source.

According to BS, the bank decided to make the move because
mutual funds have become a major destination for investment of
late.  With disposable income rising, high salaried
professionals are showing interest to invest in mutual funds,
Mr. Santhanaraman told the news agency.

The bank had to collaborate with Pioneeer because the foray
would need "specialized expertise," Mr. Santhanaraman reportedly
said.  

The bank also has plans to venture into the life insurance soon
and has even tied up with London-based Legal and General. A
joint company will be formed with 26% equity participation by
Legal and General, BS quotes Mr. Santharaman as saying.

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

                         *     *      *

As reported by the Troubled Company Reporter - Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

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


BANK OF INDIA: To Raise Up to INR1,995 Crore by Bond Issue
----------------------------------------------------------
Bank of India will raise Tier-I and Tier-II capital through by
issuing Innovative Perpetual Debt Instruments and Upper Tier-II
Bonds to the extent of INR1,995 crore on private placement
basis.

In a regulatory filing with the Bombay Stock Exchange on
July 13, 2007, the bank disclosed that its board of directors
has approved the proposal to raise the capital "at an
appropriate time."

According to The Financial Express, the bank said the timing of
the issue would be decided later.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over  
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds. It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans. The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operations in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                         *     *      *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


BHARTI AIRTEL: Board to Consider 1st Qtr. Financials on July 26
---------------------------------------------------------------
Bharti Airtel Ltd's board of directors will hold a meeting on
July 26, 2007, to consider and take on record the company's
audited financial results for the three months ended June 30,
2007.

In the quarter ended June 30, 2006, the company booked a net
profit of INR8.14 billion on revenues totaling INR37.01 billion.

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

                          *     *     *

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

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


CANARA BANK: Board to Meet on July 25 to Consider Q1 Financials
---------------------------------------------------------------
Canara Bank has informed the Bombay Stock Exchange that a
meeting of the board of directors of the bank will be held on
July 25, 2007.  Among others, the board will consider at the
meeting the bank's unaudited financial results subjected to
limited review for quarter ended June 30, 2007.

As previously reported on the Troubled Company Reporter - Asia
Pacific, the bank posted a net profit of INR5.05 billion for the
quarter ended March 31, 2007, a 2% increase from the INR4.94
billion profit gained in the corresponding quarter in 2006.  The
bank's total income increased from INR27.87 billion in the
quarter ended March 31, 2006, to INR38.37 billion in the current
quarter under review.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com -- provides services to a diverse   
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.  


GENERAL MOTORS: Fitch Affirms Issuer Default Rating at B
--------------------------------------------------------
Fitch has affirmed General Motors' Issuer Default Rating at 'B'
and removed the company from Rating Watch Negative following the
ratification of the new UAW contract with Delphi.  The
ratification reduces the risk of any production disruption from
a Delphi work stoppage that could have resulted in rapid and
widespread production shutdowns at GM.  The amount and range of
financial support provided by GM, including absorption of health
care and pension liabilities, worker flowbacks, buyout packages,
ongoing wage subsidies and uncompetitive component prices from
Delphi will remain a financial burden for GM over the
intermediate term and slow its ability to reduce supplier costs.  
GM's extensive efforts and financial support to resolve the
situation will now allow GM and the UAW to focus on the issues
of the upcoming contract talks.

The Negative Outlook reflects the continuing pressure on GM's
operating profile from competitive and market factors, and the
difficulty that GM will have in reversing negative cash flows in
North America over the near term. Despite a string of successful
product introductions in the pickup and large SUV segments, GM's
price point has continued to trend up while the market has
continued to trend toward smaller vehicles.  Progress in GM's
smaller vehicles has been more limited, and GM maintains
production of a number of products that are experiencing steady
volume declines.  A number of these products are assembled in
plants that lack scale, adequate contribution margins, and
competitive cost structures.  Revenues at GM are expected to
come under increased pressure in the second half of 2007 and
into 2008, as higher gas prices and a weak housing market
continue to affect the large vehicle segments.  Healthy volumes
of current product offerings such as the Saturn Aura, Buick
Enclave, GMC Acadia, as well as the pending Chevrolet Malibu and
Cadillac CTS, will be challenged to offset volume declines in
more dated products.  Over the intermediate term, Fitch expects
additional restructuring will be required to further rationalize
plant capacity, overlapping products and brands, and structural
costs, given the revenue declines expected through 2008.

Despite savings realized from the hourly-worker buyout program
and the health care agreement with the UAW, GM's North American
operations have been challenged to regain profitability.  Given
the company's revenue and cost pressures through 2008,
efficiencies and other cost improvements of as much as $5
billion may be needed to stem cash drains at the company's North
American operations.  As a result, any agreement on an
independent health care trust that would take over GM's UAW
retiree health care liabilities will be insufficient to return
GM's North American operations to positive cash flow.  The loss
of significant EBITDA from the sale of Allison Transmission, the
costs associated with the Delphi agreement, the potential
reduction in investment income following any health care deal
and further restructuring costs will continue to offset
improvements from recent and ongoing restructuring moves.  GM
has made progress in reducing its fixed cost structure, but a
large portion of the savings to date has come from non-cash
expenses, with the cash benefits accruing only over an extended
timeframe.  Over the longer term, re-alignment of the company's
product portfolio, efficiencies from material savings, and lower
supply costs will be necessary to achieve sustainable long-term
operating margins.  From a product perspective, the Detroit 3
appear well-positioned to maintain their competitive position in
the pickup market, and although it is a shrinking segment, GM is
expected to continue its strong leadership position in the
highly profitable large SUV segment.

The upcoming talks will be pivotal in determining GM's ability
to establish a competitive cost structure.  In addition to
retiree health care liabilities and health care for existing
workers, labor outsourcing is expected to be a key focus.  
Efforts to reduce job classifications and loosen work rules
could lead to greater opportunities to outsource non-production
jobs to outside labor.  With the extensive buyouts completed to
date and continuing attrition from an aged workforce, the
opportunity to outsource these functions through changes to work
rules and job classifications could lead to an effective multi-
tiered wage structure outside of UAW coverage, similar to what
is occurring at Delphi.  Success in this area could further
ratchet down labor and benefit costs over the long term.  Fitch
views the potential for UAW wage reductions for existing workers
as unlikely, given the relative parity of wages versus non-UAW
transplants.

Liquidity at GM remains very strong, and will be further
supplemented by the pending sale of its highly profitable
Allison Transmission unit.  The substantial asset sales that
have been completed over the past several years have helped GM
to finance its restructuring program, but have also reduced
earnings capacity.  A strong cash cushion positions GM to seek a
resolution to its retiree health care liabilities, although the
cost of any settlement is highly uncertain.  A settlement could
be viewed as positive, by transferring the risks of health care
cost inflation to the UAW.  In the event that an agreement is
reached, however, GM's liquidity would likely be substantially
diminished during a period of restructuring and operating
uncertainty and Fitch will focus on the sufficiency of GM's
liquidity and the funding of such an agreement, if it
materializes.  L/T VEBA of $14.6 billion could reach as much as
50% of funding requirements.  Liquidity will also benefit from
the runoff of the lease portfolio retained following the sale of
a 51% interest in GMAC, and GM's credit position continues to
benefit from its holdings in GMAC.

In addition, Fitch affirms and removes these ratings from Watch
Negative:

GM

    -- Senior unsecured debt at 'B-/RR5'
    -- Senior Secured at 'BB/RR1'.

General Motors of Canada

    -- Senior unsecured at 'B-/RR5'.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

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


IMAX CORP: Cede & Co. Issues Default Notice Under Sr. Indenture
---------------------------------------------------------------
IMAX Corporation was issued on July 2, 2007, a notice of default
by Cede & Co., the nominee of the Depository Trust Company, on
behalf of Catalyst Fund Limited Partnership II, a significant
holder of 9.625% senior notes due Dec. 1, 2010, issued by IMAX.

Cede stated in the notice that DTC is informed by Mellon Trust
of New England, N.A., its participant, that US$62,237,000
principal amount of the notes are beneficially owned by Catalyst
Fund.  The notice further added that Catalyst Fund's ownership
of the notes represents more than 25% of the outstanding notes
under the indenture.

The notice states that defaults have occurred and continue to
occur under Sections 1019 and 1021 of the indenture governing
the senior notes, in that IMAX has failed to comply with
financial reporting requirements and failed to deliver timely
and accurate officer certificates.

IMAX has failed to file its quarterly report for the first
quarter of 2007.  IMAX also has failed to file its annual report
for the period ended Dec. 31, 2006.

The defaults under Section 1019 were the subject of a prior
consent solicitation by IMAX, which IMAX claimed resulted in a
waiver of its defaults and an extension of its time to file its
required financial reports.

Catalyst disputes that the consent solicitation was valid or
effective.  The defaults under Section 1021, which were not the
subject of the prior consent solicitation, require unanimous
consent, which IMAX has not requested or obtained.

Cede demanded through the notice, on behalf of the beneficial
owner, that all the defaults be remedied.

This is the third notice of default sent to IMAX in the last two
months.  Separate notices with respect to these defaults were
sent to IMAX on May 3, 2007, and June 4, 2007.  The July 2, 2007
notice was sent on the first day following the expiration of
IMAX's claimed, though disputed, extension of time to file its
financial statements under Section 1019.

                      About IMAX Corporation

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


IMAX CORP: Default Notice Prompts S&P to Junk Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on IMAX Corp. to 'CCC+' from
'B-'.  The ratings remain on CreditWatch, with implications
revised to developing from negative, to indicate possible upward
or downward movement of the ratings.  The ratings were
originally placed on CreditWatch with negative implications on
April 2, 2007.
     
The rating and CreditWatch actions follow the issuance of a
notice of defaults with respect to IMAX's $160 million 9.625%
convertible senior notes due 2010.  The notice relates to the
company's failure to file its SEC Form 10-K for 2006 and Form
10-Q for the first quarter of 2007.  IMAX now has a 30-day cure
period (through July 31, 2007) to make the filing.  If IMAX is
unable to file during that time frame or obtain a waiver,
maturity on the notes may be accelerated.  In a press release
issued by IMAX on June 29, 2007, the company indicated that it
expects shortly to be able to file its 2006 Annual Report on
Form 10-K and quarterly report on Form 10-Q for the quarter
ended March 31, 2007.
     
"Standard & Poor's believes that these financial risks have the
potential to lead to an eventual payment default," said Standard
& Poor's credit analyst Tulip Lim.  "However, we will raise the
ratings if IMAX is able to resolve this situation either through
a timely filing or a receipt of waivers by noteholders."

                      About IMAX Corporation

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


TATA MOTORS: DaimlerChrysler Plans to Sell 6.8% Stake
-----------------------------------------------------
German carmaker DaimlerChrysler is looking to sell its 6.8%
stake in Tata Motors Limited, The Times of India reports.  Based
on Tata Motors' closing price on the Bombay Stock Exchange on
Friday, the news agency estimates the stake to be worth around
INR2,000 crore.

Julia Kroeber-Riel, global business communications,
DaimlerChrysler truck group & buses, told the paper, "[w]e
cannot comment on any speculation about exiting from Tata
motors."

The Times recalls that Tata Motors tied up with DaimlerChrysler
in 1954 to get its know-how to make trucks in India  Daimler's
holding later got diluted because of the expansion in Tata
Motors' equity capital.

