TCRAP_Public/070718.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Wednesday, July 18, 2007, Vol. 10, No. 140

                            Headlines

A U S T R A L I A

CHATTEM: Earns US$14.9 Million in Second Quarter Ended May 31
DELTA AIR: Wilmington Trust Wants US$3.4MM Admin. Claim Allowed
DELTA AIR: Marriott's Section 1110 Order Enforcement Plea Denied
EXELEC PTY: Creditors' Proofs of Debt Due by July 20
HEMMERLING INTERNATIONAL: Members Resolve to Close Business

HORSLEY PTY: Names George Divitkos as Liquidator
JARYN PTY: Commences Wind-Up Proceedings
NEWMONT CENTRAL: Members' Final Meeting Set for August 7
SKYBLAZE HOLDINGS: To Declare Dividend on August 7
STATION ARCADE: Placed Under Voluntary Liquidation

VOMAX PTY: Members Opt to Shut Down Business
WILKALA PTY: Undergoes Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

AEROFLEX INC: Revised Buyout Offer Cues S&P to Remove Neg. Watch
AMC ENTERTAINMENT: Appoints Four New Associates
BEST LIAISON: Members Pass Resolution to Liquidate Business
CHINA SOUTHERN: End-Dec. 2006 Current Deficit Rises by 24%
CIPHER LIMITED: Creditors' Proofs of Debt Due on August 13

CUMMINS INC: Board Increases Cash Dividend by 39%
DP EDUCATION: Names Tang Tin Ying as Liquidator
GRAND CLASS: Appoints Chow & Cheng as Liquidators
HAINAN AIRLINES: First Half Net Profit to Grow 750%
HEXCEL CORP: Jeffrey Graves Joins Board of Directors

INTERNATIONAL PAPER: Declares US$0.25 Quarterly Dividend
LOYAL CHOICE: Commences Wind Up of Operations
PRESS CARGO: To Declare Dividend on August 3
RICHWELL INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
ROAD KING: Expects Big Boost in Property Revenue by 2009

TRIUMPH KEY: Commences Liquidation Proceedings
VICTOR INSURANCE: Court to Hear Wind-Up Petition on Sept. 12
WISESURE LIMITED: Sets Final Meeting for August 6
ZTE CORP: To Supply Wireless Equipment to Sprint Nextel
ZTE CORP: Bags 40% of Contracts for 3G Trials


I N D I A

BANK OF BARODA: Board to Consider 1st Quarter Results on July
BANK OF INDIA: Raises INR400 Crore from Perpetual Bond Issue
HMT LIMITED: To Foray Into Railway, Defense & Aerospace Sectors
SPICEJET LTD: Private Equity Firms Compete for Stake in Carrier


I N D O N E S I A

ALCATEL-LUCENT: Deploys Libya's Fibre Optic Backbone for EUR90MM
BANK MANDIRI: Government to Sell More Stakes Starting 2009
BANK MANDIRI: Fitch Ratings Affirms 'BB-' LTFCI Default Ratings
BEARINGPOINT INC: Dec. 31 Balance Sheet Upside-Down by US$177MM
DAVOMAS ABADI: Appoints New Company Auditor

EXCELCOMINDO PRATAMA: AIF Limited Sells Shares to Indocel
HM SAMPOERNA: Sells Shares in Graha Sampoerna to Pacific Place
INDAH KIAT: No Dividend Payment for Fiscal Year 2006


J A P A N

FORD MOTOR: Gerald Shaheen Joins Board of Directors
FORD MOTOR: Adds US$100-Mil. Investment for St. Petersburg Plant
FORD MOTOR: Partners With Edison to Make Hybrid Cars Accessible
GOODWILL GROUP: 760 People Affected Due to Operation Halt
JVC CORP: Parent Stops Production in 3 Plants Due to Earthquake

MITSUBISHI MOTORS: AU Unit Launches Latest 380 Sedan Edition
SANYO ELECTRIC: Plant Escapes Damage from 6.8 Magnitude Quake


K O R E A

BOWATER INC: ISS Urges Abitibi Shareholders to Vote for Merger
DURA AUTOMOTIVE:  Files Plan Term Sheet and Backstop Agreement
KOREA EXCHANGE BANK: HSBC Shows Interest in Buying Stake
SEQUA CORP: S&P Puts Neg. Watch on US$2.7 Billion Carlyle Deal


M A L A Y S I A

MANGIUM INDUSTRIES: To File New Plan Proposals in a Month
STAR CRUISES: Moody's Keep Ratings; Outlook Remains Stable
* Almost Half of Reform Plans Rejected, Commission Says


N E W  Z E A L A N D

BALMORAL ASSET: Proofs of Debt Due on July 26
BALMORAL PROPERTY: Creditors' Proofs of Debt Due on July 26
BLIS TECHNOLOGIES: To Hold Annual Shareholders Meeting on Aug. 1
CONNEXIONZ LTD: Failed to File Preliminary Results on July 13
DMB ENTERTAINMENT: Faces Horizon Printing's Wind-Up Petition

GENESIS RESEARCH: Comes Up With Polyurethane Foam from Willows
NZ PRECAST: Fixes July 25 as Last Day to File Claims
PARKWEST PROPERTIES: Court to Hear Wind-Up Petition on Aug. 23
S P BUILDERS: Shareholders Opt to Liquidate Business
VEHICLE RECOVERY: Shareholders Agree on Voluntary Liquidation

VEHICLE REPAIR: Commences Liquidation Proceedings
WAIPUNA PROJECTS: Taps Shephard and Dunphy as Liquidators


P H I L I P P I N E S

BANGKO SENTRAL: To Issue New Liberal Derivative Rules Next Month
JG SUMMIT: To Build 12-Megawatt Power Plant in Negros Occidental
LEPANTO CONSOLIDATED: John D. Fairfield Resigns As Director
MANILA ELECTRIC: ERC Orders Informing Users of Meter Refund
MANILA ELECTRIC: Turns Around With 2006's PHP13.88BB Net Income

MIRANT CORP: Unit to Pay US$11MM to Resolve Criminal Charges
PHIL BANK OF COMMS: PDIC Director's Resignation Causes Stalemate
PSI TECHS: Incurs Third Annual Net Loss in FY 2006
ZIPPORAH REALTY: Elects New Directors & Committees for 2007-2008
* BoP Surplus Likely to Hit US$2.9 Bil. Threshold at Year's End

* Dollar Reaches PHP45.35/US$1 Level, Buoyed by Public Offerings


S I N G A P O R E

AEROQUIP-VICKERS: Creditor's Proofs of Debt Due on Aug. 11
DEVONSHIRE STONE: Court Enters Wind-Up Order
FREESCALE SEMICONDUCTOR: Launches Exchange Offers for Sr. Notes
ISOFT GROUP: Considers IBA Offer Until Aug. 7
TAP IMPEX: Members' Final Meeting Set for August 13
THE MANAGEMENT CORPORATION: Proofs of Claims Due on August 13


T H A I L A N D

LIVING LAND CAPITAL: Acquires 99.99% of Heart of Living's Stocks
LIVING LAND CAPITAL: Acquires 69.9% of Turtle Hill Firms' Stocks
TOTAL ACCESS COMM: Fitch Keeps Ratings on Rating Watch Negative


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

CHATTEM: Earns US$14.9 Million in Second Quarter Ended May 31
-------------------------------------------------------------
Chattem Inc. reported total revenues for the second fiscal
quarter ended May 31, 2007, of US$113 million compared to total
revenues of US$79.4 million in the prior year quarter,
representing a 42% increase.  Net income for the second quarter
of fiscal 2007 was US$14.9 million, up 46%, compared to net
income of US$10.2 million in the prior year quarter.

Revenue growth for the quarter was driven by sales of the five
brands acquired from Johnson & Johnson, continued growth of the
Gold Bond franchise, up 23%, and strong performance from the
Bullfrog franchise, up 62%, as a result of initial sales of the
Marathon Mist product and the timing of shipments as compared to
the second quarter of fiscal 2006.

Net income in the second quarter of fiscal 2006 included
employee stock option expenses under SFAS 123R or US$0.05 per
share after taxes, and legal expenses related to the Dexatrim
litigation.  As adjusted to exclude these items, net income in
the second quarter of fiscal 2007 was US$17.3 million, up 56%,
compared to US$11.1 million in the prior year quarter.

                 First Six Months Results

For the first six months of fiscal 2007, total revenues were
US$213.8 million compared to total revenues of US$163.4 million
in the prior year period, representing a 31% increase.  Net
income in the first six months of fiscal 2007 was US$28.6
million, compared to US$25 million in the prior year period.

As of May 31, 2007, the company's balance sheet showed total
assets of US$777.2 million, total liabilities of US$598.1
million, and total stockholders' equity of US$179.1 million.

A copy of the company's second quarter 2007 report is available
for free at http://ResearchArchives.com/t/s?2183

"The first six months of fiscal 2007 was a record period for the
company," said Bob Bosworth, president and chief operating
officer of Chattem.  "The positive momentum in our business
following the acquisition of five brands from Johnson & Johnson
on Jan. 2, 2007, has continued as evidenced by the strong sales
growth and operating results for the first half of fiscal 2007.  
Sales growth in the six months was driven by the five acquired
brands, continued expansion of the Gold Bond(R) franchise, the
growth of Icy Hot(R) led by the launch of Icy Hot Heat Therapy
and the introduction of Bullfrog(R) Marathon Mist.  The
integration of the acquired brands is on schedule and we have
successfully leveraged our infrastructure during this period
resulting in incremental earnings growth.  Also, the company has
effectively managed its capital structure by the issuance of
US$100 million of 1.625% convertible debt issued on April 11,
2007, and borrowings under the revolving credit facility.  
Additionally, the company has significantly reduced total debt
outstanding by about US$35 million since the date of the
acquisition of the J&J brands."

"We are extremely pleased with the Company's performance in the
quarter, with total revenues up 42%, adjusted earnings per share
up 56% and EBITDA up an impressive 73%," said Zan Guerry, chief
executive officer of Chattem.  "ACT(R), Cortizone-10(R) and
Unisom(R) continue to respond very well to advertising, with
each brand performing strongly at retail.  Moreover, the Gold
Bond franchise continued its impressive growth at retail during
this period, Icy Hot experienced renewed growth led by recently
introduced line extensions and Bullfrog performed well with the
Marathon Mist product.  Given these positive results and the
strength of our business, we remain very excited about the
company's prospects for the balance of fiscal 2007 and beyond."

                        Brand Acquisition

On May 25, 2007, the company closed the previously announced
agreement to acquire the ACT business in Western Europe together
with worldwide trademark rights to ACT from Johnson & Johnson or
US$4.1 million in cash plus certain assumed liabilities.  
Chattem funded the acquisition with existing cash.

                         About Chattem

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a  
marketer and manufacturer of a broad portfolio of a broad
portfolio of branded over the counter healthcare products,
toiletries and dietary supplements.  The company's portfolio of
products includes well-recognized brands such as Icy Hot, Gold
Bond, Selsun Blue, ACT, Cortizone and Unisom.  Chattem conducts
a portion of its global business through subsidiaries in the
United Kingdom, Ireland, Canada, Puerto Rico, and Australia.

                         *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


DELTA AIR: Wilmington Trust Wants US$3.4MM Admin. Claim Allowed
---------------------------------------------------------------
Pursuant to Sections 503(b) and 365(d)(5) of the Bankruptcy
Code, Wilmington Trust Company, as trustee to certain aircraft
leases, asks the U.S. Bankruptcy Court for the Southern District
of New York to direct Comair, Inc., and certain other Debtors to
pay at least $3,439,046.

Wilmington Trust asserts that the claim constitutes an
administrative priority expense of the bankruptcy estate.   
Wilmington Trust's claim is for unpaid rent and other
obligations that arose during Comair's Chapter 11 case, under
the leases of four Embraer EMB-120 aircraft bearing Tail Nos.
N257CA, N259CA, N267CA and N268CA, and related aircraft
equipment, prior to the rejection of those leases.

All or a portion of the information and supporting documentation
in respect of the administrative claim may be subject to a
confidentiality agreement to which Wilmington Trust and Comair,
among others, are parties.  The Debtors, the Post-Effective Date
Committee, the Office of the United States Trustee, and
Wilmington Trust have agreed that the request will be deemed
timely filed by the May 30, 2007, deadline for filing of

                        About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 502 destinations
in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  The company and
18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone
Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump
Strauss Hauer & Feld LLP, provide the Official Committee of
Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at
Mesirow Financial Consulting, LLC, serve as the Committee's
financial advisors.  As of June 30, 2005, the company's balance
sheet showed $21.5 billion in assets and $28.5 billion in
liabilities.  (Delta Air Lines Bankruptcy News, Issue No. 74;
Bankruptcy Creditors' Service, Inc.

      http://bankrupt.com/newsstand/or 215/945-7000)

Delta flies to Argentina, Australia and the United Kingdom,
among others.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on Feb.
2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.

                         *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.


DELTA AIR: Marriott's Section 1110 Order Enforcement Plea Denied
----------------------------------------------------------------
For reasons stated in open court, the Hon. Adlai S. Hardin of
the U.S. Bankruptcy Court for the Southern District of New York
denied the request of Essex House Condominium Corporation and
its parent company, Marriott International, Inc., to enforce the
terms of a Feb. 15, 2006 order approving a modified term sheet
and authorizing agreements to restructure transactions affecting
88 aircraft.

Certain parties had objected to the request, including: (i)
Delta Air Lines, Inc.; (ii) the Post-Effective Date Committee;
and (iii) The Bank of New York, as indenture trustee, and the Ad
Hoc Committee of Senior Secured Holders.

Delta alleged Marriott was seeking to prevent it from exercising
its valid contractual rights in accordance with Chapter 11 of
the Bankruptcy Code.  Marriott's mischaracterizations and
allegations of procedural infirmities do little to mask what
simply appears to be a timing issue -- or a matter of form over
substance, according to Delta.

Delta pointed out it clearly has the right, as a Chapter 11
debtor, to reject the Lease for the Aircraft as well as enter
into "definitive agreements" pursuant to the Term Sheet,
including the restructuring agreement.  Once the Lease is
rejected, any provisions therein that Marriott seeks to rely
upon to prevent the restructuring transactions contemplated by
the Term Sheet and the Restructuring Agreement will no longer be
operative and thus its "consent" would not be required.  Delta
also noted it is not a party to the Indenture and is thereby not
bound to its terms, including any consent requirements therein.

Bank of New York told the Court Marriott's purported consent
rights expire upon Lease rejection and therefore are essentially
meaningless postpetition.  The method and forum for Marriott to
address any alleged resultant damage is governed by the
Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and
applicable law, Bank of New York asserted.

