TCRAP_Public/070719.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  

             Thursday, July 19, 2007, Vol. 10, No. 141

                            Headlines

A U S T R A L I A

ALBERTO-CULVER: Names Murray Smith as Liquidator
D.J.F. PTY: Liquidator to Give Wind-Up Report on August 10
FINCORP GROUP: Founder Protests ASIC Asset Freeze
FORTESCUE METALS: Moody's Continues Review of Ba3 Rating
FORTESCUE METALS: Raises AU$500 Million to Fund Expansions

HEAMAR PTY: Require Creditors to File Claims by July 20
KENDLE INT'L: Prices Public Offering of US$175 Mil. Senior Notes
NELSON PARKER: Members and Creditors to Meet on August 13
PANAVISION INC: S&P Revises Outlook to Negative from Stable
REALOGY CORP: S&P Lowers Rating and Removes Negative CreditWatch

RUSHCUTTERS BAY: Sets Final Meeting for August 9
SILVERWATER ESTATE: Placed Under Voluntary Liquidation
SPYWING PTY: To Declare Priority Dividend on July 27
STAFED PTY: Sets General Meeting for August 4
TRANS UNION: Members Opt to Shut Down Business

UNIVERSAL COMPRESSION: Closes US$233 MM Contracts and Units Buy
WALSH FAMILY: Members and Creditors to Meet on July 31


C H I N A   &   H O N G  K O N G

ALERIS INT'L: Inks Deal to Buy Wabash Alloys for US$194 Million
ASHMORE ENERGY: Inks Joint Development Pact w/ Synthesis Energy
BALLY TOTAL: Forbearance Agreements Extended to July 31
BALLY TOTAL: Plan Solicitation Still Ongoing
BALLY TOTAL: Inks Confidentiality Pacts with Some Shareholders

BASELL AF: Fitch Confirms Senior Notes Rating at B+
CDW INDUSTRIES: Requires Creditors to File Claims by August 13
EMI GROUP: Terra Firma Extends GBP2.4 Bln. Cash Offer to July 19
GLOBAL POWER: Exclusive Plan-Filing Period Extended to August 22
HERCULES INC: Enters Into H2H Innovations Venture with Heartland

JEFFWIN DEVELOPMENT: Faces Wind-Up Petition from Bank of China
JIANGXI COPPER: New Regulation to Up Tax Provision in 2007
KENLEX ELECTRONICS: Sets Wind-Up Petition Hearing for August 15
MAXBUSY GROUP: Inability to Pay Debts Prompts Wind-Up
NOBLE GROUP: Acquires 30% Stake in Brazilian Miner for US$60MM

NORTHUMBRIA LIFE: Liquidator Quits Post
POLYMER GROUP: Appoints Two Executives on Global Positions
RISING LIMITED: Creditors' Meeting Set for July 21
SILUX INVESTMENTS: Creditors to Meet on July 24
WELL BOND: Receiving Proofs of Debt Until August 3

WEST GLOBAL: Court to Hear Wind-Up Petition on August 29
WHOLE YIELD: Sets Creditors' Meeting for July 24


I N D I A

GENERAL MOTORS: Will Acquire 50% Equity Interest in VM Motori
TATA MOTORS: Enters Saudi Arabi's Passenger Car Market
TATA MOTORS: Thailand Venture Invests in Pickup Production
UTI BANK: Sets Minimum Price for Proposed Issue


I N D O N E S I A

DIRECTED ELECTRONICS: Financial Concerns Cue S&P's Neg. Outlook
HILTON HOTELS: Signs Management Agreement with RAK Properties
MATAHARI PUTRA: Pefindo Upgrades Company Ratings to "idA+"
MEDCO ENERGI: Pefindo Re-Affirms "idAA-" Company Ratings
PANCA WIRATAMA: Appoints Hendrianto as President Commissioner

PANCA WIRATAMA: J. Kaban Replaces Winarto as President Director
PERTAMINA: Unit Plans to Sell 20% Stake Worth US$30MM Via IPO
PERUSAHAAN GAS: Receives Special License from BPH Migas
PERUSAHAAN GAS: Damaged Gas Pipe May Reduce Revenue by IDR130MM


J A P A N

COREL CORP: Reports US$2.3-Mil. Net Income for Qtr. Ended May 31
DELPHI CORP: Seeks Court OK on DAS Espana Severance Deal
MEAT HOPE: Files for Bankruptcy with Sapporo District Court
NOMURA HOLDINGS: Finalizes Details of Stock Options
SAMSONITE CORP: Inks US$1.7 Billion Merger Deal with CVC Capital


K O R E A

SSAMZIE CO: Signed KRW107.8-Million Contract with KTHitel Co.
WOORI BANK: Partners with Chungcheongbuk-do Local Government


M A L A Y S I A

MBF CORP: Looks for Potential Buyers in QBE Insurance Stake
MERCES HOLDINGS: Bursa Slaps Public Reprimand and Fine
PANGLOBAL BHD: Failure to File Audited Accounts Cues Reprimand
TANCO HOLDINGS: Scheme Creditors Meeting Set for August 10


N E W  Z E A L A N D

ALL STAR: Wind-Up Petition Hearing Set for Today
AFTERMARKET PLAY: Names Brown and Rodewald as Liquidators
AMP CAPITAL: Commences Liquidation Proceedings
AQUASOLEIL TRUSTEE: Subject to CIR's Wind-Up Petition
COMMERCIAL FLOORING: Court to Hear Wind-Up Petition Today

KIWITREK NEW ZEALAND: Subject to CIR's Wind-Up Petition
MOWBRAY COLLECTABLES: Sets Shareholders Meeting on Aug. 15
OODIAN ON: Court to Hear Wind-Up Petition Today
PLUS SMS: Fires Sr. Manager; Changes Forecast to NZ$3-Mil. Loss
SEALEGS CORP: Unit Gets Go Ahead on 7.1m Amphibious Boat

SUNDER SERVICES: Sets Wind-Up Petition Hearing for Today
TEAMM DECORATORS: Liquidation Petition Hearing Set for Today
THE DENTAL SHOP: Liquidation Petition Hearing Set for Today
THE CITRUS BAR: Court Enters Wind-Up Order
ZINC LTD: Faces CIR's Wind-Up Petition


P H I L I P P I N E S

BANGKO SENTRAL: Sectors Prepays US$1 Billion Of Foreign Debt
CHIQUITA BRANDS: To Renegotiate Prices with COOSEMUPAR
CHIQUITA BRANDS: Eyes Packed Vegetables as Good Business
FORUM PACIFIC: Incurs Annual Net Loss of PHP37.17 Mil. For 2006
FORUM PACIFIC: Incurs PHP3.98-Mil. Net Loss for 2007 1st Quarter

NAT'L POWER: Forex Gains Reach PHP68.74 Bil. Due to Strong Peso
PHIL NAT'L BANK: Lists 140 Million New Shares in Local Bourse
* Phils. Competitiveness Level Drops 3 Notches, Swiss Firm Says


S I N G A P O R E

AAR CORP: Names Timothy J. Romenesko as Director
ASIA PM: Commences Liquidation Proceedings
ESCHBACH INDOCHINE: Court Releases Wind-Up Order
LEAR CORP: Terminates Merger Agreement with American Real Estate
VIBRANT INTERNATIONAL: Members' Final Meeting Set for August 13


T H A I L A N D

SR TELECOM: Inks Pact with Lenders for New US$45-Million Loan
TRUE CORP: Unit Asia Wireless Offers Lower Monthly Rates
TRUE CORP: Asia Wireless Confident of Keeping 300,000 Customers

     - - - - - - - -

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

ALBERTO-CULVER: Names Murray Smith as Liquidator
------------------------------------------------
On June 27, 2007, the members of Alberto-Culver Holdings Pty
Limited passed a resolution to wind up the company's operations.

The resolution also appoints Murray C. Smith as liquidator.

The Liquidator can be reached at:

         Murray C. Smith
         c/o McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au

                      About Alberto-Culver

Alberto-Culver Holdings Pty Limited is a distributor of
perfumes, cosmetics and other toilet preparations.  The company
is located in New South Wales, Australia.


D.J.F. PTY: Liquidator to Give Wind-Up Report on August 10
----------------------------------------------------------
A final meeting will be held for the members and creditors of
D.J.F. Pty Ltd on August 10, 2007, at 1:30 p.m.

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

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988

                        About D.J.F. Pty

Located in ACT, Australia, D.J.F. Pty Ltd is an investor
relation company.


FINCORP GROUP: Founder Protests ASIC Asset Freeze
-------------------------------------------------
Fincorp founder Eric Krecichwost is against the Australian
Securities and Investments Commission's move freezing the assets
of nine people and four companies associated with Fincorp's
failure, The Age reports.

According to The Age, the ASIC has targeted the master company
of Mr. Krecichwost and three others associated with him and
three of his relatives in its investigation into Fincorp's
AU$296-million failure.

The ASIC also secured asset-freezing orders from the NSW Supreme
Court against the property investment group's former chairman,
Peter Pengilley; former chief executive Craig Stubbs; former
finance director Neil Livingstone; and Craig Gallie, formerly
head of funds management, the report relates.  All four were
either Fincorp directors or were employed by the group before it
was placed in administration in late March.

The report notes that another Fincorp director, Graeme Byers,
who called in administrators KordaMentha, has also had his
assets frozen.

These people were among nine individuals and four companies
cited by the ASIC when it gained asset preservation orders from
the Court three days ago, The Age says.  The orders, from one
week to three months, require the defendants to file affidavits
listing all their assets and liabilities.

Companies covered by the orders include:

   1. United Investment Group Pty Ltd, Mr. Krecichwost's
      principal corporate operation, which owned the Fincorp
      Group;

   2. Crest Capital Pty Ltd, which received management fees of
      AU$198,290 from a number of Fincorp subsidiaries in 2005;

   3. Prime Consulting Pty Ltd, which is controlled by John and
      Angela Krecichwost of Elderslie, NSW.  The pair are listed
      in ASIC records as the owners of Prime, which, over a two-
      year period between 2004 and 2005, received fees totaling
      AU$420,000 for services to Fincorp.

The ASIC said that the asset freeze prevents Fincorp's directors
from removing or selling any of their assets in NSW and
Australia.  However, the nine will be allowed reasonable living
and other expenses while their assets remain frozen.

According to a separate report compiled by administrators
KordaMentha into the group's affairs, Prime Consulting, Crest
Capital and Eric Krecichwost received a total of AU$3.57 million
in commission payments for properties bought by four related
Fincorp companies over 15 months from March 2003, the Age
states.  KordaMentha said the fees were "potentially
inappropriate" payments.

                         About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- in its current  
structure was established in July 2005.  The company is a
boutique funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter - Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.


FORTESCUE METALS: Moody's Continues Review of Ba3 Rating
--------------------------------------------------------
Moody's Investors Service said that it is continuing the review
of the senior secured Ba3 rating of FMG Finance, the financing
vehicle for the Fortescue Metals Group, following reports that
the company has raised US$440m in equity.

The rating was placed on review for possible downgrade on 18
June 2007 following the company's announcement of a new fund-
raising to expand its iron ore project.

"While the reported equity issuance is supportive of FMG's
credit profile, the review continues to focus on:

   1. the ultimate funding mix for expanding the mine, rail and
      port to 55 mtpa from the 45mtpa originally contemplated,
      and

   2. on the progress of the existing project against the
      original budget and timetable" said Dr David Howell, a VP
      at Moody's.

"The rating could undergo a downgrade, depending on the debt
characteristics of any further instruments, the proportion of
debt to equity in the resultant capital structure, the effect
the expansion plan will have on the project's original
timetable, and the amount of cash dedicated to contingency for
the original plan," says Dr Howell.


Fortescue Metals Group, based in Perth, is constructing an iron
ore mine, rail and port in Western Australia's Pilbara region.
When completed, the project will produce between 45 and 55
million tons or iron ore per annum for export.


FORTESCUE METALS: Raises AU$500 Million to Fund Expansions
----------------------------------------------------------
Fortescue Metals Group has raised AU$500 million to fund
expansions to its emerging project in the Pilbara region in
Western Australia, the Sydney Morning Herald reports.

According to SMH, Fortescue said it had set a minimum raising
target of US$300 million (AU$344 million) for the much
anticipated capital raising, but decided to increase the target
amount after strong demand.

The report says that Fortescue issued 14 million shares at AU$36
each to raise AU$504 million.

"This raising will allow Fortescue to fully equity finance the
optimisation of its current project which will see a faster ramp
up in production and an increase in capacity to 55 million
tonnes per annum," SMH cites Fortescue executive director of
operations Graeme Rowley as saying.

The report recounts that Fortescue had been looking at options
to expand its Pilbara operations and was examining ramping up
annual production to 200 million tonnes.


Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the   
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.

In August 2006, Moody's Investors Service assigned a Ba3 rating
to approximately US$1.9 billion in senior secured 144A bonds to
be issued by FMG Finance Pty Ltd, the financing vehicle of the
Fortescue Metal Group.  The funding will be used to partially
finance the development of the Company's iron ore mine in the
Pilbara region of Western Australia as well as an associated
rail line and port infrastructure.


HEAMAR PTY: Require Creditors to File Claims by July 20
-------------------------------------------------------
Heamar Pty Ltd, which is in liquidation, requires its creditors
to file their claims by July 20, 2007, to be included in the
company's dividend distribution.

The company will declare dividend on that same day.

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 Heamar Pty

Heamar Pty Ltd operates miscellaneous retail stores.  The
company is located in Tasmania, Australia.


KENDLE INT'L: Prices Public Offering of US$175 Mil. Senior Notes
----------------------------------------------------------------
Kendle International Inc. priced its underwritten public
offering of US$175,000,000 aggregate principal amount of 3.375%
Convertible Senior Notes due 2012.  The offering was increased
by US$25,000,000 in aggregate principal amount of notes over the
proposed offering.

As reported in the Troubled Company Reporter on July 11, 2007,
Kendle International intended to offer an aggregate of
US$150 million of convertible senior notes due in 2012.

As part of the offering, Kendle has granted the underwriter a
30-day option to purchase up to an additional US$25,000,000
aggregate principal amount of notes to cover over-allotments, if
any.

The notes pay interest semi-annually at a rate of 3.375% per
annum.  The notes are convertible, in certain circumstances into
cash and shares of Kendle's common stock, based on an initial
conversion rate of 20.9585 shares of common stock per US$1,000
principal amount of notes,representing an initial conversion
price of approximately US$47.71 per share of common stock,
subject to adjustment upon the occurrence of certain events.

