TCRAP_Public/070723.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  

             Monday, July 23, 2007, Vol. 10, No. 143

                            Headlines

A U S T R A L I A

ANGLO INDIAN: Sets Joint Meeting for August 10
BASIK PTY: Members and Creditors to Meet on August 17
BROOKHOLLOW PTY: Will Declare Second Dividend on August 15
KBSR PTY: Members Opt to Shut Down Business
KENDLE INTERNATIONAL: Closes US$200 Mil. Senior Notes Offering

MAROUBRA AUTO: Placed Under Voluntary Liquidation
POLYPORE INT'L: Completes Offering of 10-1/2% Sr. Discount Notes
QUANTUM INVESTIGATIONS: Members to Hear Wind-Up Report on Aug. 1
REDWOOD DEVELOPMENTS: Sets Members' Final Meeting for August 3
RETNUH PTY: Members Agree on Voluntary Liquidation

SECURITY MARKETING: Members and Creditors to Meet on August 17
SHIBAM PTY: Creditors to Hold Meeting on August 20


C H I N A   &   H O N G  K O N G

CHINA COPPER: Sets Liquidation Petition Hearing for August 22
EASTERN GLOBAL: Contributories & Creditors to Meet on July 24
INFORMATION SECURITY: Wind-Up Petition Heard on July 18
JIANGXI COPPER: Buys Zhu Sha Mine for CNY41.88 Million
LEADKEEN INDUSTRIAL: Accepting Proofs of Debt Until July 27

LONG VIEW: Shareholders Decide to Shut Down Business
METRO CYBERWORKS: Members to Hold Final Meeting on August 20
MOULIN GLOBAL: Requires Creditors to Prove Debts by July 27
RELIEF AND POVERTY: Names Lai Kin Keung as Liquidator
SCENIC OCEAN: Wind-Up Petition Hearing Set for August 8

SHANGHAI PUDONG: Expects to Double 2007 First-Half Profit
WORLD LAND: Sets Wind-Up Petition Hearing for August 22
ZTE CORP: To Pay CNY143.9 Million in Cash Dividend for 2006


I N D I A

ANDHRA CEMENTS: Board to Consider 1Q Financials on June 30
BALLY TECHNOLOGIES: Inks Casino & Slot Mgt. Pact with Mount Airy
BANK OF BARODA: Plans to Expand Gulf Operations
BANK OF INDIA: Ties Up with ING for Product Distribution
BHARTI AIRTEL: Group Raises Stake in Airtel to More Than 50%

BHARTI AIRTEL: Signs US$2-Bil. Expansion Contract with Ericsson
DECCAN AVIATION: UB Group Raises INR550 Crore for Deccan Buy
EASTMAN KODAK: Board Picks Niceletta Zongrone as Vice President


I N D O N E S I A

AVNET INC: Operating Unit Inks Distribution Pact with Agilent
BAKRI SUMATERA: Secures US$250 Million in Funds to Finance Plan
BANK INTERNASIONAL: Signs Business Agreement w/ Meatball Hawkers
EXCELCOMINDO PRATAMA: To Bid for International Call License
MERPATI NUSANTARA: To Sell Stake in Merpati Maintenace


J A P A N

FORD MOTOR: Dismisses Speculations on Possible Volvo Sale
FUJI HEAVY: Foresees Operating Profit to Surge 75% by 2010
JAPAN AIRLINES: To Redevelop Headquarters Building in London
MITSUBISHI MOTORS: Halts Production in 3 Plants Due to Quake


K O R E A

LYONDELL CHEMICAL: To be Acquired by Basell for US$48 Per Share
LYONDELL CHEMICAL: Fitch Watches Ratings Due to Basell Deal
LYONDELL CHEMICAL: Basell Deal Cues Moody's to Watch Ratings
NACF: Sees Unit as Future Big 5 Securities Business
NAMAE INTERNATIONAL: Signs Contract to Sell 6,000,000 Shares

MIJU STEEL: Converts 20TH Bonds With Warrants into Shares


M A L A Y S I A

ARK RESOURCES: Unit Enters Voluntary Liquidation
SETEGAP BHD: High Court Extends Retraining Order on Conditions


N E W  Z E A L A N D

ANZA DISTRIBUTING: Sets Wind-Up Petition Hearing for Oct. 4
CONCEPT MARKETING: Appoints Nellies and Jenkins as Liquidators
CONNEXIONZ LTD: Posts NZ$975,463 Net Loss for FY 2006-2007
GROOVELINK LTD: Faces Groove Merchants' Wind-Up Petition
HERITAGE GOLD: To Delist Shares From National Stock Exchange

JAMES COOK: Sets Wind-Up Petition Hearing for July 23
PLACE-CRETE LTD: Commences Liquidation Proceedings
REGAL SOUTH: Wind-Up Petition Hearing Slated for August 16
SCENICLAND SERVICES: Court Enters Wind-Up Order
TAKAPUNA RENTALS: Court to Hear Liquidation Petition on Sept. 27

VIDEOS ON ILAM: Taps Nellies and Deuchrass as Liquidators
VISIONARY INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 20


P H I L I P P I N E S

MIC HOLDINGS: To Terminate Metropolitan Insurance as Stock Agent
PAL HOLDINGS: To Acquire Units' Shares in PAL and PR Holdings
PAL HOLDINGS: To Hold Annual Stockholders' Meeting on August 17
PHIL AIRLINES: Inks Financing Agreements with 2 European Banks
WEST CORP: June 30 Balance Sheet Upside-Down by US$2.1 Billion

* Economic Improvement Can Buoy Further Rise of Local Currency
* Japanese Ratings Agency Lifts Rating Outlook on RP to Positive


S I N G A P O R E

CEDRIC MOTOR: Court Enters Wind-Up Order
CHINA AVIATION: Spain Subsidiary Placed Under Dissolution
ENERGII MARKETING: Sets Creditors' Meeting for July 31
REFCO INC: Examiner Says Auditors & Counsel May Face Claims
REFCO INC: Bawag's US$140-Mil. Case Settlement Gets Final Okay

SCOTTISH RE: Names George Zippel as President & Global CEO
SEE HUP SENG: Credit Agricole Increases Deemed Shares
MOBILITY SHIPPING: Wind-Up Petition Hearing Set for July 27


T H A I L A N D

BANGKOK BANK: Reduces Lending and Deposit Rates
DAIMLERCHRYSLER: BMW Sells 50% Tritec Motors Stake to Chrysler
DAIMLERCHRYSLER: Cerberus May Pay More Interest in Chrysler Deal
KASIKORN BANK: Posts THB4.08-Billion Net Income for 2nd Quarter
SIAM CITY BANK: Posts THB354-Million Net Profit for 2nd Quarter

SIAM GENERAL FACTORING: Stocks Allowed to Trade Until August 17
THANACHART BANK: Bank of Nova Scotia Acquires 276.26 Mil. Shares

     - - - - - - - -

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A U S T R A L I A
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ANGLO INDIAN: Sets Joint Meeting for August 10
----------------------------------------------
Anglo Indian Pty Ltd will hold a joint meeting for its members
and creditors on August 10, 2007, at 9:00 a.m.

Michael Royal, 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:

         Michael Royal
         Business Improvement & Restructuring
         Services Pty Ltd
         Suite 9, 305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia

                       About Anglo Indian

Anglo Indian Pty Ltd provides business services.  The company is
located in New South Wales, Australia.


BASIK PTY: Members and Creditors to Meet on August 17
-----------------------------------------------------
The members and creditors of Basik Pty Ltd will have their final
meeting on August 17, 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:

         David G. Young
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney
         Australia

                        About Basik Pty

Basik Pty Ltd is a distributor of durable goods.  The company is
located in New South Wales, Australia.


BROOKHOLLOW PTY: Will Declare Second Dividend on August 15
----------------------------------------------------------
Brookhollow Pty Limited, which is in liquidation, will declare
the second and final dividend on August 15, 2007.

Creditors are required to file their claims by August 1, 2007,
to be included in the company's dividend distribution.

The company's liquidator is:

         Robert Hunter
         Ure Lynam & Co
         Level 17, 1 York Street
         Sydney, New South Wales 2000
         Australia

                     About Brookhollow Pty

Brookhollow Pty Limited is a general contractor of non-
residential buildings.  The company is located in New South
Wales, Australia.


KBSR PTY: Members Opt to Shut Down Business
-------------------------------------------
At an extraordinary general meeting held on June 28, 2007, the
members of KBSR Pty Limited resolved to shut down the company's
business.

James Alexander Shaw and Scott Anthony Newton, of Ferrier
Hodgson were appointed as liquidators.

The Liquidators can be reached at:

         James Alexander Shaw
         Scott Anthony Newton
         Ferrier Hodgson Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia

                         About KBSR Pty

KBSR Pty Limited provides business services.  The company is
located in New South Wales, Australia.


KENDLE INTERNATIONAL: Closes US$200 Mil. Senior Notes Offering
--------------------------------------------------------------
Kendle International Inc. has completed its underwritten public
offering of US$175,000,000 aggregate principal amount of 3.375%
Convertible Senior Notes due 2012 as well as the closing of an
additional US$25,000,000 aggregate principal amount of notes in
connection with the underwriter's exercise in full of its over-
allotment option.

The notes pay interest semiannually at a rate of 3.375% per
annum.  The notes are convertible, subject to certain
limitations, at the holder's option, at an initial conversion
rate of 20.9585 shares of common stock per US$1,000 principal
amount of notes (or 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 32.5% over the closing sale
price of the company'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 the
company's common stock.

The notes are not redeemable at the option of the Company prior
to maturity.  Upon a fundamental change (as defined in the
prospectus supplement relating to the notes), holders may
require the company 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 the company.

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
the company's shareholders upon any future conversion of the
notes.  The company also entered into warrant transactions
concurrently with the offering, pursuant to which it sold
warrants to purchase Kendle common stock to the same dealers
that entered into the convertible note hedge transactions.  The
convertible note hedge and warrant transactions generally have
the effect of increasing the conversion price of the convertible
notes to approximately US$61.22 per share of Kendle common
stock, representing approximately a 70% premium based on the
closing sales price as reported on The Nasdaq Global Market on
July 10, 2007, of US$36.01 per share.

Kendle estimates net proceeds from the sale of the notes of
approximately US$193.6 million after deducting the underwriter's
discounts and commissions and estimated expenses of the offering
payable by Kendle.  In addition, Kendle used approximately
US$18.2 million of the net proceeds of the offering to pay the
net cost of the convertible note hedge transactions and the
warrant transactions. Kendle is required to pay at least 75% of
the net proceeds (approximately US$146 million) of this offering
toward repayment of amounts owed under the term loan under its
credit agreement.  Kendle intends to use the remaining net
proceeds from this offering for other general corporate
purposes, which may include repayment of other indebtedness,
working capital and acquisitions or investments in businesses,
products or technologies that are complementary to those of
Kendle.

                       About Kendle

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

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.  Moody's said the outlook is stable.

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


MAROUBRA AUTO: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on July 29, 2007, the members of
Maroubra Auto Electrical Services Pty Limited passed a
resolution to voluntarily wind up the company's operations.

Peter Burton and Brian Allen of Burton Glenn Allen, were
appointed as liquidators.

The Liquidators can be reached at:

         Peter Burton
         Brian Allen
         c/o Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales
         Australia
         Telephone:(02) 9904 4644
         Facsimile:(02) 9904 9644

                      About Maroubra Auto

Maroubra Auto Electrical Services Pty Ltd operates automotive
repair shops.  The company is located in Maroubra, New South
Wales, Australia.


POLYPORE INT'L: Completes Offering of 10-1/2% Sr. Discount Notes
----------------------------------------------------------------
Polypore International Inc. completed its tender offer for a
portion of its 10-1/2% senior discount notes due 2012, which
expired on July 13, 2007, at 5 p.m., New York City time.

The tender offer was made pursuant to an offer to purchase and
consent solicitation statement dated June 15, 2007.  As of the
expiration time, $299,480,000 aggregate principal amount at
maturity of notes were tendered, representing about 99.83% of
the aggregate principal amount at maturity outstanding.

The settlement date for notes tendered in the tender offer on or
prior to the expiration time is expected to be today, July 16,
2007.  The company will pay $293,215,824 in the aggregate to
purchase the notes tendered in the tender offer, $289,215,824 of
which the company paid on July 3, 2007, to holders who tendered
prior to a June 28, 2007, consent deadline.

The complete terms and conditions of the tender offer is set
forth in the offer to purchase that has been sent to holders of
the notes.  Copies of the offer to purchase and related
documents may be obtained from the information agent for the
tender offer, Global Bondholder Services Corporation, at (212)
430-3774 and (866) 807-2200 (toll-free).

J.P. Morgan Securities Inc. acted as the dealer manager and
solicitation agent for the tender offer and consent
solicitation.  Questions regarding the tender offer and the
consent solicitation may be directed to J.P. Morgan Securities
Inc. at (212) 270-1477 (call collect).