Bank of New York said prior to rejection, it would foreclose on
Marriott's equity interest, and Marriott would have the
opportunity to redeem its interest, by repaying the debt and
discharging the lien on the Aircraft.  Should it elect not to do
so, then Marriott will have no "rights" to enforce and will be
entitled only to assert whatever rejection damages, if any, it
may be entitled to pursue through the claims resolution process.

Since rights under the Lease were pledged to Bank of New York
prepetition, Marriott may not be entitled to assert its own
rejection damages claims, Bank of New York also pointed out.   
What Marriott clearly could not do, however, is preclude Delta
from rejecting a prepetition agreement and entering into a new
postpetition lease for its Aircraft.

Marriott retorted that the Debtors, the Indenture Trustee and
the Noteholder Groups are attempting to paint Marriott as
seeking to deny the Debtors the basic rights afforded by
bankruptcy and seeking to prevent the Noteholders and the
Indenture Trustee from exercising their right to foreclose on
the Aircraft.  Marriott insisted neither the Debtors' power to
reject an executory lease nor the Indenture Trustee's power to
foreclose -- neither of which has been exercised -- permit those
parties to do away with provisions requiring Marriott's consent
to a restructuring, which provisions were intended to prevent
precisely the type of collusive transaction that is being
attempted by the Debtors.

No provision of the Term Sheet Order, any of the operative
documents, or the Bankruptcy Code authorizes the Lease to be
treated as though it has been rejected, nor can provisions of
the Lease be ignored simply because the Debtors have the power
to reject the Lease, Marriott asserted.

Marriott also argued that the Objecting Parties have presumed
its equity interests in the Aircraft will be foreclosed, and
that its sole protection is to bid on a sale.  In a foreclosure
sale, Marriott noted it would have rights under the Indenture
and the Uniform Commercial Code to ensure a commercially
reasonable sale.   The Restructuring Agreement impairs those
rights by imposing restrictions on bidders to ensure that Delta
will at all times have the beneficial use of the Aircraft,
Marriott told the Court.

                        About Delta Air

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 502 destinations
in 88 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  The company and
18 affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923).  Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts.  Timothy R. Coleman at The Blackstone
Group L.P. provides the Debtors with financial advice.  Daniel
H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump
Strauss Hauer & Feld LLP, provide the Official Committee of
Unsecured Creditors with legal advice.  John McKenna, Jr., at
Houlihan Lokey Howard & Zukin Capital and James S. Feltman at
Mesirow Financial Consulting, LLC, serve as the Committee's
financial advisors.  As of June 30, 2005, the company's balance
sheet showed $21.5 billion in assets and $28.5 billion in
liabilities.  (Delta Air Lines Bankruptcy News, Issue No. 74;
Bankruptcy Creditors' Service, Inc.

      http://bankrupt.com/newsstand/or 215/945-7000)

Delta flies to Argentina, Australia and the United Kingdom,
among others.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on Feb.
2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.

                         *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.


EXELEC PTY: Creditors' Proofs of Debt Due by July 20
----------------------------------------------------
The creditors of Exelec Pty Ltd are required 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:

         R. G. Shoobridge
         Deloitte Touche Tohmatsu
         Level 9, 22 Elizabeth Street
         Hobart Tasmania 7000
         Australia
         Telephone:(03) 6237 7000
         Facsimile:(03) 6237 7001

                        About Exelec Pty

Exelec Pty Ltd, which is also trading as Russell-Smith Pty Ltd,
is involved with electrical work.  The company is located in
Tasmania, Australia.


HEMMERLING INTERNATIONAL: Members Resolve to Close Business
-----------------------------------------------------------
During a general meeting held on June 22, 2007, the members pf
Hemmerling International Pty decided to close the company's
business.

Timothy James Clifton and Mark Christopher Hall were appointed
as liquidators.

The Liquidators can be reached at:

         Timothy James Clifton
         Mark Christopher Hall
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide
         Australia

                 About Hemmerling International

Hemmerling International Pty Ltd is involved with racing,
including track operations.  The company is located in South
Australia, Australia.


HORSLEY PTY: Names George Divitkos as Liquidator
------------------------------------------------
During a meeting held on June 21, 2007, the members of Horsley
Pty Ltd decided to liquidate the company's business and
appointed George Divitkos as liquidator.

The Liquidator can be reached at:

         George Divitkos
         BDO Kendalls (South Australia)
         248 Flinders Street, Adelaide South Australia 5000
         Australia

                       About Horsley Pty

Located in South Australia, Horsley Pty Ltd is an investor
relation company.


JARYN PTY: Commences Wind-Up Proceedings
----------------------------------------
The members of Jaryn Pty Ltd met on June 21, 2007, and agreed to
voluntarily wind up the company's operations.

Mark Chistopher Hall and Timothy James Clifton were appointed as
liquidators.

The Liquidators can be reached at:

         Mark Christopher Hall
         Timothy James Clifton
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide
         Australia

                        About Jaryn Pty

Jaryn Pty Ltd is a special trade contractor.  The company is
located in South Australia, Australia.


NEWMONT CENTRAL: Members' Final Meeting Set for August 7
--------------------------------------------------------
Newmont Central Pty Ltd will hold a final meeting for its
members on August 7, 2007, at 10:30 a.m.

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

The company's liquidator is:

         Anthony Stevens Smith
         Ernst & Young
         Level 21, 91 King William Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8233 7111

                     About Newmont Central

Located in South Australia, Australia, Newmont Central Pty Ltd
is an investor relation company.


SKYBLAZE HOLDINGS: To Declare Dividend on August 7
--------------------------------------------------
Skyblaze Holdings Pty Ltd, which is in liquidation, will declare
a final dividend on August 7, 2007.

To be included in the dividend distribution, the company's
creditors are required to file their proofs of debt by July 27,
2007.

The company's liquidator is:

         Anthony Stevens Smith
         Ernst & Young
         Level 21, 91 King William Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8233 7111


STATION ARCADE: Placed Under Voluntary Liquidation
--------------------------------------------------
On June 18, 2007, Station Arcade Pty Ltd was placed under
liquidation and Kevin John Draper was appointed as liquidator.

The Liquidator can be reached at:

         Kevin John Draper
         6 Pritchard Court
         Flagstaff Hill, South Australia
         Australia

                      About Station Arcade

Station Arcade Pty Ltd is a dealer automotive.  The company is
located in South Australia, Australia.


VOMAX PTY: Members Opt to Shut Down Business
--------------------------------------------
During a general meeting held on June 19, 2007, the members of
Vomax Pty Ltd resolved to shut down the company's business and
appointed Andrew James Heard was appointed as liquidator.

The Liquidator can be reached at:

         Andrew Heard
         Heard Phillips Chartered Accountants
         Level 2, 45 Grenfell Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8212 3433

                         About Vomax Pty

Vomax Pty Ltd is a distributor of measuring and controlling
devices.  The company is located in South Australia, Australia.


WILKALA PTY: Undergoes Wind-Up Proceedings
------------------------------------------
The members of Wilkala Pty Ltd met on June 25, 2007, and
resolved to wind up the company's operations.

Martin David Lewis, Chartered Accountant of Ferrier Hodgson was
appointed as liquidator.

The Liquidator can be reached at:

         Martin David Lewis
         Level 6, 81 Flinders Street
         Adelaide, South Australia 5000
         Australia

                        About Wilkala Pty

Located in South Australia, Australia, Wilkala Pty Ltd is an
investor relation company.


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

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

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

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

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


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

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

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

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

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

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

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

                         *     *     *

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

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


BEST LIAISON: Members Pass Resolution to Liquidate Business
-----------------------------------------------------------
The members of Best Liaison Limited passed a resolution on
July 6, 2007, that winds up the company's operations and
appointing Arthur Leung Wing Kuen as liquidator.

The Liquidator can be reached at:

         Arthur Leung Wing Kuen
         44 Kenney Road
         Hong Kong


CHINA SOUTHERN: End-Dec. 2006 Current Deficit Rises by 24%
----------------------------------------------------------
The working capital deficit of China Southern Airlines Co. Ltd.
increased by 24%, or CNY6.273 billion, from CNY25.907 billion at
Dec. 31, 2005, to CNY32.180 billion at Dec. 31, 2006.

The company had CNY6.683 billion in current assets and
CNY38.863 billion in current liabilities at Dec. 31, 2006,
compared with CNY7.221 billion in current assets and
CNY33.128 billion in current liabilities at Dec 31, 2005.

Net cash flow from operating activities at Dec. 31, 2006, was
CNY2.217 billion, compared with CNY4.417 billion in the same
period in 2005.

Net cash flow used in investing activities at Dec. 31, 2006, was
CNY5.404 billion, compared with CNY8.547 billion in the same
period in 2005.

Net cash flow from financing activities at Dec. 31, 2006, was
CNY2.550 billion, compared with CNY3.992 billion in the same
period in 2005.

As of Dec. 31, 2006, the company and its subsidiaries (the
Group) had banking facilities with several People's Republic of
China (PRC) commercial banks for providing loan finance up to an
approximate amount of CNY49.041 billion to the Group.  As of
Dec. 31, 2006, an approximate amount of CNY28.295 billion was
utilized.  As of Dec. 31, 2005, and 2006, the Group's cash and
cash equivalents totaled CNY2.901 billion and CNY2.264 billion,
respectively.

As of Dec. 31, 2006, the Group's aggregate long-term debt and
obligations under capital leases totaled CNY29.330 billion.
As of Dec. 31, 2006, the Group's short term bank debt was
CNY19.908 billion.

Through May 31, 2007, the Group refinanced certain short-term
bank debts of CNY4.170 billion.  The refinanced bank debts are
unsecured, bear interest at floating rates ranging from three-
month LIBOR/six-month LIBOR +0.50% to 0.55% per annum and are
repayable one year from their respective refinanced dates.
In addition, the Group entered into new short term bank debts
agreement totaling CNY6.435 billion subsequent to Dec. 31, 2006.
These new short-term bank debts are unsecured and bear interest
at floating rates ranging from three-month/six-month/12-month
LIBOR + 0.45% to 0.55% per annum with are repayable from five
months to one year from their respective origination dates.


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

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.


CIPHER LIMITED: Creditors' Proofs of Debt Due on August 13
----------------------------------------------------------
Cipher Limited, which is in liquidation, is receiving proofs of
debt from its creditors until August 13, 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:

         Thomas Andrew Corkhill
         Kevin John O'Shaughnessy
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road, Central
         Hong Kong


CUMMINS INC: Board Increases Cash Dividend by 39%
-------------------------------------------------
The Cummins Inc. Board of Directors increased the company's
quarterly cash dividend on common stock by 39% to 25 cents per
share, up from 18 cents per share.  The dividend is payable on
August 31 to shareholders of record on August 17.

The dividend increase is the second for Cummins in the past year
-- the company increased its dividend 20% in July 2006 -- and
comes four months after the company announced a 2-for-1 stock
split.  On a split-adjusted basis, Cummins stock has nearly
doubled in 2007.

"After three consecutive years of record financial results, the
company continues to perform extremely well," said Tim Solso,
Cummins Chairman and Chief Executive Officer.  "The company's
actions are indicative of the board's continued confidence in
the company's ability to grow profitably and generate strong
cash flow."

"The company's strong financial performance has resulted in
significant positive cash flow, which has allowed us to
strengthen our balance sheet and invest in profitable growth,"
Solso said. "At the same time, we understand the need to reward
our shareholders' confidence in Cummins by returning value on
their investment through increased share price, growing
dividends and repurchasing stock.  The decision by the board is
a strong statement of that commitment."

From 2003 through the end of 2006, Cummins produced an average
annual total return of about 46% -- more than triple that of the
S&P 500 and more than double that of the company's peer group.

                        About Cummins, Inc.

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI) --
http://www.cummins.com/-- designs, manufactures, distributes,  
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.  Cummins serves
customers in more than 160 countries, including China, through
its network of 550 company-owned and independent distributor
facilities and more than 5,000 dealer locations.

                          *     *     *

The company's Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.


DP EDUCATION: Names Tang Tin Ying as Liquidator
-----------------------------------------------
Tang Tin Ying was appointed as liquidator of DP Education
Foundation Limited on June 22, 2007.

The Liquidator can be reached at:

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


GRAND CLASS: Appoints Chow & Cheng as Liquidators
-------------------------------------------------
On May 17, 2007, Chow Cheuk Lap and Cheng Siu Hang were
appointed as liquidators of Gran Class Development Limited
through a special resolution passed on that day.

The Liquidators can be reached at:

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


HAINAN AIRLINES: First Half Net Profit to Grow 750%
---------------------------------------------------
Hainan Airlines is expecting to post a 750% growth in net profit
for the first half of 2007, partly due to the appreciation of
China's yuan as well as lower fuel prices in global markets,
Reuters reports.

The airline did not give details, but said that the forecast
results were unaudited, the news agency relates.

In March, Reuters recounts, the airline's chairman, Chen Feng,
told Reuters that he expected to see its sales increase by at
least 25% in 2007, due to robust growth in demand for air travel
in China as Chinese consumers became wealthier.


Hainan Airlines Company Ltd's principal activities are providing
domestic aeronautic transportation to passengers and cargoes,
domestic business chartering services, aeronautic maintenance
and services, air traveling and on-board food supply.  Other
activities include manufacturing aeronautic field equipment and
components, plane and landing equipment, selling of plane
ticket, cargo & other related services, providing repair
services, development of hotels and managing properties.

On Oct. 31, 2005, Xinhua Far East China Ratings gave the company
a 'CC' issuer credit rating.


HEXCEL CORP: Jeffrey Graves Joins Board of Directors
----------------------------------------------------
Hexcel Corporation has named Dr. Jeffrey A. Graves to its board
of directors.  Dr. Graves is the President, Chief Executive
Officer and a director of C&D Technologies, Inc., a leading
manufacturer of power storage systems and leading producer of
electronic power supply and conversion products.  Dr. Graves has
been with C&D since July 2005, and prior to joining C&D was
employed by Kemet Electronics Corporation, a manufacturer of
high performance capacitor solutions, from 2001 to July 2005,
where he last held the position of Chief Executive Officer.  
From 1994 to 2001, Dr. Graves held a number of key leadership
positions with General Electric Company's Power Systems Division
and Corporate Research & Development Center.  Prior to working
for GE, Dr. Graves held various positions of increasing
responsibility at Rockwell International Corporation and Howmet
Corporation.  Dr. Graves currently serves on the board of
Teleflex Incorporated, as well as a variety of private companies
and other business and non-profit organizations.

Mr. David E. Berges, Hexcel's Chairman and Chief Executive
Officer, said Jeffrey Graves brings to the Hexcel board a unique
combination of diverse managerial experience and a strong
engineering background.  His prior scientific experience in the
aerospace industry along with his managerial background at GE
makes him exceptionally qualified to serve on our board.  Dr.
Graves also has valuable experience as a CEO of two NYSE listed
public companies. On behalf of the entire board, we look forward
to working with him."