In the early 2000s, Tatas exited Mercedes Benz India (now known
as DaimlerChrysler India), which sells Mercedes Benz cars in the
country. The reason: It preferred spending money on its own
small car project "Indica" rather than infusing capital in the
joint venture.

                      About DaimlerChrysler

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

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

                       About Tata Motors

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

Tata Motors has operations in Russia, and the United Kingdom.

                          *    *    *

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

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


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

ALCATEL-LUCENT: To Deploy First WiMAX Network in France
-------------------------------------------------------
Alcatel-Lucent and SHD, a corporate joint venture between SFR
and Neuf Cegetel, had signed a two-year contract for the supply
and installation of the first next-generation WiMAX network in
France, using standard 802.16e-2005.

Alcatel-Lucent will equip the planned sites of SHD's WiMAX
network in the Ile-de-France and Provence-Alpes-Cote d'Azur
regions by mid-2009.  The first sites are already operational in
the Paris region due to a pilot network deployed at the end of
2006 and will be operational in the PACA region this summer,
thanks to the second pilot network deployed by SHD and Alcatel-
Lucent.  

Based on the latest standard IEEE 802.16e-2005, the new radio
network will use the 3.4 - 3.6 GHz frequency band.  It will
enable professional and residential subscribers alike to connect
to broadband Internet in fixed and nomadic environments in areas
with little or no DSL coverage.  Alcatel-Lucent will provide its
complete next-generation WiMAX solution so that SHD's WiMAX
network will benefit from one of the most advanced technologies
in terms of radio frequency management.

"This first deployment of a WiMAX 802.16e-2005network in France
follows several similar contracts won by Alcatel-Lucent in other
European countries since the beginning of the year", said
Olivier Picard, President of Alcatel-Lucent's Europe and South
activities.  "This first WiMAX reference in France confirms
Alcatel-Lucent's commitment to this technology, which is at the
core of our universal broadband access strategy.  It shows
moreover that we are devoting the best of our R&D resources to
satisfy our customers in France and throughout the world."

"This contract follows on from the success of the first pilot
WiMAX network deployed by Alcatel-Lucent for SHD last December
on ten sites in the Paris region," commented Frederic Laforest,
Executive Vice-President of SHD.  "WiMAX gives the possibility
of distributing state-of-the-art services, particularly in rural
or urban regions that today lack sufficient connectivity. We
considered that Alcatel-Lucent's solution offered the best
performance and was the most innovative."

Alcatel-Lucent will also qualify advanced WiMAX terminals
complying with standard IEEE 802.16e-2005, aided by one of the
world's leading suppliers.

                          About SHD

SHD, Societe du Haut Debit, is a corporate joint venture held by
SFR and Neuf Cegetel, and partnered by the Group Groupe CANAL+.
In July 2006 SHD received licenses to use WiMAX radio local loop
frequencies in the Ile-de-France and Provence-Alpes-Cote d'Azur
regions.  Its missions are to deploy and operate a WiMAX network
in these two regions and propose wholesale offerings to the
operators for the ultimate benefit of private and corporate
subscribers.

                      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.


CIKARANG LISTRINDO: Assigns 'Ba3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating and an A1.id national scale rating to PT Cikarang
Listrindo.  At the same time, Moody's has assigned a Ba3 and
A1.id senior secured bond rating for its proposed US$425 million
senior secured notes. The ratings outlook is stable.

This is the first time that Moody's has assigned ratings to
Cikarang.  Moody's expects to remove the senior secured bond
ratings from their provisional status upon the issuance of the
bond.

"Cikarang's ratings reflect its exclusive IPP license to provide
electricity to a large and diversified industrial estate
customer base and an offtake agreement with PLN as well as a
track record of solid demand growth and payment record from the
industrial estate customer base, even during the Asian financial
crisis" says Jennifer Wong, Moody's lead analyst for the
company.

"The ratings also reflect the company's strong reliability and
operating performance; robust tariff structure that allows for
foreign exchange and natural gas cost pass-through; and strong
management team," adds Wong.

"At the same time, the ratings are constrained by

   * the high financial leverage,

   * offtake risk exposure to PLN;

   * a moderate degree of uncertainty regarding demand for the
     additional power plant currently under construction;

   * lack of certainty in respect of the future gas supply
     needed for its expansion, although an MoU has been signed     
     with a gas supplier" says Wong.

"Furthermore, there is execution risk associated with capacity
expansion.  While Cikarang has an established track record in
managing such expansion, the large program for 229MW represents
over half of its existing installed capacity," says Wong,
adding, "In addition, a lack of operational flexibility, given a
one-location plant and its relatively small capacity, is
apparent."

Cikarang's projected leverage and interest coverage --
Debt/EBITDA of 3.4-4.4x and EBITDA/Int of 3.3-3.6x -- is high
when compared to other general industrial companies with similar
ratings, but is appropriate, given the more predictable nature
of its business, which has some similarities -- on a small scale
-- to that of a utility.

The stable outlook reflects Moody's expectation that Cikarang
will continue to benefit from the strong demand from the
industrial estates.

Upward rating pressure is limited in the near to medium term
given the uncertainty over future gas supply, offtake
arrangement with PLN and execution risks associated with the
capacity expansion.  However, the rating will likely be upgraded
in the longer term if Cikarang is able to maintain a strong
operational and financial profile.  Key metrics that Moody's
would look at for an upgrade include: Debt/EBITDA < 2.5-3.0x and
EBITDA/Int > 4.0-4.5x.

On the other hand, negative rating pressure will emerge if
Cikarang

   * is unable to finalize the offtake arrangement with PLN at a
     favorable tariff;

   * is unable to secure additional gas sources;

   * is not able to execute capacity expansion within the stated
     timeframe and budgeted cost; or

   * there is any significant deterioration in Cikarang's
     operational and financial profile.  A downgrade in PLN's
     rating would also pressure the rating.

                  About Cikarang Listrindo

PT Cikarang Listrindo (Cikarang) is the exclusive IPP supplier
of electricity to a wide range of mostly foreign owned companies
in five industrial estates in the Cikarang area, outside of
Jakarta. The company owns and operates a 409MW natural gas-fired
combined cycle power station, and distributes directly to the
companies located on the industrial estates. It also has an
offtake agreement for part of its power with PT Perusahaan
Listrik Negara (PLN, rated B1 positive outlook). Cikarang is
owned by 3 Indonesian families. It is held through 5 private
companies.


GARUDA INDONESIA: Enters Corporate Sales Agreement With HIPMI
-------------------------------------------------------------
PT Garuda Indonesia entered into a Corporate Sales agreement
with the Indonesian Association of Young Entrepreneurs, to its
air transportation needs.  The Cooperation agreement was signed
by Garuda Indonesia's President and CEO Emirsyah Satar and HIPMI
Chairman Sandiaga S. Uno at the Garuda Indonesia Building
Auditorium in Jakarta on 20 June 2007.

Through this cooperation agreement, HIPMI member, as well as
their employees, customer and affiliated, who travel for
business or pleasure will fly on Garuda Indonesia for both
domestic and foreign flights.  It also applies to HIPMI members'
immediate families.  In return, Garuda Indonesia will provide
special fares and special services, such as reservation priority
and city check-in.

Sandiaga S. Uno said that HIPMI's reason for entering into
cooperation with Garuda Indonesia includes the airline's top
rate service and its extensive network of domestic and foreign
flight routes.  "This is why we have appointed Garuda Indonesia
as the official airlines for HIPMI members traveling on official
or person business" he added.

                    About Garuda Indonesia

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

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

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

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


GARUDA INDONESIA: Unaffected by EU's Flight Cancellation Order
--------------------------------------------------------------
PT Garuda Indonesia's office in Beijing, China, has not received
any flight cancellation orders from possible passengers in China
following the European ban on Indonesian airlines, Antara News
reports.

According to Reuters, the European Union sent safety experts to
Indonesia to review an EU ban on Indonesian airlines.  Fifty-one
Indonesian airlines, including Garuda, have been barred from
European airspace due to safety concerns.  Indonesian officials
said that the ban was not informed since it has failed to
account the improvements made this year.

Although no Indonesian airlines fly to Europe, the ban obliges
tourist agencies to warn customers that Indonesian airlines are
unsafe if they sell package tours which use such carriers,
Reuters points out.

Reuters says that the EU "blacklist" is updated every three
months based on reports from international airline bodies,
including the U.S. Federal Aviation Administration and the
International Civil Aviation Organisation, as well as reports
from individual countries.

Jean Breteche, the EU's ambassador to Indonesia, said that they
will send a team of safety experts from European countries to
check with airlines on safety conditions, hoping that it can
reverse the conditions as soon as possible if enough proof of
safety conditions are seen, Reuters notes.

Antara relates that Pikri Ilham K, Garuda Indonesia's general
manager for Beijing, said that currently there are no great
impact of the ban on the number of passengers flying with
Garuda.   The Beijing-Jakarta route was still in operation and
there was no decrease in its flight frequency because the number
of passengers had remained big.

Garunda's Beijing office has received inquiries from a number of
Beijing travel agencies operators, and insurance companies in
China regarding its safety after the EU ban.  Mr. Ilham
explained that the technical examinations of their aircraft's
safety are always done in accordance with internationally
accepted standards, Antara says.

                    About Garuda Indonesia

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

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

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

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


MEDCO ENERGI: To Drill Well in Simenggaris Block
------------------------------------------------
PT Medco Energi Internasional Tbk will drill a well in the
Simenggaris block onshore East Kalimantan to determine gas
reserves in the area, Antara News reports.

The report relates that Lukman Mahfoedz, Medco director, said
that they already made preparations to drill in the Simenggaris
block this month.  The gas reserves are there but we have to
determine them.  

Medco Energi has a majority stake in Simenggaris, the report
adds.

                     About Medco Energi

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


* Indonesia's 2007 Balance of Payment to Post US$13.4B Surplus
--------------------------------------------------------------
Bank Sentral Republik Indonesia disclosed that the country's
balance of payments this year is likely to record an estimated
surplus of US$13.4 billion.

The report relates that Burhanuddin Abdullah, Bank Indonesia
Governor, said that the surplus will originate from a surplus in
current accounts projected at US$8.9 billion and a surplus in
capital and financial accounts estimated at US$4.9 billion.

Foreign exchange reserves at the end of this year were projected
to reach US$56.2 billion -- enough to finance imports and
foreign debt repayments for 5.6 months --, the report points
out.

The report notes that in the first half of 2007, the balance of
payments saw a surplus of US$3.7 billion. Capital and financial
accounts recorded a surplus of US$1.7 billion in the second
quarter although it was 26% lower than the figure on the first
quarter.

Mr. Abdullah explained that the surplus was driven by foreign
capital inflows in the form of portfolio investment, the report
adds.

                           *     *     *

Moody's investors currently gave a 'B1' rating to the Republic
of Indonesia local and foreign currency issuer rating as well as
for its foreign currency long-term debt.

Fitch ratings rated the country's foreign and local long-term
debt with a 'BB-' rating.

Standard and Poors has rated the country's foreign and local
short-term debt with a 'B' rating.


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

AMERICAN AIRLINES: Offers Discounted Caribbean & Mexican Flights
----------------------------------------------------------------
American Airlines and American Eagle told the Miami Herald that
they have put their network of destinations in the Caribbean and
Mexico on sale for travel from Miami and Fort Lauderdale.

According to the Miami Herald, travel must start between Sept. 4
and Dec. 11.  It must be completed by Dec. 13.  Travel won't be
valid from Nov. 16 to 27.  Tickets must be bought until July 17.  
Fares don't include all taxes and fees.  "Other restrictions
apply."