The initial conversion price represents a conversion premium of
approximately 32.5% over the closing sale price of Kendle's
common stock on July 10, 2007, which was US$36.01 per share.  
Upon conversion, holders will receive cash up to the principal
amount of the notes to be converted, and any excess conversion
value will be delivered in shares of Kendle's common stock.

The notes are not redeemable at the option of Kendle prior to
maturity.  Upon a fundamental change, holders may require Kendle
to repurchase their notes at a purchase price equal to the
principal amount of the notes to be repurchased, plus accrued
and unpaid interest, if any, in cash.  The notes will be senior
unsecured obligations of Kendle.

UBS Investment Bank acted as sole book-running manager for the
offering.

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

Kendle expects to receive net proceeds from the notes offering
of approximately US$169.4 million after deducting underwriting
discounts and commissions and estimated offering expenses.  

Kendle expects to use a portion of the net proceeds to fund the
net cost of the convertible note hedge and warrant transactions.  
Kendle intends to use the remaining net proceeds from this note
offering to repay debt under its credit agreement, and for
general corporate purposes, which may include working capital
and acquisitions or investments in businesses, products or
technologies complementary to its own.

Printed copies of the prospectus and prospectus supplement
relating to the offering may also be obtained from:

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

                   About Kendle International Inc.

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

Kendle has existing operations in Australia, China and India.

                         *     *     *

As of July 3, 2007, the company carries Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  The outlook is stable.

In addition, the company also carries Standard & Poor's B+ long-
term foreign and local issuer credits.  The outlook is stable.


NELSON PARKER: Members and Creditors to Meet on August 13
---------------------------------------------------------
The members and creditors of Nelson Parker Real Estate Pty
Limited will meet on August 13, 2007, at 10:00 a.m., at the
offices of SBR Insolvency & Reconstruction, on Level 7, 28
University Avenue in Canberra ACT, Australia.

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

                      About Nelson Parker

Nelson Parker Real Estate Pty Ltd deals with real estate agents
and managers.  The company is located in ACT, Australia.


PANAVISION INC: S&P Revises Outlook to Negative from Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Panavision Inc. to negative from stable and affirmed the
ratings, including the 'B-' corporate credit rating, on the
company.  At the same time, S&P affirmed the ratings on the
company's first- and second-lien credit facilities, after the
company proposed US$55 million in additional loans.

"The outlook revision reflects earnings performance that has
been below S&P's expectations and issues, such as delayed
delivery of high-end cameras, that suggest near-term risks to
EBITDA growth," said Standard & Poor's credit analyst Tulip Lim.  
"We are concerned about the cumulative effect of these factors
on discretionary cash flow generation, and the risk of film
industry labor actions in 2008."

The Woodland Hills, Calif.-based provider of cameras to the film
and TV industries will be adding $30 million to its first-lien
credit facilities and US$25 million to its second-lien credit
facilities.  Pro forma at March 30, 2007, for the funding of the
transaction, the secured financing package will consist of a
US$280 million first-lien term loan due 2011, a US$35 million
first-lien revolving credit facility due 2011, and a
US$150 million second-lien term loan due 2012.

The first-lien facilities are rated 'B+', two notches higher
than the 'B-' corporate credit rating on Panavision, with a
recovery rating of '1', indicating S&P's expectation of very
high (90%-100%) recovery in the event of a payment default.  The
second-lien facilities are rated 'CCC+', one notch below the
corporate credit rating, with a recovery rating of '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.

As of March 31, 2007, the company had about US$32 million in
capital leases and other debt, US$32 million of noncancelable
capitalized operating leases, and US$56 million of pay-in-kind
preferred stock.

Panavision will use proceeds from the first- and second-lien
add-on loans to acquire selected camera inventory of a European
camera rental concern, to pay down its revolving credit
facility, and to prefund capital expenditures and growth
initiatives.

The ratings reflect Panavision's high leverage, potential for
tightening liquidity, and uncertain growth prospects. These
factors are minimally offset by the company's strong market
position in the U.S. feature film and TV camera rental market
and its geographically diverse operations.

Panavision has locations in Australia and New Zealand.


REALOGY CORP: S&P Lowers Rating and Removes Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch Negative its issue-level rating on Realogy Corp.'s
previously senior unsecured notes that were part of the
company's capital structure prior to the April 2007 going
private acquisition of the company by Apollo Management L.P.  In
addition, a recovery rating was assigned to this debt.  The
issue-level rating was lowered to 'BB' and a recovery rating of
'1' was assigned, indicating that lenders can expect very high
(90% to 100%) recovery in the event of a payment default.

These rating actions follow Realogy's announcement that it has
closed its change of control offer for any and all of its
outstanding US$250 million floating senior notes due 2009,
US$450 million 6.15% senior notes due 2011, and US$500 million  
6.5% senior notes due 2016.  The issue-level and recovery
ratings reflect that note holders have been granted equal
ranking and share the same collateral package as the company's
senior secured credit facility.  Of the US$1.2 billion aggregate
principal amount of the notes outstanding, Realogy purchased
approximately US$1 billion, consisting of US$230 million  
floating senior notes, US$324 million 6.15% senior notes due
2011, and US$449  million 6.5% senior notes due 2016.  To
finance the purchase, the company drew on part of its delayed-
draw term loan sub-facility under its senior secured credit
facility.

Ratings List

Realogy Corp.
Corporate Credit Rating   B+/Negative/--

Rating Lowered
                          To     From
                          --     ----
Senior Notes              BB     BB+/Watch Neg
Recovery Rating          1      Not rated

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


RUSHCUTTERS BAY: Sets Final Meeting for August 9
------------------------------------------------
Rushcutters Bay Smash Repairs Pty Ltd will hold the final
meeting on August 9, 2007, at 10:30 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the liquidator's final summary of receipts and
      payments;

   -- receive formal notice of the end of liquidation; and

   -- discuss other business to be considered with the
      foregoing.

The company's liquidator is:

         Anthony Warner
         CRS Warner Sanderson
         Australia
         Web site: http://www.crswarnersanderson.com.au

                     About Rushcutters Bay

Rushcutters Bay Smash Repairs Pty Ltd operates top and body
repair and paint shops.  The company is located in New South
Wales, Australia.


SILVERWATER ESTATE: Placed Under Voluntary Liquidation
------------------------------------------------------
On June 21, 2007, the members of Silverwater Estate Pty Ltd had
a meeting and agreed to voluntarily liquidate the company's
business.

Samuel H. K. Shun of Stanley & Williamson was appointed as
liquidator.

                    About Silverwater Estate

Silverwater Estate Pty Ltd is in the business of real estate
investment trusts.  The company is located in New South Wales,
Australia.


SPYWING PTY: To Declare Priority Dividend on July 27
----------------------------------------------------
Spywing Pty Ltd, which is in liquidation, will declare a
dividend for its priority creditors on July 27, 2007.

Creditors are required to file their claims by July 26, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

         P. Hillig
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                        About Spywing Pty

Spywing Pty Ltd, which is also trading as Action Fruit Supply,
operates fruit and vegetable markets.  The company is located in
New South Wales, Australia.


STAFED PTY: Sets General Meeting for August 4
---------------------------------------------
Stafed Pty Ltd will hold a general meeting for its members on
August 4, 2007, at 10:30 a.m.

At the meeting, the members will be asked to accept the
liquidator's final account of receipts and payments and at the
same time, to release and discharge the liquidator.

The company's liquidator is:

         Blair Matthew Mangan
         c/o 27 Lambell Terrace
         Larrakeyah NT 0820
         Australia

                        About Stafed Pty

Stafed Pty Ltd, which is also trading as Mobil Jabiru, is a
dealer of new and used car.  The company is located in Jabiru,
NT, Australia.


TRANS UNION: Members Opt to Shut Down Business
----------------------------------------------
During a general meeting held on June 20, 2007, the members of
Trans Union Advantage Pty Ltd resolved to shut down the
company's business and appointed Murray C. Smith as liquidator.

The Liquidator can be reached at:

         Murray C. Smith
         c/o McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au

                       About Trans Union

Trans Union Advantage Pty Ltd provides credit reporting
services.  The company is located in New South Wales, Australia.


UNIVERSAL COMPRESSION: Closes US$233 MM Contracts and Units Buy
---------------------------------------------------------------
Universal Compression Partners LP has completed its acquisition
of a fleet of compressor units and customer contracts from
Universal Compression Holdings Inc. for approximately US$233
million.

As of March 31, 2007, the acquired assets were comprised of
approximately 715 compressor units, representing approximately
270,000 horsepower, or approximately 13% of available horsepower
of Universal Compression Holdings' and Universal Compression
Partners' combined domestic contract compression business.  

These assets serve the compression-service needs of eight
customers that became customers of Universal Compression
Partners upon the closing of the transaction.

Universal Compression Partners financed the acquisition with
approximately US$90 million of additional borrowings under its
expanded US$315 million revolving credit facility and the
issuance of approximately US$140 million of common units
representing limited partner units, including approximately
2 million units issued to Universal Compression Holdings and
approximately 2 million units issued to institutional investors
in a private placement.

Universal Compression Holdings maintained its 2% general partner
interest in Universal Compression Partners.  Universal
Compression Partners used a portion of the cash proceeds from
these sources to retire approximately US$160 million of debt
that Universal Compression Partners assumed from Universal
Compression Holdings in conjunction with this acquisition.

In connection with the proposed merger of Universal Compression
Holdings and Hanover Compressor Company, a registration
statement of the new company, Exterran Holdings, Inc., which
includes preliminary proxy statements of Universal Compression
Holdings and Hanover, and other materials, was filed with the
SEC.

Investors and security holders may obtain a free copy of the
preliminary proxy statement/prospectus and the definitive proxy
statement/prospectus by directing a request to either Investor
Relations, Universal Compression Holdings, Inc., (7130 335-7000
or to Investor Relations, Hanover Compressor Company, (832) 554-
4856.

               About Universal Compression Partners

Universal Compression Partners was formed by Universal
Compression Holdings to provide natural gas contract compression
services to customers throughout the United States.  Universal
Compression Holdings owns approximately 51% of Universal
Compression Partners.

                About Universal Compression Holdings

Headquartered in Houston, Texas, Universal Compression Holdings
Inc. -- http://www.universalcompression.com/ -- is a natural  
gas compression services company, providing a full range of
contract compression, sales, operations, maintenance and
fabrication services to the domestic and international natural
gas industry.

The company operates internationally in Argentina, Australia,
Bolivia, Brazil, Canada, China, Colombia, Ecuador, Indonesia,
Mexico, Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia
and Venezuela.  The company's primary fabrication facilities are
located in Houston, Texas, and Calgary, Alberta.
                           *     *     *

Standard & Poor's rated Universal Compression Holdings' long
term foreign and local issuer credit BB.  The outlook is stable.


WALSH FAMILY: Members and Creditors to Meet on July 31
------------------------------------------------------
The members and creditors of Walsh Family Holdings Pty Limited
will have their final meeting on July 31, 2007, at 11:00 a.m.,
to receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Christopher J. Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia

                       About Walsh Family

Walsh Family Holdings Pty Limited is a distributor of conveyors
and conveying equipments.  The company is located in New South
Wales, Australia.


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

ALERIS INT'L: Inks Deal to Buy Wabash Alloys for US$194 Million
---------------------------------------------------------------
Aleris International Inc. has entered into a definitive
agreement to acquire Wabash Alloys from Connell Limited
Partnership.  Aleris will pay approximately US$194 million, with
certain adjustments for working capital and other items.

Aleris expects the acquisition to be neutral to accretive to its
leverage ratio prior to any benefits from synergies, and
anticipates financing the acquisition from a combination of cash
flows from operations, additional draws of its revolving credit
facility, or the incurrence of additional debt, which may
include term credit facilities or bonds.

"Closing is expected to occur in the third quarter and is
subject to regulatory approvals and customary closing
conditions," Steve Demetriou, chairman and chief executive
officer, stated. "We believe the acquisition of Wabash Alloys
will be an excellent strategic fit with Aleris's existing
specification alloy operations."

"The transaction provides outstanding opportunities to broaden
our customer base, optimize processing capabilities and enhance
our ability to meet the needs of our customers." Mr. Demetriou
added.

                      About Wabash Alloys

Founded in 1958, Wabash Alloys-- http://www.wabashalloys.com/--  
produces aluminum casting alloys and molten metal at its eight
plants located in Canada, Mexico and the United States.

                 About Aleris International Inc.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 50 production
facilities worldwide, including China, Brazil, Germany, Mexico
and Wales.

                           *    *    *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million. With the add-on, the total amount
of the facility is now US$1.23 billion.


ASHMORE ENERGY: Inks Joint Development Pact w/ Synthesis Energy
---------------------------------------------------------------
Ashmore Energy International has signed a joint development
agreement with Synthesis Energy Systems, Inc., a coal
gasification company involved in the conversion of low cost
fuels into clean energy and chemical products using the U-GAS(R)
gasification technology.  Under the terms of the agreement,
Ashmore Energy and Synthesis Energy will have the opportunity to
identify and jointly develop various projects using the U-GAS
technology in emerging markets around the world, other than in
North America, certain countries in the European Union, Japan,
Australia, and New Zealand.

Synthesis Energy, through a long-term exclusive license,
utilizes U-GAS technology to cleanly turn solid hydrocarbon
fuels such as coal, biomass, or petroleum coke into synthesis
gas, which is a mixture of hydrogen, carbon monoxide and other
products, and is commonly referred to as "syngas."  Syngas can
be utilized to generate thermal energy and, in gas-fired power
plants, to produce electricity.  It can also be converted into
feedstock for the production of alternative fuel, such as coal
derived methanol, which can be used to produce DME, an
alternative to liquefied petroleum gas, liquid natural gas,
diesel and gasoline.

"We are excited about working with Synthesis Energy and their U-
GAS technology and welcome the opportunity to be a meaningful
participant in this industry," said Emilio Vicens, Ashmore
Energy's Vice President of Business Development.  "As a
complement to Ashmore Energy's existing and potential future
businesses, this partnership fits with its growth strategy to
continue reinforcing its business lines, and we believe it
strengthens Ashmore Energy's competitiveness in potential new
greenfield projects."