                    About Polypore International

Headquartered in Charlotte, North Carolina, Polypore
International Inc., is develops, manufactures and markets
specialized polymer- based membranes used in separation and
filtration processes.  The company is managed under two business
segments.  The energy storage segment, which currently
represents approximately two-thirds of total revenues, produces
separators for lead-acid and lithium batteries.  The separations
media segment, which currently represents approximately one-
third of total revenues, produces membranes used in various
healthcare and industrial applications.  The company has
operations in Australia and China.


                       *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's Investors Service assigned Ba3 ratings to Polypore
Inc.'s new senior secured bank credit facilities.

In a related action, Moody's affirmed the B3 Corporate Family
and Probability of Default Ratings of Polypore's ultimate
parent, Polypore International, Inc., and affirmed the ratings
of Polypore Inc.'s senior subordinated notes at Caa1.  The
outlook is changed to positive.


QUANTUM INVESTIGATIONS: Members to Hear Wind-Up Report on Aug. 1
----------------------------------------------------------------
Quantum Investigations (New South Wales) Pty Limited will hold a
meeting for its members on August 1, 2007, at 10:15 a.m.

Scott Darren Pascoe, 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:

         Scott Darren Pascoe
         SimsPartners
         Level 5, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9256 7700

                  About Quantum Investigations

Quantum Investigations (Nsw) Pty Ltd provides services for
insurance agents and brokers.  The company is located in New
South Wales, Australia.


REDWOOD DEVELOPMENTS: Sets Members' Final Meeting for August 3
--------------------------------------------------------------
The members of Redwood Developments (Nsw) Pty Limited will have
their final meeting on August 3, 2007, at 10:00 a.m., to receive
the liquidator's report about the company's wind-up proceedings
and property disposal.

                   About Redwood Developments

Located in New South Wales, Australia, Redwood Developments (New
South Wales) Pty Limited is an investor relation company.


RETNUH PTY: Members Agree on Voluntary Liquidation
--------------------------------------------------
The members of Retnuh Pty Limited met on June 26, 2007, and
resolved to voluntarily liquidate the company's business.

David Clement Pratt and Timothy James Cuming were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                        About Retnuh Pty

Located in New South Wales, Australia, Retnuh Pty Limited is an
investor-relation company.  


SECURITY MARKETING: Members and Creditors to Meet on August 17
--------------------------------------------------------------
The members and creditors of Security Marketing Distribution Pty
Limited will meet on August 17, 2007, at 10:30 a.m., to receive
the liquidator's report about the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         David G. Young
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney
         Australia

                    About Security Marketing

Security Marketing & Distribution Pty Limited is a distributor
of durable goods.  The company is located in New South Wales,
Australia.


SHIBAM PTY: Creditors to Hold Meeting on August 20
--------------------------------------------------
Shibam Pty Limited will hold a meeting for its creditors on
August 20, 2007.

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

The Liquidators can be reached at:

         Peter G. Burton
         Brian H. Allen
         c/o Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone:(02) 9904 4644
         Facsimile:(02) 9904 9644

                        About Shibam Pty

Shibam Pty Limited is involved with plumbing, heating and air-
conditioning services.  The company is located in New South
Wales, Australia.


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

CHINA COPPER: Sets Liquidation Petition Hearing for August 22
-------------------------------------------------------------
On June 20, 2007, Bank of China (Hong Kong) Limited filed a
petition to wind up the operations of China Copper (Holdings)
Limited.

The petition will be heard before the High Court of Hong Kong on
August 22, 2007, at 9:30 a.m.

Bank of China's solicitor is:

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


EASTERN GLOBAL: Contributories & Creditors to Meet on July 24
-------------------------------------------------------------
The contributories and creditors of Eastern Global Property
Management Limited, which is in liquidation, will have their
first meeting on July 24, 2007, at 9:30 a.m. and 11:00 a.m.,
respectively.

The meeting will be held in John Lees & Associates Limited, 19th
Floor of Hong Kong Club Building at 3A Chater Road in Central,
Hong Kong.


INFORMATION SECURITY: Wind-Up Petition Heard on July 18
-------------------------------------------------------
Information Security One Limited filed on May 15, 2007, a
petition to wind up its operations.

The petition was heard before the High Court of Hong Kong on
July 18, 2007.

The company's solicitor is:

         Tanner De Witt
         Lippo Centre, 1806, Tower Two
         89 Queensway
         Hong Kong


JIANGXI COPPER: Buys Zhu Sha Mine for CNY41.88 Million
------------------------------------------------------
Jiangxi Copper has bought the rights for further and detailed
explorations of copper ores in Zha Sha Hong Mine for
CNY41.88 million, Infocast News reports.

The company acquired the mine from Team of Northeastern Jiangxi
Province of Jiangxi Bureau of Exploration & Development of
Geology & Mineral Resources, the report says.

According to data obtained by Infocast, the defined and measured
potential economic resources contain 377,900 tonnes of copper
metals.

The company will commence tasks such as supplementary
exploration, feasibility study as well as development and design
upon obtaining exploration rights.


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+.


LEADKEEN INDUSTRIAL: Accepting Proofs of Debt Until July 27
-----------------------------------------------------------
The creditors of Leadkeen Industrial Limited are required to
file their claims by July 27, 2007.

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

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


LONG VIEW: Shareholders Decide to Shut Down Business
----------------------------------------------------
On July 9, 2007, the shareholders of Long View Restaurant
Limited passed a resolution to shut down the company's business.

Kwan Shiu Chung and Lam Kin Hung were appointed as liquidators.

The Liquidators can be reached at:

         Kwan Shiu Chung
         Lam Kin Hung
         Tai Yau Building, 11th Floor, Room 1101
         181 Johnston Road, Wanchai
         Hong Kong


METRO CYBERWORKS: Members to Hold Final Meeting on August 20
------------------------------------------------------------
A final meeting will be held for the members of Metro Cyberworks
Holdings Limited on August 20, 2007, at 10:00 a.m., on Unit 1-3,
5th Floor of Far East Consortium Building at 121 Des Voeux Road
in Central, Hong Kong.

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


MOULIN GLOBAL: Requires Creditors to Prove Debts by July 27
-----------------------------------------------------------
Moulin Global Eyecare Trading Limited intends to declare a
second dividend.

To be included in the dividend distribution, creditors are
required to file their claims by July 27, 2007.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


RELIEF AND POVERTY: Names Lai Kin Keung as Liquidator
-----------------------------------------------------
On June 25, 2007, Lai Kin Keung was appointed as liquidator of
Relief and Poverty Alleviation Action Limited.

Mr. Lai can be reached at:

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


SCENIC OCEAN: Wind-Up Petition Hearing Set for August 8
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Scenic Ocean Limited on August 8, 2007, at
9:30 a.m.

The wind-up petition was filed by Questnet Ltd on June 1, 2007.

Questnet's solicitor is:

         Barlow Lyde 7 Gilbert
         Cheung Kong Center
         Suite 1901, 19th Floor
         Hong Kong


SHANGHAI PUDONG: Expects to Double 2007 First-Half Profit
---------------------------------------------------------
Shanghai Pudong Development Bank expects a sharp growth in its
lending business and fee income to boost first-half net profit
by at least 50%, Reuters reports.

The bank, according to the report, posted a net profit of nearly
CNY1.6 billion (US$211.6 million) for the first half of 2006.  
The forecast results were unaudited.


Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial  
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings, on March 12, 2007, upgraded the Support ratings
of Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carries Moody's Ba1 rating for
its long-term bank deposits, NP short-term rating, and a D bank
financial strength rating.


WORLD LAND: Sets Wind-Up Petition Hearing for August 22
-------------------------------------------------------
On June 21, 2007, Bank of China (Hong Kong) Limited filed a
petition to wind up the operations of World Land Machinery and
Engineering Limited.

The petition will be heard before the High Court of Hong Kong on
August 22, 2007, at 9:30 a.m.

Bank of China's solicitor is:

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


ZTE CORP: To Pay CNY143.9 Million in Cash Dividend for 2006
-----------------------------------------------------------
ZTE Corp disclosed with the Hong Kong Stock Exchange that it
will be paying a cash dividend aggregating to CNY143.93 million
to its shareholders.

According to the company, the dividend payment will be
CNY1.5 (inclusive of tax) for every 10 shares owned by a
shareholder.

Individual (including senior management of the company) and
investment fund holders of A shares will receive a cash dividend
of CNY1.35 (after tax) for every 10 shares.  Legal person
holders of A shares and holders of H shares will not have any
tax amount withheld.

                 Dividend Payment for A Shares

The record date and ex-dividend date of A shares payment will be
on July 26, 2007, and July 27, 2007.  Holders of A Shares of the
company whose names appear on the register of the company
maintained at China Securities Depository & Clearing Corporation
Limited, Shenzhen Branch after the close of the afternoon
trading session at the Shenzhen Stock Exchange on July 26, 2007,
will be entitled to the dividend payment.

Dividends payable in respect of shares not subject to lock-up
will be directly credited to the accounts of shareholders
through custodian securities houses on July 27, 2007.  Dividends
payable in respect of shares subject to lock-up (including
shares held by senior management of the Company) will be paid
out by the Company directly.

                 Dividend Payment for H Shares

Holders of H Shares whose names appear on the H Share register
of the Company on May 15, 2007, will be entitled to the
aforesaid final dividend of the Company.

Dividends in respect of H Shares of the Company will be
denominated and declared in yuan and payable in Hong Kong
Dollars.  The applicable exchange rate will be the average
benchmark exchange rate for RMB/HK$ announced by the People's
Bank of China over the calendar week prior to the date of
declaration of the current final dividend (June 15, 2007).  The
final dividend of HK$0.1533 per share will be payable to holders
of H Shares of the Company on July 27, 2007.

For further enquiries, shareholders can contact the company
through:

    6/F, Building A, ZTE Plaza, Keji Road South
    Hi-Tech Industrial Park, Nanshan District, Shenzhen
    Contact Person: Li Liuhong
    Tel: +86 (755) 26770282
    Fax: +86 (755) 26770286


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

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


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ANDHRA CEMENTS: Board to Consider 1Q Financials on June 30
----------------------------------------------------------
Andhra Cements Ltd's board of directors will hold a meeting on
July 26, 2007, to consider the unaudited financial results for
the quarter ended June 30, 2007, according to a regulatory
filing with the Bombay Stock Exchange.

Additionally, the board will deliberate the company's proposed
plant upgrade and expansion project.

Andhra Cements Limited posted a net profit of INR42.1 million in
the three months ended March 31, 2007, an increase from the
INR32.1-million profit earned in the three months ended Dec. 31,
2006.


Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
scheme is presently under revision, the company notes in its
financial statements for the quarter ended March 31, 2007.


BALLY TECHNOLOGIES: Inks Casino & Slot Mgt. Pact with Mount Airy
----------------------------------------------------------------
Bally Technologies Inc. has signed a contract with Mount Airy
Casino Resort to provide a complete slot and casino management
system, an advanced suite of Bally Power Bonusing(TM) products
and an initial order of 2,500 iVIEW(TM) interactive displays for
all of the slot machines planned for the Pennsylvania resort's
opening in Fall 2007.

In addition, Bally secured an order for 28 percent of the
initial slot floor for a total of 695 units that will include a
wide variety of premium titles, ALPHA Elite(TM) S9C and S9E
reel-spinners and ALPHA Elite V20/20 and CineVision(TM) wide-
screen video slots.

Mount Airy will utilize Bally Slot Management Systems
(SMS(TM)) / Casino Management Systems technologies and Bally
eTICKET(TM) cashless functionality.  It will also offer Bally
Power Winners(TM), a configurable random progressive jackpot
technology that rewards players using their player's club card.  
Bally Power Winners allows for stand-alone or multi-property
progressive jackpots to carded players and supplemental rewards
to those players using their player's club card when a jackpot
hits.

To complement the Bally Power Bonusing suite of products, Mount
Airy Casino Resort will integrate the iVIEW displays in the slot
machine to create a personalized multimedia experience for each
patron as they play.

"The combination of Bally's seamless integration of casino,
hotel and resort operations and proven track record of
successful go-lives in the state of Pennsylvania was the key for
us," said Jacqui Bloh, Executive Director of Marketing, of Mount
Airy Casino Resort.  "The commitment Bally has to the East
Region through its established structure and support network was
also something we took into consideration during our decision-
making process.  We look forward to working together to offer
our guests a premier gaming and entertainment experience."

Located in Paradise Township in the Pocono Mountain region, the
Mount Airy Casino Resort will be located at the site of the
famous Mount Airy Lodge.  The casino was awarded a slots license
by the Pennsylvania Gaming Control Board in December 2006.  
Phase 1 of construction represents an investment that commenced
in July 2006.  Upon opening in Fall 2007, Mount Airy Casino
Resort will offer a 188-room hotel, restaurants, entertainment
venues, retail shopping, meeting space, a spa and salon and a
casino with up to 2,500 slot machines.  Construction will
continue after the opening, providing for an additional 212
hotel rooms, up to 3,000 slot machines and an enclosed pool by
the completion of the first year of operations.  The master plan
for the site also provides for nearly 550 acres of permanently
preserved green space that includes biking and walking trails.