The Miami Herald notes that sample one-way fares are based on
round-trip purchase.  They include:

         -- Fort Lauderdale or Miami to Port-au-Prince,
            Haiti: US$49;

         -- Miami to Grand Cayman or San Juan, US$69; and
   
         -- Miami to Barbados or Curacao, US$119.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.  
American Airlines flies to Belgium, Brazil, Japan, among others.  

                       *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million
Dallas/Fort Worth International Airport special facility revenue
refunding bonds, series 2007, due 2030.  The bonds are
guaranteed by American's parent, AMR Corp. (B/Positive/B-2), and
are secured by payments made by American to the airport
authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating is
withdrawn.


ALL NIPPON: New Units to Wait Over a Year to Fly Overseas
---------------------------------------------------------
All Nippon Airways Co., Limited, will have to restrict flights
of the Boeing 787 to domestic and regional routes for 12-18
months after taking delivery in May 2008 because it is expected
to take that long for cautious Japanese officials to approve
extended operations (ETOPS) over the North Pacific, reports
Michael Mecham of Aviation Daily.

Mr. Mecham writes that Boeing will certify the 787 with full
ETOPs authority, however, the Japan Civil Aviation Bureau is
expected to take at least a year doing its own certification, as
it did with the 777.

ANA now uses 777-300ERs as its primary fleet for transpacific
operations and wants to phase out its 23 747-400s from the
Pacific routes because their fuel burn is too high, relates
Mr. Mecham.

ANA's maintenance technicians, according to Mr. Mecham, will be
as cautious about the 787's composite fuselage as the JCAB is
about ETOPS.

                     About All Nippon

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline  
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The Troubled Company Reporter-Asia Pacific reported on June 28,
2007, that Standard & Poor's Ratings Services raised to 'BB+'
from 'BB' its long-term corporate credit and senior unsecured
debt ratings on All Nippon Airways Co. Ltd. due to the company
generating more stable profits backed by its operational
competitiveness, and the faster-than-expected improvement in its
financial profile.  The outlook on the long-term corporate
credit rating is stable.


DELPHI CORP: Formally Terminates Cerberus Capital Agreement
-----------------------------------------------------------
Delphi Corp. formally terminated the Equity Purchase and
Commitment Agreement and related Plan Framework Support
Agreement it entered into in December 2006 with Cerberus Capital
Management, L.P. and other plan investors.

The company had announced on April 19, 2007 that it did not
expect that Cerberus would continue as a plan investor.

Delphi expects to enter into new framework agreements with plan
investors later this month.

A Delphi Board of Directors meeting is scheduled on July 16,
2007 to consider these matters.

These developments are not expected to prevent Delphi from
filing its plan of reorganization and related documents with the
Bankruptcy Court prior to the current expiration of the
company's exclusivity period or emergence from Chapter 11
reorganization this year.

On June 29, Delphi filed a motion seeking approval from the U.S.
Bankruptcy Court for the Southern District of New York of a
ratified UAW-Delphi-GM agreement.  Delphi is currently engaged
in settlement discussions with its second and third largest U.S.
labor unions and is working to conclude discussions with those
unions as well as three smaller unions as soon as possible.

The company also confirmed that its discussions with GM on a
comprehensive settlement agreement had entered the documentation
phase and that it expected that a settlement with GM would be
incorporated into the company's plan of reorganization rather
than filed with the Bankruptcy Court for separate approval.

Consistent with its prior practice, Delphi does not intend to
comment further regarding its discussions with GM or its unions
while those discussions are ongoing.  Delphi cautioned that
nothing in Court or regulatory filings made by the company or
the company's public disclosures will be deemed a solicitation
to accept or reject a plan in contravention of the Bankruptcy
Code or an offer to sell or a solicitation of an offer to buy
any securities of the company.

                        About Delphi Corp.

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

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


MITSUBISHI MOTORS: AU Unit Struggles with 380 Sedan, Report Says
----------------------------------------------------------------
Mitsubishi Motors Australia is talking to Tokyo about replacing
its 380 sedan to keep its Adelaide factory alive until the next
decade, Philip King writes for The Australian.

Mr. King interviewed Mitsubishi Australia CEO Robert McEniry who
claims that the company's assembly plant in Tonsley Park could
build the next model if Tokyo-based Mitsubishi "makes business
sense as part of their global manufacturing footprint."  
Mr. McEniry added that Mitsubishi Australia would not work at
current 380 production levels and could not be funded by
Australia that's why they need to go to Japan "to ask for
money."

Mitsubishi Australia spent AU$600 million on the 380, which
began as a US model before being re-engineered for the local
market, relates Mr. King.  However, the launch coincided with a
slow demand for large cars and was never able to meet expected
sales of 30,000 a year.  In line with the slow sales of the 380,
the Australia unit had to close its Lonsdale factory cutting 670
jobs.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


NORTHWEST AIRLINES: Inks Pact to Provide Content to Expedia
-----------------------------------------------------------
Northwest Airlines and Expedia have reached an agreement under
which Northwest will provide full content and Expedia will
continue to sell Northwest products and services.

Contractual terms are not being disclosed.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/  
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents, including Italy, Spain, Japan,
China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On May 21,
2007, the Court confirmed the Debtors' Plan.  The
Plan will take effect May 31, 2007.

                         *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services expects to assign its 'B+'
corporate credit rating to Northwest Airlines Corp. and
subsidiary Northwest Airlines Inc. (both rated 'D') upon their
emergence from bankruptcy, anticipated May 31, 2007.


NORTHWEST AIRLINES: Fitch Puts EETC's Ratings on Positive Watch
---------------------------------------------------------------
In the wake of Northwest Airlines Corp.'s emergence from Chapter
11 bankruptcy protection on May 31, 2007, Fitch Ratings has
placed NWA Enhanced Equipment Trust Certificate transactions on
Rating Watch Positive.  EETC's are hybrid corporate - structured
debt obligations in which payment on the notes is effectively
supported by the underlying corporate entity, while structured
elements of the transaction provide some protection to investors
in the event of an issuer default.  As such, Fitch's ratings on
EETC transactions begin with the underlying Issuer Default
Rating of the issuing entity and are adjusted upward depending
on the structural enhancements in place.  Based on the
foregoing, Fitch lowered its EETC ratings for NWA following
their Sept. 14, 2005 bankruptcy filing.  As a result of NWA's
re-emergence from bankruptcy protection, Fitch anticipates that,
subject to the availability of certain information related to
the collateral and any modifications of transaction structures,
ratings on EETC tranches will improve due to the improvement in
the implied credit-worthiness of the issuer.  The affected EETC
classes are:

NWA Trust No. 2

  -- Class A rated 'BBB+';
  -- Class B rated 'BB';
  -- Class C rated 'B';
  -- Class D rated 'CCC/DR1'.

Northwest Airlines Pass Through Certificates, Series 1996-1

  -- Class A rated 'B-/DR2';
  -- Class B rated 'CC/DR6';
  -- Class C rated 'C/DR6'.

Northwest Airlines European Enhanced Equipment Trust
Certificates,
Series 2001-2

  -- Class A rated 'BBB+';
  -- Class B rated 'B'.

Northwest Airlines Pass Through Certificates, Series 2002-1

  -- Class C-1 rated 'B';
  -- Class C-2 rated 'B'.

Northwest Airlines Pass Through Certificates, Series 2003-1

  -- Class D rated 'C'.

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--  
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 900 cities in excess of 160 countries on six
continents, including Italy, Spain, Japan, China, Venezuela and
Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.  When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and US$17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.  
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.


SAMSONITE CORP: CVC Merger Deal Cues Moody's To Review Ratings
--------------------------------------------------------------
Moody's Investors Service placed all ratings of Samsonite
Corporation under review for possible downgrade.

The review was prompted by the company's announcement that it
has entered into a definitive merger agreement with funds
managed and advised by CVC Capital Partners in an all-cash
transaction valued at about US$1.7 billion, including the
assumption of debt (US$482 million outstanding as of April 30,
2007).  The transaction remains subject to regulatory approval
in both the U.S. and Europe, and is expected to close in the
fourth quarter of 2007. LGD assessments are also subject to
change.

Moody's review will consider the impact of the transaction on
Samsonite's capital structure and credit metrics, particularly
since post-transaction debt levels could potentially increase.  
The review will also focus on management's ongoing strategy for
growth, profitability improvement, and cash flow generation.  
Since Samsonite's operating performance and credit metrics have
shown significant improvement over the last several years,
Moody's will assess whether the company will be able to sustain
metrics that are consistent with a B1 rating going forward given
changes which may occur to its capital structure.

Ratings placed under review for possible downgrade are:

* Samsonite Corporation

  -- US$80 million senior secured revolving credit facility at
     Ba3;

  -- US$450 million senior secured term loan at Ba3;

  -- Corporate Family Rating at B1; and

  -- Probability of Default rating at B2.

Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products.  The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores.  Net sales for
the 12-month period ended April 30, 2007 approached US$1.1
billion.  Executive offices are located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.


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

BIOMET INC: LVB Acquisition Completes Tender Offer for Shares
-------------------------------------------------------------
Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in
Warsaw, Indiana, Biomet and its subsidiaries currently
distribute products in more than 100 countries, including the
Netherlands, Argentina and Korea.

The Troubled Company Reporter - Asia Pacific reported on Jun 12,
2007, that Moody's Investors Service placed all of the
provisional ratings of Biomet, Inc. under review for possible
downgrade following the announcement that a private equity
consortium has increased the price of its offer to purchase
the company to US$11.4 billion from about US$10.9 billion.

Ratings placed under review for possible downgrade:

    * Biomet, Inc.

   -- Corporate family rating at (P)B2;
   -- Asset backed revolver at (P)Ba2, (LGD2, 14%);
   -- Secured cash draw revolver at (P)B1, (LGD3, 36%);
   -- Secured term loan at (P)B1, (LGD3, 36%);
   -- Unsecured senior notes at (P)B3, (LGD4, 63%);
   -- Unsecured PIK option notes at (P)B3, (LGD4, 63%);
   -- Unsecured subordinated notes at (P)Caa1, (LGD6, 93%);
   -- PDR at B2;
   -- SGL-2.


LVB Acquisition LLC and LVB Acquisition Merger Sub Inc.
completed a tender offer for all outstanding common shares of
Biomet Inc. LVB Acquisition LLC and LVB Acquisition Merger Sub
Inc. are indirectly owned by investment partnerships directly or
indirectly advised or managed by The Blackstone Group, Goldman,
Sachs & Co., Kohlberg Kravis Roberts & Co. and TPG.  The tender
offer expired, as scheduled, at 12 midnight, New York City time,
on Wednesday, July 11, 2007.

The depositary for the offer has advised that, as of the
expiration of the offer, a total of about 203,573,642 Biomet
shares were validly tendered and not withdrawn in the offer,
representing about 82.85% of Biomet's outstanding shares.  LVB
Acquisition Merger Sub Inc. has accepted for payment all Biomet
shares that were validly tendered in the offer.

Pursuant to the terms of the previously announced merger
agreement, LVB Acquisition LLC and LVB Acquisition Merger Sub
Inc. expect to effect a merger of LVB Acquisition Merger Sub
Inc. with and into Biomet.