                      About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of  
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also has operations in China.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook was
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


BALLY TOTAL: Forbearance Agreements Extended to July 31
-------------------------------------------------------
Bally Total Fitness Holding Corporation yesterday said that it
has secured extensions of existing forbearance arrangements
until July 31, 2007 from beneficial holders of in excess of a
majority in principal amount of its 9-7/8% Senior Subordinated
Notes due 2007 and its 10-1/2% Senior Notes due 2011 and from
the lenders under its US$284 million senior secured credit
facility.

The extension agreements prohibit any enforcement action by the
parties thereto but permit the senior noteholders to declare the
Senior Notes due and payable so long as no other enforcement
action is taken.  The company will not pay any fees in
connection with these extensions.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH) -- http://www.ballyfitness.com/-- operates  
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports
Clubs of Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BALLY TOTAL: Plan Solicitation Still Ongoing
--------------------------------------------
Bally Total Fitness Holding Corporation disclosed that it
continues to solicit votes for approval from its noteholders for
the previously proposed prepackaged chapter 11 plan of
reorganization.

Holders of 63% of the company's 10-1/2% Senior Notes and more
than 80% of its 9-7/8% Senior Subordinated Notes have agreed to
vote for the plan.  

The voting deadline for that solicitation is 4:00 p.m. ET on
July 27, 2007.

The Company will continue normal club operations during the
solicitation period and throughout the pendency of the
anticipated bankruptcy case.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH) -- http://www.ballyfitness.com/-- operates  
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports
Clubs of Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BALLY TOTAL: Inks Confidentiality Pacts with Some Shareholders
--------------------------------------------------------------
Bally Total Fitness Holding Corporation has entered into
confidentiality agreements with Liberation Investments and
Harbinger Capital Partners, proponents of an alternative
restructuring proposal, and has begun to engage in due diligence
discussions with these shareholders.

These shareholders have agreed to complete their due diligence
by July 20, 2007, and the company has asked that proposed
definitive documentation be negotiated by that date.  There are
no assurances that any agreement will be reached with the
shareholders.

As reported in the Troubled Company Reporter on July 9, 2007,
the company's Board of Directors received a letter from current
shareholders Liberation Investments, L.P., Liberation
Investments, Ltd., Harbinger Capital Partners Master Fund I,
Ltd. and Harbinger Capital Partners Special Situations Fund
L.P., which proposes an alternate chapter 11 plan of
reorganization for the company.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH) -- http://www.ballyfitness.com/-- operates  
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports
Clubs of Canada (R) brands.  Bally offers a unique platform for
distribution of a wide range of products and services targeted
to active, fitness-conscious adult consumers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BASELL AF: Fitch Confirms Senior Notes Rating at B+
---------------------------------------------------
Fitch Ratings has affirmed Netherlands-based Basell AF SC's
Long-term Issuer Default Rating at 'BB-', senior secured rating
at 'BB+' and senior notes at 'B+' and removed them from Rating
Watch Negative.  The Short-term IDR is affirmed at 'B'.   This
follows Huntsman Corporation's July 12, 2007 termination of its
merger agreement with Basell dated 26 June 2007.  A Stable
Outlook is assigned to the Long-term IDR.

On June 26, 2007, Basell and US-based chemicals and pigments
producer Huntsman jointly announced the signing of a definitive
agreement of Basell to acquire Huntsman.  The transaction was
valued at around US$9.6 billion, including the assumption of
Huntsman's debt.  Following this announcement, Huntsman received
a merger proposal by Hexion Specialty Chemicals, Inc., an entity
owned by an affiliate of Apollo Management L.P., which resulted
in Huntsman terminating the agreement with Basell and in turn
agreeing to a definitive merger agreement with Hexion, based on
a transaction value of US$10.6 billion including assumed debt.

Fitch understands that Basell confirms its offer (and therefore
does not intend to increase its original offer in excess of
Hexion's).  Thus, Basell is entitled to receive a break-up fee
of US$200 million due to the termination of the merger agreement
by Huntsman.

Fitch sees Basell's business performance improving and notes
that the company has de-leveraged its balance sheet
considerably. However, the ratings are constrained by Fitch's
expectation that Basell will continue to aim for external growth
by acquisitions, as seen in its sizeable bids for GE's Plastics
unit and for Huntsman.  While Fitch views M&A in general as
event risk to be evaluated on a case-by-case basis, Basell's
ambition for external growth increases the likelihood for a re-
leveraging of Basell's balance sheet, which could challenge its
ratings.

Headquartered in The Netherlands, Basell AF SCA --
http://www.basell.com/-- is the producer of polypropylene and  
advanced polyolefins products, a leading supplier of
polyethylene and catalysts, and a global leader in the
development and licensing of polypropylene and polyethylene
processes.  The company, together with its joint ventures, has
manufacturing facilities around the world and sells products in
more than 120 countries.  With research and development
activities in Europe, North America and the Asia-Pacific region,
Basell is continuing a technological heritage that dates back to
the beginning of the polyolefins industry.  In 2006, the Company
reported Revenues of EUR10.5 billion and EBITDA of EUR1.1
billion.

Basell has regional offices in Belgium, Germany, the United
States, Brazil and Hong Kong, as well as sales offices in the
major markets around the globe.


CDW INDUSTRIES: Requires Creditors to File Claims by August 13
--------------------------------------------------------------
The sole shareholder of CDW Industries Limited passed on July 5,
2007, a resolution to voluntarily wind up the company's
operations and appointing Lai Kar Yan (Derek) and Darach E.
Haughey as liquidators.

The company requires its creditors to file their proofs of debt
by August 13, 2007, to be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway
         Hong Kong


EMI GROUP: Terra Firma Extends GBP2.4 Bln. Cash Offer to July 19
----------------------------------------------------------------
Terra Firma Capital Partners Ltd.'s extended until July 19,
2007, the time within which EMI Group Plc shareholders can
accept its GBP2.4 billion cash offer for the UK music group,
published reports say.

The proposed takeover by Maltby Limited, a private equity buyout
vehicle set up by Terra Firma Capital Partners Ltd., obtained
clearance from the European commission on July 12, 2007.

As of July 12, 2007, being the revised closing date of the
offer, Maltby received valid acceptances totalling 31,010,127
EMI shares or around 3.82% of the existing issued ordinary share
capital of EMI.

EMI's board of directors accepted the offer in May 2007 and
recommended shareholders to do the same.

                         Warner Music

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

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

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

Latest reports reveal that EMI shareholders are waiting to see
if Warner Music will make a counter offer for EMI after it
confirmed last month that it continues to actively consider an
offer for its UK rival, despite its bid being snubbed in favor
of an equity firm.

                       About Terra Firma

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

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

                   About Warner Music Group

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

                          About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

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

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

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

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


GLOBAL POWER: Exclusive Plan-Filing Period Extended to August 22
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
extended Global Power Equipment Group Inc. and its debtor-
affiliates' exclusive period to file for a Chapter 11 Plan of
Reorganization until August 22, 2007, and not on Oct. 1, 2007,
as the Debtors requested, Bill Rochelle of Bloomberg News
reports.

As reported in the Troubled Company Reporter on June 14, 2007,
the Debtors asked for the extension citing that it was in talks
with the Official Committee of Unsecured Creditors and the
Official Committee of Equity Security Holders.  The Debtors
contended that the extension would allow them additional time to
better formulate a consensual chapter 11 reorganization plan.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power  
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of $381,131,000 and total debts of
US$123,221,000.


HERCULES INC: Enters Into H2H Innovations Venture with Heartland
----------------------------------------------------------------
Hercules Incorporated and Heartland Resource Technologies LLC
announced a new research and development venture called H2H
Innovations.  H2H Innovations plans to leverage existing soy-
based adhesive technologies from both companies to accelerate
the development of new adhesive products for the wood products
industry.

Development efforts will focus on cost competitive,
formaldehyde-free resins for decorative plywood, wood flooring,
particleboard, and medium density fiberboard markets.  The
venture will also offer technologies for oriented strand board
manufacturers that allow traditional phenolic resins to be
extended, resulting in lower cost adhesives with reduced
formaldehyde content.

H2H Innovations, which will be 51% owned by Hercules, will
utilize technical resources of both Hercules and Heartland.  
Wood adhesive products developed by H2H Innovations will be
manufactured and sold by Hercules and may also be licensed to
third parties.

Commenting on the venture, Craig Rogerson, President and Chief
Executive Officer of Hercules, said, "The combined resources of
both companies should allow Hercules to offer novel adhesive
technologies to the wood products industry and accelerate the
growth of our business.  Customers will benefit from this union
as H2H Innovations delivers new and improved technologies that
address industry needs."

Frank Trocino, Chief Executive Officer of Heartland Resource
Technologies, said, "This collaborative relationship is
complementary and mutually beneficial - both strategically and
synergistically - for Heartland and Hercules.  The building
products industry should expect important developments from H2H
Innovations in the near future."

Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures  
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its
outlook on Wilmington, Delaware-based Hercules Inc. to positive
from stable and affirmed the existing 'BB' corporate credit
rating.


JEFFWIN DEVELOPMENT: Faces Wind-Up Petition from Bank of China
--------------------------------------------------------------
On June 22, 2007, Bank of China (Hong Kong) Limited filed a
petition to wind up the operations of Jeffwin Development
Limited.

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

Bank of China's solicitor is:

         Chow, Griffiths & Chan
         South China Building, 6th Floor
         No. 1 Wyndham Street, Central
         Hong Kong


JIANGXI COPPER: New Regulation to Up Tax Provision in 2007
----------------------------------------------------------
Jiangxi Copper Co Ltd disclosed with the Hong Kong Stock
Exchange that it will bear additional tax payments due to a new
tax adjustment regulation issued by China's Ministry of Finance
and State Administration of Taxation, to take effect by
August 1, 2007.

Under the "Adjustment of Applicable Rate for Resource Tax for
Lead and Zinc Ore" proper adjustment will be made to the
applicable rate for resource tax for three kinds of mining
products; lead, zinc ore, copper ore and tungsten ore.  

The adjusted resource tax for copper ore will be CNY7 per tonne
for first class mines, CNY6.5 for second class mines, CNY6 for
third class, up to CNY5 for fifth class mines.

Based on the adjusted rate and the preliminary estimate by the
Finance Department of the company, it said that the company will
be paying an approximate amount of CNY71.25 million fro the year
2007, when compared with the tax payable calculated in
accordance with the original tax rate.


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

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


KENLEX ELECTRONICS: Sets Wind-Up Petition Hearing for August 15
---------------------------------------------------------------
A petition to wind up the operations of Kenlex Electronics
Limited will be heard before the High Court of Hong Kong on
August 15, 2007, at 9:30 a.m.

Shinwa Industries (HK) Limited filed the petition on June 11,
2007.

Shinwa Industries' solicitor is:

         Wilson Yeung & Co.
         Unit 3108, Lippo Centre, 31st Floor
         Tower 1, 89 Queensway
         Hong Kong


MAXBUSY GROUP: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on July 4, 2007, the
creditors of Maxbusy Group Company Limited resolved to
voluntarily wind up the company's operations due to its
inability to pay its debts when it fall due.

Jacky CW Muk and Edward S Middleton were both appointed as
liquidators.

The Liquidators can be reached at:

         Jacky CW Muk
         Edward S Middleton
         KPMG, Prince's Building, 8th Floor
         10 Chater Road
         Hong Kong


NOBLE GROUP: Acquires 30% Stake in Brazilian Miner for US$60MM
--------------------------------------------------------------
Noble Group bought a 30% stake in Brazilian iron ore miner, Mhag
Servicos E Mineracao, for US$60 million, reports say, citing the
company's statement.

"With estimated reserves of 3.8 billion tons in five areas in
the states of Rio Grande do Norte and Paraiba, MHAG is becoming
a substantial producer of iron ore for export," Noble was quoted
by news agencies as saying in a statement.

In addition, the Brazilian miner has plans to increase,
immediately, production of iron ore to 3.6 million tons per
year, with output to reach 10 million tons per year by 2009, it
said.

"The acquisition represents another significant step in the
implementation of Noble Group's pipeline strategy, which extends
to the purchase of the physical assets needed to supply
commodities to end users," Noble said.


Noble Group Ltd., headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries.

The Troubled Company Reporter-Asia Pacific reported on May 21,
2007, that Moody's Investors Service affirmed the Ba1 corporate
family rating and senior unsecured bond rating of Noble Group
Ltd.  The outlook on both ratings is stable.

The affirmation follows Noble's announcement of its plan to
issue about US$200 million of zero coupon convertible bonds.  
Proceeds from the bonds will mainly be used to refinance
existing short-term debt.

In addition, on June 7, 2007, the TCR-AP reported that Standard
& Poor's Ratings Services, on June 5, 2007, assigned a 'BB+'
rating to a US$250 million zero coupon convertible bond issue
due 2014 by Noble Group Ltd.


NORTHUMBRIA LIFE: Liquidator Quits Post
---------------------------------------
John Robert Lees of John Lees & Associates Limited quits as the
liquidator of Northumbria Life, Fire & General Insurance co.
Limited on July 4, 2007.

The former Liquidator can be reached at:

         John Robert Lees
         John Lees & Associates Limited
         1904, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


POLYMER GROUP: Appoints Two Executives on Global Positions
----------------------------------------------------------
Polymer Group, Inc., as part of its growth as a global company,
disclosed a new leadership structure that establishes key
corporate functions, including operations and research and
development, on a worldwide basis.

The company has named two veteran executives to the newly
created global positions of chief operating officer and vice
president of research and development.  Under the leadership of
chief executive officer Veronica "Ronee" M. Hagen, who was
appointed in April 2007, the new structure positions PGI for its
next stage of growth.

"This new structure takes a more global view of our business and
brings our strong regional business units closer together to
drive cost efficiency, share best practices, and optimize global
customer and supplier strategies," said Mr. Hagen.  "It will
organize PGI for future strong growth, foster greater innovation
and manufacturing excellence, and give us an advantage over
regional competitors as we continue our pursuit of industry
leadership."

Mike Hale, who has been with the company for 35 years, has been
named COO and will manage operations for all of PGI's regional
businesses in the U.S., Europe, Latin America, Canada and Asia.
He most recently was vice president and general manager for U.S.
and Europe.

Bob Dale, with PGI for 16 years, has been tapped as vice
president of research and development and will lead the
company's R&D activities and customer-focused innovation
strategies taking place around the world.  He previously was
vice president of sales and marketing for U.S. Nonwovens.

The company also established a new position of vice president of
global marketing, with responsibility for global coordination of
the company's marketing initiatives.  PGI is actively in the
process of filling this executive leadership role.