"It is very gratifying to work with a partner that recognizes
the combined strength of both our gaming and systems divisions,"
said Richard Haddrill, CEO of Bally Technologies.  "The 28
percent of the slot floor is indicative of our growing ship-
share success, while the systems deal is a reflection of our
market leadership and a technology portfolio that can
effectively manage the complex, high-volume casino-resort
operation that Mount Airy promises to be."

Recognized as the industry systems leader with more than 366,500
machines and 693 casino, bingo, Class II, central determination
and lottery locations worldwide -- including more than 190
locations currently running Bally eTICKET(TM) on more than
228,000 slot machines -- the Bally Technologies systems product
line offers slot machine cash monitoring, table management,
cashless, accounting, security, maintenance, marketing,
promotional and bonusing capabilities, enabling operators to
accurately analyze performance and accountability while
providing an enhanced level of customer service.


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

                       *     *     *

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


BANK OF BARODA: Plans to Expand Gulf Operations
-----------------------------------------------
Bank of Baroda will be expanding its Gulf operations, reports
say.

According to The Financial Express, the bank is looking at
acquiring mid-sized banks while the Economic Times says the bank
plans to open new branches in Bahrain and Qatar.

Ashok K. Gupta, the bank's chief executive officer for U.A.E.
and Oman operations, reportedly said that the bank would be
making its presence felt strongly in Bahrain, Kuwait, Qatar and
Saudi Arabia, in addition to making forays into new markets
outside the Gulf Cooperation Council.

Central to the bank's expansion strategy would be a combination
of customer-centric products and innovative services, The
Khaleej Times cites Mr. Gupta as saying.

The expansion plan is part of the bank's effort to realize the
business volume target of INR3 trillion over the next three
years.

The bank also plans to establish 31 domestic branches, small and
medium enterprise loan factories and 10 overseas offices.

Bahrain operations reportedly to launch by September, with talks
currently underway with regulators in Qatar and 'other' Gulf
nations.


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

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

                         *     *      *

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

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


BANK OF INDIA: Ties Up with ING for Product Distribution
--------------------------------------------------------
The Bank of India entered into a strategic alliance with
financial service provider ING Investment Management for the
distribution of products, myiris.com says citing a report by the
Economic Times.

According to myiris, the tie-up is a step forward towards the
bank's aim of INR1 billion in fee-based income for this fiscal
year.


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

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

                         *     *      *

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


BHARTI AIRTEL: Group Raises Stake in Airtel to More Than 50%
------------------------------------------------------------
The Bharti Group has increased its interest in Bharti Airtel Ltd
to more than 50% after acquiring Vodafone Group PLC's 4.99%
direct interest in Airtel, a regulatory filing with the Bombay
Stock Exchange says.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2007, the Group had an arrangement to buy Vodafone's
direct interest in Bharti Airtel for more than US$1 billion.  
The deal is part of Vodafone's acquiring a controlling interest
in Hutchison Essar Ltd.


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

                          *     *     *

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

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+ ratings
on Sept. 21, 2005.


BHARTI AIRTEL: Signs US$2-Bil. Expansion Contract with Ericsson
---------------------------------------------------------------
Bharti Airtel Ltd has awarded Ericsson an estimated US$2 billion
expansion contract, including expansion of its GSM/EDGE network
and providing capacity management.  The expansion is in line
with the Company's objective to offer world-class and cost
effective telecom products and services to its customers through
a state of the art, converged network across the country.  The
deal will allow the Company to expand its reach into rural areas
thereby further consolidating its leadership position.  This is
one of Ericsson's largest deals to date.

Under the two-year supply and services contract, Ericsson will
design, plan, deploy, optimize and manage the Company's GSM
network across 15 circles in India as well as for its pan-India
prepaid platform across 23 circles.  In addition, Ericsson will
also deliver pan-India Integrated Device Management Solutions,
enabling usage of advanced data services by all mobile customers
across retail and enterprise segments.

Manoj Kohli, President & CEO, of the Company says: "At Bharti,
it has always been our endeavor to offer world-class products
and services to our customers.  Our partnership with Ericsson is
testament to this belief as it allows us to focus on delivering
a better customer experience everaging Ericsson's global
expertise to enhance our networks."

"The state of the art network will further allow us to offer
more innovative products and solutions in the areas of voice and
data like community based charging, location based services and
enterprise VPN services.  Bharti and Ericsson is also looking at
forming a focus group to work on energy optimization by way of
introducing energy efficient equipments and alternate energy
sources " he added.

The core network is based on Ericsson's layered architecture
philosophy that will pave the way to an all-IP environment, and
includes a common 2G/3G core based on Mobile Softswitch; a
robust Mobile Packet Backbone Network for data services; and a
pan-India pre-paid platform using IN (Intelligent Network)
technology to deliver innovative prepaid services to users with
the shortest time-to-market as well as to allow Bharti to charge
differentially for both voice and data; and a state-of-the-art
location-based services solution that will pave the way for
unique location based services and applications to be launched
for the Indian consumer.

On the radio access side, the cornerstones for cost-efficient
coverage including Ericsson's latest radio access portfolio with
opex-saving solutions such as Main-Remote design, Flamingo
Series Radio Base Station and the Expander solution - will be
deployed as part of this contract, to allow rapid expansion into
rural markets.  The core and access solutions will be supported
by a robust and scaleable network backbone for all transmission
requirements through Ericsson's MINI-LINK transport portfolio,
which also includes elements from Ericsson's recently acquired
Marconi portfolio.

Ericsson has been a strategic partner of Bharti Airtel since
1995, and manages around 70 percent of its GSM/EDGE network in
15 circles in India.  Ericsson's nationwide charging solution
caters to Airtel customers across all the 23 circles of the
Company.

                        About Bharti Airtel

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

                          *     *     *

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

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+ ratings
on Sept. 21, 2005.


DECCAN AVIATION: UB Group Raises INR550 Crore for Deccan Buy
------------------------------------------------------------
UB Group has raised INR550 crore as debt financing for its stake
buy in Deccan Aviation Ltd, The Economic Times reports.

Deccan Aviation has recently sold 26% of Air Deccan for around
INR5.5 billion to UB Group company, Kingfisher Airlines.  
Pursuant to Indian takeover rules, UB Group will make an open
offer for 20% more in the charter aviation company.

Deccan Aviation has recently sold 26% of the company for around
INR5.5 billion to UB Group company, Kingfisher Airlines.  
Pursuant to Indian takeover rules, UB Group will make an open
offer for 20% more in the charter aviation company.

According to ET's sources, UB has tied up debt financing from
IDFC and HDFC Bank for over INR400 crore.  IL&FS is believed to
have pumped in the remaining INR150 crore.

UB is reportedly waiting for SEBI's clearance for the open offer
at INR155 per share.  "We plan to keep the entire shareholding
intact now, including whatever we mop up through the open
offer," ET quotes a top UB official as saying.


Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter-Asia Pacific reported on
July 20, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


EASTMAN KODAK: Board Picks Niceletta Zongrone as Vice President
---------------------------------------------------------------
Eastman Kodak Company's Board of Directors has elected Nicoletta
A. Zongrone as Vice President of the company, effective
immediately.

Ms. Zongrone is General Manager, Worldwide Kiosk Systems and
Services, Consumer Digital Imaging Group, a position she was
appointed to in November 2005.  In this role, Ms. Zongrone leads
an organization that includes research and development, product
planning, marketing and manufacturing strategy, and business
operations.

Ms. Zongrone joined Kodak as a chemist in 1981, and has held
positions in research and development, manufacturing, product
engineering, and in Kodak's Graphic Communications Group
(formerly Graphics and Commercial Printing).  Prior to her
current position, she was Worldwide Operations Manager for the
company's Consumer Output business (2004-2005), General Manager,
Inkjet Media/Home Printing (2003-2004); and General Manager,
Inkjet Media (2000-2003).

Ms. Zongrone earned a Bachelor of Science degree in Chemistry
with high honors from Rochester Institute of Technology in 1980,
and completed RIT's Executive Development Program in 1993.  She
holds three U.S. patents for work on digital printing plates.  
Ms. Zongrone lives in Rochester, NY.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in India, Australia, China, Denmark,
Greece, Hong Kong, Japan, Korea, Malaysia, New Zealand,
Philippines, Singapore, Taiwan and Thailand.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

    -- Issuer Default Rating 'B';
    -- Secured credit facility 'BB/RR1'.


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AVNET INC: Operating Unit Inks Distribution Pact with Agilent
-------------------------------------------------------------
Avnet Inc.'s operationg group Avnet Electronics Marketing and
Agilent Technologies entered into a distribution agreement.
Under terms of the new pact, Avnet will distribute Agilent's
Monolithic Microwave Integrated Circuits line of millimeter-wave
semiconductor products in North America.

Agilent MMICs are small, high-performance and cost-efficient
chips that provide an attractive design solution for point-to-
point radios, satellite, navigational, automotive radar, global
positioning and defense/aerospace system applications -- all of
which require high-frequency, high-bandwidth, and high-
performance active circuits.

"Avnet and Agilent have teamed up to offer the breadth and depth
of tools and expertise to meet design engineers' critical
requirements for a variety of high-performance applications,"
said Jeff Ittel, senior vice president of semiconductors for
Avnet Electronics Marketing Americas.  "RF design engineers are
always looking for products that provide consistent, optimal
performance and value. This family of millimeter-wave products
allows our customers to manufacture systems with products from a
single, reliable vendor."

"We are excited to have Avnet representing our MMIC line of
products," said Greg Ward, business development manager for
Agilent.  "Avnet brings an impressive reach and strong customer
relationships in the RF and microwave market.  This provides
great potential for our expanding line of products."

                  About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/-
- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.  Agilent had net revenue
of US$5.0 billion in fiscal year 2006.

                     About Avnet Electronics

Avnet Electronics Marketing -- http://www.em.avnet.com/--is an
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers (EOEMs) and
electronic manufacturing services (EMS) providers in 70
countries, distributing electronic components from leading
manufacturers and providing associated design-chain and supply-
chain services.

                           About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT)
-- http://www.avnet.com/-- distributes electronic components  
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden.

                           *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BAKRI SUMATERA: Secures US$250 Million in Funds to Finance Plan
---------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk has secured fresh funds
amounting to US$250 million to finance the company's six-year
expansion plan, The Jakarta Post reports.

Specifically, the company has a long-term plan of expanding its
oil-palm plantations by 100,000 hectares over six years, with
expectation the area of its plantation will have increased by
7,000 hectares by the end of this year, the report adds.

As part of the plan, BSP recently took over a plantation company
with about 19,000 hectares of plantations on a 36,000-hectare
site in South Sumatera, the report explains.

The report relates that Ambono Janurianto, BSP president, said
that about US$100 million of the money had been raised by the
company's Netherlands-based joint venture, Agri Resource BV,
while the rest was from the issuance of senior notes by another
BSP joint venture, Al Finance BV.

                   About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on
March 1, 2007, that Moody's Investors Service affirmed the B2
senior secured debt rating for Bakrie Sumatera Plantations Tbk
following its decision to increase the existing bond size of
US$110 million by another US$45 million.  At the same time,
Moody's also affirmed the B2 corporate family rating for BSP.  
The outlook for all the ratings is stable.


BANK INTERNASIONAL: Signs Business Agreement w/ Meatball Hawkers
----------------------------------------------------------------
PT Bank Internasional Indonesia Tbk signed a partnership
agreement with the Association of Noodle and Meatball Hawkers,
with members accounting for 6 million of the country's 43
million SMEs, to boost its lending to the small-and-medium-
enterprise sector, The Jakarta Post reports.

According to the report, Sukatmo Padmosukarso, BII director,
said that the bank would issue co-branded debit and ATM cards to
the association's members, who could use them at the bank's 230
branch offices and 700 ATMs around the country.  The cards can
also be used for transactions through the ATMs of other banks
that use the ALTO and ATM Bersama networks.

The partnership would then be followed by a BII financing scheme
for the association's members, with funds being channeled
through cooperatives, the report relates.

The report adds that the bank has so far disbursed
IDR407 billion in loans to SMEs through its linkage program,
which is operated in collaboration with 80 rural banks.

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--    
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on Feb. 6,
2007, that Moody's Investors Service changed the outlook for
Bank Internasional Indonesia Tbk's long-term credit ratings to
positive from stable.  The bank's short-term deposit rating
continues to carry a stable outlook while the BFSR remains on
review for possible upgrade.

The bank's detailed ratings are: issuer/subordinated debt of
Ba3/Ba3; foreign currency long-term/short-term deposit of B2/Not
Prime; and bank financial strength of E+.

Another TCR-AP report on Feb. 1, 2007, said that Fitch Ratings
affirmed all the ratings of Bank Internasional as: Long-term
foreign Issuer Default rating 'BB-', Short-term rating 'B',
National Long-term rating 'AA-(idn)'; Individual 'C/D', and  
Support '4'.  The Outlook for the ratings was revised to
Positive from Stable.


EXCELCOMINDO PRATAMA: To Bid for International Call License
-----------------------------------------------------------
PT Excelcomindo Pratama plans to bid for a license to offer
international calls in the country as the Indonesian Government
is expected to award one license in September, Biznews reports.