In the merger, LVB Acquisition LLC and LVB Acquisition Merger
Sub Inc. will acquire all other Biomet shares at the same US$46
per share price, without interest and less any required
withholding taxes, that was paid in the tender offer.

As a result of the merger, Biomet will become a wholly-owned
subsidiary of LVB Acquisition LLC.  LVB Acquisition LLC and LVB
Acquisition Merger Sub Inc. intend to complete the merger as
soon as practicable following the satisfaction of the conditions
in their merger agreement with Biomet.

                   About The Blackstone Group

The Blackstone Group -- http://www.blackstone.com/-- is a  
global alternative asset manager and provider of financial
advisory services.  The Blackstone Group is an independent
alternative asset managers in the world. Its alternative asset
management businesses include the management of corporate
private equity funds, real estate opportunity funds, funds of
hedge funds, mezzanine funds, senior debt funds, proprietary
hedge funds and closed-end mutual funds.  The Blackstone Group
also provides various financial advisory services, including
mergers and acquisitions advisory, restructuring and
reorganization advisory and fund placement services.

                    About Goldman Sachs & Co.

Founded in 1869, Goldman Sachs is one of the oldest and largest
investment banking firms.  Goldman Sachs is also a global leader
in private corporate equity and mezzanine investing.  
Established in 1991, the GS Capital Partners Funds are part of
the firm's Principal Investment Area in the Merchant Banking
Division, which has formed 13 investment vehicles aggregating
US$56 billion of capital to date.

                   About Kohlberg Kravis Roberts

Kohlberg Kravis Roberts & Co. (KKR) is one of the world's oldest
and most experienced private equity firms specializing in
management buyouts.  Founded in 1976, it has offices in New
York, Menlo Park, London, Paris, Hong Kong, and Tokyo.  
Throughout its history, KKR has brought a long-term investment
approach to its portfolio companies, focusing on working in
partnership with management teams and investing for future
competitiveness and growth. Over the past 30 years, KKR has
completed over 150 transactions with a total value of over
US$294 billion.

                            About TPG

TPG -- http://www.tpg.com/-- is a private investment  
partnership that was founded in 1992 and currently has more than
US$30 billion of assets under management.  With offices in San
Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth,
Melbourne, Menlo Park, Moscow, Mumbai, Shanghai, Singapore and
Tokyo, TPG has extensive experience with global public and
private investments executed through leveraged buyouts,
recapitalizations, spinouts, joint ventures and restructurings.  
TPG's investments span a variety of industries including
healthcare, retail/consumer, airlines, media and communications,
industrials, technology and financial services.

                          About Biomet

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in
Warsaw, Indiana, Biomet and its subsidiaries currently
distribute products in more than 100 countries, including the
Netherlands, Argentina and Korea.

The Troubled Company Reporter - Asia Pacific reported on Jun 27,
2007, that Moody's Investors Service confirmed the provisional
ratings of Biomet Inc.((P)B2 Corporate Family Rating.)

The confirmation is based on Moody's expectation that the
consortium of equity sponsors will finance the incremental
purchase price (US$500 million) with common stock.  The rating
action assumes that the company will not use incremental debt -
including draws on its revolving credit facility - to fund a
dividend in conjunction with this incremental purchase price.  
The rating outlook is negative.  This concludes Moody's
rating review that was initiated on June 7, 2007.

The ratings are provisional, subject to the closing of the
transaction and receipt and review of final documentation.  
Moody's anticipates that the closing will occur prior to the end
of August 2007.

Ratings confirmed with a negative outlook:

Biomet, Inc.

-- Corporate Family Rating at (P)B2

-- US$350 Million Asset backed revolver at (P)Ba2, (LGD2, 14%)

-- US$400 Million Secured cash flow revolver at (P)B1, (LGD3,
    36%)

-- US$3.6 Billion Secured term loan at (P)B1, (LGD3, 36%)

-- US$775 Million Unsecured senior notes at (P)B3, (LGD4, 63%)

-- US$775 Million Unsecured PIK option notes at (P)B3, (LGD4,
    63%)

-- US$1.015 Billion Unsecured subordinated notes at (P)Caa1,
    (LGD6, 93%)

-- PDR at B2

-- SGL-2


KOOKMIN BANK: To Reflect US$482-Mil. Back Taxes in 2Q Earnings
--------------------------------------------------------------
Kookmin Bank will reflect all of the KRW442 billion it was
ordered to pay in back taxes in second-quarter earnings, Reuters
reports.

The report relates that Choi In-seok, Kookmin spokesman, said
that before they submit half-year results to regulators by
Aug. 15, they will book all of the taxes in the second-quarter
earnings in a lump sum.  The bank would book about 40% of the
taxes in the April-June results after it paid the first tranche
of taxes on June 15.  

The taxes were related to the bank's accounting method for
setting aside loan-loss provisions when it absorbed its credit
card unit in 2003, the report explains.

Reuters adds that regulators said that the accounting method had
improperly lowered Kookmin's taxable income, leading them to
hand out their toughest warning to then-CEO Kim Jung-tae.  He
was forced to step down two months before his term ended in
2004.

                      About Kookmin Bank

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides  
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service, as part of the application
of its refined joint default analysis and updated bank financial
strength rating methodologies, revised Kookmin Bank's ratings:

      * BFSR is changed to C from D+

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.

As reported by the Troubled Company Reporter - Asia Pacific on
May 1, 2007, Kookmin Bank told Korea Exchange that it had
submitted a letter of Intent to buy KGI Securities, as it seeks
to beef up its brokerage business to counter weaker lending
margins.


LYONDELL CHEMICAL: Declares US$0.225 a Share Quarterly Dividend
---------------------------------------------------------------
Lyondell Chemical Company declared July 12, 2007 a regular
quarterly dividend of US$0.225 per share of common stock to
stockholders of record as of the close of business on
Aug. 27, 2007.

The regular quarterly dividend on each share of outstanding
common stock is payable in cash on Sept. 17, 2007.

                      About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's  
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                           *     *     *

Fitch Ratings affirmed Lyondell Chemical Company's issuer
default rating at 'BB-'; senior secured credit facility at
'BB+'; and senior secured notes and debentures at 'BB+'.  At the
same time,  Fitch downgraded Lyondell's senior subordinated
notes rating to 'B' from 'B+' and assigns a 'BB+' rating to
Lyondell's US$800 million senior secured revolving credit
facility and US$2.65 billion senior secured term loan.


TRIGEM COMPUTER: Prefers Celrun to Bid for Assets
-------------------------------------------------
TriGem Computer, Inc., has selected Celrun Co., Ltd., as
preferred bidder for its assets, Bloomberg News says.

Celrun develops and manufactures digitial Internet set-top box
solutions.  Celrun was established in 1999 and is headquartered
in Seoul, Korea.  It has a market capital of KRW15,700,000,000.

Celrun owns 22.3% of the global IP set-top box market, according
to information on its Web site.

Celrun will have the exclusive rights to negotiate the purchase
price for TriGem, Bloomberg relates, citing an e-mailed
statement from TriGem.

TriGem did not disclose financial details, Bloomberg says.  
TriGem, according to Bloomberg, said it expects sales of its
computers to increase with the release of models that combine
Celrun's Internet television technology.  Celrun said it plans
to sign a final agreement this month, Bloomberg continues.

TriGem previously sought to sell its assets at an auction in
2006.  Human & Technology Co., emerged as the sole bidder, but
the Suwon District Court, Bankruptcy Division, in South Korea,
canceled the whole bidding process as that offer was found to be
below market price.

Human & Technology initially agreed to acquire TriGem's assets
for KRW170,000,000,000 or US$177,000,000.

However, Human & Technology noted that it would bring the price
down should it find after due diligence that KRW30,000,000,000
of receivables from TriGem's subsidiaries would be difficult to
collect.  It also rejected demands to guarantee employment.

The Korean Court previously estimated TriGem's value at
KRW200,000,000,000 to KRW250,000,000,000 -- US$209,000,000 to
US$261,000,000.  Human & Technology's reduced final offer for
TriGem's assets was not disclosed for confidentiality reasons,
Asia Pulse said.

                     About TriGem Computer

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/-- manufactures desktop PCs,  
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.  TriGem America
Corporation, an affiliate of the Debtor, filed for chapter 11
protection on June 3, 2005 (Bankr. C.D. Calif. Case No. 05-
13972).  TriGem Texas, Inc., another affiliate of the Debtor,
also filed for chapter 11 protection on June 8, 2005 (Bankr.
C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy News, Issue
No. 10 Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000 )


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

KNOLL INC: S&P Withdraws Ratings at Company's Request
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its senior secured
bank loan and recovery ratings on Knoll Inc. (BB/Stable/--) at
the company's request.  This follows Knoll's repayment of all
previously rated bank debt with the closing of a new $500
million revolving credit facility maturing 2013.  At the same
time, Standard & Poor's affirmed the current rating and outlook
on Knoll Inc.
     
East Greenville, Pennsylvania-based Knoll, a leading designer
and manufacturer of branded office furniture and textiles, had
about $356.6 of total debt outstanding as of March 31, 2007,
excluding operating lease and pension obligations.

                         Ratings List

* Knoll Inc.

   Ratings Affirmed

   Corporate Credit Rating    BB/Stable/--

   Not Rated Action
                              To            From
                              --            ----
    Senior Secured
    Local Currency            NR            BB (Recovery Rtg: 3)


The company has locations in Argentina, Australia, Bahamas,
Cayman Islands, China, Colombia, Denmark, Finland, Greece, Hong
Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines,
Poland, Portugal and Singapore, among others.


MALAYSIA AIRLINES: To Invest MYR200 Mil. to Upgrade Systems
-----------------------------------------------------------
Malaysia Airlines will invest a total of MYR200 million within
the next three years to upgrade its passenger services system,
providing customer with the option of completing all booking,
ticketing and check-in transactions from their home or office,
Bernama News reports.

According to the report, the airline aims to be electronic
ticketing capable by September this year, saving time for
customers on visits to travel agents.

"Check-in will also be easier as passengers will just have to
show their e-ticket number as a form of identification.  There
will be no more problems associated with misplaced, damaged or
forgotten tickets," MAS senior general manager, transition
management, Amin Khan, told Bernama.

With e-tickets, the airline expects a cost savings of MYR20 per
ticket with physical tickets no longer needed and this will
translate into savings of up to MYR70 million annually for the
airline, Dr. Khan added.


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

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


SHAW GROUP: Plans to File Delinquent SEC Reports by 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 also reported that it expects to obtain appropriate waivers
under its bank credit agreement with respect to covenants
related to the delinquent SEC filings.

                       Financial Estimates

Shaw expects its restated first quarter fiscal 2007 results to
be a loss of about 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 about 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 about US$16
million after taxes for Shaw's investment in Westinghouse
segment; charges of about 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 about
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 about US$1.2 billion and
about US$2.5 billion for the six months ended Feb. 28, 2007.  
Operating cash flow for the second quarter was about $23 million
and for the six month period was about US$154 million.  Backlog
at Feb. 28, 2007, was about 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 about $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 about 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 about
US$13.3 billion, another record backlog for Shaw, reflecting
continued strength in the power generation and chemicals
markets.  

Estimated revenues were $1.6 billion for third quarter fiscal
2007.  Operating cash flow for the third quarter is expected to
be about US$133 million, bringing operating cash flow for the
nine months ended May 31, 2007, to nearly $300 million.

                            Comments

Dirk J. Wild, senior vice president, chief accounting officer
and interim chief financial officer of Shaw, said, "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."