                  About Hexcel Corporation

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                       *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  The ratings outlook was Stable.


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

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

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


                       *     *     *

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


LOYAL CHOICE: Commences Wind Up of Operations
---------------------------------------------
On July 6, 2007, the members of Loyal Choice Resources Limited
resolved to wind up the company's operations and appointed
Arthur Leung Wing Kuen as liquidator.

The Liquidator can be reached at:

         Arthur Leung Wing Kuen
         44 Kennedy Road
         Hong Kong


PRESS CARGO: To Declare Dividend on August 3
--------------------------------------------
Press Cargo (Hong Kong) Limited will declare a dividend on
August 3, 2007.

The company will pay 100% of dividend to its preferential
creditors and 4.25% to ordinary creditors.

The company's liquidators can be reached at:

         c/o Baker Tilly Hong Kong
         China Merchants Tower, 12th Floor
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong


RICHWELL INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------------
At an extraordinary general meeting held on May 17, 2007, the
members of Rich Well International Development Limited  resolved
to liquidate the company's business due to its inability to pay
its debts when it fall due.

Chow Cheuk Lap and Cheng Siu Hang were appointed as liquidators.

The Liquidators can be reached at:

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


ROAD KING: Expects Big Boost in Property Revenue by 2009
--------------------------------------------------------
Road King Infrastructure's revenue from property is projected to
climb to between CNY15 billion (HK$15.4 billion) and
CNY20 billion by 2009, due to strong sales, The Standard
reports.  

In addition, property sales by its 49% owned associate, Sunco
Property Holdings, may reach CNY6.5 billion, exceeding the
CNY6-billion target this year and reach CNY12 billion next year,
the report relates.

Speaking after a special general meeting, Road King's chairman,
William Zen Weipao, was quoted by the paper as saying that 17
property development projects are in hand and that the company
plans to increase its land bank to nine million square meters by
the end of this year.

"We now have a total land bank of 6.8 million square meters and
plan to expand in cities such as Tianjin, Guangzhou and
Shenzhen," Mr. Zen said.  All apartments at Songs and Sea in
Beijing have been sold, the chairman added.  The average selling
price was CNY7,400 per sq. ft. and the gross margin was 25% to
30%.

In addition, Road King has no further fund-raising plans
following the US$350 million bond issuance in May, Alfred Liu of
The Standard notes.

Shareholders of the company also passed a resolution to exercise
the outstanding options on Sunco Property Holdings.  The company
owns 49% of Sunco and will raise the shareholding to 88.5% in
the second half after exercising the options, Mr. Zen was cited
by the paper as saying.


Road King Infrastructure Limited -- http://www.roadking.com.hk/
-- is a publicly listed company in Hong Kong with its core
business in the investment, development, operation and
management of toll roads and bridges in China.  Road King has a
toll road investment portfolio comprising over 20 toll roads and
bridges spanning approximately 1,100 kilometers in 8 provinces
of China.  In 2004, Road King entered the property development
business in China and the developing property projects have
reached total gross floor area of 1.6 million square meters.

The company carries Moody's Investors Service Ba1 corporate
family rating.  On May 1, 2007, Moody's downgraded the senior
unsecured rating on Road King Infrastructure Finance (2004)
Ltd's bonds to Ba2 from Ba1.  The outlook for the ratings is
negative.

In addition, Standard & Poor's Ratings Services lowered its
corporate credit rating on Road King Infrastructure Ltd. to BB
from BB+.  The rating was also removed from CreditWatch, where
it had been placed with negative implications on Jan. 26, 2007,
following RKI's announcement that it planned to increase its
stake in a Chinese property developer, Sunco Binhai Land Ltd.,
(Sunco A) to 90% and the possible acquisition of 100% of Sunco
Real Estate Investment Ltd. (Sunco B).  The outlook is stable.

Fitch Ratings on May 4, 2007, downgraded Hong Kong-based Road
King Infrastructure Limited's Long-term Foreign Currency Issuer
Default Rating to 'BB' from 'BB+' and removed the company from
Rating Watch Negative on which it was placed on January 30,
2007.  The issue rating on the USD200 million senior unsecured
notes due 2011 guaranteed by Road King has also been downgraded
to 'BB' from 'BB+'.  The Outlook on the IDR is Stable.  The
rating actions follow greater clarity on the company's progress
in the acquisition of Sunco Binhai Land Limited.


TRIUMPH KEY: Commences Liquidation Proceedings
----------------------------------------------
During a meeting held on June 29, 2007, the members of Triumph
Key Limited agreed to liquidate the company's business.

Natalia K M Seng and Susan Y H Lo were appointed as liquidators.

The Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


VICTOR INSURANCE: Court to Hear Wind-Up Petition on Sept. 12
------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Victor Insurance Management Company Limited on
Sept. 12, 2007, at 9:30 a.m.

Wing Lung Insurance Company Limited filed the petition before
the Court on June 27, 2007.

Wing Lung's solicitor is:

         Susan Liang & Co.
         Room 1802, 18th Floor
         1 Duddell Street
         Central, Hong Kong
         Telephone: 2526 5607
         Facsimile: 2810 1075


WISESURE LIMITED: Sets Final Meeting for August 6
-------------------------------------------------
The members of Wisesure Limited will have their final meeting on
August 6, 2007, at 11:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The meeting will be held in Shop 7, Level 3 of Hilton Plaza
Commercial Centre at 3-9 Shatin Centre Street, Shatin in New
Territories, Hong Kong.


ZTE CORP: To Supply Wireless Equipment to Sprint Nextel
-------------------------------------------------------
ZTE Corp, through its American unit, has earned a contract to
supply wireless equipment to Sprint Nextel Corp., as it tries to
broaden its toehold in Western markets, Reuters reports.

According to the report, ZTE will provide WiMAX PC cards, modems
and other devices to Sprint, which plans to make its WiMAX
services commercially available to 100 million people in the
United States by the end of 2008.

WiMAX is an advanced wireless multimedia network for users of
mobile phones and other devices.


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

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


ZTE CORP: Bags 40% of Contracts for 3G Trials
---------------------------------------------
ZTE Corp has secured more than 40% of the contracts to build
network equipment for the commercial trial based on China's
homegrown third-generation mobile standard, company president
Yin Yimin told The Standard.

According to the report, Mr. Yin has already set up a special
task force to work on the TD-SCDMA development issues.

Referring to the contracts tendered by China Mobile to upgrade
the carrier's global system for mobile network, or GSM, Mr. Yin
was quoted by the news agency as saying:  "We have yet to
complete the contract signing procedures, some of which have
been reported by the media, but we will disclose appropriate
information gradually."

In March, China Mobile Communications, the parent of mobile
giant China Mobile, asked equipment providers to submit bids on
providing the TD-SCDMA network equipment, the paper recounts.  
The orders for the 3G equipment could be worth a total of
CNY3.2 billion (HK$3.3 billion).

Steven Lee of The Standard noted that the commercial trial is
scheduled to begin in eight cities in October this yea.  China
Mobile Communications will build four core networks in Beijing
and Shanghai, and one core network for each of the other six
cities.


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

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


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

BANK OF BARODA: Board to Consider 1st Quarter Results on July
-------------------------------------------------------------
Bank of Baroda's board of directors will meet on July 28, 2007,
according to a filing with the Bombay Stock Exchange.  Among
others, the board will consider and take on record the unaudited
financial results of the bank for the quarter or three months
ended June 30, 2007, and relevant segment reporting.

In a separate filing, the bank disclosed that T. K.
Balasubramanian ceased to be its director consequent to his
retirement on June 30, 2007.


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

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

                         *     *      *

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: Raises INR400 Crore from Perpetual Bond Issue
------------------------------------------------------------
Bank of India raised INR400 crore from selling perpetual bonds,
The Financial Express reports.

As reported by the Troubled Company Reporter-Asia Pacific
yesterday, the bank wanted to raise Tier-I and Tier-II capital
to the extent of INR1,995 crore by issuing innovative perpetual
debt instruments and Upper Tier-II Bonds.

The Reserve Bank of India last year permitted banks to raise
funds through the sale of perpetual debt instruments and other
securities that qualify as subordinated debt, The Financial
Express noted.

In a regulatory filing with the Bombay Stock Exchange, the bank
said its board of directors will meet on July 25, 2007, to
consider and approve, its reviewed financial results for the
quarter ended June 30, 2007.

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.


HMT LIMITED: To Foray Into Railway, Defense & Aerospace Sectors
---------------------------------------------------------------
HMT Limited is planning to foray into strategic sectors of
railways, defense and aerospace, The Economic Times reports,
citing a company statement.

To obtain related technology for the new ventures, the company
is reportedly negotiating with Polish, German and American
companies, and may enter into joint partnership with the foreign
firms.

Aside from forging a joint venture, the company may also
consider the option of entering into technology transfer deals
by paying royalties, The Times says.

                            Other Plans

Among HMT's plans is its offering voluntary retirement scheme to
3,000 workers over the next three years, the news agency said,
citing HMT Chairman and Managing Director A. V. Karmat.  This
proposal would cut the company's headcount to 7,000.

HMT also intends to launch at least two tractor variants this
year, Mr. Karmat told The Times, adding that the company has
submitted a INR50-crore revival proposal for its tractor
segment.

                          About HMT Ltd

HMT Limited -- http://www.hmtindia.com/-- is a public sector
engineering conglomerate.  The company retains the Tractor's
Business, which develops tractors ranging from 25 horsepower to
75 horsepower.  It has an installed capacity of 18,000 tractors
for manufacturing and assembly operations.  The company has
three tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

Credit Analysis and Research Limited downgraded HMT's long-term
bond issue of INR310 crore to CARE BB(SO) on Feb. 18, 2005.
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


SPICEJET LTD: Private Equity Firms Compete for Stake in Carrier
---------------------------------------------------------------
Private equity firms including Caledonia Investment, Irelandia,
TPG and Blackstone are competing for a chunk of SpiceJet
Limited, Arijit Banerjee of NDTVProfit.com reports.

According to the report, the airline carrier is planning to
divest up to 10% equity and hopes to raise more than INR120
crore by issuing fresh equity.  It will use the funds for its
operations and to buy additional aircraft.

With the current trend of consolidation in the aviation sector,
Chairman of Kingfisher Airlines Vijay Mallya and Jet Airways
Founder Chairman Naresh Goyal are also reportedly interested in
a stake in SpiceJet.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The airline
has yet to file its financial results for FY2007.

The Troubled Company Reporter - Asia Pacific's "Large Companies
With Insolvent Balance Sheets" column on July 13, 2007, showed
that SpiceJet has a stockholder's equity deficit of US$2.75
million.


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

ALCATEL-LUCENT: Deploys Libya's Fibre Optic Backbone for EUR90MM
----------------------------------------------------------------
Alcatel-Lucent has signed a contract with Libyan Post
Telecommunications & Information Technology Company to supply a
nationwide fibre optic backbone network that will serve all of
Libya.  This contract, valued at more than EUR90 million, is a
major step forward for the Libyan telecommunications industry
and underscores Alcatel-Lucent's commitment to the expansion of
the Libyan market.

Under the terms of this contract, Alcatel-Lucent will deploy a
fibre optic network throughout the country, linking all major
cities with more than 4,400 kilometers of infrastructure and
will serve as the backbone network for Libya's telecommunication
infrastructure.

"This contract, which represents Alcatel-Lucent's largest
agreement in Libya, is a major step forward for the Libyan
telecom industry to offer next-generation services to their
customer base," said Olivier Picard, President of Alcatel-
Lucent's Europe and South activities.  "It demonstrates our
commitment to assist in the development of the Libyan
infrastructure and more generally the company's role in helping
the people throughout the African continent be able to benefit
from the advantages of a modern and powerful information
infrastructure."

LPTIC will benefit from Alcatel-Lucent's strong expertise and
experience in turnkey project management to deliver the most
efficient products and services integrating and enabling them to
successfully transform their network.

                         About LPTIC

Libyan Post Telecommunications & Information Technology Company
is the national operator that provides fixed, mobile and
internet related services throughout Libya.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


BANK MANDIRI: Government to Sell More Stakes Starting 2009
----------------------------------------------------------
The Indonesian Government, which currently owns a 70% stake in
PT Bank Mandiri, plans to sell more stakes within the two-year
period starting 2009, Reuters reports.

The report recounts that the Government previously sold minority
stakes in Mandiri and Bank Rakyat Indonesia to help plug the
state budget deficit following the Asian financial crisis a
decade ago.

"The privatisation drive is aimed at improving the performance
and the value of the companies. . . It is also aimed at widening
the domestic investor base," the ministry said, the report
relates.

Reuters adds that Indonesia's privatization drive gained
momentum after the Asian financial crisis but has since moved in
fits and starts.

                      About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter- Asia Pacific reported on May 8,
2007, that Moody's Investors Service revised some ratings of
Indonesia's Bank Mandiri as part of the application of the
agency's refined joint default analysis and updated bank
financial strength rating methodologies.  The specific rating
changes are:

   * BFSR is changed to D- from E+.

     -- This action also concludes a review for possible
        upgrade on the BFSR initiated on August 1, 2006.

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime.

   * Foreign Currency Debt Rating for senior and subordinated
     obligations is unchanged at Ba3

     -- Foreign Currency Deposit and Foreign Currency Debt
        Ratings have positive outlooks in line with the outlook
        on the country's sovereign ratings outlook

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


BANK MANDIRI: Fitch Ratings Affirms 'BB-' LTFCI Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Bank Mandiri's ratings as follows:

   * Long-term foreign and local currency Issuer Default ratings
     at 'BB-' (BB minus) with Positive Outlook,

   * Short-term rating at 'B',

   * National Long-term rating at 'AA(idn)',

   * Individual at 'D' and

   * Support at '4'

The bank's Support Rating Floor of 'B+' remains unchanged.

"The Positive Outlook on Mandiri's international ratings is
largely sovereign driven, while a sustained improvement in its
still weak asset quality position could lead to an upgrade in
its Individual Rating," commented Lai Peng Tan, Director,
Financial Institutions.  The agency also notes that the main
downside risk to the ratings pertains to a possible relapse in
NPLs given the renewed focus on loan growth and/or weaker macro
conditions.

Thanks to increased loan recovery efforts under the new
management team and more favourable operating conditions in
Indonesia, NPLs were substantially reduced to IDR18 trillion
(17% of gross loans) at end-March 2007 from IDR26.6 trillion
(26.6%) at end-2005.  Provisions were raised further to 86% of
NPLs from 45% at end-2005.  Fitch understands that the bank is
on track to further reduce gross NPLs to 10% of loans by end-
2007.