According to the report, the license will be released after the
Government will finish evaluating bids in the fourth week of
August, citing a statement from the Directorate-General of Post
and Telecommunications.  The Government is offering the license
to bring down Internet and phone charges for companies and
consumers, which are among the highest in Southeast Asia.

The report relates that Excelcom wants the license to expand its
services and compete against PT Telekomunikasi Indonesia and PT
Indosat.   The company will be ready to offer international call
services in the first quarter next year if the company wins the
bid.  The company has fiber optic networks in Java and Sumatra,
they will have them linked to Singapore by September.

Pasaribu, an analyst at PT Danareksa Sekuritas, said that the
company sees the international call business as a good strategy
to have rather than as a direct revenue or profit generator, the
report adds.

                   About Excelcomindo Pratama

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

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

                          *     *     *

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

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


MERPATI NUSANTARA: To Sell Stake in Merpati Maintenace
------------------------------------------------------
PT Merpati Nusantara Airlines plans to sell its stake in one of
its unit, the Merpati Maintenace Facility, later this year,
Antara News reports.

According to the report, MNA Corporate Secretary Irvan Harijanto
said that the sales proceeds will be returned to the MMF, with
MNA focusing on its core business only.

The strategic value of the spin-off was yet to be known as it
was still being assessed.  The percentage of the stake that
would be sold would be set after its strategic value had been
issued, the report notes.

The report says that the Merpati Nusantara stake sale is
unlikely to reach 50% because MNA wanted to remain as the MMF's
major stakeholder.  Merpati still needs the maintenance
facilities, especially that more than 60% of airplanes the MMF
is handling belong to Merpati, while the remaining 40% belong to
other airlines.

With the spin-off and a portion of its shares owned by other
parties, it was expected that the MMF would be able to handle
not only small planes but the larger ones as well such those
handled by the Garuda Maintenance Facility, Antara points out.

                   About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned   
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported in January
2006, the government promised to inject up to IDR400 billion
into the Company.  However, since it is also cash-strapped, the
government said it would disburse the amount in installments,
and initially meted out IDR75 billion for the company to
continue its business.

As of fiscal year end 2005, the company has an equity deficit of
IDR1.24 trillion.

On July 24, 2004, the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  The state was also considering a IDR220
billion debt-for-equity swap.


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

FORD MOTOR: Dismisses Speculations on Possible Volvo Sale
---------------------------------------------------------
Ford Motor Company is reviewing the future of its European
operations and is considering selling its Volvo Cars business in
a deal that could be worth GBP3.9 billion or US$8 billion,
published reports claim, quoting people familiar to the matter.

One of the company's spokespeople is quick to dismiss the
speculations, however, saying: "Ford is not in discussions with
any companies in relation to selling Volvo.  As we've been
saying since last year, we continue to assess all of our
operations and are looking at our strategic options."  A Volvo
spokesman in Sweden referred questions about Volvo's future
ownership status to company spokesmen at Ford headquarters in
Dearborn, Michigan, the Wall Street Journal relates.

Ford had previously sold its Aston Martin luxury nameplate for
US$848 million and is currently entertaining offers for its
Jaguar and Land Rover brands.  Those brands, along with Volvo,
made up Ford's Premier Automotive Group, which has suffered
losses of US$4.8 billion since 2004, WSJ states.

A source in London has revealed that deliberations on Volvo's
sale were still at an early stage and may not even result in a
sale.  News about the potential sale of the Swedish brand, which
Ford has repeatedly denied, leaked into the British media over
the weekend, reports say.

According to the Scotsman, speculation about a Volvo takeover
was fuelled by an interview in a German newspaper with BMW CFO
Stefan Krause, who had not ruled out takeovers of other
carmakers or brands, although he said any talk of a bid for
Volvo Cars was "pure speculation."

The company has hired investment banks including Goldman Sachs,
HSBC and Morgan Stanley to explore the sale of its two British
luxury brands, which lost US$12.6 billion last year.

Ford Motor Company has set July 19, 2007, as the deadline for
bidders to present indicative bids for its Jaguar and Land Rover
car brands.

                     About Ford Motor Co.

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

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

                         *    *    *

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

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


FUJI HEAVY: Foresees Operating Profit to Surge 75% by 2010
----------------------------------------------------------
Fuji Heavy Industries Ltd. said that earnings for its aerospace
unit may rise 75% by 2010 as it doubles sales of parts for
commercial planes including Boeing Co.'s new 787 Dreamliner,
Masumi Suga writes for Bloomberg News.

Mr. Suga cites Fuji Heavy's head for aerospace operations,
Norihisa Matsuo, as saying that the operating profit of the
company's aerospace division will rise to about JPY10 billion in
three to four years.

This expectation, writes Mr. Suga, stems from Boeing's new
Dreamliner, which Fuji Heavy makes center wing boxes that
connect the wings to the 787's body.  

In addition to supplying to Boeing, the company known for its
Subaru production, aims to boost profit by expanding on the 10
to 20 sets of wings they will make each month for Eclipse
Aviation's six-seat Eclipse 500 plane, and also on returns from
his company's JPY20 billion investment on the 787, Mr. Matsuo
revealed to Mr. Suga.

The report quotes Mr. Matsuo saying, "We'd like to expand the
aviation business by entering a variety of new areas, as demand
for air transportation grows globally.  Sales from commercial-
sector operations will double in the not-too-distant future."  
Along with this plan, Fuji Heavy is considering a Subaru-brand
business jets of its own, relates Mr. Suga.

                        About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is a manufacturing company engaged in he  
production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


JAPAN AIRLINES: To Redevelop Headquarters Building in London
------------------------------------------------------------
Sources close to Kyodo News revealed that Japan Airlines
International Company Limited will restore its European
headquarters building in London.

According to the report, JAL, in partnership with Mitsui Fudosan
Co., will recondition its London office and lease part of the
new building to several British companies to generate further
revenue.

The new building is estimated to be worth more than JPY10
billion and will be owned fifty-fifty by JAL and the Japanese
real estate developer, conveys Kyodo News.

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MITSUBISHI MOTORS: Halts Production in 3 Plants Due to Quake
------------------------------------------------------------
Mitsubishi Motors Corporation said last week that it was
stopping assembly at three plants for several days because it is
unable to obtain enough parts from auto parts maker Riken Corp.,
reports Hiroko Tabuchi of the Associated Press.

According to Mr. Tabuchi, Riken's plant in Kashiwazaki city was
affected by the 6.8 magnitude earthquake.

However, in a July 23, 2007 report by Tetsuya Komatsu and Naoko
Fujimura of Bloomberg News, Japan's biggest piston-ring maker
has began preparing to restart production at 8 a.m. Tokyo time.


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

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

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

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


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

LYONDELL CHEMICAL: To be Acquired by Basell for US$48 Per Share
---------------------------------------------------------------
Lyondell Chemical Company has signed a definitive agreement
pursuant to which Basell will acquire its outstanding common
shares for US$48 per piece in an all cash transaction with a
total enterprise value of approximately US$19 billion, including
the assumption of debt.

The purchase price per share represents a 45% premium to
Lyondell's closing share price on May 10, 2007, the day prior to
the disclosure by Access Industries, the industrial group that
owns Basell, of its potential interest in Lyondell, and a 20%
premium to Lyondell's closing share price on July 16, 2007.  The
transaction was unanimously approved by the Boards of Directors
of Basell and Lyondell.

The transaction will create one of the sector's largest
companies.  Lyondell's three business segments:

  * ethylene, co-products and derivatives;
  * propylene oxide and related products; and
  * refining

will complement and significantly strengthen Basell's
polyolefins business.  Basell and Lyondell together would have
had combined 2006 revenues of approximately US$34 billion and
15,000 employees around the world.

Len Blavatnik, Chairman and Founder of U.S.-based Access
Industries, said: "The combination of Basell and Lyondell
creates one of the top chemical companies in the world.  This
combination further strengthens Access' long-term strategic
position in the global petrochemical industry."  Commenting on
the transaction, Volker Trautz, Chief Executive Officer of
Basell, said: "Lyondell's competitively positioned assets,
access to raw material and refining capacity are excellent
complements to Basell's diversified portfolio."

"We believe this transaction offers significant value for
Lyondell's shareholders," said Dan F. Smith, Chairman, President
and Chief Executive Officer of Lyondell.  "We are very pleased
that Basell recognizes the value and fit of our portfolio of
chemical and refining assets.  Basell and Lyondell share a
common vision for continued success, and the combination of our
companies will enhance our opportunities."

The transaction is subject to customary closing conditions,
including regulatory approvals and the approval of Lyondell
shareholders.  This transaction is expected to close within the
next several months and is not subject to financing.

                       About Basell

Basell -- http://www.basell.com/-- is the global leader in
polyolefin technology, production and marketing.  It is the
largest producer of polypropylene and advanced polyolefin
products; a leading supplier of polyethylene and catalysts, and
the industry leader in licensing polypropylene and polyethylene
processes, including providing technical services for its
proprietary technologies.  Basell, together with its joint
ventures, has manufacturing facilities in 19 countries and sells
products in more than 120 countries.  Basell is privately owned
by Access Industries.

                 About Access Industries

Access Industries -- http://www.accessindustries.com/-- is a
privately held, U.S.-based industrial group with long-term
holdings worldwide.  Access was founded in 1986 by Chairman, Len
Blavatnik, an American industrialist.  Access' industrial focus
spans three key sectors: natural resources and chemicals;
telecommunications and media; and real estate.

                     About Lyondell

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

                           *     *     *

On n June 6, 2007, Fitch Ratings expects to assign a 'BB-'
rating to Lyondell Chemical Company's US$500 million announced
offering of senior unsecured notes due 2017.  Proceeds from this
offering are expected to fully repay the existing US$500
million, 10.875% senior subordinated notes due 2009.

Fitch also affirmed other ratings:

   -- Issuer Default Rating at 'BB-';
   -- Senior secured credit facility and term loan at 'BB+';
   -- Senior secured notes at 'BB+';
   -- Senior unsecured notes at 'BB-';
   -- Debentures at 'BB-';

Standard & Poor's Ratings Services assigned its
'B+' rating to the proposed Lyondell Chemical Co.'s US$500
million of unsecured notes due 2017, issued pursuant to
Lyondell's Rule 415 shelf registration.

S&P also affirmed its corporate credit rating on Lyondell
(BB-/Stable/B-1).  S&P said the outlook was stable.


LYONDELL CHEMICAL: Fitch Watches Ratings Due to Basell Deal
-----------------------------------------------------------
Fitch Ratings has placed Lyondell, Equistar and Millennium on
Rating Watch Negative following the announcement that Lyondell
has agreed to be acquired by Basell for US$12.66 billion, or
US$48 per share.  The transaction is valued at $19 billion
including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

-- Issuer Default Rating 'BB-';
-- Senior secured credit facility and term loan 'BB+';
-- Senior secured notes 'BB+';
-- Senior unsecured notes 'BB-';
-- Debentures 'BB-'.

Equistar:

-- Issuer Default Rating B+;
-- Senior secured credit facility 'BB+/RR1';
-- Senior unsecured notes 'BB-/RR3'.

Millennium Chemicals Inc.'s:

-- Issuer Default Rating (IDR) 'B+';
-- Convertible senior unsecured debentures 'BB/RR2'.

Millennium America Inc.:

-- Issuer Default Rating 'B+';
-- Senior unsecured notes 'BB/RR2'.

At the same time, Fitch has affirmed and subsequently withdrawn
Millennium America's senior secured credit facility and term
loan ratings at 'BB+/RR1'. The credit facility and term loan
have been repaid and terminated during the second quarter of
2007.

For Lyondell, approximately US$5 billion of debt is covered; for
Equistar, approximately US$1.6 billion of debt is covered; and
for Millennium Chemicals, approximately US$400 million of debt
is covered by these actions.

The Rating Watch Negative follows Lyondell's announcement that
it had entered into a definitive agreement under which Basell
will acquire all the outstanding shares of Lyondell for US$48
per common share in an all cash transaction with a total
enterprise value of approximately US$19 billion, including the
assumption of debt.  Fitch expects to downgrade the ratings at
least one notch. Fitch also placed Basell's 'BB-' IDR rating on
Rating Watch Negative.  The transaction has been unanimously
approved by the Board of Directors of Basell and Lyondell, and
is expected to close during the next several months.  Also the
transaction is subject to regulatory approval and the approval
of Lyondell shareholders.

Fitch recognizes that Lyondell's senior unsecured notes due
2014, 2016 and 2017 contain tight covenants including restricted
payment limitations and change of control provisions, which the
latter allows bondholders to put the bonds to the company for
redemption of 101% of the aggregate amount outstanding.
Similarly, Equistar's senior unsecured notes due 2008 and 2011
have the same protections as well.  These notes are likely to be
repaid subsequent to the close of the transaction.  Fitch
expects to resolve the Rating Watch Negative upon closure of the
transaction and review of the resulting capital structures at
Lyondell and its subsidiaries.