J.M. Bernhard, Jr., chairman, president, and chief executive
officer of Shaw, said, "As we continue to experience
unprecedented growth, we are all working extremely hard to
improve our financial reporting processes.  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."

Mr. Bernhard continued, "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.  
We continued to have strong cash collections in the third
quarter, and now have nearly US$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."

                        About Shaw Group

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: Brian Ferraioli Named as Finance Executive VP
---------------------------------------------------------
Brian K. Ferraioli has accepted an offer to join The Shaw Group
Inc. as an executive vice president, Finance and will begin work
at the end of July.  He will assume the role of chief financial
officer before the company reports its fourth quarter 2007
financial results.

Until that time, Dirk Wild continues in the role of interim
chief financial officer.  Mr. Ferraioli will relocate to The
Shaw Group's headquarters in Baton Rouge, Louisiana, and report
directly to J.M. Bernhard, the company's chairman, president and
chief executive officer.

Mr. Ferraioli was vice president and Controller for Foster
Wheeler, Ltd., since 2002, where he had responsibility for
worldwide financial reporting and internal control functions.  
From July 2000 until November 2002, Mr. Ferraioli served as vice
president and chief financial officer of Foster Wheeler USA
Corporation and, from July 1998 to July 2000, he served as vice
president and chief financial officer of Foster Wheeler Power
Systems, Inc.  He implemented all of the company's Sarbanes-
Oxley policies and procedures and possesses significant
Securities and Exchange Commission reporting expertise from his
28-year tenure in the engineering and construction industry.

Mr. Ferraioli holds an MBA from Columbia University and a
bachelor of science in Accounting from Seton Hall University.  
He is a member of the American Institute of Certified Public
Accountants.

The Shaw Group also disclosed that Robert L. Belk will assume
the role of executive vice president following the completion of
his medical leave.  In his new role, Mr. Belk will continue
reporting to Mr. Bernhard and his responsibilities will include
executive sponsorship of significant client, investor, banking
and governmental relationships.

"Mr. Ferraioli brings significant global financial planning,
forecasting and analysis expertise to The Shaw Group at a moment
in our history when our project capabilities continue to expand
our domestic and international wins," Mr. Bernhard said.  "We
also anticipate his considerable Wall Street credibility will
enhance our strong relationships with the analyst community.

"I also look forward to Bob Belk's return to the organization,"
Mr. Bernhard said.  "Bob was instrumental in steering our
substantial growth as chief financial officer and the company
will continue to maximize his historical perspective and the
institutional relationships gained during the past few years."

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.


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

ELECTRIC BOX: Fixes August 3 as Last Day to File Claims
-------------------------------------------------------
Electric Box Services Ltd. is receiving proofs of debt from its
creditors until August 3, 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:

         John Trevor Whittfield
         Kevin Warwick Bromwich
         McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Website: http://www.mvp.co.nz


FIGARO AGRICULTURAL: Shareholders Agree on Business Liquidation
---------------------------------------------------------------
On June 13, 2007, the shareholders of Figaro Agricultural
Services Ltd. agreed to voluntarily liquidate the company's
business and appointed Matthew Peter Whimp as liquidator.

The Liquidator can be reached at:

         Matthew Peter Whimp
         Level 19, Morrison Kent House
         105 The Terrace
         Wellington
         New Zealand
         Telephone:(04) 472 0020
         Facsimile:(04) 472 7017


HSU HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On June 15, 2007, HSU Holdings Ltd. went into liquidation and
Douglas Kim Fisher was appointed as liquidator.

Creditors who can file their claims by July 20, 2007, will be
included from sharing in the company's dividend distribution.

The company's liquidator is:

         D. K. Fisher
         Douglas Kim Fisher
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


LIBERTY MOTORCYCLES: Sets July 26 as Deadline to File Claims
------------------------------------------------------------
Liberty Motorcycles Ltd. entered wind-up proceedings on June 21,
2007.

The company fixed July 26, 2007, as the deadline for its
creditors to file their claims.

The company's liquidator is:

         J. A. Price
         c/o Horton Price Limited
         PO Box 9125, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


MFSS LTD: Creditors' Proofs of Debt Due by August 3
---------------------------------------------------
The shareholders of MFSS Limited appointed Boris van Delden and
John Trevor Whittfield as the company's liquidators on June 18,
2007.

Messrs. van Delden and Whittfield are receiving proofs of debt
until August 3, 2007.

The Liquidators can be reached at:

         Boris van Delden
         John Trevor Whittfield
         McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Website: http://www.mvp.co.nz


MILADY STYLES: Fixes July 18 as Last Day to File Claims
-------------------------------------------------------
The creditors of Milady Styles Ltd. are required to file their
proofs of debt by July 18, 2007, to be included in the company's
dividend distribution.

The company went into liquidation on June 19, 2007.

The company's liquidators are:

         Karen Betty Mason
         Jeffrey Philip Meltzer
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


REGIS PROPERTIES: Wind-Up Petition Hearing Set for August 16
------------------------------------------------------------
A petition to wind up the operations of Regis Properties (Epsom)
Ltd. will be heard before the High Court of Auckland on
August 16, 2007, at 10:45 a.m.

The petition was filed by Susan June Coory and Emile Steven
Coory on May 16, 2007.

The Petitioners' solicitor is:

         Prajna Moodley
         c/o Brookfields
         2nd Floor, 3 Osterley Way
         Manukau City
         New Zealand


THE PIPI: Court to Hear Wind-Up Petition on July 19
---------------------------------------------------
The High Court of Napier will hear a petition to wind up the
operations of The Pipi Foundation on July 19, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the wind-up petition on
June 7, 2007.

The CIR's solicitor is:

         R. J. Collins
         Elvidge & Partners
         corner of Raffles and Bower Streets
         Napier
         New Zealand


* Strong Gov't. Finances Cues S&P to Affirm NZ's Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services, on July 16, 2007, affirmed
its 'AA+/A-1+' foreign currency and 'AAA/A-1+' local currency
sovereign credit ratings on New Zealand. The outlook is stable.

"The sovereign ratings on New Zealand are underpinned by the
country's strong fiscal position and conservative macroeconomic
management, which together support a flexible and resilient
economy," said Standard & Poor's credit analyst Kyran Curry of
the Sovereign Ratings group. "New Zealand's robust public sector
finances and the net creditor position of the government
mitigate the risks associated with a range of external and
internal imbalances, although they do not eradicate these risks
entirely."

New Zealand's key vulnerability stems from the country's
persistently large current account deficits and subsequent high
level of external debt.

While New Zealand has historically run current account deficits,
the situation of the past few years is notable for the deficits'
size and composition.  The current account deficit has been
running at about 9% of GDP in the past few years and a sudden
improvement is unlikely with deficits of about 7.5% over
the next few years projected.  This compares with an average of
around 4.5% of GDP throughout the 1990s.  Furthermore, the
increase in the current account deficit in the past few years is
not a result of capacity-building investment.

Rather it has resulted from imports growth to sustain high
levels of consumer spending and a dwelling boom.

There are also domestic stresses that present a risk to the
outlook.  These arise from an unbalanced growth pattern, which
is reflected in little sign of spare capacity in the labor
market, upward pressure on house prices, and inflationary
pressures that appear likely to accumulate in the medium term
in spite of already very high interest rates.

"While there are imbalances in the economy, this does not
threaten credit quality," said Mr Curry.  "The most likely
scenario is a gradual unwinding of these imbalances and growth
remaining at around 2.5% over the next few years as a stronger
external sector offsets weaker domestic demand.

There is some risk of a more traumatic scenario where the
country slips into recession due to an external shock or
significant change in investor sentiment.  This would have a
large and immediate negative impact on the government's
finances.  However, the low level of net debt provides a strong
buffer to absorb any such shock without threatening credit
quality."

"Only a significant and unexpected weakening of government
fiscal policy is likely to lead to a downgrade in the next few
years," concluded Mr. Curry.


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

AFP-RSBS: Ex-President Speaks Up on Ombudsman's Graft Charges
-------------------------------------------------------------
Retired Brigadier General Jose Ramiscal has finally spoken
regarding the graft charges against him for alleged
mismanagement of funds in the Armed Forces of the Philippines-
Retirement and Separation Benefits System, SunStar Manila
reports.

Gen. Ramiscal said that he decided to speak out after he got
wind of the Office of the Ombudsman's decision to file
additional graft charges against him.  He told SunStar that the
controversy casted "insinuations of irregularity on [his] part
in managing the affairs of the RSBS."

The Troubled Company Reporter-Asia Pacific had reported on
July 12 that the Ombudsman approved charges of graft and
corruption against Gen. Ramiscal, the former president of the
AFP-RSBS, and its executive vice president, Retired Col. Oscar
Martinez.  The Ombudsman alleged that during the two officers'
term, the AFP-RSBS had extended interest-free advances worth
PHP85.08 million to Bay Resources Development Corp. from
March 23, 1995, to December 13, 1998, without the approval of
its Board of Trustees.    

Additionally, the Ombudsman said that since Bradco had an
authorized capitalization of only PHP16 million, the RSBS was
only required to release a maximum of PHP8 million as additional
equity.

The Philippine Daily Inquirer recounts that, in his counter-
affidavit, Gen. Ramiscal contended that the amount represented
the RSBS' 50% share in financing Bradco's operating expenses,
including real estate and income taxes, which he claimed were
not subject to the Board's approval.  However, the Ombudsman
rejected his counterclaim, stating that, according to a 1989 AFP
Circular, all investment proposals must be submitted for the
approval of the Board.

According to SunStar, Gen. Ramiscal said the questioned funds
were all accounted for having been used to pay for tax
obligations.  Only PHP30.18 million out of the alleged
PHP85 million were approved by him, he added.  

Gen. Ramiscal added that they were used to pay for creditable
withholding tax and documentary stamp tax to the Bureau of
Internal Revenue, as well as real estate tax paid to the city
treasurer of Paranaque and PHP5 million in improvement funds
paid to Bradco.  There were also 37 transactions, he said, and
not 32 as claimed by the Ombudsman.

                         About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.

The Troubled Company Reporter-Asia Pacific reported on Oct. 9,
2006, that military officials revealed the closure of the Armed
Forces of the Philippines Retirement and Separation Benefits
System after an investigation found that some of its officials
have mismanaged the multibillion-peso fund.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.


APC GROUP: Unit Inks Farm-In Agreement with Monte Oro Resources
---------------------------------------------------------------
APC Group Inc.'s wholly owned subsidiary, Aragorn Power and
Energy Corp., has signed a farm-in agreement with Monte Oro
Resources and Energy Inc. involving APEC'S Service Contract No.
48.

The Department of Energy awarded SC No. 48 to APEC in February
2005 for a 748,000-hectare mining area in Cagayan Valley.

According to a disclosure with the Philippine Stock Exchange,
under phase 1 of the agreement, MORE will shoulder all expenses
arising from SC No. 48 and carry on with the Geological and
Geophysical commitments.  MORE will take over APEC's share in
the G&G program with a minimum expenditure commitment of
US$500,000 in return for 30% equity in SC No. 48.

Moreover, under phase 2 of the agreement, MORE will drill one
well or conduct aeromagnetic survey/detailed gravity beginning
August 2007 until August 2008.  MORE will pay on behalf of APEC
for the well or the Aeromag/Detailed Gravity, which will entail
a minimum financial commitment of around US$1.8 million to
US$2.2 million.  In return, MORE will acquire an additional 45%
equity in SC No. 48.

APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.  The company is 46.6% owned by
Belle Corporation.  APC has investments in telecommunications, a
cement project, and manpower outsourcing businesses.

The Troubled Company Reporter-Asia Pacific reported that the
company had a capital deficiency as of September 30, 2006, and
December 31, 2005, amounting to PHP8.89 billion and
PHP8.70 billion, respectively.

                       Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Marydith C. Miguel at Sycip Gorres
Velayo and Co. raised significant doubts on APC Group, Inc.'s
ability to continue as a going concern.  The auditor cited the
company's recurring losses arising principally from the losses
of PhilCom and PhilCom Corporation, which affected the ability
of both companies to service their maturing obligations on a
timely basis.  In addition, the company's consolidated current
liabilities exceeded its consolidated current assets as of
December 31, 2005, and 2004.  Further, the restructuring of the
long-term debt of the two PhilCom entities are still under
negotiation with the creditors.

Net loss for the year ending Dec. 31, 2006, amounted to
PHP790.2 million compared with PHP874.7 million in 2005.


LAFAYETTE MINING: Environmental Group Pleads Not Guilty to Libel
----------------------------------------------------------------
The Center for Environmental Concerns-Philippines said that it
is ready to face Lafayette Mining Philippines Inc.'s libel
charges with regard to its statements concerning the Rapurapu
Polymetallic Project, according to a statement published in
Pinoypress.net.

In the statement, CEC-Phils said it is pleading not guilty to
the libel charges, which stemmed from its statement that
Lafayette "engaged in the illicit sale of the Philippine natural
resources, had been deceitful in reporting its production,
epitomized irresponsible mining, and had caused fish kills and
various ailments in the community."

The group said its statements were supported by the Rapu-Rapu
Fact Finding Commission, which noted that Lafayette violated 10
of 29 conditions outlined in its Environmental Compliance
Certificate.  The group also claimed that, despite its findings
against Lafayette, the company did not pursue legal action
against the RRFFC and instead turned their attention to the CEC-
Phils. because of its NGO status.  

The CEC-Phils also said in the statement that it will "continue
to condemn transnational mining corporations who exploit the
country's mineral resources, at the expense of the people and
the environment. . . [and] the principal authors of the Mining
Act of 1995 and their cohorts in the DENR, who have allowed the
plunder of natural resources and the sale of national
patrimony."  

Pinoypress notes that the group welcomed the libel suit, as it
sees the case as "an opportunity to continue exposing the
consequences of destructive mining in Rapu-rapu."

                     About Lafayette Mining

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the  
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

TCR-AP's "Large Companies with Insolvent Balance Sheets" column
on JUly 13, 2007, reflected Lafayette Mining Limited as having a
US$127.82 million equity deficit, on total assets of US$78.17
million.


PHIL. BANK OF COMMUNICATIONS: PDIC Withdraws 36.19MM Shares
-----------------------------------------------------------
The Philippine Deposit Insurance Co. has withdrawn 36.19 million
shares in the Philippine Bank of Communications that had been
pledged to Philtrust Bank, since they had been pledged to PDIC
under a financial assistance agreement in 2004, an article on
the Daily Tribune says.

PDIC's acting president, Michael Osmena, told the Tribune that
they already have custody of the disputed shares.

The bank pledged the shares to the PDIC in accordance with the
FAA, under which the PDIC injected PHP7.6 billion to bail out
PBCom from financial trouble.

On July 5, Mr. Osmena sent a letter to the representative of the
Nubla Group in PBCom, Ralph Nubla Jr., informing him of the
PDIC's withdrawal of the pledged shares.  Mr. Osmena noted of
Mr. Nubla's earlier admittance of an inadvertent inclusion of
the 36,194,406 shares among the 52.588 million shares pledged to
Philtrust, and his request to cancel the pledge on those shares.

As they were unable to raise their share in order to help PBCom
emerge from financial troubles, the Nubla and Cheng groups
borrowed PHP1 billion from Lucio Tan and, later on, from Dom
Emilio Yap to pay for the loan from Tan.  The loan was sourced
from Philtrust, which Yap also owns.  

A source had revealed to the Daily Tribune that the PDIC had its
own nominees during the PBCom Board Meeting two weeks ago.  Mr.
Yap also submitted his own list of nominees, seven of which were
elected into the Board.  Enrique Lui's group was also able to
gain seven seats in the PBCom group.  However, a stalemate
situation was created with the absence of an independent Board
member from PDIC, following the resignation of Guillermo
Hernandez from the Board on July 10.

                          About PBCOM

Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides different  
products and services through its different divisions and it has
a broad range of credit facilities, which are either denominated
in local currency or foreign. Its Trust Division handles common
trust funds, investment advisory accounts and employee benefit
trusts.  Aside from these, the bank also offers money market
placements and traditional products such as peso deposits.

Fitch Ratings gave Philippine Bank of Communications an
Individual Rating of 'D/E.'


PHIL NAT'L BANK: PCGG Cannot Sue PNB on NOCOSII Loan, Court Says
---------------------------------------------------------------
The Supreme Court has decided that the Presidential Commission
on Good Government cannot prosecute the board of directors of
the Philippine National Bank for the alleged behest loan worth
PHP333.4 billion to Northern Cotabato Sugar Industries Inc.,
SunStar reports.

According to the article, SC Third Division's Associate Justice
Alicia Austria-Martinez affirmed former Ombudsman Aniano
Desierto's ruling that there was no probable cause for the
indictment of PNB directors Reynaldo Tuason, Carlos Cajelo, Jose
Barquillo Jr., Loreto Solsona, Primicias Banaga and NOCOSII
officers.  The PCGG failed to show sufficient proof that the
former Ombudsman gravely abused his discretion in finding no
liability for graft against the respondents.

The SC upheld Graft Investigation Officer Diaz Salcedo's
findings, which were later approved by the former Ombudsman.  
Mr. Salcedo had earlier found that the NOCOSII loans were
actually foreign loans from Midland Bank Ltd. of London.  The
bank had not directly released loans but merely guaranteed them,
Mr. Salcedo concluded.

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 Nov. 6,
2006, that Moody's Investors Service 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 TCR-AP 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.

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.


RIZAL COMMERCIAL: Plans to Further Expand Operations Nationwide
---------------------------------------------------------------
After opening new business centers in some of the country's most
progressive areas recently, RCBC, the country's fourth largest
capitalized private universal bank, is said to be eyeing further
expansion in more locations nationwide.

RCBC Executive Vice President and Retail Banking Head Ismael
Sandig said, "We would like to show our customers just how
serious we are in wanting to reach out to them by giving them
more access to the bank and its wide array of products and
services."

Over the past three months, RCBC has opened new full service
business centers in Bacolod, Toledo, Cebu, Palawan and Angeles
City, Pampanga.  Within the year, the bank is determined to open
13 more in various areas outside Metro Manila.  So far, RCBC has
296 business centers, 180 of which are under the universal bank
while the rest are with RCBC Savings Bank.

"The senior management's commitment is to put up at least 15 new
business centers this year, including those that we have already
opened.  Add to that number our five extension offices, which we
intend to convert into full service branches later this year,"
Sandig revealed.

Among the areas wherein RCBC branches are expected to soon rise
include Balanga, Bataan, Zamboanga, the Damosa Gateway in Davao,
Ilagan, Isabela and the Cebu Business Park.  More than just
building new structures, however, Sandig is undertaking a major
culture change program among his branch personnel.  "Our
Business Managers are now being challenged to become more like
entrepreneurs. We (management) would like them to adopt a
culture of having ownership of the business, instead of just
being officers of the bank tasked to manage it," Sandig said.

Over and above its investments in traditional brick and mortar,
however, RCBC is looking at expanding its network by putting
more Automated Teller Machines (ATMs) on stream.  The bank
presently has a total of 215 ATM units, while the savings bank
has about 70 more.  During RCBC's recent stockholders' meeting,
it was revealed by senior management that their goal is to
install 60 new ATMs within their first year in the bank and
bring that total to 200 by the time they reach their third year.   
Sandig is confident the tough goal is achievable.

"We just need to rationalize the deployment of our ATMs and we
are now close to finalizing a definitive 5-year plan for it.  
Our plan will clearly show where we want to go, and where we
want to be," he said.  He also recognizes that ATMs will play a
critical role in realizing the vision of growing RCBC's client
base within the next few years.  "We want our ATMs to be a
strong channel, which we can use as a vehicle in offering our
various products and services," he added.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

                          *     *     *

On November 2, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings has assigned a final rating
of 'B-' to Rizal Commercial Banking Corporation's hybrid issue
of up to US$100 million.  The rating action follows the receipt
of final documents conforming to information previously
received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.

The Troubled Company Reporter - Asia Pacific reported on October
24, 2006, that Standard & Poor's Ratings Services assigned its
'CCC' rating to Philippines' Rizal Commercial Banking Corp's
(RCBC; B/Stable/B) US$100 million non-cumulative step-up
callable perpetual capital securities.


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

BARONET LIMITED: Receiving Proofs of Debt Until July 31
-------------------------------------------------------
The creditors of Baronet Limited, which is in liquidation, are
required to file their proofs of debt by July 31, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

         Sim Guan Seng
         John Teo Cheng Lok
         c/o 15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


CLOVER HOLDINGS: Creditors' Proofs of Debt Due by July 31
---------------------------------------------------------
Sim Guan Seng and John Teo Cheng Lok, the liquidators of
Clover Holdings Limited, are receiving proofs of debt from the
company's creditors until July 31, 2007.

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

The Liquidators can be reached at:

         Sim Guan Seng
         John Teo Cheng Lok
         c/o 15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


GUAN AIK: Requires Creditors to File Claims by August 7
-------------------------------------------------------
Guan Aik Enterprises Pte Ltd, which is in voluntary liquidation,
is receiving proofs of debt from its creditors until August 7,
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
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


JIN-WEN INVESTMENT: Pays Dividend to Creditors
----------------------------------------------
Jin-Wen Investment Ltd, which is in liquidation, has paid the
first and final dividend to its creditors on July 4, 2007.

The company paid 0.14% to all received claims.

The company's liquidator is:

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


LEONG SENG: Creditors Set to Meet on July 19
--------------------------------------------
The creditors of Leong Seng Hin Piling Pte Ltd, will have their
first meeting on July 19, 2007, at 2:00 p.m.

At the meeting, the creditors will be asked to:

   -- receive a full statement of the company's affairs,
      showing the company's assets and liabilities;

   -- appoint a Committee of Inspection if deemed necessary; and

   -- discuss other matters.

The company's liquidator is:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         20 Cecil Street #12-02 & 03 Equity Plaza
         Singapore 049705


SOLUTIA INC: Files Second Amended Plan and Disclosure Statement
---------------------------------------------------------------
Solutia Inc., and its debtor-affiliates delivered to the United
States Bankruptcy Court for the Southern District of New York,
on July 9, 2007, their Second Amended Plan of Reorganization and
accompanying Disclosure Statement.

                 Solutia Rejects Investment Offer

The Debtors disclose that an investor group of Solutia's equity
holders with the support of the Official Committee of Equity
Security Holders presented investment proposal on June 21, 2007,
consisting of:

  (a) a US$250,000,000 cash investment in exchange for an
      initial 26.2% of the convertible preferred stock of  
      Reorganized Solutia; and

  (b) a fully backstopped US$200,000,000 rights offering.