Meanwhile, pre-tax ROA recovered to 1.1% in 2006 (2005: 0.5%)
and 2.2% in Q107 with higher net interest margin (NIM), stable
fee income and lower cost ratios.  Tier 1 and Total CAR ratios
remained strong at 21.4% and 26.3%, respectively, at end-March
2007, although these are before deductions for dividends
declared whereby the payout ratio was raised to 60% (from 50% in
2005).  Long term CAR targets are unchanged at 18%-20% (total
CAR) to support the bank's organic and non-organic expansion
plans.

Established in late-1998 from the merger of four bankrupted
state-owned banks in the wake of the Asia financial crisis,
Mandiri was publicly listed in 2003 and remains majority owned
by the Indonesian government (at 67.86% at end-March 2007).

                    About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.


BEARINGPOINT INC: Dec. 31 Balance Sheet Upside-Down by US$177MM
---------------------------------------------------------------
BearingPoint Inc. reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders' deficit
of US$177.3 million as of Dec. 31, 2006.

The company filed its financial reports with the Securities and
Exchange Commission for the year 2006 on Form 10-K and the three
quarters of 2006 on Forms 10-Q in the last week of June 2007.

BearingPoint's chief executive officer, Harry You, stated, "By
filing our full year 2006 financials, we have taken another
significant step toward returning to timely filing our periodic
reports with the SEC.  The business is strong and we continue to
see great demand for our services."

                         2006 Highlights

The company's revenue for 2006 was US$3.4 billion, an increase
of US$55.1 million, or 1.6%, over 2005 revenue of US$3,388.9
million.

The company's gross profit for 2006 was US$550.5 million,
compared to US$358 million for 2005.  Gross profit as a
percentage of revenue increased to 16% during 2006 from 10.6%
during 2005.

In 2006, the company realized a net loss of US$213.4 million,
compared to a net loss of US$721.6 million in 2005.
    
Contributing to the net loss for 2006 were US$48.2 million of
losses related to the previously mentioned settlements with
telecommunication clients, US$57.4 million for bonuses payable
to its employees, US$53.4 million of non-cash compensation
expense related to the vesting of stock-based awards, US$29.6
million of lease and facilities restructuring charges and the
previously mentioned US$33.6 million year-over-year increase in
external costs related to the closing of the company's financial
statements.

New contract bookings for 2006 were US$3.1 billion, a slight
decrease from new contract bookings of US$3.1 billion for 2005.

Commercial Services bookings were significantly lower when
compared year-over-year, primarily due to 2005 bookings in
excess of US$100 million related to the signing of its contract
with Hawaiian Telcom Communications Inc, one of the largest
contracts in its history.  New contract bookings for the three
months ended March 31, 2007, were about US$709.5 million,
compared with new contract bookings of US$804.6 million for the
three months ended March 31, 2006.

A copy of the company's first quarter 2006 report is available
for free at http://ResearchArchives.com/t/s?216e

                         Other Ventures

During 2006 and 2007, the company worked with Hawaiian Telcom
Communications Inc., a telecommunications industry client, to
resolve issues relating to the company's delivery of services
for the design, build and operation of various information
technology systems.  On Feb. 8, 2007, the company entered into a
settlement agreement and transition agreement with HT.  Pursuant
to the settlement agreement, the company paid US$52 million,
US$38 million of which was paid by certain of the company's
insurers.  

In addition, the company waived about US$29.6 million of
invoices and other amounts otherwise payable by HT to the
company.  The transition agreement governed the company's
transitioning of the remaining work under the HT Contract to a
successor provider, which has been completed.  In 2006 and 2005,
the company incurred losses of US$28.2 million and US$111.7
million, respectively, under the HT Contract.

On June 18, 2007, the company entered into a settlement with a   
telecommunications industry client resolving the client's claims
under a client-initiated "audit" of certain of the company's
time and expense charges relating to an engagement that closed
in 2003.  While this settlement provides the company with the
opportunity to perform services for this client in the future,
the dispute will likely continue to negatively affect the level
of new bookings anticipated from this client in 2007.

On May 22, 2007, the company settled certain disputes with KPMG
that had arisen between companies related to the February 2001
Transition Services Agreement.  KPMG had asserted that the
companies were liable to it for about US$31 million under the
Transition Services Agreement for certain technology service
termination costs.  The further settlement involves cash
payments by the company to KPMG of US$5 million over a three-
year time frame.

                       Q1 2007 Key Metrics

BearingPoint reported key business metrics for the first quarter
ended March 31, 2007, which were driven by solid performance in
the company's core business and continued traction in the
marketplace.

Highlights include:

   i. Bookings of US$709.5 million for the first quarter of this
      year, a modest sequential increase over US$699 million in
      the fourth quarter of 2006 and a decrease from US$804.6  
      million in the first quarter 2006, with the decline
      primarily attributable to growth in newly signed, but
      unfunded Federal contracts which BearingPoint does not
      include in bookings until related appropriations are
      approved.

  ii. Voluntary total employee turnover of 23.9% an increase
      from 21.2% in the fourth quarter of 2006 and a slight
      improvement from 24.2% in the first quarter 2006.

iii. Total workforce utilization of 76.6% down slightly from
      77.4% in the fourth quarter of 2006 and a solid increase
      from 73.4% in the first quarter 2006.

  iv. Billable headcount of about 15,200, a slight decline from
      about 15,300 in the fourth quarter of 2006 and 15,400 in
      the first quarter of 2006.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management    
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations, including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


DAVOMAS ABADI: Appoints New Company Auditor
-------------------------------------------
PT Davomas Abadi Tbk has appointed a new auditor from the Public
Accountant Office of Kanaka Puradiredja, Reuters Key
Developments reports.

According to the report, Robert Yogi, Suhartono, a member of
Nexia International, is Davomas Abadi's auditor effective
July 4, 2007.

                       About Davomas Abadi

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

The Troubled Company Reporter-Asia Pacific reported on Dec. 15,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
rating onIndonesia's PT Davomas Abadi Tbk.  The outlook
is stable.  At the same time, it assigned its 'B+' rating on the
proposed US$25 million long-term senior secured bonds to be
issued by Davomas International Finance Co. Ltd., a special
purpose financing vehicle wholly owned by Davomas.

Moody's Investors Service affirmed PT Davomas Abadi Tbk's stable
'B2' corporate family rating and the 'B2' foreign currency
rating of Davomas International Finance Company Pte Limited's
IDR1.13-trillion senior secured notes due in 2011.  Moody's
affirmed the rating after the Company had completed its notes
issuances and subsequent repayments of its outstanding debts.


EXCELCOMINDO PRATAMA: AIF Limited Sells Shares to Indocel
---------------------------------------------------------
PT Excelcomindo Pratama Tbk disclosed that AIF (Indonesia)
Limited has entered into an agreement with TM International
Limited to sell 523,532,100 shares of the Company to Indocel
Holdings Sdn Bhd, an affiliated company of TM International.
Reuters Key Developments says.

According to the report, the shares are sold at IDR1,890.34 per
share for a total price of IDr989,654,000,000, or equivalent to
US$113 million.

The transaction was carried out on June 4, 2007, the report
recounts.

                About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications  
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 24,
2007, that Fitch Ratings has affirmed PT Excelcomindo Pratama
Tbk's Long- term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch has affirmed the 'BB-' rating on its senior
unsecured notes programme.

A Feb. 7, 2007 report by the TCR-AP stated that Moody's
Investors Service revised the outlook to positive from stable on
Excelcomindo Finance Company B.V.'s Ba3 foreign currency senior
unsecured bond rating.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.  This
rating action follows Moody's decision to revise the rating
outlook on Indonesia's Ba3 foreign currency sovereign ceiling to
positive.  At the same time, Moody's affirmed the Ba2 local
currency corporate family rating of Excelcomindo Pratama.  The
outlook for the rating remains stable.


HM SAMPOERNA: Sells Shares in Graha Sampoerna to Pacific Place
--------------------------------------------------------------
PT HM Sampoerna has signed a sales and purchase agreement to
sell 87,732,410 shares in PT Graha Sampoerna to PT Pacific Place
Jakarta, Reuters Key Developments reports.

The shares to be sold represent a 99.97% interest in Graha
Sampoerna.

                       About HM Sampoerna

Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com/-- manufactures hand rolled and  
machine rolled clove-blended cigarettes.  The company
distributes its products in the domestic and international
market.  Through its subsidiaries, the company also develops
properties.

HM Sampoerna currently carries Standard and Poor's Ratings
Services gave HM Sampoerna's Long Term Foreign Issuer Credit a
'BB+' and a 'B' rating for its Long Term Foreign Issuer Credit


INDAH KIAT: No Dividend Payment for Fiscal Year 2006
----------------------------------------------------
PT Indah Kiat Pulp & Paper Tbk disclosed that it will not pay
the fiscal year 2006 dividend, Reuters Key Developments reports

                       About PT Indah Kiat

Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper  
Tbk is a manufacturing company engaged in the production of
paper and pulp.  

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, had defaulted on US$14 billion
of debt and is "one of the world's largest defaulters, if not
certainly Asia's."  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term
debt an idD rating, effective on April 14, 2001.  Additionally,
Reuters reports that Indah Kiat delayed filing its first quarter
2006 financials, and that the company will not pay dividends for
the FY2005.


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

FORD MOTOR: Gerald Shaheen Joins Board of Directors
---------------------------------------------------
Ford Motor Company disclosed the election of Gerald L. Shaheen
to the company's Board of Directors, effective immediately.  
Mr. Shaheen is a group president at Caterpillar Inc. in Peoria,
Illinois.

"Gerry is a respected business leader with more than 40 years of
service in a variety of management positions with Caterpillar,"
Ford Executive Chairman Bill Ford said.  "He brings a
manufacturing and dealer perspective to Ford's Board of
Directors.  We look forward to the significant contributions he
will make in helping Ford to deliver its plan for automotive
leadership and for creating profitable growth for all going
forward."

"I'm both thrilled and honored to be in a leadership position as
a Board member with the Ford Motor Company, one of the truly
great American companies."  Mr. Shaheen said.  "I look forward
to working with Ford's Board of Directors and the leadership
team to make this great company even stronger."    

Mr. Shaheen also is a Board member of the Association of
Equipment Manufacturers, a Board member and immediate past
Chairman of the U.S. Chamber of Commerce; and a Board member of
the National Chamber Foundation and the Mineral Information
Institute, Inc.

He also serves on the Board of Directors for National City
Corporation, where he chairs the Nominating and Board of
Directors Governance Committee, and AGCO Corporation, where he
chairs the Compensation Committee.

In Peoria, Mr. Shaheen serves on the Board of Trustees of the
National Multiple Sclerosis Society, Greater Illinois Chapter
and Peoria NEXT.

Mr. Shaheen received his bachelor's degree in business
administration from Bradley University in 1966 and an MBA from
Bradley in 1968.  He has served the University in several
capacities, including president of the Alumni Association and
currently as Chairman of the Board of Trustees.  He also
completed the Tuck Executive Program at Dartmouth College in
1988.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *    *    *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


FORD MOTOR: Adds US$100-Mil. Investment for St. Petersburg Plant
----------------------------------------------------------------
Ford of Europe intends to increase capacity of the St.
Petersburg Assembly Plant and to start building the new Ford
Mondeo for the Russian market under an expansion plan.  The
capacity increase would represent an investment of more than
US$100 million, lifting Ford's overall St. Petersburg investment
to over US$330 million.

The announcement coincides with the St. Petersburg Plant's five-
year anniversary, and builds on Ford's leading position in the
Russian vehicle market.  Ford was the first foreign automaker to
open its own assembly plant in Russia and the Ford brand was the
Russian market leader among import brands in 2006.  The Ford
Focus has been the best-selling car among non-Russian brands for
four consecutive years.

"The Russian car market has experienced tremendous growth over
the last several years," Ford of Europe President and CEO John
Fleming said.  "We see consumer demand continuing to rise for
stylish cars that offer great driving dynamics -- exactly the
type of vehicles Ford offers."

Under the new expansion plan, annual production capacity of the
plant is targeted to rise to 125,000 units in 2009 from the
current level of 72,000 units.  The additional capacity would
include 25,000 Mondeo units and 28,000 Focus models.  Ford
expects to begin production of the new Mondeo for Russia in late
2008, pending government approvals.

The St. Petersburg plant, which employs 2,200 workers, currently
makes the Focus in all four body styles: 3-door, 4-door, 5-door
and wagon versions.  The plant started production in July 2002
with an initial annual capacity of 25,000 units.

Ford continues to strengthen its sales and market position in
Russia.  Through the first half of this year, Ford sales in
Russia were 81,782 units, 122% higher than the same period in
2006, when 36,826 vehicles were sold.  In addition to the Focus,
Ford sells the following vehicles in Russia: Fusion, Fiesta, C-
MAX and Mondeo cars; S-MAX and Galaxy MPVs; the Ranger compact
pickup truck; Maverick and Explorer SUVs; and the Transit and
Transit Connect commercial vehicles.

Ford in Russia Timeline:

   * 1907 - First Ford dealer in Russia opens in St. Petersburg,
     four years after Ford Motor Company was started in the U.S.

   * March 1996 - Ford opens sales office in Moscow after six     
     years of commercial operations.

   * July 2002 - Ford starts production of the Ford Focus at St.
     Petersburg following initial investment of US$150 million.

   * April 2005 - Ford opens National Parts Distribution Centre
     outside of Moscow to serve Ford, Land Rover and Volvo
     brands.

   * June 2005 - Ford announces plans to increase annual
     capacity at St. Petersburg to 60,000 units starting January
     2006.  Increase brings Ford's total investment to more than
     US$230 million.

   * April 2006 - St. Petersburg plant produces 100,000 th Ford    
     Focus.

   * December 2006 - Ford dealer network grows to 124 companies
     in 81 cities in Russia.

   * January 2007 - Industry sales figures show Ford is the
     sales leader for foreign brands in 2006.

Ford of Europe is responsible for producing, selling and
servicing Ford brand vehicles in 47 individual markets,
including Russia and Turkey.  The first Ford cars were shipped
to Europe in 1903 -- the same year Ford Motor Company was
founded.  Ford of Europe now employs approximately 66,000
people.  In addition to Ford Motor Credit Company, Ford of
Europe operations include Ford Customer Service Division and 22
manufacturing facilities, including joint ventures.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *    *    *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


FORD MOTOR: Partners With Edison to Make Hybrid Cars Accessible
---------------------------------------------------------------
Ford Motor Company and Edison International, the electric
utility with the nation's largest and most advanced electric
vehicle fleet are combining resources to explore ways to make
plug-in hybrid vehicles more accessible to consumers, reduce
petroleum-related emissions and improve the cost-effectiveness
of the nation's electricity grid.

Describing teamwork between their industries as essential to
making progress on energy security and climate change, the heads
of Ford and Edison, the parent company of Southern California
Edison, has launched the nation's first collaboration to examine
the future of PHEVs as part of a complete vehicle, home and grid
energy system.