Additionally, PGI named company veteran Fernando Espinosa to the
position of senior vice president and general manager, Europe
reporting to the COO.  In this role, Mr. Espinosa will bring
over 30 years of industry experience in PGI's fastest growing
region of Latin America to the European region with a focus on
market leadership and growth.

Polymer Group, Inc. -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision followed several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


RISING LIMITED: Creditors' Meeting Set for July 21
--------------------------------------------------
The creditors of Rising Limited will meet on July 21, 2007, at
10:00 a.m., for the purposes provided for in Sections 241, 242,
243, 244 of the Companies Ordinance.

The meeting will be held on Room 1702, 17th Floor of Asian House
at 1 Hennessy Road.


SILUX INVESTMENTS: Creditors to Meet on July 24
-----------------------------------------------
Silux Investments Limited will hold the final meeting for its
creditors on July 24, 2007, at 2:45 p.m., on the 32nd Floor of
One Pacific Place in 88 Queensway, Hong Kong.


WELL BOND: Receiving Proofs of Debt Until August 3
--------------------------------------------------
Well Bond Group Limited, which is in liquidation, is receiving
proofs of debt from its creditors until August 3, 2007.

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

The company's liquidators are:

         Bruno Arboit
         Simon Richard Blade
         China Merchants Tower, 12th Floor
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong


WEST GLOBAL: Court to Hear Wind-Up Petition on August 29
--------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of West Global Development Limited on August 29,
2007, at 9:30 a.m.

The petition was filed before the Court on June 21, 2007, by
Bank of China (Hong Kong) Limited.

Bank of China's solicitor is:

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


WHOLE YIELD: Sets Creditors' Meeting for July 24
------------------------------------------------
The creditors of Whole Yield Industrial Limited will meet on
July 24, 2007, at 2:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held on the 32nd Floor of One Pacific Place
in 88 Queensway, Hong Kong.


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

GENERAL MOTORS: Will Acquire 50% Equity Interest in VM Motori
-------------------------------------------------------------
General Motors Corp. reached a joint venture agreement with
Penske Corporation to purchase 50% equity of VM Motori S.p.A, a
designer and manufacturer of diesel engines based in Cento,
Italy.

This investment builds on GM's existing relationship with VM
Motori, GM's diesel expertise worldwide, and its strong
relationship with Isuzu.

"Diesel engines have a very important role in GM's global
advanced propulsion strategy," Tom Stephens, group vice
president, GM Global Powertrain and Quality, said.  "We are
leveraging expertise and resources within our company and
through technology partners to ensure we develop the world's
best powertrains."

GM disclosed at the Geneva Motor Show that it will jointly
develop a new 2.9-liter V-6 turbo diesel engine with VM Motori
that is scheduled to launch in the Cadillac CTS in Europe in
2009.  GM Powertrain Europe will focus on the development of the
first industry application of a clean combustion process called
closed-loop combustion control, electronic engine control and
exhaust-gas aftertreatment, as well as calibration and
integration into GM vehicles.  VM Motori plans to build the new
unit at its plant in Cento, Italy, and is responsible for the
mechanical aspects of the engine's design, development and
testing.

Penske Corporation, based in Bloomfield, Michigan, is a
transportation services company that encompasses retail
automotive sales and services, truck leasing, supply chain
logistics management, transportation components manufacturing,
and high-performance racing.

VM Motori, founded in 1947, specializes in engine design and
production for a variety of uses, including light commercial
vehicles.

GM currently offers 17 diesel engine variants in 45 vehicle
lines around the world.  GM sells more than one million diesel
engines annually, with products that offer a range of choices
from the 1.3L four-cylinder diesel engine sold in the Opel Agila
and Corsa, up to the 6.6L V-8 Duramax diesel sold in full-size
vans, heavy duty pickups and medium duty trucks in the U.S.

                     About General Motors

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

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

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on
July 17, 2007, that Fitch affirmed General Motors' Issuer
Default Rating at 'B' and removed the company from Rating Watch
Negative.

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

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


TATA MOTORS: Enters Saudi Arabi's Passenger Car Market
------------------------------------------------------
Tata Motors is foraying into Saudi Arabia's passenger car market
with the launch of its 2008 car models -- Tata Indica, Tata
Indigo and Tata Marina, the Press Trust of India reports.

Tata launched the three models at a price range of SR30,000-
35,000, PTI says, citing Arab News.

According to the report, the company has appointed Mohamed A
Alhamrani & Co Intertrade Ltd as its sole distributor in the
Kingdom and set up an alliance network consisting of 35 service
points to cater to the different needs of their customers.

                       About Tata Motors

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

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

                          *    *    *

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

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


TATA MOTORS: Thailand Venture Invests in Pickup Production
----------------------------------------------------------
Tata Motor (Thailand) Co., the 70-30 joint venture between Tata
Motor of India and Thonburi Auto Assembly, has started its
THB1.3 billion investment in Thailand for pickup production, KGI
Securities Web site relates.  The investment sees the
manufacture of 35K one-ton pickups per year in Samut Prakan.

According to KGI, Tata's pickups will use 54% local content
worth THB3.9 billion per year.


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

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

                          *    *    *

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

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


UTI BANK: Sets Minimum Price for Proposed Issue
-----------------------------------------------
UTI Bank Ltd. has fixed a base price of INR575.75 (US$14.30) a
share for its issue of preferential shares and global depositary
receipts, Romit Guha of The Wall Street Journal reports, citing
an unnamed investment banker familiar with the offer.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the bank plans to raise Tier-I capital by way of issue
of up to 4,23,97,400 equity shares and offer its promoters to
subscribe up to 3,19,25,561 shares on preferential basis.

The Financial Express Net Edition, citing sale documents as
source, said the bank has got commitments for the purchase of
38% of the shares it plans to sell.

"State-controlled mutual fund, UTI-I, which owns 27.33% of the
bank, has committed to buy all the 203.2 lakh shares offered to
it and Life Insurance Corp will buy 7.69 million shares," the
Indian news agency added.

"We need more funds to finance the bank's growth and to meet the
new capital rules," Bloomberg News quoted UTI Chairman P.J.
Nayak as saying.  According to Bloomberg, the bank hired
Citigroup Inc. and Goldman Sachs Group Inc. to sell the shares
to investors overseas.


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

                         *     *      *

UTI Bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which rating was placed on
July 1, 2005.


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

DIRECTED ELECTRONICS: Financial Concerns Cue S&P's Neg. Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Vista,
California-based Directed Electronics Inc. to negative from
stable. The ratings on the company, including the 'B+' corporate
credit rating, were affirmed.
     
"The revision reflects our concern about DEI's prospective
financial performance in light of softer consumer electronic
markets following a period of significant acquisition activity,"
said Standard & Poor's credit analyst Kenneth Shea.  Declining
SIRIUS satellite radio subscription sales in the near term will
also pressure cash generation.

DEI makes and markets premium home audio equipment and certain
SIRIUS-branded satellite radio products marketed to consumers.  
The company also designs and markets consumer-branded,
professionally installed electronic automotive security and
convenience systems.  The company's business risks arise from
its exposure to highly competitive end markets, its need for
continuous technological development to refresh product
offerings, and its concentrated supplier base.  DEI's modest
revenue and asset base make the company quite vulnerable to
customer pricing power and swings in demand.  These fundamental
risks are alleviated to an extent by the company's leading
market position in the consumer auto security market, strong
brand names, good customer diversity, and extensive distribution
network.
     
Additionally, the relatively new market for satellite radio
products is expected to decline over the near-term.  DEI has an
exclusive arrangement with SIRIUS to provide certain products
through the first quarter of 2008, by when there could be
clarity on the impact to DEI of the proposed merger of SIRIUS
with XM Radio.

              About Directed Electronics, Inc.

Directed Electronics, Inc. (Nasdaq: DEIX) --
http://www.directed.com/-- is the largest designer and marketer   
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radioproducts.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base.  The company has Asian Sales offices, including
in Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.

The Troubled Company Reporter-Asia Pacific reported on Oct. 13,
2006, that Standard & Poor's Ratings Services lowered its
ratings on consumer electronics maker Directed Electronics Inc.
following its acquisition of Polk Audio Inc., a provider of
loudspeakers and audio equipment for homes and cars, for US$136
million in cash.  The corporate credit rating was lowered to B+'
from 'BB-', and was removed from CreditWatch negative where it
was placed on Aug. 25.


HILTON HOTELS: Signs Management Agreement with RAK Properties
-------------------------------------------------------------
Hilton Hotels Corporation disclosed the signing of a management
agreement with RAK Properties that will see a new integrated
lifestyle development, Hilton Mina Al Arab Resort, open in Ras
Al Khaimah in the United Arab Emirates in the first quarter of
2010.

"The Arabian Peninsula is a key development market for us; there
is so much potential that is untapped.  Ras Al Khaimah
epitomises this situation, and we are pleased to be able to
bring out its most inviting qualities.  This new Worldwide
Resort in Ras Al Khaimah is integral to our development strategy
in the Middle East, where we plan to double our current
portfolio of 34 hotels within the next five years," said Jean-
Paul Herzog, President, Hilton Hotels, Middle East & Africa.

Hilton Mina Al Arab Resort will be Hilton's third property in
the Emirate; all 400 rooms will face the Arabian Sea set onto a
natural beach spanning 300 metres, while its design incorporates
the distinctive Venetian style of arched doorways, neutral tones
and mosaic friezes.

Mohammed Sultan Al Qadi, Managing Director of RAK Properties
said: "We are proud to be driving the development of Ras Al
Khaimah's tourism infrastructure through path-breaking projects
and productive partnerships.  To partner with Hilton is to gain
the backing of a world-renowned company with considerable
international experience, a proven track record in emerging
markets, and a reputation for sustainable destination
management."

Mina Al Arab, an AED10 billion freehold development, has been
designed as a gated, waterfront resort community where homes and
hotels will be set amidst lush landscaping, protected coastal
wetlands, pristine beaches and world-class amenities.

The new Hilton resort will raise tourism standards in the
Emirate in the same way that the Hilton Ras Al Khaimah and the
newly opened Hilton Ras Al Khaimah Resort & Spa have done.  Ras
Al Khaimah has all the elements of a world-class destination:
the mountains, the ocean, proximity to international airports,
and now the hotel properties to bring these elements together.

Additional Hilton properties are under development in the U.A.E,
with the Residence, Beach Club and Conrad - all in Dubai, and in
Abu Dhabi with its first Conrad, in addition to Qatar, Kuwait,
Lebanon and Jordan.  Furthermore, the new-look Hilton Luxor
Resort & Spa will open after a complete facelift in 2008.

                       About Hilton Hotels

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

                          *     *     *

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

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

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


MATAHARI PUTRA: Pefindo Upgrades Company Ratings to "idA+"
----------------------------------------------------------
Pefindo upgraded its ratings for PT Matahari Putra Prima Tbk.
and MPPA's Bond I/2002, Bond II/2004 as well as Syariah Ijarah
Bond I/2004 totaling IDR900 billion to "idA+" from "idA" and
assigned a "stable" outlook for those ratings.   

MPPA should not have difficulty in paying its Bond I/2002 of
IDR450 billion due 25 September 2007, given its huge cash and
cash equivalent balance of IDR1.80 trillion as of March 31,
2007.  

The upgrades reflect the Company's strong market position with
favorable sales growth despite intense competition, the
Company's well-diversified store locations and improved
profitability.  Nevertheless, those factors have been weakened
by the Company's relatively high leverage.  

MPPA is a leading retailer in Indonesia focusing on middle to
middle up customers by operating 83 Matahari Department Store,
37 Matahari Supermarket, 28 Hypermart, 9 Kids2Kids, 36 Boston
Pharmacy and 110 TimeZone as of May 31, 2007.  MPPA has
successfully conducted rights issue in January 2007 offering two
billion shares with 877.6 million warrants to raise fresh fund
of around IDR986 billion.  

To reduce asset ownership risk, MPPA is also in the process to
conduct a "sale and long-term lease back" for several of its
operating retail store properties.  From this transaction, MPPA
expects to receive at least IDR739.2 billion.  

The funds raised from rights issue and property sales will be
mostly used to finance MPPA's business expansion.   As of March
31, 2007, MPPA is owned by PT Multipolar Corporation Tbk.
(50.10%), Goldman Sachs International (8.84%), PT Lippo E-Net
Tbk. (6.79%), and public (34.26%).

                      About Matahati Putra

Headquartered in Tangerang, Indonesia, PT Matahari Putra Prima
Tbk -- http://www.matahari.co.id/-- is a consumer goods company   
engaged in the retail business, providing clothes, jewelries,
bags, shoes, cosmetics, electronics appliances, toys,
stationeries, books, drugs and other everyday needs.  It is also
engaged in the family entertainment industry through the
operation of Time Zone, a game center.  The company operates
Matahari Supermarket, Hypermart stores, Cut Price stores, Boston
Drugs pharmacies, Baker's Delight bakeries, Deli Bon stores and
Market Place grocery stores.  During the year ended December 31,
2005, the company opened its first store in Shenzhen, China, 13
Hypermart stores, four Cut Price stores and one Matahari
Supermarket.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 10,
2006, that Moody's Investors Service has affirmed its B1
corporate family rating assigned to PT Matahari Putra Prima Tbk.  
At the same time, Moody's has affirmed its B1 senior unsecured
rating on Matahari Finance BV's US$150 million bond issuance,
which is guaranteed by Matahari.  The ratings outlook is stable.  

The TCR-AP reported on Oct. 2, 2006, that Standard & Poor's
Ratings Services affirmed its 'B+' rating to the proposed long-
term senior unsecured bonds to be issued by Matahari Finance

B.V., a special purpose financing vehicle wholly owned by
Indonesia-based retailer PT Matahari Putra Prima Tbk. (Matahari;
B+/Stable/--).  The bond, which will be due in 2009, will have
an issue size of US$100 million to US$150 million.


MEDCO ENERGI: Pefindo Re-Affirms "idAA-" Company Ratings
--------------------------------------------------------
Pefindo re-affirmed its "idAA-" ratings for PT Medco Energi
Internasional Tbk and the Company's Bonds I/2004 of
IDR1.35 trillion.  The ratings reflect MEDC's potential reserve
increase from undeveloped field, strong oil and gas selling
price in the medium term and strong cash flow protection.  

Meanwhile, the ratings are mitigated by the concentration of its
producing fields and operating risk related to exploration
activities.  