Lyondell holds leading global positions in propylene oxide and
derivatives, as well as leading North American positions in
ethylene, propylene, polyethylene, aromatics, acetic acid, and
vinyl acetate monomer.  Lyondell also has substantial refining
operations located in Houston, Texas.  The company benefits from
strong technology positions and barriers to entry in its major
product lines. Lyondell owns 100% of Equistar; 70.5% directly
and 29.5% indirectly through its wholly owned subsidiary
Millennium.

Basell was formed in 2000 when its previous shareholders BASF
and Shell combined their respective polypropylene businesses
with their existing polyethylene joint venture.  Following the
LBO, the group is owned by affiliated companies of Access
Industries Group, a New York- based private equity firm.

                      About Lyondell

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


LYONDELL CHEMICAL: Basell Deal Cues Moody's to Watch Ratings
------------------------------------------------------------
Moody's Investors Service placed the ratings of Lyondell
Chemical Company, Equistar Chemical Company LP and Millennium
Chemicals Inc. (Corporate Family Ratings of Ba3) under review
for possible downgrade following the announcement that Lyondell
has agreed to be acquired by Basell AF SCA (Ba3 CFR under review
for possible downgrade) in a transaction worth roughly US$19
billion including the assumption of debt.  This transaction is
subject to regulatory review and approval by Lyondell's
shareholders.  The boards of both companies have approved the
transaction.  Moody's also affirmed Lyondell's speculative grade
liquidity rating at SGL-1.  However, the financing of this
potential transaction, could result in a change to the SGL
rating as well.  Basell remains under review for possible
downgrade as of July 17, 2007, following the announcement of its
proposed acquisition of Lyondell.

Moody's review will focus on:

  1) financing of the proposed transaction,

  2) the financial metrics of the combined company including
     projected synergies,

  3) its financial policies and the prospects for meaningful
     debt reduction over the next two to three years, and

  4) strategy for future global growth. Financing for the
     transaction has not been disclosed

On Review for Possible Downgrade:

Issuer: Lyondell Chemical Company

-- Corporate Family Rating, currently Ba3
-- Probability of Default Rating, currently Ba3
-- Senior Secured Bank Credit Facility, currently Ba2
-- Senior Secured Regular Bond/Debenture, currently Ba2
-- Senior Unsecured Medium-Term Note Program, currently B1
-- Senior Unsecured Regular Bond/Debenture, currently B1

Issuer: Equistar Chemicals, LP

-- Corporate Family Rating, currently Ba3
-- Probability of Default Rating, currently Ba3
-- Senior Unsecured Regular Bond/Debenture, B1
-- Issuer: Millennium America Inc.
-- Senior Unsecured Regular Bond/Debenture, currently B1

Issuer: Millennium Chemicals Inc.

-- Probability of Default Rating, currently Ba3
-- Corporate Family Rating, currently Ba3
-- Senior Unsecured Conv./Exch. Bond/Debenture, currently B1

                       About Lyondell

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


NACF: Sees Unit as Future Big 5 Securities Business
---------------------------------------------------
NACF sees NHunit , Investment & Securities, as a super gilt-
edged securities company before passage of the Capital Market
Unity Law.

In a conference call on July 13, 2007, NACF top brass discussed
the group's vision and record of achievement in management
innovation at NH Investment & Securities.  NACF sees the
subsidiary being a future Big 5 securities business.

At the meeting, Jeong Yong-Keun, President & CEO of Banking &
Insurance at the NACF, along with Nam Young-Woo, CEO of NH
Investments & Co, discussed ways to create synergy between their
two groups.

They agreed that enlarging the securities company's size is
critical, and see acquiring an existing medium size securities
company as the way forward.

In addition, NH Investment has pledged KRW500 billion in equity
capital by means of increasing third party paid-in capital and
an excise of BW.

The NACF also revealed its plan of buying over NH Investment
equity in the open market to secure the right of management as a
countermove to increase third party paid-in capital and excise
of BW.

       About National Agricultural Cooperative Federation

The National Agricultural Cooperative Federation --
http://www.nonghyup.com/-- and its member cooperatives were  
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy.  It operates under the directive of the Ministry of
Agriculture & Forestry but its banking business operates under
the Banking Act of Korea.  The Cooperatives main business
activity is the provision of specializes agricultural and
commercial credit and banking services.

As reported in the Troubled Company Reporter - Asia Pacific on
Apr 17, 2007, Standard & Poor's Ratings Services on April 13,
2007, assigned its A- rating to the proposed 10-year lower Tier
II subordinated notes of Korea's National Agricultural
Cooperative Federation.  The notes are to be drawn down from a
US$4 billion global medium-term note program.

On Apr 17, 2007, Moody's Investors Service on April 13, 2007,
assigned A3/Baa1 foreign currency long-term senior/subordinated
debt ratings and a Prime-1 foreign currency short-term debt
rating to National Agricultural Cooperative Federation's updated
and upsized USD4 billion Global Medium Term Note Program.


NAMAE INTERNATIONAL: Signs Contract to Sell 6,000,000 Shares
------------------------------------------------------------
Namae International. Co., Ltd.'s largest share holder, SYSNCO
Co., Ltd, signed a contract with a Korea-based company to sell
6,000,000 shares of the company worth KRW12,000,000,000, Reuters
reports.

According to the report, SYSNCO CO. also included the right of
management.

Namae International will then hold 11.25% of the company, the
report notes.

                   About Namae International

Headquartered in Gyeonggi Province, Korea, Namae International.
Co., Ltd., formerly CPN Co., Ltd. -- http://www.cpns.co.kr/--   
is engaged in the provision of distribution services.  The
company operates its business through three divisions:
distribution, education and Internet divisions. Its distribution
business division distributes golf sticks, hair care products,
shampoos, hair conditioners, hair packs, body cleansers, baby
formulas, batteries, lip care products, chocolates, mask packs
and others to more than 4000 stores in Korea.  Its education
business division offers academic and athletic training
curriculums.  Its Internet business division provides e-coin
cards and other related products.

Korea Investors Service affirmed its CCC ratings on both series
4 and series 5 of the company's convertible bond on July 11,
2006.  Both ratings carry a stable outlook.


MIJU STEEL: Converts 20TH Bonds With Warrants into Shares
---------------------------------------------------------
Miju Steel Co., Ltd.'s 20th bonds, worth KRW957,600,000, with
warrants converted for 1,383,814 shares of the company, at the
exercise price of KRW692 per share, Reuters Key Developments
reports.

According to the report, it brings the total number of the
company's outstanding shares to 101,873,205.

The confirmed listing date of the new shares is July 27, 2007,
the report adds.

                     About Miju Steel Co

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of  
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on August 9, 2006.


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

ARK RESOURCES: Unit Enters Voluntary Liquidation
------------------------------------------------
The members and creditors of Cardon (M) Sdn Bhd, a wholly owned
subsidiary of Ark Resources Bhd, approved the voluntary winding-
up of its business and the appointment of Datuk Tan Kim Leong
from BDO Capital Consultants Sdn Bhd as the liquidator with
immediate effect.

Cardon entered voluntary wind-up on July 20, 2007.

In addition, the creditors of Cardon have also sanctioned the
disposal of its wholly owned subsidiary, ARK Construction Sdn
Bhd to Ark at the creditors' meeting.  

As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 6. 2007, the company disclosed its corporate restructuring
scheme where part of the plan was to liquidate subsidiaries
which are no longer operationally and financially viable to the
future of the group.

Cardon was incorporated as a private limited company on Oct. 26,
1989, under the Companies Act, 1965.  Cardon has an authorized
and paid up share capital of CNY1.0 million.  Cardon was engaged
in geotechnical engineering services and civil contracting works
as well as trading in geosynthetical materials.

Based on the latest audited accounts for the financial year
ended December 31, 2006, Cardon has net liabilities and a loss
after tax of MYR36.4 million and MYR16.2 million respectively.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company   
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and total liabilities aggregated to
MYR232.91 million, resulting in a shareholders' deficit of
MYR200.53 million.


SETEGAP BHD: High Court Extends Retraining Order on Conditions
--------------------------------------------------------------
Setegap Bhd disclosed with the Bursa Malaysia Securities Bhd
that it has obtained from the High Court an extension of its
Restraining Order from July 20 until August 20, 2007.

The extension, however, was granted on these conditions:

    a) The lenders are permitted to deal with all charged assets
       regardless of the R.O.;

    b) Setegap mandates its lenders to source for buyers in
       respect of the charged assets;

    c) Setegap is to grant the facility agent with the power of
       attorney to transact in the disposal of the charged
       assets;

    d) Setegap is also to require its director or its authorized
       signatories to sign all the necessary documents not
       limiting to the power of attorney as well as the
       respective sale and purchase agreements in relation to
       the disposal of the charged assets, whenever required;
       and

    e) Setegap provides monthly accounts of receipts and
       payments on or before the 7th of each month and also in
       respect of past accounts of such receipts and payments
       from the date when the restraining order was first
       granted on April 27, 2006, to the Lenders.


The Troubled Company Reporter-Asia Pacific on July 5, 2007,
reported that Setegap obtained the approval of the Securities
Commission to extend the time within which it may dispose of its
assets in Paving Plant and Processes (M) Sdn Bhd, Asphalt
Industries Sdn Bhd and the Serdang Land.

Furthermore, Alpha Positive Sdn Bhd, purchaser of Paving Plant
and Processes, and the company had mutually agreed in writing to
extend the period to fulfill conditions precedent stipulated in
the sale and purchase agreement up to September 30, 2007.


Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997 and 1998.

Setegap Bhd's unaudited balance sheet as of Dec. 31, 2006,
showed total assets of MYR65.71 million and total liabilities of
MYR187.85 million, resulting to a shareholders' deficit of
MYR122.14 million.


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

ANZA DISTRIBUTING: Sets Wind-Up Petition Hearing for Oct. 4
-----------------------------------------------------------
On October 4, 2007, the High Court of Auckland will hear a
petition to wind up the operations of ANZA Distributing (NZ)
Ltd.

USG Interiors Pacific Limited filed the petition on June 15,
2007.

USG Interiors' solicitors are:

         M. R. Crotty
         S. S. Cook
         Russell McVeagh
         Level 30, Vero Centre
         48 Shortland Street, Auckland
         New Zealand


CONCEPT MARKETING: Appoints Nellies and Jenkins as Liquidators
--------------------------------------------------------------
Iain Andrew Nellies and Paul William Gerrard Jenkins were tapped
as the liquidators of Concept Marketing & Promotions Ltd. on
June 14, 2007.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Burns House, Level 3
         10 George Street
         PO Box 1058, Dunedin
         Australia


CONNEXIONZ LTD: Posts NZ$975,463 Net Loss for FY 2006-2007
----------------------------------------------------------
Connexionz Limited filed with the New Zealand Stock Exchange on
Friday its audited financial results for the 12 months ended
March 31, 2007.  The full-year results showed a NZ$975,463 net
loss for FY2007, a 262% increase from the NZ$268,802 loss
incurred in the previous fiscal year.  Revenues, however,
increased from NZ$1.41 million in the previous financial year to
NZ$2.13 million in FY2007.

With the filing of the financials, Connexionz's securities are
removed from trading suspension.

As reported by the Troubled Company Reporter - Asia Pacific on
June 27, 2007, the New Zealand Stock Exchange suspended the
trading of the company's shares until its provides its
preliminary full-year results.

Of the NZ$975,463 net loss for FY2007, NZ$660,403 relates to
parent company in New Zealand, Connexionz Limited, while
NZ$275,403 relates to the United Kingdom subsidiaries Connexionz
Investment limited and Connexionz UK Limited.  Of the U.K. loss,
50% is attributable to the minority shareholders of those
companies.

According to the company, the U.K. losses arise from the write
off of the GBP90,000 of legal and professional fees incurred
during the complex transactions for the acquisition of the
business, intellectual property, and assets from the
administrator of the U.K. Company Infocell, which was in effect
in receivership.  The trading operations in U.K. for the six
months from acquisition traded at a breakeven.  The company had
expected the U.K. business to trade profitably from the
beginning but a disappointing delay in reaching agreement for
the software maintenance contract with a significant client has
delayed this.

The loss in NZ is higher than had been forecast at midyear and
indicated in the information to shareholders at the time of the
"share purchase plan", the company noted.  In that document we
indicated that a small loss was expected over the second half.  
The actual second half loss was NZ$390,229 bringing the total
for the year to NZ$660,403.

The higher loss, the company explains, arises mainly from delays
in finalizing and commencing the Charlottesville contract in the
United States with the total revenue for this contract of
US$492,000 deferred until next year.  The company expected that
NZ$338,000 of the contract was to be billed in the current year.
In addition final year-end adjustments to stock and costs of
NZ$142,000 were incurred.

It's been five years since Connexionz NZ was established as a
public company and over this period, about NZ$3 million of
losses have occurred of which about half relates to the research
and development costs of the systems now being deployed
successfully.  The company points out that it now has a small-
dedicated team of technology specialists continuing to refine
and improve the systems.  

The company's auditors, after auditing the financial statements,
gave an unqualified opinion.  According to the auditors, "The
financial statements have been prepared on a going concern
basis, the validity of which depends on future funding being
available from operational cash flows and the continued support
of shareholders."