"The Ford Motor Company team is firmly focused on delivering
products people really want.  This unique partnership with
Southern California Edison will allow us to explore new
solutions for our customers' growing need for energy
conservation," said Ford President and CEO Alan Mulally.  "By
combining strengths, ours in hybrid technology, theirs in energy
management, we can consider transportation as part of the
broader energy system and work to unleash the potential of plug-
in technology for consumers."

"The challenges of reducing greenhouse gas emissions and
increasing our nation's energy security reach across industry
boundaries and unite us in a common cause," said Edison
International Chairman and CEO John E. Bryson.  "Partnerships
between automakers such as Ford and electric utilities such as
Edison demonstrate the innovative leadership position that both
companies hold in seeking and finding solutions to global and
consumer problems."

                     New Ford-Edison Vision

Ford and Edison intend to explore many of the potential benefits
of widespread PHEV use, which include enhanced energy security,
reduced greenhouse gas emissions, lower fuel costs and more
cost-effective use of the nation's electricity grid.

Plug-in hybrid electric vehicle technologies are not yet
competitive due primarily to the high cost of advanced
batteries.  Ford and SCE will explore whether these batteries
have other uses that could reduce their cost to consumers.  For
example, a popular vision of plug-in hybrid automotive
technology is the potential for owners to charge their vehicles
in the evening when the cost to produce electricity is low, and
then store and use that energy during peak hours of the day,
when electricity costs are high.  Advanced batteries also could
store energy from rooftop solar panels more efficiently.  The
two companies will evaluate and model the potential economic
value of such innovative uses.

Also, batteries currently have no residual value priced into the
purchase cost.  Ford and SCE believe it might be possible to
develop a market for the untapped value present in used plug-in
hybrid electric vehicle batteries at the end of their vehicle
life.

Edison's nationally recognized Electric Vehicle Technical Center
in Pomona, California, is testing advanced battery technologies
that could further enhance the emergence of future energy
storage applications in the utility industry.

                 Ford-Edison Project Components

Ford and Edison intend to undertake a multi-million dollar,
multi-year PHEV evaluation and demonstration program.

Ford will provide SCE with a demonstration fleet of 2008 Ford
Escape Hybrid SUVs that will be benchmarked for performance
characteristics.  The Escape hybrid platform will then be
engineered by the Ford product development team, with a battery
company partner yet to be named, to be fully PHEV capable.

Some of the vehicles will be evaluated in typical customer
settings in order to model overall home and grid values this
technology could tap.

Additional project funding may be sought from participants such
as the Electric Power Research Institute, the U.S. Department of
Energy, the California Energy Commission and the South Coast Air
Quality Management District.

Ford will initially work exclusively with SCE to develop the
testing procedures and define its initial demonstration fleet.
As Ford's plug-in hybrid program grows, the automaker will look
for broader participation as it develops a business model not
just for Southern California, but potentially nationwide. SCE
has worked or more than 20 years with all major automakers and
will continue seeking alliances between the two industries that
advance plug-in hybrid technology.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3-billion of senior convertible notes
due 2036.


GOODWILL GROUP: 760 People Affected Due to Operation Halt
---------------------------------------------------------
According to a recent survey, about 760 people will be affected
if the Goodwill Group's nursing care unit, Comsn Inc., will be
shut down, Japan Times reports.  According to Japan Times,
shutting Comsn's operations will affect at least 54
municipalities.

Japan Times, basing on the survey results, conveys that 46 of
the 47 prefectural governments disclosed that about 760
individuals would become "nursing-care refugees" if they cannot
receive Comsn services, particularly late-evening home visits.

A few prefectural governments find it impossible to look for
alternatives in areas that only Comsn has been reaching, such as
mountainous districts and other usually unprofitable places; or
alternative services that only Comsn has been offering, such as
evening home visits and in addition to this, the report relates.
Japan Times cites experts as saying that they have concerns
about the maintenance of the quality of the service as this
would mean that elderly people will be separated from their
caretakers whom they have been with for a long time now.

Some of the prefectural governments said they can plug the holes
left by Comsn, the report notes.  However, Japan Times notes,
they need help from operators in neighboring prefectures and
municipalities, and cooperation from users who can accept
services earlier in the day rather than late in the evening.  

                      About Goodwill Group

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is involved in  
five business segments.  The Staffing segment offers recruitment
services for technicians, senior workers and others.  The Human
Resources-related segment provides employee hiring support
services to corporate clients, counseling services to workers
and outplacement services to retired and retiring workers.  The
Nursing-care and Medical Support segment is engaged in the
provision of home-care services, care services in facilities and
dental examination services at home, as well as the sale of
nursing-care goods and equipment, among others.  The Senior
Residence and Restaurant segment operates nursing home under the
name THE BARRINGTON HOUSE, and also operates restaurant in both
domestic and overseas markets.  The Others segment is engaged in
the planning, designing and management of pet care facilities,
the operation of pet care shops, the operation and management of
nurseries, the provision of baby-sitting services and others.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the Japanese Government
banned it from renewing its licenses due to its involvement in a
fraud scandal.

The article conveys that the firm allegedly obtained some of the
licenses for nursing-care service operators certified under a
public insurance program through fraudulent applications,
including those with an inflated number of employees.


JVC CORP: Parent Stops Production in 3 Plants Due to Earthquake
---------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., the parent firm of
Victor Company of Japan, Limited (JVC),said that its three chip
factories in Toyama and Niigata prefectures were a bit affected
by the 6.8 magnitude earthquake, Reuters reports.

A spokesman of the electronic manufacturer said that it had to
stop some production lines on Monday just to inspect for any
major damages, relates Reuters.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is  
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

The Troubled Company Reporter-Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


MITSUBISHI MOTORS: AU Unit Launches Latest 380 Sedan Edition
------------------------------------------------------------
Mitsubishi Motors Corporation Australia has launched the updated
version of its 380 sedan in a bid to revive deteriorating sales
of the model, reports Australian Associated Press.

Demand for the 380, also known as the Magna, is down 18%, the
AAP cites Mitsubishi Australia President and Chief Executive
Officer Rob McEniry as saying.

According to the report, Mr. McEniry revealed that the decrease
in sales of the locally built model has been expected due to the
increased demand of its imported models and the launch of the
new Holden Commodore and the Toyota Aurion.

Aside from the newly launched models from rivals, the Magna also
suffered because of continued high petrol prices and has only
managed to average about 900 deliveries each month for the first
half of 2007, compared to 1,100 over the same period in 2006,
conveys the AAP report.

Reportedly, total sales to the end of June for this fiscal year
were 5,518, compared to 6,745 at the same time last year.

In a separate report by Tim Dornin of the Australian Associated
Press, Mr. McEniry expressed that they cannot rely on the sales
of the 380 model sedan alone and should instead continue working
hard in broadening the appeal of its entire vehicle range.

Mr. Dornin quotes Mr. McEniry as saying, "The core of our
strategy is to build the company into much more than the 380 car
company.  Too much reliance by any business on a single product
can potentially be a very precarious position.  In the auto
industry it's even more risky, particularly in Australia where
we've seen consumer preferences change."

Some of the features of the new 380 Series III include alloy
wheels and traction control, the introduction of a more
substantial rear wing, correcting an omission with the original
car, reports AAP.

                     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.


SANYO ELECTRIC: Plant Escapes Damage from 6.8 Magnitude Quake
-------------------------------------------------------------
Sanyo Electric Co., Ltd., is among the companies who have shut
down for repairs and safety inspections after a 6.8 magnitude
earthquake hit Japan, reports Reuters.

According to the report, a Sanyo spokesman said that the company
plans to resume operations at its chip factory in Ojiya City as
early as Tuesday.  

Reportedly, Sanyo had to stop production lines and evacuate
employees at its facility after the quake, but found no major
damage to its equipment.

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

                          *     *     *

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

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


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

BOWATER INC: ISS Urges Abitibi Shareholders to Vote for Merger
--------------------------------------------------------------
The Institutional Shareholder Services Inc. has recommended that
Abitibi-Consolidated Inc.'s shareholders vote "for" the proposed
combination with Bowater Incorporated.  ISS is the provider of
corporate governance and proxy voting solutions.

"We are very pleased that, after completing an independent and
comprehensive review, ISS has recommended to support the
proposed combination," John Weaver, president and CEO of
Abitibi-Consolidated, said.  

"In my view, this represents another confirmation of the
strategic and economic benefits the proposed combination will
create for our shareholders, in particular with the $250 million
synergies.  It is good to see ISS confirming what the Board of
directors has recommended in a unanimous vote.  We encourage
shareholders to vote "for" the proposed combination with
Bowater," Mr. Weaver added.

The combined company will be called AbitibiBowater Inc., which
will own or operate 32 pulp and paper facilities and 35 wood
product facilities located mainly in Eastern Canada and the
Southeastern U.S.

Copies of the definitive joint proxy statement/prospectus/
management information circular and the filings with the SEC and
the Canadian securities regulatory authorities that will be
incorporated by reference in the definitive joint proxy
statement/prospectus/management information circular can be
obtained, without charge, by directing a request to:

     Abitibi-Consolidated
     Attention: Investor Relations Department
     1155 Metcalfe Street, Suite 800
     Montreal, Quebec, Canada H3B 5H2
     Telephone (514) 875-2160

                or

     Bowater Incorporated
     Attention: Investor Relations Department
     55 E. Camperdown Way
     Greenville, SC, USA, 29602
     Telephone (864) 282-9473

                 About Abitibi-Consolidated Inc.

Headquartered in Montreal, Quebec, Abitibi-Consolidated Inc.
(NYSE: ABY, TSX: A) -- http://www.abitibiconsolidated.com/--     
supplies newsprint and commercial printing papers and produces
wood products, serving clients in some 70 countries from its 45
operating facilities.  Abitibi-Consolidated is one of the
recyclers of newspapers and magazines in North America.  

                   About Bowater Incorporated

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint      
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on Jun 21, 2007,
that Standard & Poor's Ratings Services lowered its ratings on
Greenville, South Carolina-based Bowater Inc., including its
corporate credit rating, to 'B' from 'B+'.  The outlook is
negative.

On March 29, 2007, Moody's Investors Service downgraded Bowater
Incorporated's long-term debt ratings by one notch and
downgraded the company's corporate family rating to B2 from B1,
and its senior unsecured notes to B3 from B2.  At the same time,
Moody's affirmed Bowater's SGL-2 speculative grade liquidity
rating.  Bowater has announced a plan to merge with Abitibi-
Consolidated Inc. that is expected to close in third quarter of
this year.  In light of continued uncertainty, primarily with
respect to the structural status of individual bond issues at
each company vis-a-vis the other and a yet-to-be arranged
operating credit facility, and the associated potential that
ratings for unsecured instruments may need to be revised as a
consequence of the pending merger, the ratings outlook remains
unchanged as developing.  Moody's does not expect the merger to
cause a revision to the B2 CFR.

On June 27, 2006, Fitch Ratings assigned a 'BB' rating to
Bowater, Inc.'s senior secured bank debt.  The company's issuer
default ratings, 'BB-' and senior unsecured bond ratings, 'BB-',
remain unchanged.  The Rating Outlook remains Stable.

Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB.  The trend
remains Negative.


DURA AUTOMOTIVE:  Files Plan Term Sheet and Backstop Agreement
-------------------------------------------------------------
DURA Automotive Systems, Inc., filed with the United States
Bankruptcy Court for the District of Delaware a plan of
reorganization term sheet and backstop purchase agreement for an
equity rights offering.  The rights offering will provide
capital to help fund the company's exit from Chapter 11 by year-
end 2007.

Three of DURA's senior noteholders -- Pacificor, LLC, Bennett
Management Corporation, and Wilfrid Aubrey LLC -- have agreed to
underwrite the rights offering DURA has contemplated as part of
its Chapter 11 reorganization.  The rights offering provides the
right for DURA's senior noteholders to purchase shares in a
reorganized DURA.  DURA's plan term sheet calls for the sale of
39.4 percent to 42.6 percent of new common stock in the
reorganized company.

"This agreement provides financing for the company's emergence
from bankruptcy later this year and demonstrates confidence from
our financial partners in DURA's future sustainability," said
Larry Denton, DURA Automotive's chairman and chief executive
officer.  "We look forward to building on this positive momentum
as we continue on our path towards emergence."

The backstop agreement guarantees that DURA will generate
between US$140 million to US$160 million from the rights
offering.

The term sheet also contemplates among other elements of the
reorganization:

    * additional financing through an exit credit facility;

    * payment of all DIP claims, administrative expenses and
      certain priority claims;

    * payment in full of second-lien claims; and

    * conversion of all senior notes and general unsecured
      claims into new common stock in a reorganized DURA.

                    About DURA Automotive

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

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

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


KOREA EXCHANGE BANK: HSBC Shows Interest in Buying Stake
--------------------------------------------------------
HSBC Holdings Plc has contacted Lone Star about buying Korea
Exchange Bank from the U.S. private equity fund, Reuters
reports, citing the U.K.'s Daily Telegraph.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2007, that Hana Financial Group brought a 13.6% controlling
stake in Korea Exchange Bank for KRW13,600 a share in a block
sale by Lone Star Funds.  The sale leaves Lone Star with 51.02%
of KEB, which could allow the fund to sell the remaining shares
at a premium to any buyer wanting to gain control of the bank,
the TCR-AP reported.

The TCR-AP also reported on June 15, 2007, that the Seoul court
is investigating if Lone Star conspired with local officials to
drive down the price of KEB when it was sold in 2003 to Lone
Star and whether Lone Star officials and others manipulated the
share price of KEB's separate credit card unit for cheap
acquisition.

Lone Star has denied any wrongdoing and claimed the cases
against it are driven by latent hostility to foreign investors,
the TCR-AP reported.

According to Reuters, buying KEB would help HSBC to grow in
South Korea, where Citigroup and Standard Chartered became major
players through acquisitions.  KEB is one of the few remaining
targets for foreign investors after Citigroup bought KorAm Bank
in 2004 and StanChat took over Korea First Bank in 2005,
outbidding HSBC in both deals, Reuters relates.

Reuters relates that analysts said a competitive auction for the
KEB stake is likely once legal issues are resolved or regulators
allow Lone Star to sell its holding.

In February, Michael Smith, then-president and chief executive
of HSBC Asia, said that bank would wait until the legal issues
with KEB were settled, when asked about its interest in KEB, the
report recounts.

                   About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in   
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX   
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                       *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 8,
2007, that as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service upgraded Korea
Exchange's Bank Financial Strength Rating to C- from D.


SEQUA CORP: S&P Puts Neg. Watch on US$2.7 Billion Carlyle Deal
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB-' corporate credit rating, on Sequa Corp. on CreditWatch
with negative implications.  About US$700 million of debt is
affected.