MEDC was established in 1980 and now is the largest private-
owned independent oil and gas company in Indonesia, with latest
estimated proved crude oil and natural reserves gas of 99
million barrels and 267.6 billion cubic feet , respectively,
from its fields located in Sumatra, Kalimantan, Sulawesi, East
Java, Natuna, Libya, Yemen, Cambodia and USA.  

As of December 31, 2006, the shareholders of MEDC consisted of
Densico Energy Resources Pte. Ltd. (Densico, 33.42%), Aman
Energy Resources Pte. Ltd. (Aman, 17.28%) and other
shareholders, including public (49.3%).   Densico and Aman are
both 100% owned by Encore Ltd., an investment company owned by
Mr. Hilmi Panigoro, a member of the Panigoro family and the
President Director and Chief Executive Officer of the Company.

Supporting factors for the above ratings are:

    * Potential reserve increase from undeveloped field.  
      Although MEDC's 1P reserve continued to depleted, it is
      believed that the reserve should improve once Senoro-Toili
      Block in Sulawesi, which contains gas reserve of about
      1,291.5 BCF, is developed.  New negotiation with Pertamina
      for developing LNG processing unit should be finalized in
      the near future.  Upon the signing of the agreement with
      Pertamina, MEDC will be entitled to claim the gas reserve
      as its P1 reserve.  With this additional reserve, MEDC's
      life reserve will be lengthened from current six years to
      about 10 years.  In addition, the Company also continues
      to acquire new filed, either under exploratory stage or
      development stage.  In 2006, MEDC has acquired 11 blocks
      located in Indonesia (3 fields), US (5 fields), Yemen (2
      fields) and Cambodia (1 fields).

    * Oil and gas selling price to remain strong in the medium
      term.   Increasing demand for crude oil and natural gas as
      major energy source combined with strong selling prices of
      both hydrocarbon products have resulted in intensifying
      exploration and production activities even in the
      previously uneconomic fields.  This condition is projected
      to sustain in the future due to, among others, prolonged
      supply disruption from major producing areas such as Iraq
      and Nigeria.  The Company's realized selling price in 2006
      has strengthened to US$63.98/barrel from US$53.68/barel in
      2005.  Average gas price also improved from US$2.78/MMBTU
      in 2005 to US$2.45/MMBTU in 2006.

    * Strong cash flow protection.  Despite the weakened
      profitability, MEDC continued to book strong cash flow
      protection as reflected by debt coverage of
      0.36x and interest coverage of 5.58x.  With the
      expectation of relatively high oil and gas price in the
      medium term along with stable production volume, Pefindo
      expects that MEDC's cash flow protection will remain
      strong with debt and interest coverage to stay at 0.4x and
      5.0x.  MEDC's liquidity is also strong with cash balance
      of December 31, 2006 of US$188.32 million, which is more
      than enough to fulfill its short term debt maturity of
      US$40.01 million.

The ratings are constrained by the following factors:

    * Concentration of its producing fields. Up to now, major
      contributors to MEDC's oil and gas sales are still
      relatively concentrated from its producing fields at Rimau
      and Kampar.   As the reserves in these areas continue to
      deplete, MEDC needs to accelerate its reserves development
      in other oil fields in order to maintain adequate
      production of oil and gas volumes in the future.

    * Operating risk related to exploration activities.  In
      nature, exploration activities carry relatively high
      operating risk which may have substantial impact to MEDC's
      business performance and financial profile.  In 2006 the
      Company has sold its interest in Brantas Block operated by
      Lapindo Brantas, Inc.  The divestment resulted in a loss
      of US$62 million.  The action should be taken mainly to
      avoid unpredictable financial impact in the future as the
      mud flood also involves political and social issues.  The
      Company also had booked a significant amount of
      exploration cost due to unsuccessful exploration
      activities in Madura.

                             Outlook

A 'stable' outlook is assigned to the above ratings.   The
Company is expected to remain aggressive in exploration,
development, and acquisition strategy, which should be partly
financed with borrowing.  Despite the more aggressive financial
profile, MEDC's credit quality should remain within the rating
category for its favorable business prospect.

                       About Medco Energi

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


PANCA WIRATAMA: Appoints Hendrianto as President Commissioner
-------------------------------------------------------------
PT Panca Wiratama Sakti Tbk appointed Hendrianto as its
President Commissioner, Reuters Key Developments reports.

According to the report, Mr. Hendrianto will replace Deetje
Linawati.

Ms. Linawati resigned from her position as President
Commissioner of the company effective June 26, 2007, the report
adds.

                      About Panca Wiratama

Headquartered in Jakarta, Indonesia, PT Panca Wiratama Sakti Tbk
is a real estate company engaged in the development and
management of real estate in Tangerang.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Panca Wiratama has a shareholders' deficit of
US$18.82 million.


PANCA WIRATAMA: J. Kaban Replaces Winarto as President Director
---------------------------------------------------------------
PT Panca Wiratama Sakti Tbk appointed Jeremia Kaban as its new
president-director, Reuters Key Developments reports.

The Troubled Company Reporter-Asia Pacific reported on May 17,
2007, that Elly J. Sabari Winarto, Panca Wiratama President
Director, will resign from her current office effective June 1,
2007.

                    About Panca Wiratama

Headquartered in Jakarta, Indonesia, PT Panca Wiratama Sakti Tbk
is a real estate company engaged in the development and
management of real estate in Tangerang.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Panca Wiratama has a shareholders' deficit of
US$18.82 million.


PERTAMINA: Unit Plans to Sell 20% Stake Worth US$30MM Via IPO
-------------------------------------------------------------
PT Pertamina Persero's unit, PT Elnusa, plans to sell a 20%
stake worth around US$30 million via an initial public offering
this year, Reuters reports.

According to the report, Pertamina controls Elnusa, with a 52%
holding in the firm.

Pertamina Vice President Director Iin Arifin Takhyan said that
Pertamina's shareholders have given their approval for Elnusa to
go public, Reuters relates.

The report points out that an Elnusa official said they were
still in talks on the issue.

Separately, the report recounts that last year, Elnusa signed a
provisional agreement with the National Iranian Oil Refining and
Distribution Company to build a 300,000 barrel-per-day refinery
in Indonesia.

                       About PT Pertamina

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

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

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


PERUSAHAAN GAS: Receives Special License from BPH Migas
-------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk has received a special
license from The Oil and Gas Downstream Regulatory Agency, BPH
Migas, Reuters reports, citing Bisnis Indonesia.

According to the report, the BPH Migas license is valid for 25
years.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, -- http://www.pgn.co.id/--   
is a gas and energy company that is comprised of two core
businesses: distribution and transmission.  For distribution,
PGN signs long-term supply agreements with upstream operators,
which give the company scheduled and reliable gas volumes and
fixed gas prices.  These volumes are subsequently sold to
commercial and industrial customers under gas sales agreements.  
Under these agreements, sales volumes are take-or-pay and the
gas pricing is fixed and in US dollar.  On the transmission
business, PGN ships gas on behalf of the upstream suppliers
under a fixed US dollar tariff with ship-or-pay volumes
agreements.   The company is 59.4% owned by the Government of
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2007, that Moody's Investors Service affirmed the Ba2 corporate
family rating of PT Perusahaan Gas Negara (Persero) Tbk.  At the
same time, Moody's affirmed the Ba3 debt ratings of PGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


PERUSAHAAN GAS: Damaged Gas Pipe May Reduce Revenue by IDR130MM
---------------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk disclosed that the
damaged and broken gas pipes, affecting the gas supply to the
State Power Plant in Belawan and its three industrial customers
in Medan, may reduce the company's revenue by about
IDR130 million, Reuters reports.

According to the report, the damaged pipes were due to a
collapsed bridge.

The company was able to restore the gas supply after eight hours
by diverting the gas flow from its Belawan station to its Paya
Pasir station, the report relates.

The company expects the pipe repair to take about seven days and
will cost the company an estimated IDR100 million.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, -- http://www.pgn.co.id/--   
is a gas and energy company that is comprised of two core
businesses: distribution and transmission.  For distribution,
PGN signs long-term supply agreements with upstream operators,
which give the company scheduled and reliable gas volumes and
fixed gas prices.  These volumes are subsequently sold to
commercial and industrial customers under gas sales agreements.  
Under these agreements, sales volumes are take-or-pay and the
gas pricing is fixed and in US dollar.  On the transmission
business, PGN ships gas on behalf of the upstream suppliers
under a fixed US dollar tariff with ship-or-pay volumes
agreements.   The company is 59.4% owned by the Government of
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


=========
J A P A N
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COREL CORP: Reports US$2.3-Mil. Net Income for Qtr. Ended May 31
----------------------------------------------------------------
Corel Corporation reported financial results for its second
quarter ended May 31, 2007.  Revenues in the second quarter of
fiscal 2007 were US$65.0 million, an increase of 47% over
revenues of US$44.2 million in the second quarter fiscal 2006.  
GAAP net income in the second quarter of fiscal 2007 was US$2.3
million compared to a GAAP net loss of US$4.0 million in 2006.

Non-GAAP adjusted net income for the second quarter fiscal 2007
was US$9.8 million compared to non-GAAP adjusted net income for
the second quarter of fiscal 2006 of US$8.4 million.  Non-GAAP
adjusted EBITDA in the second quarter of 2007 was US$15.2
million, compared to US$13.7 million in the second quarter of
fiscal 2006.

"We are pleased with our performance in the second quarter, as
we continue to execute our key strategies and demonstrate our
ability to g enerate attractive financial returns for our
shareholders," said David Dobson, CEO of Corel Corporation.  "We
are realizing many of the anticipated benefits from the
acquisition of InterVideo and Ulead, including increased revenue
contribution from a broader mix of OEM partners as well as a
more diverse mix of revenue by geography.  I am pleased with the
progress we have made so far as we continue to execute on our
core strategic initiatives and expand into the digital media
market."

Revenues for the six months ended May 31, 2007 were US$117.7
million, an increase of 33% over revenues of US$88.5 million for
the six months ended May 31, 2006.  GAAP net loss for six months
ended May 31, 2007 was US$9.6 million compared to a GAAP net
loss of US$5.6 million for the six months ended May 31, 2006.

Non-GAAP adjusted net income for the six months ended May 31,
2007, was US$12.6 million compared to non-GAAP adjusted net
income for the six months ended May 31, 2006, of US$15.3
million.  Non-GAAP adjusted EBITDA for the six months ended
May 31, 2007, was US$24.0 million, compared to US$28.1 million  
for the six months ended May 31, 2006.

A reconciliation of GAAP net income to non- GAAP adjusted net
income and non-GAAP adjusted EBITDA is provided in the notes to
the financial statements included in this press release.

Third Quarter Fiscal 2007 Guidance

Corel provided guidance for the third quarter ending
Aug. 31, 2007.  The Company currently expects:

-- Revenue in the range of US$60 million to US$62 million;

-- GAAP net loss of US$0.5 million to net income US$1.0
    million and non-GAAP adjusted net income in the range of
    US$7.0 million to US$8.5 million;

-- GAAP earnings per share in the range of US$(0.02) to
    US$0.04 and non-GAAP earnings per share in the range of
    US$0.27 to US$0.33.

                      Fiscal 2007 Guidance

Corel provided guidance for the year ending November 30, 2007.

The company currently expects:

  -- Revenue in the range of US$247 million to US$253 million;

  -- GAAP net loss of US$4.0 million to US$2.0 million and non-
     GAAP adjusted net income of US$34 million to US$36
     million;

  -- GAAP loss per share of US$(0.15) to US$(0.08) and non-GAAP
     earnings per share of US$1.30 to US$1.40.

                     About Corel Corporation

Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE)
-- http://www.corel.com/-- is a packaged software company with  
an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.


DELPHI CORP: Seeks Court OK on DAS Espana Severance Deal
--------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the Honorable Robert
D. Drain of the U.S. Bankruptcy Court for the Southern District
of New York to authorize, but not direct, DAS Holding to provide
up to EUR130,000,000 to Delphi Automotive Systems Espana S.L.
through an equity contribution or other transaction.

As previously reported, DAS Espana announced in February 2007
the closure of its non-core automotive component plant at the
Puerto Real site in Cadiz, Spain, as part of the Debtors' global
portfolio and manufacturing realignment.  DAS Espana is a
wholly-owned, Spanish, non-debtor subsidiary of Debtor Delphi
Automotive Systems (Holding), Inc.  The Cadiz Plant, which has
approximately 1,600 employees, is the primary asset and
liability of DAS Espana.

On March 20, 2007, DAS Espana filed a "Concurso" application for
a Spanish insolvency proceeding.  The Spanish Court subsequently
appointed Enrique Bujidos, Adalberto Canadas Castillo, and
Fernando Gomez Martin as receivers of DAS Espana.  The role of
the DAS Espana Receivers is to, among other things, address the
legal interests of employees, suppliers, and any other parties
affected by the closure of the Cadiz Plant; supervise and
approve expenditures of funds by DAS Espana during Concurso; and
provide consultation and support for DAS Espana's plan of
reorganization in Concurso.

John Wm. Butler, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, informs Judge Drain that under
Spanish law, Delphi Corp. must provide employees affected by the
closure of the Cadiz Plant with a separation allowance.  The
minimum separation payment under Spanish law is 20 days of
salary per year of service.  The Cadiz workers councils,
assemblies, and the unions representing the affected employees,
however, assert that Spanish automotive industry standard is
approximately 45 to 60 days of salary per year of service, which
would cost DAS Espana between EUR115,000,000 and EUR155,000,000.

Mr. Butler notes that in late 2005, DAS Espana entered into a
labor agreement that provided for 60-day severance packages for
certain employees and continued jobs for the remaining 1,600
employees through the end of 2010.  Were the 2005 Industrial
Plan to be enforced, he relates, the cost of continuing wages
and severance payments would be approximately EUR374,000,000.

In the course of the Concurso process, DAS Espana commenced
negotiations on a social plan and a collective lay off procedure
-- an "ERE" -- related to the separation allowance with the
Cadiz Unions.  Absent an agreement by DAS Espana to fund and
implement a social plan on behalf of the affected employees by
July 31, 2007, the Spanish Court could dismiss the ERE, Mr.
Butler points out.  According to the DAS Espana Receivers, the
Spanish Court might order the implementation of the terms of
2005 Industrial Plan.  Regardless of the ultimate imposed
alternative, salaries will accrue for the time period during
which the Spanish Court is resolving the issue at a cost of
approximately EUR5,000,000 per month.