The auditors note that if the company's predicted sales and cash
flows can not be achieved within the timeframe it set, the group
may be unable to continue in operational existence for the
foreseeable future and adjustments may have to be made to
reflect the situation that assets may need to be realized other
than in the normal course of business and at amounts which could
differ significantly from the amount at which they are currently
recorded in the Statement of Financial Position. In addition,
the group may have to provide further liabilities that might
arise, and to reclassify non current assets and liabilities as
current assets and liabilities.

                      About Connezionz Ltd

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


GROOVELINK LTD: Faces Groove Merchants' Wind-Up Petition
--------------------------------------------------------
Groove Merchants Limited filed on June 14, 2007, a petition to
wind up the operations of Groovelink Ltd.

The petition will be heard before the High Court of Auckland on
October 4, 2007.

Groove Merchants' solicitor is:

         Sean O. Mcanally
         c/o Keegan Alexander
         Barristers & Solicitors
         AMI Insurance Building, Level 12
         63 Albert Street, Auckland
         New Zealand


HERITAGE GOLD: To Delist Shares From National Stock Exchange
------------------------------------------------------------
To reduce compliance costs, Heritage Gold NZ Limited decided to
delist from the National Stock Exchange of Australia.

Heritage Gold said it was granted on July 11, 2007, a waiver by
the NSX Compliance Committee to comply with Rule 2.25 of the NSX
listing rules in respect of the de-listing.  Accordingly, the
company's shares and options will continue to be traded on the
NSX until Aug. 10, 2007, when they will be suspended from
quotation, prior to formally being de-listed at close of trading
on August 27.

Heritage shares and options will still be listed in New Zealand
Exchange and in Australia on the Australian Stock Exchange.


Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.


JAMES COOK: Sets Wind-Up Petition Hearing for July 23
-----------------------------------------------------
The High Court of Wellington will hear a petition to wind up the
operations of James Cook Shipping Ltd. on July 23, 2007, at
10:00 a.m.

The petition was filed by CentrePort Limited on June 13, 2007.

CentrePort's solicitor is:

         John Burton
         c/o Izard Weston
         Lawyers
         PO Box 5348, Wellington
         New Zealand


PLACE-CRETE LTD: Commences Liquidation Proceedings
--------------------------------------------------
On June 11, 2007, Place-Crete Ltd. commenced liquidation
proceedings.

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


REGAL SOUTH: Wind-Up Petition Hearing Slated for August 16
----------------------------------------------------------
A petition to wind up the operations of Regal South Island Ltd.
will be heard before the High Court of Auckland on August 16,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on May 3,
2007.

The CIR's solicitor is:

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


SCENICLAND SERVICES: Court Enters Wind-Up Order
-----------------------------------------------
On June 11, 2007, the High Court of Christchurch released an
order to wind up the operations of Scenicland Services (Nelson)
Ltd.

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
         Australia


TAKAPUNA RENTALS: Court to Hear Liquidation Petition on Sept. 27
----------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Takapuna Rentals (1971) Ltd. on September 27,
2007, at 10:00 a.m.

National Finance 2000 Limited filed the petition on June 14,
2007.

National Finance's solicitor is:

         A. J. Steele
         Martelli McKegg Wells & Cormack
         Level 20, PricewaterhouseCoopers Tower
         188 Quay Street, Auckland
         New Zealand


VIDEOS ON ILAM: Taps Nellies and Deuchrass as Liquidators
---------------------------------------------------------
On June 11, 2007, Iain Andrew Nellies and Wayne John Deuchrass
were appointed as liquidators of Videos on Ilam Ltd.

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


VISIONARY INVESTMENTS: Creditors' Proofs of Debt Due on Sept. 20
----------------------------------------------------------------
The creditors of Visionary Investments Ltd. are required to file
their proofs of debt by September 20, 2007.

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

The company's liquidator is:

         Vivian Judith Fatupaito
         c/o PricewaterhouseCoopers
         Level 8, PricewaterhouseCoopers Tower
         188 Quay Street
         Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


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

MIC HOLDINGS: To Terminate Metropolitan Insurance as Stock Agent
----------------------------------------------------------------
At a meeting held on July 19, MIC Holdings Corp.'s Board of
Directors approved the termination of the services rendered by
its current Stock and Transfer Agent, Metropolitan Insurance
Corp.

The effective date of termination is still pending.


Headquartered in Quezon City, Philippines, MIC Holdings
Corporation's board of directors approved the following
amendments to the articles of incorporation: change of name from
Metropolitan Insurance Company to its present one; change of
primary and secondary purposes from insurance to that of a
holding company; and removal of preemptive rights. On July 1999,
the Securities and Exchange Commission approved the amended
articles.

The company is still in the process of exploring possible
investments and acquisitions.

As of March 31, 2007, the company had PHP52.36 million in total
assets and PHP54.57 million in total liabilities, resulting in a
PHP2.2 million stockholders' equity deficit.  The company's
current liabilities, represented by the total liabilities of
PHP54.47 million, exceeded the company's current assets of
PHP8.58 million signifying an illiquid state as of March 31,
2007.


PAL HOLDINGS: To Acquire Units' Shares in PAL and PR Holdings
-------------------------------------------------------------
PAL Holdings Inc.'s Board of Directors, at a meeting held on
July 19, authorized the company to acquire shares owned by its
six holding subsidiaries in Philippine Airlines Inc. and PR
Holdings.

PAL Holdings will acquire 8.82 million shares in Philippine
Airlines Inc. that is owned by its six holding subsidiaries,
equivalent to 81.57% of PAL's issued and outstanding common
shares.  The company will also acquire 50.59 million shares
owned by five of the holding companies in PR Holdings,
equivalent to 82.3% of its outstanding common shares.

The company will purchase these shares through dacion en pago.
The proceeds will pay off THB12.11 billion out of the
PHP23.11 billion outstanding obligation of the six holding
companies to the company.  The company will convert the
remaining receivable from the six subsidiaries into additional
paid-in capital.

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  

On August 17, 2006, the corporation has 100% ownership of six
holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PAL HOLDINGS: To Hold Annual Stockholders' Meeting on August 17
---------------------------------------------------------------
PAL Holdings Inc.'s Board of Directors agreed to hold the
company's annual stockholders' meeting on September 17, 2007, a
company disclosure with the Philippine Stock Exchange stated.

According to the disclosure, the company's president is yet to
decide on the hour and venue of the annual stockholders'
meeting, which will be open only to stockholders of record as of
August 17, 2007.

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  

On August 17, 2006, the corporation has 100% ownership of six
holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PHIL AIRLINES: Inks Financing Agreements with 2 European Banks
--------------------------------------------------------------
Philippine Airlines Inc. entered into financing agreements with
French bank Calyon Credit Agricole CIB and Germany's KfW-IBEX
Bank to fund the acquisition of two brand-new Airbus A320 jets,
the Daily Tribune reports.

The acquisition is part of PAL's modernization program for its
narrow-body aircraft fleet, under which it ordered nine Airbus
A320s.

According to the article, the financing agreement includes a 12-
year commercial loan arrangement without any third-party
guarantees.  Calyon arranged the structured lease, which itself
and KfW will underwrite and provide the loans.

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the  program to leave the protection of
the Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


WEST CORP: June 30 Balance Sheet Upside-Down by US$2.1 Billion
--------------------------------------------------------------
West Corporation's balance sheet at June 30, 2007, showed total
assets of US$3 billion, total liabilities of US$4.1 billion,
minority interest of US$11 million, class L common stock of
US$969.3 million, resulting in a stockholders' deficit of
US$2.1 billion.

Revenues of US$520.2 million for the second quarter ended
June 30, 2007, compared to US$461.7 million for the same quarter
last year, an increase of 12.7%.  Revenue from acquired entities
accounted for US$28.7 million of the US$58.5 million increase
during the second quarter and US$100.9 million of the
US$142.4 million year-to-date increase.

Net income for the second quarter ended June 30, 2007, was
US$2.5 million, compared with US$37.8 million for the same
quarter last year.

                           Liquidity

At June 30, 2007, West Corporation had cash and cash equivalents
totaling US$281.3 million and working capital of US$189.3
million.  Second quarter depreciation expense was US$25.8
million and amortization expense was US$19 million.  Cash flow
from operating activities was US$45.3 million and was impacted
by interest expense of US$83.5 million.

                            Comments

"During the quarter, we invested US$25.7 million in capital
expenditures primarily for telecom and computer network
equipment," stated Paul Mendlik, chief financial officer of West
Corporation.  "The company also expanded its term credit
facility by US$135 million to fund the Omnium acquisition."

"We are pleased with this quarter's results and the closing of
the Omnium acquisition on May 4," said Thomas B. Barker, chief
executive officer of West Corporation.

                         About West Corp.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com/--   
provides outsourced communication solutions to many of the
world's largest companies, organizations and government
agencies.  West helps its clients communicate effectively,
maximize the value of their customer relationships and drive
greater profitability from every interaction.  The company's
integrated suite of customized solutions includes customer
acquisition, customer care, automated voice services, emergency
communications, conferencing and accounts receivable management
services.
  
The company also has operations in Australia, Canada, China,
Hong Kong, India, Philippines, Singapore, Switzerland and the
United Kingdom.

At March 31, 2007, the company's balance sheet showed $2.7
billion in total assets and $3.9 billion in total liabilities
resulting in a stockholders' deficit of $2.1 billion.  The
balance sheet however also that the company is liquid with $692
million in total current assets and $535 million in total
current liabilities.


* Economic Improvement Can Buoy Further Rise of Local Currency
--------------------------------------------------------------
The Philippine peso will keep rising as long as economic
conditions in the country continue to improve, Finance Secretary
Margarito Teves told Reuters, as reported by an ABS-CBN News
article.

The peso had recently traded in its highest record in seven
years, hitting PHP45.28 per US$1 n July 18, and briefly touching
PHP44.99 per US$1 the next day.  Foreign inflows in intial
public offerings contributed in the peso's latest breakthrough,
the report relates, despite alleged intervention by the Bangko
Sentral ng Pilipinas.

Mr. Teves added that the government will not impose capital
controls to stop the peso from rising, Reuters said.  A stronger
currency will reduce the cost for repaying national dollar-
denominated debts, the report relates.

                          *     *     *

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.


* Japanese Ratings Agency Lifts Rating Outlook on RP to Positive
----------------------------------------------------------------
The Japanese Ratings and Investment Information Inc. upgraded
its outlook on the Republic of the Philippines to "positive"
from the previously assigned "stable," the Philippine Star
reports.

R&I also affirmed its a-2 rating for the country's foreign
currency short-term rating, as well as its BBB- foreign currency
issuer rating, the Star added.

The rating agency said it based its evaluations on the
Philippine government's performance in 2006, in which the
national government deficit dropped to 1.1% of the gross
domestic product from the 5.3% in 2002.  The R&I also noted that
the ratio of tax revenues to GDP in 2006 rose to 14.3% as
compared to the 12.4% in 2004.

According to the report, R&I said that it is optimistic of
continuing economic reforms but advised the current
administration to focus on infrastructure development to attract
investments.  The increase in the value-added tax rate has
caused improvement in the country's fiscal situation, R&I added.  

Together with strong capital inflows from foreign countries, and
the remittances from overseas Filipino workers, the data
supports an economic boom, the article said.

                          *     *     *

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

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

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


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

CEDRIC MOTOR: Court Enters Wind-Up Order
----------------------------------------
On June 29, 2007, the High Court of Singapore released an order
to wind up the operations of Cedric Motor (Pte.) Ltd.

Sing Thai Hin Trading (Pte) Ltd filed the wind-up petition
against the company.

Cedric Motor's solicitor is:

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


CHINA AVIATION: Spain Subsidiary Placed Under Dissolution
---------------------------------------------------------
China Aviation Oil Corporation Limited closed down China
Aviation Oil Spain, S.A., a wholly owned subsidiary incorporated
in Spain.  The subsidiary has been liquidated in accordance with
Article 260.1.1 of the Revised Text of the Companies Act of
Spain.

Carlos Maximiliano Barreda Velasco of Madrid was appointed as
the sole liquidator of CAO Spain.

CAO Spain has been dormant since its incorporation in 2003.
The dissolution and liquidation of CAO Spain is not expected to
have any material impact on the earnings per share and net
tangible assets per share of the company for the financial year
ending December 31, 2007.

                    About China Aviation Oil

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


ENERGII MARKETING: Sets Creditors' Meeting for July 31
------------------------------------------------------
Energii Marketing Pte Ltd, which is formerly known as Vitasence
Biotechnology Pte Ltd, will hold the first meeting for its
creditors on July 31, 2007, at 10:00 a.m.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report about the company's wind-
      up proceedings and property disposal;

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

   -- discuss other matters.

The company's liquidator is:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         20 Cecil Street #12-02 & 03 Equity Plaza
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Facsimile: 6532 0331


REFCO INC: Examiner Says Auditors & Counsel May Face Claims
-----------------------------------------------------------
Joshua R. Hochberg, the independent examiner appointed by the
Court overseeing the bankruptcy proceedings of Refco, Inc., and
23 of its affiliated companies, delivered to the U.S. Bankruptcy
Court for the Southern District of New York a final report
documenting his findings and conclusions on potential causes of
action that led to the Debtors' filing for Chapter 11 protection
on Oct. 17, 2005.