"The CreditWatch placement follows Sequa's announcement that it
will be acquired by private equity firm Carlyle Group in a
transaction valued at US$2.7 billion, including US$700 million
of debt," said Standard & Poor's credit analyst Roman Szuper.  
"The acquisition, expected to close in the fourth quarter of
2007, is likely to result in a more leveraged capital
structure."

If Sequa's outstanding senior unsecured notes ($498 million 9%
due 2009 and US$199 million 8 7/8% due 2008) are redeemed, S&P
will withdraw its 'BB-' ratings on the notes.

                        About Sequa Corp.

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


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

MANGIUM INDUSTRIES: To File New Plan Proposals in a Month
---------------------------------------------------------
Mangium Industries Bhd expects to announce a new proposal within
a month to replace its failed restructuring scheme and lift the
company out of its PN17 status, The Edge Daily relates.

In an interview with the paper, Mangium's executive director,
Ganesan Sundaraj, said, "The comprehensive proposal is being
planned at the moment.  Although I cannot reveal exact details
as we want to be very thorough, we should be making an
announcement within a month or so."

Mr. Sundaraj, speaking before the company's Annual General
Meeting, also pointed out that the new scheme would involve an
internal restructuring with no reliance on a white knight.

The AGM lasted for one and a half hours as shareholders had many
questions concerning the future of Mangium, the report relates.

Mangium's previous restructuring scheme failed when its major
shareholder was unable to secure the financing, the report
reveals.

The company's 2006 annual report showed that its major
shareholder is MK Assets Sdn Bhd, which holds a 14.8% stake.  MK
Assets is jointly controlled by Mr. Muk and Mangium's former
director, Peter Wong.

Explaining why the company failed to secure financing, Mr. Muk
said: "We had a tough time convincing our financiers as there
was a discrepancy between the market value of our shares and the
issuance price.  The market moved against us."

The company, The Edge Daily says, has until the end of the year
before Mangium is delisted from the Second Board.

On July 11, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Bursa Malaysia Securities Berhad will suspend
the trading Mangium's securities with effect from 9:00 a.m. on
July 17, 2007.

The suspension, according to the bourse, is based on Paragraph
8.16A of its Listing Requirements, which states that a listed
issuer must ensure that its issued and paid-up capital complies
with the minimum required to warrant continued trading and
listing on the Official List of Bursa Securities.

Mangium's latest issued and paid-up capital as at March 31, 2007
-- MYR32,000,000 -- is less than the minimum issued and paid up
capital of MYR40 million as required by a company listed on the
Second Board of Bursa Securities.

However, both Ganesan and Mangium's chief executive officer, ST
Muk, are quite optimistic about the company's prospects.  "We
are doing the best we can under the circumstances.  We
definitely have a valuable asset, we are just working out how
best to utilize it," Mr. Ganesan was quoted by the paper as
saying.

Nadia S. Hassan, writing for The Edge Daily, relates that
Mangium's star asset is its 60 year-concession with the Sabah
Forest Development Authority.  Under the arrangement, Mangium
has the rights to harvest logs from a 17,000ha acacia mangium
plantation located in the Bengkoka Peninsula in Sabah until
2048.

Ms. Hassan, however, says that there were questions on how
Mangium had been posting losses for the past four years, despite
its peers prospering as timber prices continued to climb.

According to its 2006 annual report, adverse weather conditions
had hampered Mangium from harvesting wood.  Previously, it had
attributed rising raw material and transport costs as reasons
for not turning in a profit, Ms. Hassan writes.

However, Mr. Muk said, another factor that comes into play was
the quality of its wood.  "Although I will not say where the
grade of our wood lies, but it is chiefly used for pulp, paper
and lower-end furniture," he said.

According to timber analysts, wood from a plantation, as is the
case in Mangium, carries a lower premium than wood that is
harvested from natural forest.


Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.  
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital.  As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.

Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million.  Shareholders' deficit in the company totaled
MYR46.11 million.


STAR CRUISES: Moody's Keep Ratings; Outlook Remains Stable
----------------------------------------------------------
Moody's Investors Service has affirmed the Baa1 issuer and debt
ratings of Genting Berhad.  The ratings outlook is stable.

At the same time, Moody's has affirmed the B1 corporate family
rating of Star Cruises Limited and the B3 senior unsecured bond
rating of NCL Corporation Ltd.  The outlook for both ratings is
also stable.

The affirmations follow Resorts World Bhd's -- 49.98% owned by
Genting -- announcement that it is to dispose of 14.02% interest
in SCL for MYR1.168 billion.  This will eventually lower RWB's
stake in SCL to less than 20%.

"While the proceeds from the sale could to a degree enhance
Genting's financial and liquidity profiles, the core upgrade
driver for Genting going forward remains the successful
execution of its expansion plan and management of its increased
business and financing risks," says Kaven Tsang, Moody's lead
analyst for Genting.

"Moody's expects Genting, through RWB, will continue to maintain
its support for SCL and NCL, though the reduction in its stake
may slightly weaken the linkage between Genting and the SCL
group companies," says Tsang, also Moody's lead analyst for SCL
and NCL.

"This is in view of the fact that SCL and NCL will remain
majority controlled by the Lim family, which together with
Genting's effective shareholding interests hold approximately
57% ownership in SCL and NCL.  Furthermore, Moody's is of the
view that the strategic importance of SCL to the Genting group
could increase after completion of SCL's casino and hotel
project in Macau in 2009-2010," comments Tsang, adding,
"However, any evidence of weakening support, such as a further
reduction of Genting and the Lim family's stake in SCL and NCL
to less than an effective interest of 50%, may warrant a
reassessment of the ratings of the three companies."

Genting Berhad, headquartered in Kuala Lumpur, is engaged in
leisure & hospitality, power, plantation, and oil & gas
exploration activities.

Star Cruises Limited, publicly listed in Hong Kong, is a core
member of the Genting Group and 33.91% owned by Resorts World
Berhad, which is, in turn, 49.98% owned by Genting Berhad.  SCL
operates 21 ships with some 32,300 lower berths under five
brands: Star Cruises and Cruise Ferries, which service Asia
Pacific, and three brands under NCL. SCL has another 3 ships due
to be delivered by 2010.

NCL Corporation Ltd, headquartered in Miami, is a wholly-owned
subsidiary of SCL operating 13 ships with 24,900 berths.  It
offers itineraries in North and South America as well as Europe
under 3 brands: Norwegian Cruise Line (mainly in North America),
Orient Lines (destination-oriented premium market), and NCL
America (Hawaii).


* Almost Half of Reform Plans Rejected, Commission Says
-------------------------------------------------------
Malaysia's Securities Commission rejected almost half of the
corporate restructuring proposals submitted for its
consideration in the second quarter of the year, The Edge Daily
relates, citing a statement from the regulator.

According to the SC, out of 17 applications for restructuring
exercises, eight were rejected while nine were approved.  All
the eight restructuring proposals were rejected on the grounds
that the proposals were not sufficiently comprehensive and
capable of resolving all the financial problems faced by the
applicants, the statement said.

Meanwhile, out of 114 corporate proposals, the SC approved 99
and rejected 10, while one was deferred and four were withdrawn
or returned in the second quarter.

Of the initial public offerings, three were approved (one for
Main Board and two for Second Board) and one was rejected (Main
Board), while two (both Second Board) were withdrawn, the paper
notes.

"The main grounds for rejection of the initial public offering
were failure by the applicant to demonstrate that it had
sufficient contracts secured from non-related parties to sustain
reasonable projects and was in healty financial positions," The
Edge notes from the regulator's statement.

In addition, of the six merger and acquisition applications,
four were approved, one rejected, while another was deferred.
The SC approved 36 capital raising exercises, and 20 proposed
private debt securities (with only one rejection).

The SC said it improved its turnaround time for corporate
submissions with 94% processed on time, up from 92% in the
previous quarter.

"In tandem with the encouraging stock market performance, there
was a 31% increase in corporate submissions received by the SC
during the second quarter of 2007," it said.

The SC said there was significant growth of 109% in the number
of applications approved for establishment of new unit trust
funds during the quarter.

It said the rise in new fund applications was due to several
factors including the faster approval process under a
disclosure-based regime, the bullish domestic stock market, Bank
Negara Malaysia's liberalization for unit trusts' investments
abroad since April 2007, and an increased demand for a wider
range of unit trust products, the report says.


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

BALMORAL ASSET: Proofs of Debt Due on July 26
---------------------------------------------
On June 8, 2007, Esther Kamini Samuel was appointed as
liquidator of Balmoral Asset Management (NZ) Ltd.

The Liquidator is receiving proofs of debt from its creditors
until July 26, 2007.

The Liquidator can be reached at:

         Esther Kamini Samuel
         PO Box 3470, Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 377 3340


BALMORAL PROPERTY: Creditors' Proofs of Debt Due on July 26
-----------------------------------------------------------
Esther Kamini Samuel was appointed as liquidator of Balmoral
Property Management Ltd. on July 26, 2007.

Creditors who cannot file their claims by July 26, 2007, will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Esther Kamini Samuel
         PO Box 3470, Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 377 3340


BLIS TECHNOLOGIES: To Hold Annual Shareholders Meeting on Aug. 1
----------------------------------------------------------------
The annual meeting of shareholders of BLIS Technologies Limited
will be held on Aug. 1, 2007, at 11:00 a.m., at the Centre for
Innovation, 87 St. David Street in Dunedin.

The business of the meeting includes:

1. Financial Statements and Reports

   To receive and consider the annual report including the
   financial statements and the audit report for the year ended
   March 31, 2007.

2. Re-election of Dr. Maxwell Gilbert Shepherd as Director

   To consider, and if thought fit, to re-elect Dr. Maxwell
   Gilbert Shepherd as a director of the company.

3. Election of Directors

   To consider, and if thought fit, to elect Dr. Thorsk Gregor
   Westphal and James Mitchell Reo as directors of the company.

4. Auditors

   To record that the company's auditors Deloitte are
   automatically reappointed as auditors pursuant to section 200
   of the Companies Act 1993 and to consider, and if thought
   fit, to pass an ordinary resolution authorizing the company's
   directors to fix the remuneration of the auditors for the
   ensuing year."

5. Ratification of Share Issues

   To consider, and if thought fit, to ratify the issues of
   ordinary shares conducted by the company under NZSX Listing
   Rule 7.3.5 during the period May 30, 2006, to May 15, 2007.

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

BLIS recorded a net loss of NZ$1,107,851 for the year ended
March 31, 2006, and NZ$1,336,319 in 2005.  For the full year to
March 31, 2007, the company reported a NZ$964,000 loss.


CONNEXIONZ LTD: Failed to File Preliminary Results on July 13
-------------------------------------------------------------
Connexionz Limited informed the New Zealand Exchange on Friday,
July 13, 2007, that it is still not releasing preliminary full-
year results.

The board of its wholly owned UK-based subsidiary Connexionz
Investments Ltd has approved their audited accounts on that day,
the company relates.  The company currently continues to work
closely with its auditors, Deloitte to complete the preliminary
results.

As reported by the Troubled Company Reporter-Asia Pacific on
June 27, 2007, NZX suspended the trading of the company's shares
until the company provides its preliminary results.  The company
previously told NZX that it expects to produce a preliminary
announcement of the results by July 13.

                     About Connexionz Limited

Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- is a technology company that
develops real-time vehicle tracking systems for the local and
international markets.  The company's products include city-side
systems, airport buses, bus interchanges, the BusFinder and
technical papers.  Connexionz has a real time system for
tracking a fleet of buses across a city, handling up to 10,000
vehicles and up to 2,500 routes.  The Company's BusFinder signs
provide passengers with information citywide at bus stops,
within interchange buildings and in malls and restaurants.  The
Company has also customized their system to provide real time
information for airport bus services.

                       Going Concern Doubt

After examining the company's annual report for the financial
year ending March 31, 2006, Deloitte -- the company's
independent auditors -- raised a fundamental uncertainty on the
company's ability to continue as a going concern, which is
dependent upon the ability to fund future activities from
operational cash flows and/or raise further capital.  Deloitte
adds that the company may need to provide for further
liabilities that might arise, and to reclassify non-current
assets as current assets.


DMB ENTERTAINMENT: Faces Horizon Printing's Wind-Up Petition
------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of DMB Entertainment Ltd. on August 23, 2007, at
10:45 a.m.

The petition was filed by Horizon Printing Limited on June 5,
2007.

Horizon Printing's solicitor is:

         Kevin Patrick McDonald
         Global House, 11th Floor
         19-21 Como Street
         PO Box 331065, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


GENESIS RESEARCH: Comes Up With Polyurethane Foam from Willows
--------------------------------------------------------------
Genesis Research and Development Corporation Ltd has produced
expanded polyurethane foam from Willow trees, according to a
regulatory filing with the New Zealand Stock Exchange.

According to the company manufactured the thermoplastic using
the natural lignin extracted from shrubby willow grown by its
subsidiary BioJoule.

The natural lignin was tested by a potential international
customer and excellent results were shown for thermal
conductivity and density, the company relates.  The customer has
indicated interest in purchasing commercial quantities at a
price that is consistent with the economic modeling developed by
BioJoule.

The initial samples of lignin have been prepared by small pilot
scale processing.  As BioJoule achieves further funding it
intends to build a larger pilot scale processing plant that
would allow process design and operating parameters to be
optimised and would then enable construction of a commercial
refinery.

BioJoule Managing Director, Dr Jim Watson, said,
"The production of urethane foam shows the potential to
manufacture 'green' plastics from shrubby willow that is
sustainably produced in coppicable plantations.  This has the
potential to reduce the need for petrochemicals in polyurethane
production, thus improving the carbon footprint.  BioJoule is
also expanding its programme to review the use of lignin in a
range of composite plastics.  The opportunity to grow shrubby
willow on low value land to produce ethanol as a transport fuel
and other high value by-products such as lignin and xylose has
the potential to solve a number of environmental and economic
issues for New Zealand.  A number of international groups have
shown interest in collaborating with BioJoule.

"The use of Salix, which has a very high energy capture and
conversion balance, and the production of multiple high-value
products, is expected to create a much more economic biofuel
business than using food grade corn to produce ethanol alone."

                         About BioJoule

BioJoule is a subsidiary of Genesis Research that has been
established to develop and commercialise technology for growing
and refining shrubby willow to produce industrial materials such
as ethanol, unsulphonated lignin and xylose.

                     About Genesis Research

Parnell, New Zealand-based Genesis Research & Development Corp.
-- http://www.genesis.co.nz/-- is a discovery-based   
biotechnology company.  The company uses its ribonucleic acid
interference (RNA i) technology to develop therapeutics for
allergic diseases, especially asthma and atopic dermatitis.  The
company's subsidiaries include AgriGenesis BioSciences Limited,
AgriGenesis Limited, ArborGen, LLC, BioStore NZ Limited and
Genesis Employee Fund Limited.  The research in the fields of
agriculture, horticulture and forestry is carried out in
AgriGenesis BioSciences Limited.