On July 4, 2007, DAS Espana, the Receivers, and the Cadiz
workers councils, assemblies and Unions, based on the efforts of
the Spanish Court, reached a settlement on a social plan funded
with EUR120,000,000 for a separation allowance of approximately
45 days of salary per year of service to each employee.  The
Separation Plan was approved by 89.4% of the Cadiz workers.

In consideration for providing the funds and subject to certain
conditions, the DAS Espana Receivers agree to release the
Debtors from any liability related to or arising out of DAS
Espana and its Concurso application.  In addition, each Cadiz
worker who accepts payment under the Separation Plan will be
required to confirm that his payment is in full satisfaction of
any claims he may have against the Debtors.

To fund the Separation Plan, DAS Espana requires EUR120,000,000
from its sole shareholder, DAS Holding, Mr. Butler tells Judge
Drain.

To protect their global credit reputation, particularly in
Europe, the Debtors have concluded that it is in their best
interest to provide EUR10,000,000 in additional funds for the
purpose of funding payment of the claims of DAS Espana's
suppliers and non-labor creditors.  DASHI will only furnish the
EUR10,000,000 only if DAS Espana's assets are insufficient to
fully fund payment of the supplier and non-labor claims.

Mr. Butler relates that the EUR130,000,000 Funding will come
from the repatriation of dividends from cash currently on hand
at non-Debtor entities in Asia and Europe.  The funds, he
assures the Court, will not come from the Debtors' DIP financing
facility.

The separation allowance to be paid under the Separation Plan,
Mr. Butler adds, is at the low end of Spanish automotive
industry standard.

Moreover, the consummation of the Separation Plan will reduce
the risk of costly and contentious litigation.  DASE believes
that if it does not accept the terms of the Separation Plan, the
Spanish court may dismiss the ERE.  If the Spanish court
dismisses the ERE, DAS Espana will be exposed to claims by the
affected employees for termination indemnities, or for claims
for breach of the 2005 Industrial Plan.  DAS Espana's creditors,
Mr. Butler points out, may assert damages claims against the DAS
Espana's directors for their conduct in creating or aggravating
DAS Espana's economic condition, which claims would be borne by
the Debtors.

                       About Delphi Corp.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007. (Delphi Corporation Bankruptcy News, Issue No.  
75; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MEAT HOPE: Files for Bankruptcy with Sapporo District Court
-----------------------------------------------------------
Meat Hope Co. filed for bankruptcy on July 17 with the Tomakomai
branch of the Sapporo District Court, The Japan Times reports.

According to The Asahi Shimbun, the meat processor was embroiled
in a scandal over the quality and labeling of its food products.

As reported in the Troubled Company Reporter - Asia Pacific on
June 29, 2007, results of an Agriculture, Forestry and Fisheries
Ministry investigation showed that Meat Hope sold ground beef
mixed with pork, chicken and other meat, and labeled only as
ground beef to Hokkaido Katokichi Co. and 17 other companies
since 1998.  Meat Hope, according to the investigation, sold
around 368 tons of the intentionally labeled ground beef last
year.

The company had liabilities of about JPY670 million, The Shimbun
cites an estimate by a credit research company.  However, a
former Meat Hope executive said that the sum cannot be taken at
face value because the company is suspected of having juggled
its accounts to evade taxes.

The company, according to Japan Times, has determined that it
cannot maintain its business any longer because its reputation
has been severely damaged.  After the scandal broke on June 20,
Meat Hope stopped its production lines and received many
returned products from distributors and retailers.

A subsequent TCR-AP report on June 29 stated that the company
had laid off all of its 60 employees.

Japan Times notes that during a meeting with the company's labor
union on July 10, Meat Hope President Minoru Tanaka said that
bankruptcy was unavoidable due to the huge compensation claims
being made by its clients.

Mr. Tanaka, The Shimbun says, is expected to file for personal
bankruptcy.

Meat Hope reported JPY1.64 billion in sales for the business
year that ended March 31, Japan Times says, citing credit
research firm Tokyo Shoko Research Ltd.

The company owes JPY45 million on a loan it received through the
prefectural government's loan programs, The Shimbun points out.


NOMURA HOLDINGS: Finalizes Details of Stock Options
---------------------------------------------------
Nomura Holdings, Inc., disclosed that its Group Executive
Management Committee has finalized the details of the issuance
of stock acquisition rights as stock options.

The Group Executive Management Committee consists of a number of
representative executive officers and, via Board of Directors
resolutions, decides important business matters including the
issuance of stock acquisition rights.

The details regarding the stock options can be viewed for free
at:

http://www.nomuraholdings.com/news/nr/holdings/20070712/20070712.pdf

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a  
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil through its subsidiaries.  
Nomura operates in five business segments: Domestic Retail,
which includes investment consultation services to retail
customers; Global Markets, which includes fixed income and
equity trading  and asset finance businesses in and outside
Japan; Global Investment Banking, which includes mergers and
acquisitions advisory and corporate financing businesses in and
outside Japan; Global Merchant Banking, which includes private
equity investments in and outside Japan, and Asset Management,
which includes development and management of investment trusts,
and investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


SAMSONITE CORP: Inks US$1.7 Billion Merger Deal with CVC Capital
----------------------------------------------------------------
Samsonite Corporation entered into a definitive merger agreement
to be acquired by funds managed and advised by CVC Capital
Partners, a private equity firm.  The all-cash transaction is
valued at approximately US$1.7 billion, including the assumption
of debt.

Under the terms of the agreement, CVC will acquire all of the
outstanding common stock of Samsonite for US$1.49 per share in
cash.

The transaction was unanimously approved by the Board of
Directors of Samsonite.

Entities controlled by Ares Management LLC, Bain Capital
Partners, LLC and Teachers' Private Capital, the private
investment arm of Ontario Teachers' Pension Plan, who
collectively own approximately 85% of Samsonite's common stock,
have agreed to approve the transaction and have entered into a
written consent and voting agreement with CVC in this regard.  
The written consent and voting agreement provides, among other
things, that the Principal Shareholders will deliver written
consents approving the merger.

The transaction is expected to close during the fourth quarter
of 2007 and is subject to customary closing conditions,
including regulatory review in the US and Europe.  CVC has
received certain funds debt financing commitments from third-
party financing sources and, accordingly, closing is not subject
to the receipt of financing.

"We believe that this transaction delivers excellent value to
all our shareholders," Marcello Bottoli, CEO of Samsonite, said.  
"I am excited to continue our successful journey to create the
world's leading travel lifestyle brand together with CVC Capital
Partners."

"Ares Management LLC, Bain Capital and Ontario Teachers' Pension
Plan would like to thank Marcello Bottoli, the rest of the
management team and the employees of Samsonite for their
significant efforts during our ownership period in transforming
the company into the world's leading premium, global travel
brand," a representative for the Principal Shareholders
commented.  "We wish Samsonite and its new owners continued
success."

"CVC Capital Partners is delighted to have reached agreement to
acquire Samsonite, the world's leading travel lifestyle brand,"
Hardy McLain and Luigi Lanari of CVC stated.  "We look forward
to working with Marcello Bottoli and his team to realise the
full potential of the brand.  China and India present
particularly interesting opportunities for growth."

Merrill Lynch International acted as financial advisor and
Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal
advisor to Samsonite in connection with the transaction.  
Kirkland & Ellis LLP acted as legal advisor to the Principal
Shareholders in connection with the transaction.  UBS and Lehman
Brothers Inc. acted as financial advisors and Paul, Weiss,
Rifkind, Wharton & Garrison LLP and SJ Berwin LLP acted as legal
advisors to CVC.


Samsonite Corporation (OTC Bulletin Board: SAMC.OB) --
http://www.samsonite.com/-- manufactures, markets and  
distributes luggage and travel-related products.  The company's
owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland,
are sold globally through external retailers and 284 company-
owned stores.  Executive offices are located in London, England.  
The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

Samsonite Corporation's balance sheet, as of April 30, 2007,
showed total assets of US$643.8 million and total liabilities of
US$843 million, resulting in a US$224.7 million stockholders'
deficit.

                          *     *     *

As reported in the TCR-Europe on July 10, 2007, Moody's
Investors Service placed all ratings of Samsonite Corporation
under review for possible downgrade.

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

Ratings placed under review for possible downgrade are:

* Samsonite Corporation

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

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

   -- Corporate Family Rating at B1; and

   -- Probability of Default rating at B2.


=========
K O R E A
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SSAMZIE CO: Signed KRW107.8-Million Contract with KTHitel Co.
-------------------------------------------------------------
Ssamzie Co., Ltd., has signed a contract with KTHitel Co., Ltd.,
wherein KTHitel will provide Ssamzie copyrights of mobile,
digital media broadcasting (DMB) and Internet protocol, Reuters
reports.

According to the report, the contract amount is KRW107,800,000.

                        About SSAMZIE Co.

SSAMZIE Co., Ltd. specializes in the manufacturing, designs and
sale of leather goods, cloths, hats and accessories.  The
company provides bags, wallets, shoes, hats, clothes and
accessories under house brands such as SSAMIE, ISSAC, nom, GILI,
SSAMZIE SPORT, SSAM, DALKI and acupuncture.  Its target
customers include teenagers and people in their mid-twenties.
The company sells its products through stores, department stores
and Internet shopping mall.  It has stores in the United States,
the United Kingdom and China.

Korea Investors Service placed a BB rating on the company's
issuer rating on August 28, 2006.


WOORI BANK: Partners with Chungcheongbuk-do Local Government
------------------------------------------------------------
Woori Bank contracted an agreement with Chungcheongbuk-do local
government to support financial services to SMEs that would move
into that region and new industrial complex.  New industrial
complex will be established by private investments.

The agreement includes overall supports to the establishment of
local industrial complex in that region, financial supports and
privileged treatment in interest to construction companies
ordered from the local government, and financial supports to
SMEs that will move into that region, etc.

Gi-Jin Song, Vice Chairman of the bank, emphasized at the
agreement, "We have already accumulated experiences in this
business and have secured an advanced system.  Therefore, we
believe that this agreement will provide good opportunities to
the local government's SMEs inducement project, and we will also
proactively support it."

An official of the bank also said, "Based on our accumulated
corporate financing know-how and experiences, we will support
project financing activities for the industrial complex project.
And we will provide not only one-stop financial solution
services but consultation supports to entrance companies into
the complex."

                       About Woori Bank

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

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


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

MBF CORP: Looks for Potential Buyers in QBE Insurance Stake
-----------------------------------------------------------
MBf Corp Bhd is seeking other potential buyers for its 49% stake
in QBE Insurance (Malaysia) Bhd after talks with OSK Holdings
Bhd fell through in April, The Edge Daily relates.

"We are open for discussions for whoever is interested" MBf
Managing Director and Chief Executive Officer Datuk Loy Teik
Ngan told the paper in an interview.  According to Mr. Loy, the
proposed disposal was part of its reorganization program to hive
off non-core assets in order to settle its loans and reduce its
debt.

On April 25, 207, the Troubled Company Reporter-Asia Pacific
reported that OSK Holdings Bhd ceased its negotiations with MBf
on the proposed 49% QBE share purchase agreement.

OSK Securities previously made an offer to acquire the equity
interest for MYR87 million, the TCR-AP said.


Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


MERCES HOLDINGS: Bursa Slaps Public Reprimand and Fine
------------------------------------------------------
The Bursa Malaysia Securities Bhd publicly reprimanded and
imposed a fine of MYR15,000 on Merces Holdings Bhd for breach of
Paragraph 9.23(b) of the bourse.

Paragraph 9.23(b) of the Listing Requirements of the bourse
states that a listed issuer must ensure that the issuance of the
annual audited accounts will be given for public release, within
a period not exceeding four months from the close of the
financial year of the listed issuer unless the annual report is
issued within a period of four months from the close of the
financial year of the listed issuer.

According to the bourse, the company has breached the provision
for failure to furnish its annual audited accounts for the
financial year ended December 31, 2006, on or before the
April 30, 2007 deadline.  The company only furnished its 2006
annual audited accounts to Bursa Securities for public release
on May 18, 2007.


Merces Holdings Berhad's principal activities are the provision
of property development and building construction works.  The
Company's other activity include investment holding.  Operations
of the Group are predominantly carried out in Malaysia.

Merces Holdings has defaulted on several loan facilities and had
faced winding-up petitions due to unsettled financial
obligations.


PANGLOBAL BHD: Failure to File Audited Accounts Cues Reprimand
--------------------------------------------------------------
Panglobal Bhd's failure to file its Annual Audited Accounts for
the financial year ended December 31, 2006, with the Bursa
Malaysia Securities Bhd on or before the April 30, 2007 deadline
cost the company a public reprimand and a MYR2,000 fine from the
bourse.

According to the Listing Requirements of the Bursa Securities, a
listed issuer must ensure that the issuance of the annual
audited accounts together with the auditors' and directors'
reports will, in any case, be given to the bourse for public
release, within a period not exceeding four months from the
close of the financial year of the listed issuer unless the
annual report is issued within a period of four months from the
close of the financial year of the listed issuer.

Panglobal only submitted its 2006 annual audited accounts to
Bursa Securities on May 4, 2007, a delay of two market days.


Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all  
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

Panglobal's balance sheet as of Dec. 31, 2006, went upside down
with total assets of MYR680.26 million and total liabilities of
MYR1.06 billion, resulting in a shareholders' deficit of
MYR388.67 million.


TANCO HOLDINGS: Scheme Creditors Meeting Set for August 10
----------------------------------------------------------
The scheme creditors of Tanco Holdngs Bhd and its subsidiaries
will have a meeting for the purpose of considering and, if
thought fit, approving, with or without modifications, a scheme
of arrangement proposed to be made between each of the Scheme
Companies and its Scheme Creditors.

The several and separate Creditors Meetings will be held at Duta
Vista Executive Suites, No. 1, Persiaran Ledang, Off Jalan Duta,
in 50480 Kuala Lumpur, Malaysia, on August 10, 2007, and at the
time specified:  

    * Tanco Holdings Berhad (Scheme A) at 9:00 a.m.
    * Palm Springs Development Sdn. Bhd. (Scheme B) at 9:30 a.m.
    * Tanco Resorts Berhad (Scheme C) at 10:00 a.m.
    * JKMB Development Sdn. Bhd. (Scheme D) at 10:30 a.m.
    * Palm Springs Resort Management Berhad (Scheme E) at
      11:00 a.m.
    * Tanco Land Sdn. Bhd. (Scheme F) at 11:30 a.m.
    * Popular Elegance (M) Sdn. Bhd. (Scheme G) 12:00 noon
    * Tanco Properties Sdn. Bhd. Scheme H at 1:30 p.m.
    * Tanco Club Berhad (Scheme I) at 2:00 p.m.
    * Tanco Development Sdn. Bhd. (Scheme J) at 2:30 p.m.


Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf  
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.


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

ALL STAR: Wind-Up Petition Hearing Set for Today
------------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of All Star Cars (Lincoln Road) Ltd. on May 21,
2007.

The petition will be heard before the High Court of Napier
today, July 19, 2007, at 10:00 a.m.

The CIR's solicitor is:

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


AFTERMARKET PLAY: Names Brown and Rodewald as Liquidators
---------------------------------------------------------
On June 18, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as liquidators of Aftermarket Play Ltd.

The Liquidators can be reached at:

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


AMP CAPITAL: Commences Liquidation Proceedings
----------------------------------------------
The shareholders of AMP Capital Investments No. 15 Ltd. resolved
to liquidate the company's business on June 13, 2007.

Andrew James Stewart was appointed as liquidator.

The Liquidator can be reached at:

         Andrew James Stewart
         Level 19, Morrison Kent House
         105 The Terrace, Wellington
         New Zealand
         Telephone:(04) 472 0020
         Facsimile:(04) 472 7017


AQUASOLEIL TRUSTEE: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
The Commissioner of Inland Revenue filed on April 17, 2007, a
petition to liquidate the business of Aquasoleil Trustee Ltd.

The petition will be heard before the High Court of Auckland
today, July 19, 2007, at 10:00 a.m.

The CIR's solicitor is:

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


COMMERCIAL FLOORING: Court to Hear Wind-Up Petition Today
---------------------------------------------------------
The High Court of Napier will hear a petition to wind up the
operations of Commercial Flooring Contractors Ltd. today,
June 19, 2007, at 10:00 a.m.

Accident Compensation Corporation filed the wind-up petition on
July 19, 2007.

Accident Compensation's solicitor is:

         Dianne S. Lester
         Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court
         PO Box 50555, Porirua City
         New Zealand


KIWITREK NEW ZEALAND: Subject to CIR's Wind-Up Petition
-------------------------------------------------------
On April 19, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Kiwitrek New Zealand Tours
Ltd.

The petition will be heard before the Court today, July 19,
2007, at 10:00 a.m.

The CIR's solicitor is:

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


MOWBRAY COLLECTABLES: Sets Shareholders Meeting on Aug. 15
----------------------------------------------------------
Mowbray Collectables Limited will hold the annual meeting of its
shareholders on August 15, 2007, at 10:00 a.m., at Turnbull
House, in Bowen Street, Wellington.

The agenda for the meeting will be:

1. Presentations

   The Chairman's and Managing Director's addresses to
   shareholders.

2. Shareholder discussion

3. Election of Directors

   Murray Radford retires by rotation in accordance with the
   company's constitution and, being eligible, offers himself
   for re-election.

4. Directors' Fees

   To approve payment of directors' fees up to a maximum of
   NZ$38,000 in aggregate for each financial year.

5. Auditor

   To record the re-appointment of Martin Jarvie PKF as the
   company's auditor under section 200 of the Companies Act
   1993, and to authorize the directors to settle their
   remuneration.


Headquartered in Otaki, New Zealand, Mowbray Collectables
Limited -- http://www.mowbraycollectables.co.nz/-- is engaged
in the auction of rare books, maps, print, militaria and
numismatics.  The company's wholly subsidiaries include Mowbray
Bethunes Ltd, which is a stamp, philatelic, rare book dealer,
retailer and auctioneer; World Wide Fund for Nature Stamp
Program (New Zealand Agency), which is an international stamp
program agency; Stanley Gibbons (Australia) Pty Ltd, which is an
international stamp auctioneer; Auction Investments Ltd, which
is a holding company, and Wildlife Philatelic Collections Pty
Ltd, which is an international stamp program agency.  Its
associates include Peter Webb Galleries Ltd, which is an
auctioneer in New Zealand, and First East Auction Holdings Pty
Ltd, which is an auctioneer in Australia.

The company reported net deficits after taxation of NZ$151,526
and NZ$169,775 for the years ended March 31, 2006, and 2005,
respectively.


OODIAN ON: Court to Hear Wind-Up Petition Today
-----------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Oodian On Queen Ltd. today, July 19, 2007, at
10:45 a.m.

The petition wad filed by the Commissioner of Inland Revenue on
April 23, 2007.

The CIR's solicitor is:

         Simon John Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone:(09) 336 7556


PLUS SMS: Fires Sr. Manager; Changes Forecast to NZ$3-Mil. Loss
---------------------------------------------------------------
Plus SMS Holdings Ltd has terminated the employment agreement of
Nicolas Barrera Rios, a senior staff, for gross misconduct and
alleged criminal fraud, the company reveals in a filing with the
New Zealand Stock Exchange.  Mr. Rios was general manager of
CRE8, a subsidiary of Plus SMS in Latin America.

With the issues linked to the senior manager's action, the
company has suffered disruption to its business operations,
associated costs, and specific deferred or lost sales
opportunities that were an integral part of its prior revenue
forecast -- NZ$18 million in consolidated revenues and a break
even position for the year ending March 31, 2008.  Now, the
company's board of directors revised its forecast and expects
earnings of NZ$10 million in consolidated revenues and a loss
position of NZ$3 million (excluding any IFRS2 adjustment) for
the period.

The company is still reviewing its options for additional
funding to support the growth and acceleration of various sales
opportunities.

"While this is an unfortunate situation for the Company, the
potential in the Latin American region remains strong.  PLS is
well positioned to take advantage of these opportunities and
leverage existing partnerships with leading mobile operators and
corporations such as Microsoft and Motorola as previously
announced," said Christopher Tiensch, chairman of Plus SMS.

PLS did not issue any management shares or options to Mr Barrera
Rios, the company says.  The board has taken all necessary
measures to safeguard the assets of PLS in Latin America and
management has completed a thorough review of all operations in
the region.

In a separate filing with NZX, the company discloses the
appointment of Gonzalo Gandia as CRE8's general manager for
South America.  Mr. Gandia will be based out of CRE8's office in
Santiago, Chile.

                            About CRE8

CRE8 (NZAX: PLS) is a subsidiary company of Plus SMS Holdings
Limited.  CRE8 is a provider of content, connectivity, and
network services for mobile operators, brands and media
companies worldwide.

                          About Plus SMS

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number.  On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.

The company suffered at least two years of consecutive
consolidated net losses: NZ$11,888,229 for the financial year
ended March 31, 2007, and NZ$4,488,542 for the year ended
March 31, 2006.


SEALEGS CORP: Unit Gets Go Ahead on 7.1m Amphibious Boat
--------------------------------------------------------
Sealegs Corp.'s wholly owned subsidiary, International Ltd, has
confirmed that its new 7.1m amphibious boat is heading into full
production following successful sea trials.

The 7.1m amphibious Rigid Inflatable Boat is the third and
largest model released by Sealegs in the last three years.  It
is designed to cater for the demand for more boat space and
extra seating as well as to assist the extraordinary growth the
company is experiencing.

The 7.1m RIB has come as a direct result of market feedback and
already has confirmed pre-release orders for 14 of the new model
which sells for NZ$98,000.  According to Sealegs CEO David McKee
Wright, "the 7.1m amphibious RIB will create new markets and
business opportunities based around tourism and water
transportation."

While New Zealand's recent floods have been a cause of wide
spread concern, they have resulted in more business leads for
Sealegs.  "We've received streams of enquiries as a result of
these floods as people have realised how advantageous our boats
can be in these situations," he says.

Sealegs is shipping its first 7.1m RIB to Italy for the Genoa
International Boat Show in October 2007, where it will be
unveiled to the European community for the first time.  Italy is
a very important market for Sealegs with the Italian Government
having previously purchased Sealegs amphibious boats for their
Fire Department to use in flood prone areas.

The Sealegs 7.1m RIB can comfortably seat up to 8 adults and has
a payload of 700kgs.  It has a top land speed of 10 kph and with
an 115hp motor can do up to 78 kph on water.

To cope with the increasing worldwide demand for its amphibious
boats, Sealegs has employed 10 new staff within the last month.
The company has over 100 orders from customers for its
amphibious boats representing approximately NZ$8 million in
future revenue.

Sealegs has appointed OCB Marine as its distributor in Hong Kong
with an initial 7 boat order.  The appointment of OCB brings the
total number of Sealegs worldwide distributors to ten as it
continues to build its international sales network.

                       About Sealegs Corp.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


SUNDER SERVICES: Sets Wind-Up Petition Hearing for Today
--------------------------------------------------------
The High Court at Napier will hear a petition to wind up the
operations of Sunder Services Ltd. today, July 19, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the wind-up petition
against the company on June 13, 2007.

The CIR's solicitor is:

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


TEAMM DECORATORS: Liquidation Petition Hearing Set for Today
------------------------------------------------------------
A petition to liquidate the business of Teamm Decorators Ltd.
will be heard before the High Court of Auckland on July 19,
2007, at 10:00 a.m.

The liquidation petition was filed by the Commissioner of Inland
Revenue on April 12, 2007.

The CIR's solicitor is:

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


THE DENTAL SHOP: Liquidation Petition Hearing Set for Today
-----------------------------------------------------------
A petition to liquidate the business of The Dental Shop Ltd. was
filed by the Commissioner of Inland Revenue on April 12, 2007.

The High Court of Auckland will hear the petition on July 19,
2007, at 10:00 a.m.

The CIR's solicitor is:

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


THE CITRUS BAR: Court Enters Wind-Up Order
------------------------------------------
The Citrus Bar & Cafe Ltd. was ordered to wind up its operations
on June 11, 2007, by the High Court of Christchurch.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as
liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


ZINC LTD: Faces CIR's Wind-Up Petition
--------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Zinc Ltd. on July 19, 2007, at 10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
April 23, 2007.

The CIR's solicitor is:

         Simon John Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone:(09) 336 7556


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

BANGKO SENTRAL: Sectors Prepays US$1 Billion Of Foreign Debt
------------------------------------------------------------
The Bangko Sentral ng Pilipinas revealed Tuesday that in the
January-April period, the public and private sector prepaid a
total of more than US$1.363 billion out of the country's foreign
debt, the Philippine Star reports.

The private sector contributed US$432 million, while the public
sector gave in US$931 million, BSP Governor Amando M. Tetangco
Jr. said.  He further said that US$805 million of those prepaid
debts were loans that had been eating away at its total debt
portfolio in order to improve the Philippines' debt profile.

The BSP had said that the country's remaining foreign debt
dropped 2.3% during the first quarter, reaching US$54 billion as
of March 31.  The figure was at US$55.3 billion during the same
period in 2006.


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

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

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

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


CHIQUITA BRANDS: To Renegotiate Prices with COOSEMUPAR
------------------------------------------------------
Jahir Lombana at Fresh Plaza reports that the Cooperativa de
Servicios Multiples de Puerto Armuelles, or COOSEMUPAR, wants to
start talks with Chiquita Brands International on a new
reference price for the banana boxes and a whole evaluation of
the framework accord signed with the firm.

According to Fresh Plaza, the agreement will end on
Sept. 30, 2007.  It would be renegotiated between Chiquita
Brands and COOSEMUPAR.

Fresh Plaza notes that the cost of raw materials increased
production costs up to US$7.30 per box of 40 pounds.  Producers
get up to US$5.50 per box of 40 pounds.

Reynaldo Rivera, the Labor and Labor Development Minister and
President of the high level Commission that will help resolve
disputes between Chiquita Brands and COOSEMUPAR, informed the
company of the cooperative's willingness to communicate, Fresh
Plaza states.

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

                       *     *     *

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

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


CHIQUITA BRANDS: Eyes Packed Vegetables as Good Business
--------------------------------------------------------
Chiquita Brands International official Michael Mitchell told the
Associated Press that the firm foresees packed vegetables as a
good business opportunity.

Jahir Lombana at Fresh Plaza relates that Chiquita Brands "could
abandon the dependency on bananas with a new portfolio of core
products."

Fresh Plaza notes that Panamanian producers got worried with the
official's announcement since Chiquita Brands markets almost 98%
of Panama's banana production.

The producers suggested trade with Dole Food as alternative,
Fresh Plaza states.

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

                       *     *     *

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

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


FORUM PACIFIC: Incurs Annual Net Loss of PHP37.17 Mil. For 2006
---------------------------------------------------------------
Forum Pacific Inc. reported a net loss of PHP37.17 million for
the year ended December 31, 2006, an 88.3% decrease from the
PHP318.92-million net loss it reported for fiscal year 2005.

The company earned revenues of PHP9.04 million for 2006, and
other income of PHP14.68 million, while it incurred costs and
expenses of PHP51.5 million and interest expenses of
PHP9.4 million.

As of December 31, 2006, the company had total assets of
PHP786.78 million and total liabilities of PHP340.81 million,
resulting in a total equity of PHP445.96 million.  

The company's 2006 annual financial statements can be downloaded
for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/FPI_17A_Dec2006.pdf


Headquartered in Makati City, Philippines, Forum Pacific, Inc.,
formerly known as Air Philippines International Corporation, was
registered to engage in investing, purchasing and acquiring
assets of any kind and description with the secondary purpose of
engaging in the exploration, development and production of
petroleum and related products, as well as other mineral and
chemical substances.  It is presently a holding company, owning
shares of stocks of an exploration company, a thrift bank and
other companies.  


FORUM PACIFIC: Incurs PHP3.98-Mil. Net Loss for 2007 1st Quarter
----------------------------------------------------------------
Forum Pacific Inc. incurred a net loss of PHP3.98 million for
the first quarter of 2007, a 49.8% decrease from the
PHP7.93-million net loss it reported for the same period last
year.

For the January-March 2007 period, the company earned revenues
of PHP2.33 million, and other income of PHP1.76 million.  Cost
and expenses for the quarter reached PHP8.08 million.

As of March 31, 2007, the company had total assets of
PHP897.19 million and total liabilities of PHP459.16 million,
resulting in a total equity of PHP438.03 million.

The company's first quarter financials can be downloaded for
free at:

http://www.pse.com.ph/html/NewsRoom/pdf/memo_FPI_quarterly%
20report_071607.pdf


Headquartered in Makati City, Philippines, Forum Pacific, Inc.,
formerly known as Air Philippines International Corporation, was
registered to engage in investing, purchasing and acquiring
assets of any kind and description with the secondary purpose of
engaging in the exploration, development and production of
petroleum and related products, as well as other mineral and
chemical substances.  It is presently a holding company, owning
shares of stocks of an exploration company, a thrift bank and
other companies.  