The Final Report, which was previously filed under temporary
seal, was filed as a public record in accordance with the Hon.
Robert D. Drain's order to unseal the "highly confidential
information" contained in the report.

The scope of the examination included the investigation of, and
reporting on, potential claims which might be brought by the
Debtors' estates against any of Refco's prepetition
professionals, and any causes of action that might be brought to
recover the US$82,200,000 dividend paid in connection with the
initial public offering, or damages arising from its payment.

The examination also included consideration of how the alleged
fraud was perpetrated through the use of certain "Round Trip
Loans" in order to understand whether or not the professionals
were negligent or complicit.

Under the Final Report, the Examiner evaluated potential
liability with respect to these entities and subject matters:

  (1) Arthur Andersen LLP was Refco's outside auditor from at
      least the late 1980's to 2002.

  (2) Grant Thornton LLP was Refco's outside auditor from
      October 2002 until the Petition Date.

  (3) Ernst & Young LLP provided various services to Refco
      entities, including tax accounting and consulting
      services, from 1991 until 2004.

  (4) Levine Jacobs & Company, L.L.C. provided tax accounting
      services to various Refco entities from 2004 to 2005.

  (5) Mayer, Brown, Rowe & Maw LLP served as the main outside
      counsel for Refco and its related entities from 1994
      until the Petition Date.

  (6) Weil, Gotshal & Manges LLP represented various Thomas
      H. Lee entities in connection with the LBO in 2004, and
      thereafter represented both Thomas H. Lee and various
      Refco entities and certain members of Refco's Board of
      Directors in connection with various matters including
      Refco's IPO.

                   The RGHI Receivable Scheme

According to the Examiner, Messrs. Bennett, Trosten, and Grant
are individuals under indictment for orchestrating and
participating in a massive fraudulent scheme designed to
manipulate the financial statements of various Refco companies
that were publicly reported and supplied to lending institutions
and to regulators.  Those Refco companies' financial statements
were prepared on a consolidated basis under Refco Group Ltd.,
LLC.  The financial information of Refco Group Holdings, Inc., a
holding company owned principally by Mr. Bennett, was not
consolidated with Refco and was not public, the Examiner says.

In August 2005, the Examiner relates, Refco made an Initial
Public Offering of its stock and was subsequently listed on the
New York Stock Exchange.  In October 2005, he notes, revelations
concerning the "fraudulent manipulation of Refco's financial
statements" precipitated the company's bankruptcy and losses of
hundreds of millions of dollars by creditors and equity holders.

The roots of the scheme that was used to conceal losses and
money owed to Refco by RGHI began at least in 1997 or 1998, the
Examiner continues.  At that time, he says, Refco suffered
millions of dollars in losses as certain of its customers could
not make good on their own trading losses.

"There is evidence that [Mr.] Bennett and others caused these
bad debts to be sold or transferred from Refco entities to the
unconsolidated parent company, RGHI," the Examiner states.  "As
a result, the bad debts would not have to be recognized as
losses on the books of a Refco company.

The "sale" price of the bad debt transferred directly or
indirectly to RGHI was treated as a receivable, due from RGHI,
on Refco's books, the Examiner notes.  Over time, the amount of
the RGHI Receivable fluctuated as interest accrued, other bad
debts were transferred to RGHI, and certain fees and computer
expenses were also transferred out of the consolidated reporting
Refco companies.

                        Round Trip Loans

To hide the RGHI Receivable, as each reporting period came to a
close, Mr. Bennett, et al., caused the consolidated reporting
Refco companies to manipulate their books through a series of
transactions commonly referred to as "Round Trip Loans," the
Examiner states in the Final Report.

"The loans made it appear that the RGHI Receivable was due from
unrelated third parties rather than from RGHI," the Examiner
says.  "This concealment of the true nature of the RGHI
Receivable also provided comfort to outsiders that the
receivable was collectible."

The Round Trip Loans were two short term loans of several weeks
duration that spanned the end of Refco's fiscal year-end or
quarterly financial reporting periods, the Examiner explains.
The first loan was made by a Refco entity to a third party at a
certain interest rate for a certain period of time.  The second
one was made by that same third party to RGHI for the same
period of time, but at a higher interest rate.  The repayment of
the loan by RGHI to the third party was guaranteed by RGL and
the third party was also indemnified by RGL against any loss or
expense for entering into the Round Trip Loan.

The Examiner states that the funds or credit advanced for the
loan to the third party were deposited into the third party's
account with RCM.  Those funds were then transferred at the
third party's request from the third party's account at RCM to
RGHI's account at RCM.

The effect of those transactions was to reduce RGHI's receivable
balance owed to RCM by the amount of the Round Trip Loan, and to
substitute a receivable in that amount from the third party, the
Examiner states.  In most cases, those were bookkeeping entries
and no cash actually "moved," he relates.  After the end of the
applicable reporting period, the process was reversed and
unwound, he says.

"These Round Trip Loans were sham transactions with no economic
substance which were entered into solely to 'dress up' Refco's
consolidated financial statements," the Examiner states.  "The
loans involved no risk to the third party because they included
secret guarantees by Refco that were not reflected on Refco's
books.  The guarantees obligated Refco to pay back RGHI's
obligation in case RGHI defaulted."

The loans were also falsely reported to be "repo" transactions
when, in fact, unlike a true repo, there was no security on
deposit at Refco to act as collateral for the loan, the Examiner
adds.  The effect of the loans was to expose Refco to risk and
to cause Refco to pay interest, with no resulting economic
benefit to Refco.

The Examiner further states: "Mr. Bennett, et al., caused Refco
to engage in those schemes at every annual reporting period from
at least 1998 through 2005.  Starting in 2000, attorneys at
Mayer Brown prepared the loan documentation and the guarantee
and otherwise assisted with the loan process for virtually every
Round Trip Loan.  At the end of each financial reporting period,
Arthur Andersen and later, Grant Thornton, audited RGL's books
and issued unqualified audit opinions that did not disclose the
Round Trip Loans or the full extent of the related-party RGHI
Receivable."

The Examiner points out that the scheme to conceal the large
related-party receivable went undetected during the course of a
leveraged buyout transaction in August 2004.  It was also
undetected when certain senior subordinated notes issued by
Refco were registered with the SEC in April 2005 in a public
exchange offering, and during the IPO in August 2005, the
Examiner notes.  After the IPO, a new Refco employee discovered
the irregularities on the books and finally brought them to the
attention of RGL's Audit Committee, he reveals.

            Examiner Points Fingers at Top Law Firms

The Examiner concludes in his Final Report that the Debtors'
estates could assert claims for relief, sufficient to withstand
a motion to dismiss, against certain of Refco's prepetition
professionals who contributed to, or failed to prevent, the harm
suffered by Refco, including:

  (a) claims for professional negligence against Grant Thornton,
      Ernst & Young, and Mayer Brown;

  (b) claims for aiding and abetting fraud and breaches of
      fiduciary duty against Mayer Brown and, although it is a
      close question, Ernst & Young; and

  (c) claims for avoidance and recovery of preferential
      transfers against Refco's professionals who received
      payments on or within the 90-days before the Petition
      Date.

As to Weil Gotshal, although it is a close question, the
Examiner concludes that there are facts that could support an
allegation that the firm failed to adhere to the standard of
care applicable to its representation of Refco.

The Examiner determines that additional claims might be asserted
against certain of the directors responsible for the declaration
of the US$82,200,000 Dividend and those who received the
dividend,
including:

  -- claims for breaches of fiduciary duties and violation of
     Delaware General Corporate Law against Mr. Bennett; and

  -- claims for avoidance and recovery of fraudulent conveyances
     and preferential transfers, and damages, against Mr.
     Bennett or RGHI and Thomas H. Lee entities as the
     recipients of the Dividend.

The Examiner believes further investigation is warranted to
determine whether evidence exists to support other claims,
including:

  * claims for aiding and abetting fraud and breaches of
    fiduciary duty against Arthur Andersen and Grant Thornton;
    and

  * claims for damages arising out of the declaration of the
    Dividend against certain other members of Refco's Board
    of Directors.

              Claims Defense & Counter-Defenses

The Examiner tells the Court that several significant factual
and legal defenses are potentially available to all parties
against whom claims may be asserted.  Among the most significant
potential defenses, he says, are the "Wagoner" rule and, in some
cases, the statute of limitations.

The Wagoner rule, or the doctrine of in pari delicto, the
Examiner explains, may preclude a bankruptcy trustee from
asserting claims on behalf of the company against third parties
for injuries that arise out of wrongful acts or misconduct
committed by the company's controlling managers.

According to The Financial Times Ltd., Ernst & Young said in a
statement: "We believe our tax work fully complied with
professional standards.  We resigned in 2003, well before
Refco's 2005 public offering, after the company's former
management refused to allow us to meet with its outside
auditors."

Financial Times also reports that Grant Thornton, which served
as Refco's auditors, commented: "Responsibility for the Refco
collapse lies [with the firm's former management] . . . Our
audit work met professional standards and statements by the
examiner for the bankruptcy estate do not reflect the context or
the facts as we know them to be."

Mayer Brown was unavailable for comment, Financial Times
discloses.

The Examiner's appointment was approved by the Court on
March 22, 2006.  McKenna Long & Aldridge LLP was retained as the
Examiner's counsel.

A full-text copy of the Examiner's 416-page Final Report is
available at no charge at:

http://www.bankrupt.com/misc/refcoexaminerfinalreport.pdf

                           About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 65; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Bawag's US$140-Mil. Case Settlement Gets Final Okay
--------------------------------------------------------------
The U.S. District Court for the Southern District of New York
granted final approval to a US$140 million settlement by
Austria's bank BAWAG P.S.K. Bank Fuer Arbeit und Wirtschaft und
Osterreichische Postsparkasse Aktiengesellschaftand of claims it
faces in a suit over the collapse of Refco Inc., according to
the Associated Press.

Judge Gerard F. Lynch signed the agreement wherein Bawag will
pay US$140 million to its investors as well as support them in
going after Refco's former chief executive Philip R. Bennett and
other officers.  Bawag is accused of helping Mr. Bennett and
others conceal Refco's true financial position.

The settlement covers persons or entities that purchased or
otherwise acquired Refco Group Ltd., LLC/ Refco Finance Inc. 9%
Senior Subordinated Notes due 2012 (CUSIP Nos. 75866HAA5 and/or
75866HAC1) and/or Refco, Inc. common stock (CUSIP No. 75866G109)
between Aug. 5, 2004 and Oct. 17, 2005.

In the partial settlement, Bawag agreed to pay US$675 million as
well as US$337.5 million payment to its aggravated shareholders
through a compensation fund.  

Bawag also made the Justice Department sign a non-prosecution
agreement.

Plaintiffs' lawyer John P. Coffey said that they will continue
to pursue the remaining defendants -- Mr. Bennett, Bawag's
former chief financial officer Robert C. Trosten and former
president Tone N. Grant -- wherein a civil trial is expected
sometime in 2008.

                        Case Background

The suit, filed in the U.S. District Court for the Southern
District of New York, was consolidated in April 2006 (Class
Action Reporter, April 7, 2006).  

It claimed the collapsed commodity brokerage hid more than
US$5 billion off its books, far more than previously thought.  
It also accuses company executives, company auditors, and
investment bankers of negligence.

This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005, initial
public offering of common stock, and only 14 months after its
issuance of 9% Senior Subordinated Notes due 2012.  The company
filed the fourth largest bankruptcy in U.S. history as a result.

The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.

Representing the plaintiffs are:

     (1) Max W. Berger (MB-5010), John P. Coffey  (JC-3832),
         John C. Browne (JB-0391) and Noam N. Mandel (NM-0203)
         of Bernstein Litowitz Berg & Grossmann, LLP, 1285
         Avenue of the Americas, New York, NY 10019, Phone:
         (212) 554-1400, Fax: (212) 554-1444; and

     (2) Stuart M. Grant (SG-8157), James J. Sabella (JS-5454),
         Megan D. McIntyre, Jeff A. Almeida, Christine M.
         Mackintosh and Jill Agro of Grant & Eisenhofer, P.A.,
         Phone: (646) 722-8500 and (302) 622-7000, Fax: (646)
         722-8501 and (302) 622-7100

For more details, contact Refco, Inc. Securities Litigation
c/o The Garden City Group, Inc., PO Box 9087, Dublin, OH 43017-
0987, Web site: http://www.refcosecuritieslitigation.com/

                           About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  


SCOTTISH RE: Names George Zippel as President & Global CEO
----------------------------------------------------------
Scottish Re Group Limited has appointed George Zippel as
President and Global Chief Executive Officer, effective Aug. 10.  
He will be joining the company immediately, serving in a
transition role.  Mr. Zippel will be based at the company's
Hamilton, Bermuda headquarters.

Paul Goldean, who has been serving as President and Chief
Executive Officer for the past year, will continue with Scottish
Re, assuming the role of Chief Administrative Officer, effective
Aug. 10.