The Investment Proposal contemplates the sale of certain of
Solutia's businesses and for Reorganized Solutia to acquire an
approximately US$1,400,000,000 debt facility, with
US$1,250,000,000 expected to be drawn at closing based on a
June 30, 2007 reference point.

The Equity Committee Investment Proposal requires Monsanto
Company to accept a recovery of 13.5% of the New Common Stock --
as compared to 20% of the New Common Stock under its settlement
agreement with Solutia.

Solutia and its advisors considered the Investment Proposal and
decided against pursuing it because of several deficiencies
associated with the proposal.  The Investment Proposal is
another attempt to force Solutia to explore the potential of
selling certain businesses to generate additional value, which
Solutia, in its business judgment, does not believe will
increase value.

Solutia believes that the Investment Proposal fails for at least
these reasons:

  (a) the proposal does not address the reallocation of the
      Legacy Liabilities, which is key to any successful
      reorganization of Solutia,

  (b) the proposal requires a sale of one of Solutia's
      businesses to an unknown purchaser at a price above
      indications received for that business from the
      exploratory sale process conducted in Fall of 2006, and

  (c) the proposal is contingent on Monsanto accepting 13.5% of
      the New Common Stock of a company much smaller than
      Reorganized Solutia.

                Monsanto & Retiree Pacts Critical

The Debtors declare that their Second Amended Plan is hinged on
the approval of a settlement among Monsanto, Solutia, the
Official Committee of Unsecured Creditors, the Ad Hoc Trade
Committee and the Official Committee of Retirees; and a separate
agreement between the Debtors and the Retiree Committee.

Monsanto has agreed to take financial responsibility as between
itself and Solutia for all of Solutia's legacy tort liabilities
and a substantial portion of its legacy environmental
liabilities.

Roughly 8,500 Tort Claims were filed in Solutia's cases
asserting more than US$17,000,000,000 in the aggregate.  Solutia
currently estimates that the ultimate liability for asserted
Tort Claims will range between US$15,000,000 and US$40,000,000.  
The estimate does not account for: (a) future Tort Claims that
could be asserted for pre-Spinoff conduct; (b) the hundreds of
additional lawsuits asserting thousands of claims, which have
been commenced directly against Monsanto -- for which Monsanto,
under the Distribution Agreement, could have asserted
potentially billions in dollars in surrogate claims against
Solutia's Estates absent the Monsanto Settlement -- and (c)
defense costs.

Roughly US$4,000,000,000 in Environmental Claims have been
asserted against Solutia.

Solutia will remain responsible for the environmental
liabilities at sites that it owned or operated after the
Spinoff.  Solutia projects that it will incur US$82,000,000 in
remediation costs for the Retained Sites over the next five
years.

Monsanto will assume responsibility for sites that were
transferred to Solutia pursuant to the Spinoff, but with respect
to which Solutia was never an owner/operator.  Solutia estimates
that Monsanto's agreement to take financial responsibility for
the Legacy Sites will remove roughly US$150,000,000 worth of
complex environmental claims from Solutia's Estates.  Monsanto
will also be responsible for remediation of dioxin contamination
in the Kanawha River and surrounding areas.

Solutia and Monsanto will share responsibility with respect to
the Anniston, Alabama and Sauget, Illinois sites.  Solutia
projects that the aggregate remediation costs at the Shared
Sites will be roughly US$104,000,000through 2011.  Although the
EPA has not yet determined final remedies for the sites, Solutia
estimates that remediation costs at Sauget and Anniston will
increase to about US$25,000,000per year from 2012 through 2016.  
After 2016, their costs should decrease.

The Retiree Settlement effectuates a comprehensive settlement
between Solutia and the Retirees' Committee regarding Solutia's
medical and other post-employment benefits obligations.

The Debtors note that Monsanto's contributions made possible
Solutia's Settlement with its roughly 20,000 Retirees concerning
the provision of future medical and other benefits at modified
levels.

The two settlements are interdependent.  If either the Monsanto
Settlement or the Retiree Settlement is denied, Solutia's
accomplishment in reallocating significant Legacy Liabilities
back to Monsanto will be lost.  Solutia will need to go back to
the proverbial "drawing board" to determine how to appropriately
reallocate the Legacy Liabilities.  Solutia believes negotiating
a new agreement on the reallocation and satisfaction of the
Legacy Liabilities would be very difficult.

The Court will convene a hearing to consider approval of the  
Monsanto Settlement and the Retiree Settlement September 5,
2007.  Solutia is seeking acceptances of the terms of the
Amended Planin advance of approval of the Monsanto Settlement
and the RetireeSettlement.

                   Recovery Under Amended Plan

The Debtors relate that Claims in Classes 1, 2, 4, 6, 7, 8, 9
and 10 will be paid in Cash in full on the Effective  Date, will
be Reinstated or will otherwise not be impaired by the terms of
the Amended Plan.  Claims in Classes 3 and 5 will be paid in
Cash in full on the Effective Date, but are deemed impaired by
the terms of the Amended Plan.  Claims in Classes 18 and 19 will
not receive any  Distribution under the Amended Plan.

Claims in Class 16 will receive a Distribution under the  
Amended Plan and the holders of those claims are deemed to
accept the Amended Plan.  Claims  in Class 17 will not receive a
Distribution and are deemed to accept the Amended Plan.

Claims  in Classes 11, 12, 13, 14 and 15 will receive
Distributions of shares of New Common Stock or other
Distributions under the terms of the Amended Plan.  Holders of
Allowed Noteholder Claims in Class 12 will receive their Pro
Rata share, inclusive of Allowed General Unsecured Claims, of
the Stock Pool consisting of 49.9% of the New Common Stock of
Reorganized Solutia.  Each Holder of an Allowed Noteholder Claim
will also be entitled to participate in the Rights Offering.

Holders of Allowed Noteholder Claims in Class 12 that do not
participate in the Rights Offering will receive a 74.8% recovery
on account of their Claims.  Those that participate in the
Rights Offering will receive an 85.3% recovery.

Monsanto will receive 20% of the New Common Stock, which Solutia
estimates will be worth roughly US$240 million at the midpoint
of total enterprise value.

Holders of Allowed General Unsecured Claims in Class 13 will
receive their Pro Rata share, inclusive of Allowed Noteholder
Claims, of the Stock Pool consisting of 49.9% of the New Common
Stock.  Each Holder of an Allowed General Unsecured Claim that
is an Eligible Holder will be entitled to participate in the
Rights Offering.

Holders of Allowed General Unsecured Claims in Class 13 that do
not participate in the Rights Offering will receive a 74.8%
recovery.  Those that participate will receive an 85.3%
recovery.

In accordance with the terms of the Retiree Settlement, the
Retirees, as a class, will receive 2.2% of the New Common Stock,
resulting in a 74.8% recovery.

Holders of Common Stock in Solutia Inc. will receive their Pro
Rata share of Warrants to purchase up to 3.5% of the New Common
Stock with a strike price of US$14.16, provided that Holders of
Claims or Equity Interests in each of Classes 11, 12, 13, 14, 15
and 20 vote to accept the Amended Plan.  If any of Classes 11,
12, 13, 14, 15 and 20 vote to reject the Amended Plan, then
Class 20 will not receive any Distributions under the Plan.

The estimated aggregate amount of Claims and Equity Interests in
each of Classes 3, 5, 11, 12, 13, 14, 15 and 20:

  Claim                                  Solutia's Estimate
  -----                                  ------------------
  Senior Secured Notes Claims               US$208,000,000
  CPFilms Claims                              US$8,400,000
  Monsanto Claim                            US$824,500,000
  2027/2037 Notes                           US$455,400,000
  General Unsecured Claims          between US$317,000,000
                                         to US$367,000,000
  Retiree Claim                              US$35,000,000

                 Wallach Joins Management Team

The Debtors also disclose that Hal E. Wallach, Jr. joined the
company as Senior Vice President of Human Resources in July
2007.

For seven years, Mr. Wallach served as a principal and head of
the St. Louis office of Mercer Human Resources Consulting.  
Prior to joining Mercer, Mr. Wallach held management positions
with two other human resources consulting firms, Buck
Consultants and Hewitt Inc.

The Debtors anticipate that all of their senior management team
will continue to work for Reorganized Solutia in their current
capacity after emergence.

Under the Amended Plan, certain executives and two other key
employees of the Debtors have a component of their Annual
Incentive Plan which is linked to Solutia's emergence from
bankruptcy.  The Debtors disclose that the emergence metric
applies to:

  -- Jeffry N. Quinn, the Debtors' president, chief executive
     officer and chairman of the board of directors;

  -- Kent J. Davies, senior vice president and president of
     CPFilms;

  -- Luc De Temmerman, senior vice president and president of
     Performance Products of Solutia;

  -- James R. Voss, senior vice president and president of
     Flexsys;

  -- Jonathon P. Wright, senior vice president and president of
     Integrated Nylon;

  -- Robert T. DeBolt, senior vice president of Business
     Operations;

  -- Rosemary L. Klein, senior vice president, secretary and
     general counsel;

  -- James M. Sullivan, senior vice president and chief
     financial officer; and

  -- two other key employees.

The Emergence Metric for each Emergence Metric Employee is based
solely on objective factors, and is not discretionary, the
Debtors relate.

               Valuation of Reorganized Solutia

The Debtors also filed with the Court valuation materials
prepared by Rothschild, Inc., their financial advisor and
investment banker.

Rothschild has estimated the midpoint enterprise value for
Reorganized Solutia to be roughly US$2,850,000,000 assuming pro
forma net debt of roughly US$1,700,000,000.  Reorganized
Solutia's implied midpoint equity value available for
distribution to creditors is approximately US$1,200,000,000.

The financial advisor to the Official Committee of Equity
Security Holders, however, believes that Solutia's value may be
significantly higher than the Debtors' estimate.  The Equity
Committee intends to vigorously challenge the Debtors' valuation
at confirmation.

A full-text copy of Rothschild's Valuation Analysis is available
at no charge at http://ResearchArchives.com/t/s?218c

                         Plan Is Feasible

The Debtors believe that confirmation of the Amended Plan is not
likely to be followed by the liquidation, or the need for
further financial reorganization.  Solutia's management, with
the assistance of Rothschild, has prepared Projected
Consolidated Income Statement, Projected Consolidated Balance
Sheet and Projected Consolidated Cash Flow Statement for
Reorganized Solutia's five year period from 2007 through 2011.

A full-text copy of the Debtors' five-year Financial Projections
is available at no charge at
http://ResearchArchives.com/t/s?218d

                Reorganization Beats Liquidation

The Debtors believe that, under the Amended Plan, each Holder of
Impaired Claims will receive property of a value not less than
the value the Holder would receive in a liquidation under
Chapter 7 of the Bankruptcy Code.  The Debtors delivered to the
Court an updated liquidation analysis reflecting changes to the
liquidation analysis since February 14, 2006.

A full-text copy of the Debtors' Liquidation Analysis is
available at no charge at http://ResearchArchives.com/t/s?218e

                       Equity Panel's View

The Amended Disclosure Statement also presents the Equity
Committee's view of its complaint against Monsanto and
Pharmacia.  The Equity Committee commenced an action against
Monsanto and Pharmacia in 2005 seeking disallowance of the
claims filed by Monsanto and Pharmacia against Solutia's
bankruptcy Estates and a reallocation of hundreds of millions of
dollars of the Legacy Liabilities from Solutia's balance sheet
to that of Monsanto and Pharmacia, based on alleged wrongful and
inequitable conduct by Monsanto and Pharmacia.