The group recorded a net deficit after taxation of NZ$7,134,000
and NZ$13,695,000, as of December 31, 2005, and 2004,
respectively.

The parent company recorded a net deficit after taxation of
NZ$5,937,000 and NZ$6,758,000, as of December 31, 2005, and
2004, respectively.


NZ PRECAST: Fixes July 25 as Last Day to File Claims
----------------------------------------------------
The shareholders of NZ Precast Ltd. decided to liquidate the
company's business on June 21, 2007.

Creditors who cannot file their claims by July 25, 2007, will be
excluded from sharing in the company's dividend distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         c/o Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         New Zealand
         Telephone:(09) 309 0463


PARKWEST PROPERTIES: Court to Hear Wind-Up Petition on Aug. 23
--------------------------------------------------------------
A petition to wind up the operations of Parkwest Properties Ltd.
will be heard before the High Court of Auckland on August 23,
2007, at 10:45 a.m.

Auckland Waterproofing Limited filed the petition on May 31,
2007.

Auckland Waterproofing's solicitor is:

         John Ropati
         Level 1, 105 Queen Street
         PO Box 37396, Parnell
         Auckland
         New Zealand
         Telephone:(09) 377 1530
         Facsimile:(09) 377 1533


S P BUILDERS: Shareholders Opt to Liquidate Business
----------------------------------------------------
On June 21, 2007, the shareholders of S P Builders Ltd. passed a
resolution to wind up the company's operations.

Creditors are required to file their claims by July 25, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         New Zealand
         Telephone:(09) 309 0463


VEHICLE RECOVERY: Shareholders Agree on Voluntary Liquidation
-------------------------------------------------------------
The shareholders of Vehicle Recovery Group Limited met on
June 20, 2007, and passed a resolution that winds up the
company's operations.

Grant Bruce Reynolds was appointed as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


VEHICLE REPAIR: Commences Liquidation Proceedings
-------------------------------------------------
On June 20, 2007, Vehicle Repair Group Ltd. commenced
liquidation proceedings and Grant Bruce Reynolds was appointed
as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


WAIPUNA PROJECTS: Taps Shephard and Dunphy as Liquidators
---------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
as liquidators of Waipuna Projects Ltd. on June 1, 2007.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Zephyr House, Level 2
         82 Willis Street
         Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


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

BANGKO SENTRAL: To Issue New Liberal Derivative Rules Next Month
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas will issue new and more liberal
derivative rules next month, a report by the Philippine Star
says.

Originally, the report notes, the rules were to be issued this
month, but the BSP said it will extend its discussions with
banks to clear out details on issuer standards and client
suitability rules, and to ensure that banks are capable of
issuing the instruments.  

The rules will still have the current licensing structure, but
applications will be more liberal, BSP Deputy Governor Nestor
Espenilla Jr. told the Star.  This is to broaden the banks'
product offerings to their clients, he added.

Mr. Espenilla further told the media that the new rules are
aimed to have more layers to participate and make sure that
investor interests are taken care of.  

Speaking to reporters about the new guidelines, Mr. Espenilla
revealed that banks will be able to issue more derivative
instruments without the need to secure prior approval from the
BSP.  The BSP can now allow the banks this freedom due to their
compliance with the risk-based principle of the Basel 2
convention, he said.

Derivative instruments are defined as financial instruments
under BSP rules, the Star explains.  They derive their value
from the performance of an underlying variable.  Their values
change in response to changes in specified indicators including
nterest rates, asset prices, foreign exchange rates and the
behavior of various indices.

According to the article, the BSP is also considering options to
allow the banks to be more flexible in terms of tenors.

              About the Bangko Sentral ng Pilipinas

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

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

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

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


JG SUMMIT: To Build 12-Megawatt Power Plant in Negros Occidental
----------------------------------------------------------------
JG Summit Holdings Inc. will construct a PHP140-million, 12-
megawatt generating plant in Kabankalan, Negros Occidental, in
order to power the sugar and mill refinery of its sister firm,
Universal Robina Corp., the Philippine Star reports.

The plant, named the Bagasee Fired Power Generating Plant, will
have an estimated 48 million kilowatt per hour annual off-take
and will be 98.65% owned by Filipinos.  Foreigners will hold
only a 1.35% stake in the facility.  According to the report, it
will be operational by October next year, and will be situated
inside URC's Kabankalan compound.  

A new subsidiary will be set up to run the facility, JG Summit
revealed to the Star.  The facility will be URC's primary power
provider, independent from its manufacturing operations, but any
excess power will be offered to local electric distributors
including the Negros Occidental Electric Cooperative, the
article says.  

The article further reveals that the plant will run on
indigenous and renewable energy sources, specifically the
bagasse-fired power generation.

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is  
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.  

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


LEPANTO CONSOLIDATED: John D. Fairfield Resigns As Director
-----------------------------------------------------------
John D. Fairfield has resigned from Lepanto Consolidated Mining
Co.'s Board of Directors effective on July 16, a company
disclosure with the Philippine Stock Exchange says.

The Board has elected Atty. Ethelwoldo E. Fernandez as director
to fill up the position vacated by Mr. Fairfield.

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated  
primarily to engage in the exploration and mining of gold,
silver, copper, lead, zinc and all kinds of ores, metals,
minerals, oil, gas and coal and their related by-products.  The
company was incorporated in 1936 and until 1997 was operating an
enargite copper mine.  It shifted to gold bullion production
that same year through its Victoria Project.  Lepanto operated a
copper flotation plant from August 2000 to December 2001, when
copper operations were suspended due to the presence of
excessive penalty elements in the mill feed and copper
concentrate.  Lepanto sells its gold bullion production to
London's Johnson Matthey.  Lepanto is now one of the country's
top producers of gold and its by-products, copper and silver.  
The company also has investments in other areas through its
subsidiaries such as hauling business, diamond drilling
business, insurance business, manufacturing of industrial
diamond tools for mining exploration, marble cutting and the
construction industry.

Lepanto Consolidated Mining Co. posted a PHP35.63-million
consolidated net loss for the year ended Dec. 31, 2006, a 90%
decrease from the PHP355.22-million net loss posted for the year
ended Dec. 31, 2005.


MANILA ELECTRIC: ERC Orders Informing Users of Meter Refund
-----------------------------------------------------------
The Energy Regulatory Commission directs the Manila Electric Co.
to refund electricity users for deposits paid for electricity
meters from 1900, the Daily Tribune reports.

The refunds are provided under the Magna Carta for residential
electricity consumers, ERC Chairman Rodolfo Albano Jr. said.   
The ERC has also ordered the electricity distributor to make
public the names of electricity users eligible for the refund,
the article relates.

The ERC added that it will authorize distributors to provide
meters to consumers that will choose to avail of the time-of-use
scheme, and will hold auctions for those meters.

The Magna Carta requires distributors including MERALCO to
compensate their residential customers for the principal amount
of their meter deposits with interest rates ranging from 6%-10%
for every year that passed since they first applied for
electricity services, the report explains.  

Under the Magna Carta, refunding will be made under ten phases
starting 2006 until 2010.

The first phase involved the refunding of residential customers
that applied for the provider's service during the first 10
years of its operation.  MERALCO provided these refunds during
the period starting June 1, 2006 and ending June 30, 2006.  

MERALCO will provide the refunds for those registered during the
following 10-year periods in successive semesters, beginning
July 1, 2006.  The tenth phase of the refunding will take place
starting July 1, 2010 until December 31, 2010.

According to the article, estimated cost for MERALCO regarding
the refunds ranges from PHP4.2 billion to PHP5 billion.


Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around
PHP4.7 billion.


MANILA ELECTRIC: Turns Around With 2006's PHP13.88BB Net Income
----------------------------------------------------------------
The Manila Electric Co. has made a turn-around for 2006 and
reported a net income of PHP13.88 billion, as compared with the
PHP207-million net loss for 2005 and PHP1.76-billion net loss
for 2004.

For the year ended December 31, 2006, the company earned
revenues of PHP190.78 billion, comprised mostly of electrical
sales, while incurring expenses of PHP184.58 billion, made up in
bulk by power purchases.

As of December 31, 2006, the company had total assets of
PHP168.31 billion and total liabilities of PHP117.34 billion,
resulting in total equities of PHP50.97 billion.   


Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.


MIRANT CORP: Unit to Pay US$11MM to Resolve Criminal Charges
------------------------------------------------------------
Mirant Energy Trading LLC, a wholly owned subsidiary of Mirant
Corporation and successor to Mirant Americas Energy Marketing
L.P., has entered into an agreement with the U.S. Government
resolving an ongoing federal investigation into the submission
of knowingly inaccurate reports by former traders of MAEM,
concerning the commodities market for natural gas.

The Assistant Attorney General Alice S. Fisher of the Criminal
Division and U.S. Attorney Scott Schools of the Northern
District of California said that Mirant Energy will pay an $11
million penalty to the U.S. Treasury under the terms of the
deferred prosecution agreement.

Mirant Energy Trading has accepted and acknowledged
responsibility for the actions of MAEM's former employees, and
is required by the agreement to cooperate fully with the
government's investigation. The Department of Justice has agreed
not to file criminal charges stemming from the investigation for
a 15-month period due, in part, to the bankruptcy reorganization
of the company, the company's cooperation and the payment of
fines to the U.S. government.  The Department of Justice can
charge Mirant Energy Trading with delivering knowingly
inaccurate reports concerning the commodities market for natural
gas if Mirant Energy Trading fails to comply fully with the
terms of the agreement during that 15-month period.

According to a statement of facts that accompanied the
agreement, between February 2000 and December 2000, traders at
MAEM's natural gas trading desks submitted knowingly inaccurate
trade data, including fictitious trades, incorrect volumes and
prices, and incomplete trade reports to industry publications,
for the purpose of benefiting MAEM's natural gas trading
positions.  Natural gas traders use the published index prices
to price and settle certain physical and over-the-counter
financial derivative natural gas transactions.  Certain MAEM
traders also attempted to conceal the false nature of these
submissions by providing misleading and inaccurate information
to industry publications in response to requests to confirm
reported trade information.  Mirant management alerted
government authorities after discovering the false reporting.

Three former MAEM traders -- Christopher McDonald, Michael
Whalen and Paul Atha -- pleaded guilty in the Northern District
of California last year to conspiracy to violate the Commodity
Exchange Act.

"The Justice Department's efforts to combat corporate fraud are
focused on ensuring honesty and integrity in the marketplace, in
this case in the natural gas markets," said Assistant Attorney
General Fisher.  "This agreement properly recognizes the
company's comprehensive disclosure of violations and its written
commitment to deterring illegal conduct in the future.  I thank
the criminal and antitrust prosecutors who worked on this case,
along with agents of the FBI and representatives of the
Commodity Futures Trading Commission."

"The provision of false information by Mirant employees in the
natural gas trading markets gave an unfair and illegal advantage
to the company and disrupted the appropriate functioning of
those markets," said U.S. Attorney Schools.  "This deferred
prosecution agreement, with an US$11 million fine and a
mechanism for future cooperation with authorities, promotes a
culture of compliance within the corporation and hopefully
deters other corporations from engaging in similar illegal
conduct that disrupts essential energy markets."

The Justice Department's investigation into the Mirant matter is
being conducted by the Fraud Section of the Criminal Division,
the U.S. Attorney's Office for the Northern District of
California, and the Federal Bureau of Investigation.  The
investigation was also supported by the Antitrust Division of
the Department of Justice and the Commodity Futures Trading
Commission.

                        About Mirant Corp.

Based in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen
LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant New York
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.

                        *     *     *

The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative
following the company's announced plans to pursue alternative
strategic options including a possible purchase of Mirant by a
third party.


PHIL BANK OF COMMS: PDIC Director's Resignation Causes Stalemate
----------------------------------------------------------------
The Philippine Bank of Communications is experiencing a
stalemate in its boardroom following the resignation of
independent director Guillermo Hernandez, the Manila Standard
reports.

The Standard relates that during a board meeting held on Friday
last week, seven votes were cast in favor of replacing
Mr. Hernandez, while seven were in favor of keeping his seat
vacant.

The report explains that the absence of an independent director
from the Philippine Deposit Insurance Corp. will render the bank
unable to make major decisions in the future, unless more
independent directors from PDIC are given seats in the Board.  

According to the Daily Tribune, Mr. Hernandez resigned despite
insistence from Finance Secretary Margarito Teves, PDIC
Chairman, to stay in PBCom's board.  The Manila Standard cites
its sources as saying that Mr. Hernandez left in order to avoid
the current tug-of-war between Taipans Lucio Tan and Don Emilio
Yap in PBCom.

According to the Manila Standard, after Mr. Hernandez's
resignation, PBCom President Roman Azanza is the lone
representative for PDIC in the bank.  Both Mr. Azanza and Mr.
Hernandez were voted in the PDIC by the Luy family, the other
side of the deadlock in the bank's boardroom.  The article also
said that the Chung and Nubla families preferred to cast their
votes to representatives of Mr. Yap, to whom they sold their
shares last year, while the Luy family preferred Mr. Tan.  
Mr. Tan had injected money into the bank through a credit line
to help it recover from its difficulties, and also deposited
PHP2 billion to help it recover from its troubles.

Under the Financial Assistance Agreement with the PDIC, the
dominant Chung and Nubla groups must yield two seats, since the
state-owned firm is entitled to four seats in the PBCom Board.  

PDIC Executive Vice President Cristina Orbera told the Manila
Standard that she was confident that the Chung and Nubla
families will give their seats to favor PDIC representatives,
and said that if they didn't, sanctions could be imposed on them
for violation of the FAA's terms.

Sources inside the bank blamed PDIC for the loss of its
directorship, after it withdrew and changed its nominees at the
last minute during the bank's annual stockholders' meeting.  
According to the bank, its rules require prequalification
processes including screening of nominees before actual voting.

An unnamed government official told the Daily Tribune that, in
order to escape from the complications within PBCom, the PDIC
may take over the bank and auction it off in order to recover
the PHP7.6 billion it gave the bank under the FAA.


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.'


PSI TECHS: Incurs Third Annual Net Loss in FY 2006
--------------------------------------------------
PSi Technologies Inc. reported a net loss of US$11.6 million for
the year ended Dec. 31, 2006, a decrease of 41.2% from the
US$19.74-million net loss it reported for 2005.

For the year 2006, the company reported revenues of
US$89.73 million and cost of sales of US$85.59 million.  Total
operating expenses amounted to US$10.99 million for the year
ended December 31, 2006.  Other expenses also reached
US$3.76 million for the year 2006.