Mr. Zippel was most recently President and CEO of Genworth
Financial's Protection segment, which included the company's
life insurance, long-term care insurance, employee benefit, and
payment protection insurance businesses.  In this role, he was
responsible for 4,000 employees in 17 countries, and in 2006,
oversaw efforts that resulted in over US$6 billion in revenue
and US$600 million in operating net income.

Jonathan Bloomer, a Scottish Re Board of Directors member noted,
"George has an impressive background and proven track record
with broad and significant experience in the insurance industry.  
He will be a tremendous asset for our future growth and we look
forward to his contributions to the company."

Mr. Zippel commented, "I'm excited to be joining Scottish Re and
look forward to working with the team to drive disciplined
management processes that will help us satisfy client needs and
meet our financial targets.  The company has been through a
challenging year, but has strong capabilities that we can build
on for our future."

Prior to joining Genworth as part of its initial public offering
in May 2004, Mr. Zippel held various senior management,
operations and financial roles with the General Electric
Company.  He joined GE Financial in 1999 as President and CEO of
First Colony Life Insurance Company.

A native of Westbury (Long Island), New York, Mr. Zippel holds a
B.A. in Economics from Hamilton College. He was most recently a
board member of the American Council of Life Insurers and served
on the Boards of Directors of Centra Health, Amazement Square --
The Rightmire Children's Museum, STEP with Links, and the NAILBA
Charitable Foundation.

At the Scottish Re Board of Directors meeting scheduled for
Aug. 1, it is expected that Mr. Zippel will also be named to the
Board.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a     
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

                       *     *     *

As reported on June 8, 2007, Fitch Ratings has upgraded Scottish
Re Group Ltd.'s (NYSE: SCT) Issuer Default Rating to 'BB-' from
'B+' and the Insurer Financial Strength ratings of its primary
operating subsidiaries to 'BBB-' from 'BB+'.  Fitch has removed
the ratings from watch positive and assigned a stable outlook.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Moody's Investors Service disclosed that it
continues to review the ratings of Scottish Re Group Ltd. with
direction uncertain following the announcement by the company
that it has entered into an agreement to sell a majority stake
to MassMutual Capital Partners LLC, a member of the MassMutual
Financial Group and Cerberus Capital Management, L.P., a private
investment firm.

Moody's said the continuing review affects the debt rating of
Scottish Re (senior unsecured at Ba3), as well as the Baa3
insurance financial strength ratings of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.  The
uncertain direction of the review indicates the possibility that
Scottish Re's ratings could be upgraded, downgraded, or
confirmed depending on future developments at Scottish Re.

These ratings continue on review with direction uncertain:

  Scottish Re Group Limited

   -- senior unsecured debt of Ba3;

   -- senior unsecured shelf of (P)Ba3; subordinate shelf of
     (P)B1;

   -- junior subordinate shelf of (P)B1;

   -- preferred stock of B2; and

   -- preferred stock shelf of (P)B2.

  Scottish Holdings Statutory Trust II

   -- preferred stock shelf of (P)B1

  Scottish Holdings Statutory Trust III

   -- preferred stock shelf of (P)B1

  Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

  Premium Asset Trust Series 2004-4

   -- senior secured debt of Baa3 (based on IFS of SALIC)

  Scottish Re (U.S.), Inc.

   -- insurance financial strength of Baa3

  Stingray Pass-Through Certificates

   -- senior secured debt of Baa3 (based on IFS rating of
     SALIC)

On Sept. 5, 2006, Moody's changed the direction of review for
Scottish Re's ratings to uncertain from possible downgrade.


SEE HUP SENG: Credit Agricole Increases Deemed Shares
-----------------------------------------------------
On July 18, 2007, Credit Agricole Asset Management S.A., a
substantial shareholder of See Hup Seng Limited, has increased
its deemed shares in the company, due to an open market
purchase.

Prior to the change, Credit Agricole held 17,488,000 deemed
shares with 4.85% issued share capital.  Presently, Credit
Agricole holds 18,266,000 deemed shares with 5.07% issued share
capital.

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                        Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's financials for the
year 2005, Moore Stephens -- See Hup Seng's independent auditors
-- expressed significant doubt in the company's ability to
continue as going concern, citing the company's losses and net
current liabilities.  Moore Stephens adds that the ability of
the group and the company to continue as going concerns is
dependent the company's debt restructuring exercise.


MOBILITY SHIPPING: Wind-Up Petition Hearing Set for July 27
-----------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Mobility Shipping Pte Ltd on July 27, 2007, at
10:00 a.m.

The petition was filed by Evergreen Shipping Agency (Singapore)
Pte Ltd on July 4, 2007.

Evergreen Shipping's solicitor is:

         Gurbani & Co
         9 Temasek Boulevard
         #17-01 Suntec Tower 2
         Singapore 038989


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

BANGKOK BANK: Reduces Lending and Deposit Rates
-----------------------------------------------
Bangkok Bank PCL reduced its lending and deposit rates by around
0.125 to 0.25 percentage points on July 19 after the Bank of
Thailand's Monetary Policy Committee decided to lower its
benchmark one-day repurchase rate by 25 basis points to 3.25%,
the Bangkok Post reports.

Minimum loan rates would be cut to 6.785% from the current 7%,
the article relates.  Minimum overdraft rates were reduced to
7.123% from 7.25%, while minimum rates were cut to 7.375% from
7.5%.  These rate changes are effective immediately.

Fixed deposit rates of three and six-months terms and over
THB5 million are now lower by 0.25% at 2.25%, from the previous
2.5%.  Rates for smaller accounts remain at 2.25%, as well as
rates for 24-month and 36-month fixed accounts for all amounts
at 2.5%.

According to the report, other large banks will follow shortly
in changing rates because of competitive pressure and the
predictions of lower interest rates over the next several months
as inflationary pressures remain low.  


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

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was reaffirmed on September 20, 2006, following the military
coup in Thailand.  On May 4, 2007, Moody's retained its D+ BFSR.

The bank also carries Fitch's C Individual rating and a C
Financial Rating by Standard & Poor's.


DAIMLERCHRYSLER: BMW Sells 50% Tritec Motors Stake to Chrysler
--------------------------------------------------------------
BMW AG has sold its 50 percent stake in Brazilian engine joint
venture Tritec Motors Limitada to DaimlerChrysler's Chrysler
Group division, Reuters reports.  Financial terms of the deal,
which requires regulatory apporoval, were not disclosed.

"Chrysler Group has assumed the responsibility for exploring
long-term options for the Tritec operations whereby all possible
alternatives for continuing the business for the long run are
under analysis.  This may include a sale of the facility to a
third party," BMW said in a statement.

Founded in 1997, Tritec makes 1.4- and 1.6-litre four-cylinder
petrol engines for BMW's Mini brand and some Chrysler models.  
The plant boasts of an annual production capacity of around
250,000 units.  Large-scale production started in January 2000,
Reuters states.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Cerberus May Pay More Interest in Chrysler Deal
----------------------------------------------------------------
Cerberus Capital Management, L.P., may have to pay higher
interest rates on parts of the US$62 billion financing for the
buyout of DaimlerChrysler AG units Chrysler Corporation LLC and
Chrysler Financial Services LLC to meet the demands of banks,
which the private equity firm expects to provide funding for the
deal, The Financial Times reports.

Investors are wary of Chrysler's US$22 billion loans as they
continue to monitor similar indicators of the industry's health
in the wake of fallout from problems in the market for U.S.
subprime mortgage-related debt and a repricing of risk by
investors, FT observes.

The TCR-Europe reported on May 15, 2007, that an affiliate of
Cerberus will make a capital contribution of US$7.4 billion in
return for an 80.1 percent equity interest in the future new
company, Chrysler Holding LLC.

                    Fuel Economy Standards

Meanwhile, Cerberus Chairman John Snow claims that the higher
fleet-wide fuel economy standards passed by the U.S. Senate that
requires new autos to average 35 miles per gallon by 2020 would
risk the survival of the U.S. auto industry, Reuters reveals.

Concurrently, Chrysler, which does not expect to return to
profitability before 2008, is investing US$3 billion in new
plants in Wisconsin, Michigan, Indiana and Mexico intended to
produce a family of more fuel-efficient V-6 engines and
components, Reuters states.

                      About DaimlerChrysler

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

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

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

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


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


KASIKORN BANK: Posts THB4.08-Billion Net Income for 2nd Quarter
---------------------------------------------------------------
Kasikorn Bank PCL's unaudited consolidated income statements
recorded a THB4.08-billion net income for the second quarter of
2007, as compared with the THB3.87-billion net income for the
same period in 2006.

For the April-June 2007 period, the company earned an interest
and dividend income of THB13.86 billion and total non-interest
income of THB4.76 billion, while incurring interest expenses of
THB4.79 billion and non-interest expenses of THB7.05 billion.

As of June 30, 2007, the company had total assets of
THB962.63 billion and total liabilities of THB867.85 billion,
resulting in a total shareholders' equity of THB94.77 billion.


Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai  
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The bank currently carries Moody's Bank financial strength
rating of D+, which Moody's affirmed on May 4, 2007.  The
outlook is stable.

On June 29, 2007, Fitch Ratings affirmed Kasikornbank PCL's 'C'
Individual rating.


SIAM CITY BANK: Posts THB354-Million Net Profit for 2nd Quarter
---------------------------------------------------------------
Siam City Bank PCL's consolidated statement of income showed
that the group earned a net income of THB354.09 million for the
quarter ended June 30, 2007, as compared with the
THB743.29-million net income reported for the same period in
2006.

For the April-June period, the group earned THB6.08 billion in
interest and dividend income and THB1.07 billion in non-interest
income, while incurring interest expenses of THB3 billion and
non-interest expenses of THB2.53 billion.

As of June 30, 2007, the group's assets totaled
THB419.82 billion while its liabilities amounted to
THB382.61 billion, resulting in a total shareholders' equity of
THB37.2 billion.


Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter-Asia Pacific reported that on
October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of BB;
    * Short-term foreign currency rating of B;

The outlook on the ratings is Stable.  Fitch has also upgraded
the bank's individual rating to D from D/E and affirmed its
Support rating at 4.

As of May 4, 2007, the Bank still carries Moody's bank financial
strength rating of D.


SIAM GENERAL FACTORING: Stocks Allowed to Trade Until August 17
---------------------------------------------------------------
The Stock Exchange of Thailand has allowed the trading of Siam
General Factoring PCL's securities to resume starting July 18
until August 16.

The Troubled Company Reporter-Asia Pacific reported on June 21,
2007, that the SET imposed a Suspension (SP) sign against the
trading of the company's stocks because of a THB193 million
equity deficit as of March 31, 2007.  The SET also required the
company to decide whether it will propose a rehabilitation plan
to its shareholders, undergo rehabilitation under the Bankruptcy
Code or to voluntary delist itself.  According to the TCR-AP,
the SET gave the company until July 17 to decide.

On July 16, the company submitted its decision stating that it
will propose a rehabilitation plan to its shareholders.  

In light of this, the SET decided to allow trading to resume
from July 18 until August 16.  On August 17, an SP sign will
again be imposed on the company's securities under Clause 5 (5)
of the SET's Rules, Conditions and Procedure of the Temporary
Prohibition against Trading of Listed Securities dated 9
February 1995.

The company is also required to report every quarter on the
progress of its rehabilitation.

Headquartered in Bangkok, Thailand, Siam General Factoring
Public Company Limited -- http://www.sgf.co.th/-- is engaged in  
the provision of financial services in the forms of factoring,
loans and leasing.  The company offers domestic factoring,
international factoring, leasing, inventory finance, letter of
guarantee, financial support, prefinance and letter of credit
services.  It also provides personal financial services.

The Troubled Company Reporter-Asia Pacific reported on Mar. 28,
2007, that as of December 31, 2006, the company had total assets
of THB1,112,569,672 and total liabilities of THB1,306,068,243,
giving it a total shareholders' equity deficit of
THB193,498,571.  The TCR-AP report also stated that the company
faces possible delisting from the Stock Exchange of Thailand.


THANACHART BANK: Bank of Nova Scotia Acquires 276.26 Mil. Shares
----------------------------------------------------------------
The Bank of Nova Scotia Asia Ltd. acquired an additional
276,263,200 shares in Thanachart Bank PCL from its parent
company, Thanachart Capital PCL.

The shares were sold at THB16.37 per share, for a total of
THB2.57 billion.  The Bank of Nova Scotia now holds 24.98% of
TBANK or 433,393,416 shares, while TCAP owns 74.48% or
1,291,912,593 shares in TBANK.


Headquartered in Bangkok, Thailand, Thanachart Bank PCL provides
both personal and corporate banking services. The personal
banking includes fixed, current, foreign currency and savings
deposits, residential new home loans and residential refinancing
home loans. The corporate banking offers commercial loans and
other financial services to its business clients. The Bank also
offers services to its customers to make money transfers via
automated teller machines (ATMs) and via phones.  As of Dec. 31,
2006, TBANK operated 133 branches and 242 ATMs, as well as 46
foreign exchange centers throughout the country.

On April 2, 2007, Fitch Ratings (Thailand) gave TBANK a D
individual rating and a 5 support rating.




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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***