The Equity Committee does not believe that the Amended Plan is
in the best interests of all creditors or of the estates.  The
Equity Committee believes that the Amended Plan is far too
generous to Monsanto and Pharmacia, because, like the Spinoff,
affords Monsanto and Pharmacia significant continuing protection
from the Legacy Liabilities.

The Equity Committee intends to object to the reasonableness of
the Monsanto and Retiree Settlements at that hearing.

The Equity Committee has also argued that the Amended Plan and
the Debtors' Projections substantially undervalue Solutia.  The
Equity Committee's financial advisors believe that Solutia's
total enterprise value is significantly higher than
US$2,800,000,000.

Based on indications of interest the Debtors received for
various businesses, the Equity Committee's financial advisors
believe that the Debtors' enterprise value is at least
US$3,200,000,000.  According to the Equity Committee, the figure
essentially sums up the actual price indications already offered
to Solutia from interested, financially strong potential buyers.  
The panel notes that the offers were unsolicited; Solutia did
not encourage potential buyers to bid on individual business
segments.

The Equity Committee has also noted that the US$3,200,000,000
figure does not reflect the ultimate purchase prices that may be
achieved through a competitive sale process open to financially
strong parties who are willing to engage in rigorous
negotiations.  Thus, the Equity Committee's financial advisors
believe that the Debtors' true enterprise value is well above
US$3,200,000,000.  Recognition of the true value of Solutia
would provide creditors with a full recovery on account of their
Claims.

The Equity Committee will challenge the valuation as it allows
Monsanto and other unsecured creditors to receive a substantial
windfall while depriving public shareholders of value to which
they are legally entitled.

The Debtors, however, note that selected preliminary non-binding
indications of interest received from potential strategic and
financial buyers do not sum to an enterprise value of
US$3,200,000,000.  In addition, the preliminary, non-binding
indications of interest that were received assume a consensual
settlement with Monsanto concerning certain environmental, mass
tort, OPEB and pension liabilities consistent with the Global
Settlement -- a settlement that is not available under a
multiple sale scenario.  The Debtors also point out that the
Equity Committee neglects to acknowledge the magnified execution
risk related to multiple potential sales and the potential
ramifications of only a partial sale scenario.

A full-text copy of the Debtors' Second Amended Plan is
available at no charge at http://ResearchArchives.com/t/s?218f

A full-text copy of the Debtors' Second Amended Disclosure
Statement is available at no charge at:

                http://ResearchArchives.com/t/s?2190
  
              Disclosure Statement Hearing Adjourned

Judge Beatty has continued the hearing to consider approval of
the Debtors' disclosure statement to July 17, 2007, Bill
Rochelle at Bloomberg News reports.  She directed the Debtors to
provide additional disclosure regarding the proposed releases
provided to Monsanto and better explanation regarding the
treatment of retiree claims.

                           About Solutia

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in   
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Singapore, Malaysia, China, Belgium and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

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

The hearing to consider approval of the Disclosure Statement
describing Solutia's First Amended Reorganization Plan started
on July 10, 2007.  The Debtors' exclusive period to file a plan
expires on July 30, 2007.

(Solutia Bankruptcy News, Issue No. 92; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Wants Court Nod on Hal Wallach as HR Senior VP
-----------------------------------------------------------
Solutia Inc. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's approval to employ
Hal E. Wallach, Jr., as senior vice president of human
resources.

As a result of the promotion of Mr. James R Voss, who served as
senior vice president of business operations, to president of
Flexsys, Solutia's newly acquired rubber chemicals business, and
the resignation of the company's vice president of human
resources, Solutia conducted a search to fill the human
resources position at the senior level.

Mr. Wallach will have global responsibility for the human
resources function, including, but not limited to, the areas of
compensation and benefits, development and implementation of
global human resource policies and procedures and training, as
well as staffing and recruiting.  Mr. Wallach will also assist
the Executive Compensation and Development Committee of
Solutia's Board of Directors with its duties and
responsibilities regarding executive compensation and benefits.  
He will also assist the Board's Governance Committee with its
duties and responsibilities regarding non-employee director
compensation.  Mr. Wallach will be based at Solutia's
headquarters in St. Louis, Missouri, and will report directly to
Solutia's chief executive officer.

The Board of Directors has authorized Solutia, subject to the
Bankruptcy Court's approval, to enter into its standard senior
executive employment agreement with Mr. Wallach.  

Pursuant to the Wallach Agreement, Mr. Wallach will earn an
annual base salary of not less than US$300,000, and will
participate in Solutia's annual incentive program, or any
successor annual bonus plan, with a target bonus opportunity of
not less than 75% of his annual base salary.

In addition, Mr. Wallach will be entitled to participate in all
long-term and other incentive plans, practices, policies and
programs generally applicable to senior executive officers of
Solutia.  Mr. Wallach, however, will not participate in the
emergence bonus program currently in place with respect to
Solutia's other senior executives.

Prior to joining Solutia, Mr. Wallach served as a principal at
consulting firm Mercer Human Resources Consulting.  As the head
of Mercer's St. Louis office and its St. Louis Client Management
practice, Mr. Wallach's responsibilities include leading multi-
practice global teams to assist organizations, including public
companies, to design, implement and administer human resource
strategies, programs and policies.   Prior to joining Mercer,
Mr. Wallach spent 10 years in management positions with two
other consulting firms, Buck Consultants and Hewitt Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in   
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Singapore, Malaysia, China, Belgium and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

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

The hearing to consider approval of the Disclosure Statement
describing Solutia's First Amended Reorganization Plan started
on July 10, 2007.  The Debtors' exclusive period to file a plan
expires on July 30, 2007.

(Solutia Bankruptcy News, Issue No. 92; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SPECTRUM BRANDS: Lowers Projections for Fiscal Year 2007
--------------------------------------------------------
Spectrum Brands Inc. anticipates that full year 2007 sales and
earnings before interest, tax, depreciation and amortization
will be lower than previously anticipated.  Preliminary results
for the recently completed fiscal third quarter and projections
for the fiscal fourth quarter suggest that the company will
generate full year 2007 net sales of about US$2,634 million and
EBITDA of between US$260 million and US$264 million.  This
compares with earlier expectations of net sales of US$2,648
million and EBITDA of US$282 million.

The company lowered projections due to unfavorable weather
conditions experienced during the fiscal third quarter,
particularly the impact of drought conditions across much of the
country, which had a negative impact on its Home & Garden
business, as well as lower than expected European battery sales
and a cautious outlook on the part of U.S. retailers regarding
inventory levels, which caused a shortfall in projected results
for Global Batteries and Personal Care.

Commenting on the company's performance and outlook, Spectrum
Brands chief executive officer Kent Hussey stated, "Our Home &
Garden business is performing well as measured by market share
and customer service levels, despite recent weather conditions.  
We remain confident in the fundamental strength of this business
and our ability to execute a sale of this asset at a fair
valuation.  We continue to make progress on our corporate
strategy and believe we are taking the right actions to improve
profitability in all of our business segments, strengthen our
capital structure through the strategic sale of one or more
assets, and create sustainable value for our equity holders."

The company does not anticipate any liquidity issues or problems
complying with its debt covenants as a result of its revised
projections.  As previously announced, Spectrum has received
financing commitments from Goldman Sachs and Wachovia Bank to
provide the company with a US$225 million asset based loan
facility, with a concomitant reduction of its senior credit
facility term loan by the same amount.  The company expects to
close on this transaction during its fiscal fourth quarter.

                     About Spectrum Brands

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

                          *     *     *

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


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

ABICO HOLDINGS: Takes 50.46% in PPO Farm for THB97,139
------------------------------------------------------
ABICO Holdings PCL, through its wholly owned subsidiary, ABICO
Dairy Farm PCL, has acquired 388,555 shares in PPO Farm Co. Ltd.
from its major shareholder, Khun Waralak Bonyapo.

The company acquired shares in PPO at a share price of THB0.25
each, for a total of THB97,138.75.  The amount represents 50.46%
of PPO Farm's registered capital.  PPO is now a subsidiary of
the company.

PPO Farm engages in the milk cow farming business, and produces
raw milk for distribution.  It has a registered and paid-up
capital of THB77 million, divided into 770,000 ordinary shares
at par value of THB100 per share.

                  About Abico Holdings PCL

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading  
palm oil, real estate development and raw milk producer and
distributor.

On Apr. 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as its own rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 5, 2007, that the Stock Exchange of Thailand placed "SP" or
suspension sign on Abico Holdings' securities for the company's
failure to timely submit its financial statements for the period
ending Dec. 31, 2006.


* BOND PRICING: For the Week 16 July to 20 July 2007
----------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.76
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.85
Arrow Energy NL               10.000%  03/31/08     AUD     2.65
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.20
Becton Property Group          9.500%  06/30/10     AUD     0.84
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.00
Cardno Limited                 9.000%  06/30/08     AUD     6.85
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.21
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.13
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.85
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.39
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.25
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.90
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.80
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.59
Geon Group                    11.750%  10/15/09     NZD    10.00
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.25
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     9.00
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.17
Metal Storm Ltd               10.000%  09/01/09     AUD     0.31
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.00
Primelife Corporation         10.000%  01/31/08     AUD     1.01
Salomon SB Aust                4.250%  02/01/09     USD     7.37
Silver Chef Ltd               10.000%  08/31/08     AUD     1.08
Software of Excellence         7.000%  08/09/07     NZD     2.51
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  09/15/07     NZD     8.30
TrustPower Ltd                 8.300%  12/15/08     NZD     9.20
TrustPower Ltd                 8.500%  09/15/12     NZD     8.70
TrustPower Ltd                 8.500%  03/15/14     NZD     8.70


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    47.78
Korea Development Bank         7.450%  10/31/21     KRW    47.75
Korea Development Bank         7.400%  11/02/21     KRW    47.74
Korea Development Bank         7.310%  11/08/21     KRW    47.69
Korea Development Bank         8.450%  12/15/26     KRW    69.88


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.42
Ample Zone Bhd                 9.300%  01/27/12     MYR    68.92
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.87
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.69
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.60
Camerlin Group                 5.500%  07/15/07     MYR     2.17
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.54
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.70
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     1.00
Equine Capital                 3.000%  08/26/08     MYR     3.12
EG Industries Bhd              5.000%  06/16/10     MYR     0.73
Greatpac Holdings              2.000%  12/11/08     MYR     0.21
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.47
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.52
Insas Bhd                      8.000%  04/19/09     MYR     0.78
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.51
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.68
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.00
Kumpulan Jetson                5.000%  11/27/12     MYR     0.61
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.76
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.76
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.76
Lebuhraya Kajang Bhd           5.850%  06/12/18     MYR    69.31
Media Prima Bhd                2.000%  07/18/08     MYR     1.90
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.80
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.26
Pelikan International          3.000%  04/08/10     MYR     1.50
Pelikan International          3.000%  04/08/10     MYR     1.50
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     1.17
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.90
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.90
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.32
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.36
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.63
Southern Steel                 5.500%  07/31/08     MYR     1.75
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.16
Tradewinds Corp.               2.000%  02/08/12     MYR     1.36
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.78
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.63
Wah Seong Corp.                3.000%  05/21/12     MYR     5.65
WCT Land Bhd                   3.000%  08/02/09     MYR     3.80
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.14




                            *********


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.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***