The company's consolidated cost of sales increased by US$11.0
million or 14.8% from US$74.5 million in 2005 to US$85.6 million
in 2006 due to increases in raw materials, labor, and utilities
due to improvement in sales performance.  Cost of sales as a
percentage of revenue decreased from 102.3% in 2005 to 95.4% in
2006 due to favorable package mix, increase in copper price was
passed on to customers and a decrease in depreciation.  As a
result, the company achieved consolidated gross profit of US$4.1
million in 2006 from consolidated a gross loss of US$1.7 million
in 2005.

As of December 31, 2006, the company has US$61.77 million in
total assets and US$45.42 million in total liabilities,
resulting in a total stockholders' equity of US$16.34 million.  
The company's current liabilities at US$37.79 million as of
December 31, 2006, also exceeded its current assets of
US$24.4 million, resulting in a working capital deficit of
US$13.4 million.

                    Going Concern Doubt

SyCip Gorres & Velayo Co., PSi Technologies Holdings Inc.'s
independent auditor, raised raise substantial doubt about the
company's ability to continue as a going concern, citing its
recurring losses from operations and negative net working
capital position.

The company incurred net losses of US$11.6 million for the year
2006, us$19.7 million for 2005 and US$14.6 million for 2004.  
The company's deficit amounted to US$61.7 million as of Dec. 31,
2006, and US$50.1 million as of Dec. 31, 2005.  The company also
reported successive annual illiquidity, as its negative working
capital amounted to US$13.4 million as of Dec. 31, 2006, and
US$13.0 million as of Dec. 31, 2005.

                     About PSi Technologies

PSi Technologies-http://www.psitechnologies.com/-isan  
independent semiconductor assembly and test service provider to
the power semiconductor market.  The company provides
comprehensive package design, assembly and test services for
power semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.


ZIPPORAH REALTY: Elects New Directors & Committees for 2007-2008
----------------------------------------------------------------
Zipporah Realty Holdings Inc. elected new directors for the year
2007 during its annual stockholders meeting held on July 16.

The company's stockholders elected these individuals as
directors:

    * Santiago Cua
    * Antonio D. Robles
    * Aurora Robles-Manahan
    * Exequiel D. Robles
    * Orestes R. Santos
    * Mariza Santos-Tan
    * Vicente R. Santos
    * Jose Ferdinard R. Guiang (Independent)
    * Osmundo C. De Guzman Jr.  (Indenpendent)

The stockholders also elected to appoint Sycip Gorres & Velay
Co. as the company's external auditor for fiscal year 2007-2008.

Among others, the stockholders also approved the change in the
company's name to "Sta Lucia Land Inc." and the change in its
corporate purpose to shift to property development.  The
stockholders also approved the reduction of Board of Directors
to 9 members, and the increase of its authorized capital stock
to PHP16 billion.

The Board of Directors designated these directors as officers of
the company during the organizational meeting held immediately
after the stockholders' meeting:

    * Vicente R. Santos     -- Chairman
    * Exequiel D. Robles    -- President
    * Rolando A. Casto      -- Executive Vice-President
    * Mariza Santos-Tan     -- Treasurer
    * Aurora Robles-Manahan -- Asst. Treasurer
    * Patricia O. Bunye     -- Corporate Secretary
    * Pancho G. Umali       -- Asst. Corporate Secretary

These committees were also appointed:

    AUDIT COMMITTEE

    * Osmundo C. de Guzman Jr.  -- Chairman
    * Orestes R. Santos
    * Antonio D. Robles

    NOMINATION COMMITTEE

    * Osmundo C. de Guzman Jr.  -- Chairman
    * Mariza Santos-Tan
    * Aurora Robles-Manahan

    COMPENSATION AND REMUNERATION COMMITTEE

    * Jose Ferdinard R. Guiang
    * Antonio D. Robles
    * Vicente R. Santos

Zipporah Realty Holdings, Inc. was originally incorporated as a  
mining firm.  Presently, it is primarily engaged in real estate  
holding and development with mining as its secondary purpose.   
Its main source of revenue comes from sales of real estate  
properties.

The company's subsidiary, EBEDEV, Inc., launched its first  
project, the Westmont Village Project along Dr. A. Santos Avenue  
in Sucat, Paranaque, which started commercial operations in  
January 1996.  The Westmont Village was conceptualized primarily  
to answer the needs of young urban professionals and the growing  
demands of the medium income market for a condominium project  
accessible to the centers of commerce and industry, affordable  
and with the amenities of a first-class condominium.

The company registered a PHP746.12 million deficit for the year  
2006.


* BoP Surplus Likely to Hit US$2.9 Bil. Threshold at Year's End
---------------------------------------------------------------
The Philippines' balance of payments is likely to hit
US$2.9 billion at the end of the year after data showed that BoP
surplus for the first half of 2007 reached US$3.199 billion,
Bangko Sentral ng Pilipinas governor Amando Tetangco Jr. told
the Daily Tribune on Monday.

Mr. Tetangco said that overseas Filipino worker remittances,
merchandise exports and investment income account for most of
the country's foreign exchange inflows for the first half.  If
not for part of the inflows going to mature foreign debts, the
country could hve recorded a higher first half BoP surplus, he
added.

The BSP is paid off a US$108 million foreign debt earlier than
expected in March and April, the article relates.

OFW remittances are still expected to hit a figure at least 10%
higher than the figures in 2006, or about US$14 billion, Mr.
Tetangco said.

                          *     *     *

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

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

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


* Dollar Reaches PHP45.35/US$1 Level, Buoyed by Public Offerings
----------------------------------------------------------------
The Philippine peso traded on its highest level since 2000
against the US dollar, reaching PHP45.35 to the dollar in early
trading yesterday, the Philippine Daily Inquirer says, citing a
Thomson Financials report.

The local currency's trading closed at PHP45.55 on Monday.

According to the report, the local currency was buoyed by
additional foreign exchange inflows expectations, as several
companies launched initial public offerings of their shares this
month.

"We expect huge dollar inflows from those IPOs to push the peso
higher," an unnamed dealer associated with a local commercial
bank told Thomson Financials.  The weak dollar against major
Asian currencies also helped to lift sentiment towards the peso,
as well as the abundance of positive domestic news, he added.

                          *     *     *

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

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

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


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

AEROQUIP-VICKERS: Creditor's Proofs of Debt Due on Aug. 11
----------------------------------------------------------
The creditors of Aeroquip-Vickers Pte Ltd are required to file
their proofs of debt by August 11, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Teh Kwang Hwee
         c/o 7 Maxwell Road
         #05-07 Annexe B, MND Complex
         Singapore 069111


DEVONSHIRE STONE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order to wind up the
operations of Devonshire Stone Pte Ltd on June 29, 2007.

The petition was filed by BCS Business Consulting Services Pte
Ltd.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


FREESCALE SEMICONDUCTOR: Launches Exchange Offers for Sr. Notes
---------------------------------------------------------------
Freescale Semiconductor has launched its offer to exchange:

   a) US$500 million aggregate principal amount of its Senior
      Floating Rate Notes due 2014;

   b) US$1.5 billion aggregate principal amount of its 9-1/8%
      and 9-7/8% Senior PIK-Election Notes due 2014;

   c) US$2.35 billion aggregate principal amount of its 8-7/8%
      Senior Fixed Rate Notes due 2014; and

   d) US$1.6 billion aggregate principal amount of its 10-1/8%
      Senior Subordinated Notes due 2016 for any and all of its
      outstanding Senior Floating Rate Notes due 2014, 9-1/8%
      and 9-7/8% Senior PIK-Election Notes due 2014, 8-7/8%
      Senior Fixed Rate Notes due 2014, and 10-1/8% Senior
      Subordinated Notes due 2016.

The Exchange Notes are substantially identical in all material
respects to the Existing Notes, except that the issuance of the
Exchange Notes was registered with the Securities and Exchange
Commission under the Securities Act of 1933 as amended, and are
not subject to the transfer restrictions and registration rights
relating to the Existing Notes.

The exchange offer will expire at 5:00 p.m. New York City time
on Aug. 6, 2007, unless extended.  The exchange offer is not
conditioned upon any minimum principal amount of Existing Notes
being tendered for exchange.  Any Existing Notes not tendered
will remain subject to existing transfer restrictions.

The Existing Notes were issued in a private placement in
compliance with Rule 144A and Regulation S under the Securities
Act.

The Bank of New York will serve as the exchange agent for the
exchange offer.

                   About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and   
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.
                           *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Moody's Investors Service affirmed these ratings of Freescale
Semiconductor Inc. and changed the outlook to negative: Ba3
corporate family rating; Ba3 probability of default rating; B1
rating of US$2.85 billion senior unsecured notes due 2014; B1
rating of US$1.50 billion senior unsecured toggle notes due
2014; and B2 rating of US$1.60 billion senior subordinated
unsecured  notes due 2016.


ISOFT GROUP: Considers IBA Offer Until Aug. 7
---------------------------------------------
The U.K. Office of Fair Trading has extended the deadline for
consideration for IBA Health Ltd.'s acquisition of iSOFT Group
plc to Aug. 7, 2007, Thomson Financial says citing AFX News as
its source.

The shareholder resolutions to approve the recommended offer for
iSOFT, by a wholly owned subsidiary of IBA, IBA U.K. Holdings
Ltd., to be effected by means of a scheme of arrangement, were
duly passed at the Court Meeting and the Extraordinary General
Meeting held on July 6, 2007.

At the Court Meeting, a majority in number of iSOFT
Shareholders, who voted either in person or by proxy and who
together represented over 75% by value of the votes cast, voted
in favor of the resolution to approve the Scheme.  The
resolution was accordingly passed.

At the Extraordinary General Meeting, the special resolution to
approve the Scheme and provide for its implementation was also
passed by the requisite majority.

Implementation of the Offer remains subject to the High Court of
Justice for England and Wales sanctioning the Scheme at the
Court Hearing which is expected to take place on July 25, 2007
and confirming the associated reduction of iSOFT's share capital
at the Court Hearing which is expected to take place on July 27,
2007.  Subject to the Scheme receiving the sanction and
confirmation of the Court on those dates, the effective date of
the Scheme is expected to be July 30, 2007.  It is also expected
that if the Scheme becomes effective on July 30, 2007, listing
of the iSOFT Shares will be cancelled at or about 8:00 a.m. on
July 30, 2007.  

                           About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                            *   *   *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                       Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


TAP IMPEX: Members' Final Meeting Set for August 13
---------------------------------------------------
The members of Tap Impex (S) Pte Ltd will have their final
meeting on August 13, 2007, at 11:00 a.m., at 1 Scotts Road, in
#21-07/08/09 Shaw Centre, Singapore 228208.

Madam Chia Lay Beng, the company's liquidator, will give at the
meeting, a report about the company's wind-up proceedings and
property disposal.


THE MANAGEMENT CORPORATION: Proofs of Claims Due on August 13
-------------------------------------------------------------
The Management Corporation Strata Title Plan No. 1299, which is
in voluntary liquidation, requires its creditors to file their
proofs of claims by August 13, 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:

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


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

LIVING LAND CAPITAL: Acquires 99.99% of Heart of Living's Stocks
----------------------------------------------------------------
Living Land Capital PCL has acquired 1,249,994 shares of Heart
of Living Co. Ltd. from its major shareholders: Wanchai
Subhaphayak, Manop Kwaewchaoom, Nopadol Thongprasert, Kamol
Chirapathama, Manata Wongsupaluk, and Pinit Khajornbhadungkitti.

According to a disclosure with the Stock Exchange of Thailand,
the four sellers are directors in the company.

The shares represent 99.99% of HOL's paid-up registered capital.  
The company bought the shares for THB124.99 million, the
disclosure said.

HOL was founded in 2004 with business in real estate.  
Presently, its paid-up registered capital is THB125 million.


Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.

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

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

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

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

The Stock Exchange of Thailand moved Living Land Capital's
stocks to the non-performing group on June 1, 2007.


LIVING LAND CAPITAL: Acquires 69.9% of Turtle Hill Firms' Stocks
----------------------------------------------------------------
Living Land Capital PCL acquired 251,996 shares each from the
common stocks of Turtle Hill Co. Ltd. and Turtle Hill Villa Co.
Ltd. from its major shareholder Forcon 9 Co. Ltd. for a total
price of THB50.39 million.

The shares represent 69.99% of each company's paid registered
capital.  The company used internally generated cash flows for
the transaction, whose objective is to invest in the real estate
business.

TTH was founded in 2005, and TTHV was incorporated in 2006. Both
companies have paid-up registered capitals of THB36 million
each.  Both have business in real estate development, and own
the 2.5-acre Had Sai Noi Beach project in the Turtle Hill Area
in Aumper Hau Hin, Prajaopkerekun province.


Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.

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

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

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

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

The Stock Exchange of Thailand moved Living Land Capital's
stocks to the non-performing group on June 1, 2007.


TOTAL ACCESS COMM: Fitch Keeps Ratings on Rating Watch Negative
---------------------------------------------------------------
All ratings for Advanced Info Service Public Co. Ltd. and Total
Access Communication Public Co. Ltd. will remain on Rating Watch
Negative (RWN), a press release by Fitch Ratings said.

The ratings are as follows:

   AIS: Long-term foreign currency Issuer Default Rating (IDR)
   'BBB+', National Long-term 'AA(tha)', National Short-term
   'F1+(tha)'.

   DTAC: Long-term foreign currency IDR 'BB+', National Long-
   term 'A(tha)', National Short-term 'F1(tha)', senior
   unsecured debentures rated 'A(tha)'.

AIS's and DTAC's ratings, which were placed on RWN in February
2007, remain on RWN as significant policy, regulatory and legal
uncertainties have yet to be resolved.

In May 2007, the Council of State (which is the government's
legal advisory body) gave an opinion that the amendments to
telecoms concessions, including those of AIS and DTAC, are not
in compliance with the Private Participation in State
Undertakings Act B.E. 2535 (1992) given the lack of approval
from the Coordinating Committee and the Cabinet prior to
entering into these amendments, although the Council also
indicated that this did not effect the validity and binding of
the amendments at this time.  The final decision on the
concessions amendment issue is still subject to further review
by the government.  Fitch expects to resolve the RWN once there
is more certainty on these key policies, legal and regulatory
issues under the newly elected government over the next six
months.

               About Total Access Communications

Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Apr.
03, 2006 that Moody's Investors Service has upgraded its
corporate family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concludes the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
August 10, 2007
  Turnaround Management Association
    Special Olympics Sportsman's Lunch
      Sofitel, Brisbane, Queensland, Australia
        Telephone: 1300 303 863
          Web site: http://www.turnaround.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

November 14, 2007
  Turnaround Management Association
    TMA Australia 4th Annual Conference and Gala Dinner
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

November 29, 2007
  Turnaround Management Association
    Special Speaker
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

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

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

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                            *********


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 ***