The company has suffered three consecutive annual net losses:
PHP37.178 million for 2006, PHP318.924 million for 2005 and
PHP16.998 million for 2004.


NAT'L POWER: Forex Gains Reach PHP68.74 Bil. Due to Strong Peso
---------------------------------------------------------------
The National Power Corp. reported Tuesday that it has gained
PHP68.74 billion from currency differentials caused by the
strong peso last year, the Daily Tribune reports.

NAPOCOR President Cyril del Callar said that the company is
passing on the gains and lowering charges to electricity buyers
as mandated by the Energy Regulatory Commission.

The article recounts that the company also realized a higher
currency differential gain in 2005, amassing a total of
PHP78.74 billion.  These gains resulted from huge savings on
payments of principals and interests because of the
strengthening peso.

The company also saved money from the import of fuel for power
plants, NAPOCOR said.  

Mr. Del Callar outlined the lower charges for the three grids as
a result of these gains:

   -- From March to August 2007, the Luzon grid charges were
      lowered by PHP0.74 per kilowatt-hour, and then for
      September to December 2007, the charges will again be
      lowered by PHP0.66 per kilowatt-hour.

   -- For the Visayas grid, the charges were lowered by PHP0.16
      per kilowatt-hour from March to May 2007.

   -- The Mindanao grid charges were lowered by an average of
      only PHP0.30 per kilowatt-hour from March until October
      this year, since NAPOCOR generates power there from
      hydroelectric plants and they do not consume imported
      foreign fuel.

However, some quarters have questioned NAPOCOR's foreign
exchange gains as a possible way of window-dressing its
financial performance, the article said.

                         About NAPOCOR

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

                          *     *     *

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

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

The TCR-AP also reported that Fitch Ratings assigned a rating of
'BB' to the US$500 million fixed-rate notes issued by National
Power Corporation in the Philippines.


PHIL NAT'L BANK: Lists 140 Million New Shares in Local Bourse
-------------------------------------------------------------
The Philippine National Bank yesterday listed an additional
140.818 million shares with the Philippine Stock Exchange after
completing requirements for converting 140.818 million
convertible preferred shares into common shares, the
BusinessWorld Online says.

The shares carry a par value of PHP40 per share, and will be
offered via a core Tier 1 issuance to strengthen the bank's
capital base.  This is in preparation for stricter requirements
under Basel 2.

The bank's president, Byron Mier, said that the net proceeds
from the offering would go to investments and funding for the
bank's working capital requirements.  

According to the article, Switzerland's UBS Investment Bank will
serve as the sole bookrunner and international underwriter.  
Joint domestic lead underwriting will be done by the Land Bank
of the Philippines and PNB Capital and Investment Corp.

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

                          *     *     *

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

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

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

The TCR-AP also reported that Standard and Poor's Ratings
Services gave PNB 'B' Short-Term Foreign Issuer Credit and
Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings effective as of April 26, 2006.


* Phils. Competitiveness Level Drops 3 Notches, Swiss Firm Says
---------------------------------------------------------------
The Philippines has dropped three levels in the competitiveness
scale due to the decline in government efficiency, business
efficiency and infrastructure, falling to number 45 from the
number 42 ranking in the World Competitiveness Yearbook a year
ago, the Swiss-based Institute of Management Development told
the Philippine Star.

However, the country's economic performance remained unchanged
at number 45 as the country's cost of living index and exports
performed well compared to other nations.

The WCY ranks 55 countries.  It released its report for the year
2007 on Tuesday, in which the Philippines garnered a score of
47.163 points.  This is lower than last year's score of
49.041.  In terms of government efficiency, the Philippines
ranked 47 this year, where it ranked number 39 in 2006.

According to the Philippine Star, the survey judged that the
Philippines fared poorly regarding political parties'
comprehension of issues such as economic challenges, exchange
rate stability and interest rate spread.  On the other hand, the
survey also ranked the country as no.4 in tax revenue and real
short-term interest rates.

The survey also rated the Philippines' business efficiency at
number 39 from number 37 last year, because of the poor rating
on the country's image, which was also rated number 53 out of
55.  However, the country's stock market index is ranked third
when the percentage change index is computed using the peso, and
in the remuneration in service professions.

Infrastructure received a rating of 51 because of the poor
pupil-techer ratio in the country's secondary education.  The
country was also took the 54th spot in the survey for the
primary education pupil-teacher ratio, the article relates.

The Philippines' total public expenditure on education and
health is poorer than other countries, the IMD said.

The survey also ranked the Philippines' dependency ratio as
among the worst of the surveyed nations.  The IMD found that
there are more people under the age of 15 and over 64 years old
in the country's population.

                          *     *     *

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

AAR CORP: Names Timothy J. Romenesko as Director
------------------------------------------------
Timothy J. Romenesko was named as the director of AAR Corp
effective on July 10, 2007.  Mr. Romenesko has also been
appointed as the Executive Committee of AAR's Board of
Directors.

Mr. Romenesko, who is 50 years old, currently serves as the
President and Chief Operating Officer of the company.  
Previously, he served as AAR's Chief Financial Officer and held
a variety of financial and leadership positions since joining
the company in 1981.

                         About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides     
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


ASIA PM: Commences Liquidation Proceedings
------------------------------------------
Asia PM Pte Ltd, which is formerly known as E-AI Resources Pte
Ltd, commenced liquidation proceedings on June 29, 2007, and
Paul Tan Lye Heng was appointed as liquidator.

The Liquidator can be reached at:

         Paul Tan Lye Heng
         Tan, Teo & Partners
         190 Middle Road #12-10
         Fortune Centre
         Singapore 188979


ESCHBACH INDOCHINE: Court Releases Wind-Up Order
------------------------------------------------
On June 29, 2007, the High Court of Singapore released an order
to wind up the operations of Eschbach Indochine Pte Ltd.

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

Eschbach's solicitor is:

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


LEAR CORP: Terminates Merger Agreement with American Real Estate
----------------------------------------------------------------
At Lear Corporation's Annual Meeting of Stockholders held on
July 16 in Wilmington, Delaware, an insufficient number of
shares were voted in favor of the merger proposal with American
Real Estate Partners L.P.  As a result of this vote by
stockholders, Lear's Merger Agreement with AREP will terminate
in accordance with its terms and Lear will continue to operate
as a standalone publicly-traded company.

"We respect the stockholder majority and intend to operate our
business going forward with the same high level of intensity and
commitment to customer satisfaction and stockholder value we
have always had," Bob Rossiter, Lear's chairman and chief
executive officer, said.  "At the time we entered into the
Merger Agreement with AREP, we had a clear strategy and business
plan for the future.  We will continue to execute that plan."

"In the end, while there were many different viewpoints
on the transaction, the decision came down to each individual
owner's investment perspective, outlook for the future and
assessment of the risks, Mr. Rossiter continued.  "What we all
can take away from this proposed transaction and ultimate vote
is that both Mr. Icahn and our present stockholders share a
common positive view of Lear's long-term prospects."

Additionally, stockholders voted on these items:

   -- For the reelection of three directors, Larry W. McCurdy,
      Roy E. Parrott and Richard F. Wallman;

   -- For amendments to Lear's Amended and Restated Certificate
      of Incorporation in order to eliminate the current
      classified structure of the Board and phase in over a
      three year period the annual election of each member of
      the Board;

   -- For the appointment of Ernst & Young LLP as Lear's    
      Independent registered public accounting firm;

   -- For a non-binding stockholder proposal to initiate a
      process to amend the Corporate governance documents to
      provide that director nominees will be elected by
      affirmative vote of the majority of votes cast at the
      annual meeting of stockholders, with a plurality vote
      standard retained for the contested director elections,
      that is, when the number of nominees exceeds the number of
      board seats;

   -- Against a non-binding stockholder proposal on Global Human
      Rights Standards.

As reported in the Troubled Company Reporter on July 10, 2007,
the company approved an amendment to the Merger Agreement with
AREP.  Under the amendment, AREP agreed to increase its offer
price for shares of Lear common stock from $36 to $37.25 per
share.

                      About American Real

American Real Estate Partners, L.P. -- http://www.arep.com/--
(NYSE: ACP), a master limited partnership, is a diversified
holding company engaged in a three primary business segments:
Gaming, Real Estate and Home Fashion.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and   
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, South Korea, Thailand and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.



VIBRANT INTERNATIONAL: Members' Final Meeting Set for August 13
---------------------------------------------------------------
Vibrant International Pte Ltd, which is in liquidation, will
hold a meeting for its members on August 13, 2007, at 3:00 p.m.,
at 1 Scotts Road, #21-07/08/09 Shaw Centre in Singapore 228208.


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

SR TELECOM: Inks Pact with Lenders for New US$45-Million Loan
-------------------------------------------------------------
SR Telecom Inc. entered into an agreement with a syndicate of
lenders comprised of shareholders and lenders of the company
providing for a term loan of up to US$45 million, of which
US$35 million was drawn on July 3, 2007.  An additional US$10
million will be available for drawdown for a period of up to one
year from closing, subject to certain conditions.

The term loan has a five-year term and is subject to the same
security as the existing loans under the company's existing
credit facility, but ranking senior to the existing loans.  The
term loan bears cash interest at a rate equal to the greater of
6.5% or the three-month US dollar LIBOR rate plus 3.85% and
additional interest that may be paid in cash or in kind, at the
option of the Company, at a rate equal to the greater of 7.5% or
the three-month US dollar LIBOR rate plus 4.85%.  The cash
portion of the interest will be payable in kind until December
2008.  A payout fee of 5% of the term loan will be paid to
lenders upon repayment or maturity of the loan.

"The level of support we have received from our shareholders
and lenders is a strong indication of their ongoing belief in SR
Telecom, its people, its products and its WiMAX strategy," said
Serge Fortin, SR Telecom's president and chief executive
officer.  "While it is clear that much remains to be done for SR
Telecom to regain positive and sustainable momentum, these
additional funds will enable us to execute on our growth
strategy even though the delay in finalizing today's
announcement has had a negative impact on manufacturing  
schedules and deliveries, and will have an unfavourable effect
on second and third quarter results."

                      Amendments to terms

In connection with entering into this new term loan, the
syndicate of lenders has agreed to amend some of the terms of
the initial advances under the credit facility and the
convertible term loan.  The maturity date has been amended to
match the maturity date of this new financing and the cash
portion of the interest will be payable in kind until December
2008.

In addition, amendments were also made to the terms of the
credit facility and the convertible term loan for the portion of
the debt held by two of the lenders, who are not company
insiders, whereby their respective portions would be convertible
into common shares of the company at a price of US$0.114 per
share.  As well, the conversion price of the portion of the
convertible term loan held by one of the lenders was amended to
the same price.

As some of the parties participating in the financing are
related parties of the company, as defined by applicable
securities legislation in Quebec and Ontario, the financing is
considered a related-party transaction.  However, it is exempt
from the valuation and minority approval requirements, as it is
a loan to the company obtained on reasonable commercial terms
that are no less advantageous to the company than if the loan
had been obtained from persons that were dealing at arm's length
with the company.

The company will file a material change report less than 21 days
prior to the closing date of the financing, a shorter period
that is reasonable and necessary under the circumstances, which
will allow the company to complete the transaction in a timely
manner in order to finance its operations and execute on its
growth strategy.

                   Status Update on Results

The company intends to update its financial statements and
accompanying management's discussion and analysis for the
periods ended Dec. 31, 2006, and March 31, 2007, in the coming
days.

                      Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the uncertainty
concerning the outcome of the company's financing initiatives
and because of the company's losses for the current and prior
years, negative cash flows, reduced availability of supplier
credit and lack of operating credit facilities.

For the quarter ended March 31, 2007, the company realized a net
loss of CDN$12.2 million and used cash of CDN$12.4 million in ts
continuing operating activities.  The company had a net loss of
CDN$115.6 million and used cash of CDN$45.2 million in its
continuing operations for the year ended Dec. 31, 2006.

                        About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

                         *     *     *

SR Telecom's long-term credit rating carries Standard & Poor's
Ratings Services' D rating.


TRUE CORP: Unit Asia Wireless Offers Lower Monthly Rates
--------------------------------------------------------
Asia Wireless Communications Co., a subsidiary of True Corp., is
now offering its personal communications telephone subscribers a
lower monthly rate of THB400 for internetwork calls under its
PCT "buffet" plan, the Bangkok Post reports.

The company is also preparing to merge its PCT services with
that of True Move PCL, the parent company of True Corp.  Aside
from these, plans include a dual-mode handset with both PCT and
mobile-phone GSM systems features, and a renovation of its PCT
network infrastructure to provide WiFi and WiMax services in
metropolitan areas using the "wireless local loop" concept.

The renovation will come after the National Telecommunications
Office approves the license, the article added.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  The outlook is negative.

The Troubled Company Reporter-Asia Pacific reported on Nov. 27,
2006, that Moody's Investors Service affirmed True Corporation
Public Company Ltd's Ba3 corporate family rating and at the same
time changed the rating outlook to negative from stable.  


TRUE CORP: Asia Wireless Confident of Keeping 300,000 Customers
---------------------------------------------------------------
True Corp.'s subsidiary, Asia Wireless Communication Co., is
expecting to maintain its 300,000 personal communications
telephone subscriber base and average monthly revenue of THB250
per month this year, company general manager Saharat Kanongsilp
told the Bangkok Post.

"The company should reach the break-even point in 2008," Mr.
Saharat said.

Early last year, the company had PCT subscribers numbering
440,000.  Now it has only 290,000 with an average revenue
per user of THB200 month.  Since its incorporation in 2000, the
company accumulated a loss of around THB300 million to
THB400 million, the report reveals.

Around 60% of its subscribers are made up of teenagers, while
small and medium-sized enterprises make up the remaining 40%,
Bangkok Post says.

Heavy traffic congestion last year among mobile users caused
poor signals to AWC's PCT customers, Mr. Saharat admitted.  
However, he also added that AWC's success rate in the PCT
business has improved to 40%, compared to the 20%-30% rate
during the peak period last year.

Outgoing to incoming call ratio is now 65:35 for 2007, compared
with 2006's 80:20 last year.  PCT was not a moribund business
despite its failure to offer promising growth, Mr. Saharat said.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  The outlook is negative.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 27, 2006 that Moody's Investors Service affirmed True
Corporation Public Company Ltd's Ba3 corporate family rating and
at the same time changed the rating outlook to negative from
stable.  



                            *********


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

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