TCRAP_Public/070724.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, July 24, 2007, Vol. 10, No. 144

                            Headlines

A U S T R A L I A

AIR CONDITIONING: Members to Hear Liquidator's Report on Aug. 10
ALL SYSTEMS: Creditors Resolve to Close Business
ARMOR HOLDINGS: Prices Offering of 8.25% Senior Sub. Notes
ARMOR HOLDINGS: Stifel Nicolaus Maintains Hold Rating on Shares
AVNET INC: Promotes Teri Radosevich as VP-Community Relations

BIG DOG TELECOM: Members Agree on Voluntary Liquidation
BROOKVALE CAR: Members and Creditors to Meet on August 10
CHACO CONSOLIDATED: Members Opt to Shut Down Business
HAGEMEYER ASIA: Sets Members' Meeting on August 10
HEILMOORE INTERNATIONAL: Members to Meet on Aug. 13

HOCKING WATER: Placed Under Members' Voluntary Liquidation
HUTCHISON TELECOMMUNICATIONS: No Reason for 25% Share Price Rise
PEREGRINE SECURITIES: Sets Members' Meeting for August 13
POLYPORE INTERNATIONAL: S&P Revises Outlook to Positive
REALOGY CORP: Closes Change of Control Offer for US$1.2BB Notes

UNITED FIRESERVICES: Members Resolve to Liquidate Business


C H I N A   &   H O N G  K O N G

AMERICAN HARDWOOD: Names Au Yuen Fan, Candy, as Liquidator
ANDREW CORPORATION: Submits Pre-merger Notification Filings
ANDREW CORPORATION: Inks Second Amendment to Credit Agreement
BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders
BREAN DISTRIBUTORS: Wind-Up Petition Hearing Set for Aug. 1

CELLON HONG KONG: Sets Creditors' Meeting for July 27
CHINA EASTERN: Will Post Profit for 2007 First Half
CHINA EASTERN: Plans to Buy 10 Airbuses for CNY4.64 Billion
COMEPHONE INDUSTRIAL: Court to Hear Wind-Up Petition on Sept. 12
FERRO CORP: Names Roland Simon as Chief Purchasing Officer

IMPACT DESIGNS: Creditors' Proofs of Debt Due on August 10
MAXBUSY GROUP: Taps Wing Muk and Middleton as Liquidators
ON BRIGHT DEVELOPMENT: Accepting Proofs of Debt Until Aug. 20
PACIFIC PRECISION: Liquidators Quit Posts
PETROLEOS DE VENEZUELA: Taiwan's CPC To Defend Oil Rights

RED BEAN: Sets Wind-Up Petition Hearing for July 25
SHIMAO PROPERTY: Fitch Assigns 'BB+' LT Issuer Default Rating
TEKSID ALUMINUM: Gets Necessary Consents to Amend Indenture
WORLD SHINE: Ng Hon Wai Derek Quits Liquidator Post
* Pressure for Less Surplus Will Increase Policy Risks, S&P Says


I N D I A

BHARTI AIRTEL: Members Appoint S.R. Batliboy as New Auditors
CABLE & WIRELESS: Digicel Files Claims for Unlawful Behavior
ESSAR OIL: Strikes Oil at Mehsana Onshore Basin in Gujarat
GENERAL MOTORS: Reports Global 2nd Qtr. Sales of 2.4MM Vehicles
GENERAL MOTORS: Labor Talks to Aid Turnaround of U.S. Business

ICICI BANK: Books INR775 Cr. Profit in 1st Quarter Ended June 30
IFCI LTD: Turns Around With INR2.47BB Profit in 1st Qtr. FY2008
NCO GROUP: Launches Exchange Offers for US$365 Million Sr. Notes


I N D O N E S I A

ALCATEL-LUCENT: Enters Into Services Agreement With NCR Corp.
BANK DANAMON: Launches Dirham Credit Card With MasterCard
BANK NIAGA: 1st Semester Net Profit Up 15% to IDR406 Billion
CIKARANG LISTRINDO: S&P Assigns 'BB-' Ratings; Outlook Stable
INDOSAT: Books 20 Million Customers in First Semester of 2007

MEDCO ENERGI: To Sell 49% in Nunukan Block to Anadarko Indonesia
MOBILE-8 TELECOM: Moody's Assigns 'B2' Corporate Family Rating
MOBILE-8 TELECOM: S&P Assigns 'B' LT Corporate Credit Rating
MOBILE-8 TELECOM: To Sell US$150-Million Dollar Bond


J A P A N

FORD MOTOR: To Invest EUR675 Million in Romanian Plant
FORD MOTOR: Private Equity Firms May Bid for Jaguar & Land Rover
FORD MOTOR: TPG Capital, Others Bid for Jaguar & Land Rover
JVC CORP: Forms Capital & Business Tie-Up with Kenwood and Sparx
MAZDA MOTORS: Resumes Production in Yamaguchi Factory

UBE INDUSTRIES: To Reduce Cost of Caprolactam Production
* Japan Auto Sector's Supplier Risk Made Visible From Earthquake


K O R E A

HYNIX SEMICONDUCTOR: Introduces Fair Trade Compliance Program
MAGNACHIP SEMICON: Ships New LCD Driver Chip to Module Makers


M A L A Y S I A

PROTON HOLDINGS: Shares Rise After Report of Volkswagen Deal
SHAW GROUP: Secures US$1.29 Billion EPC Pact from Duke Energy


N E W  Z E A L A N D

50 FORCE: Court Appoints Iain McLennan as Liquidator
BRIDGECORP LTD: Australian Arm's Pensioners May Get Gov't. Aid
CLIFFORD HOLDINGS: Requires Creditors to File Claims by July 19
CONCRETE FX: Commences Liquidation Proceedings
DDC CARRIERS: Names Fatupaito and McCloy as Liquidators

FIRE TECHNOLOGY: Shareholders Agree on Voluntary Liquidation
GREEN TEAM: Fixes Sept. 21 as Last Day to File Claims
MEREWEATHER ENTERPRISES: Taps Official Assignee as Liquidator
NORFOLK INVESTMENTS: Appoints Official Assignee as Liquidator
PACIFIC WORLD: Enters Liquidation Proceedings

PERTAKO LTD: Accepting Proofs of Debt Until Sept. 21
THIRSTY ENTERPRISES: Fixes July 26 as Last Day to File Claims
WECA CONSTRUCTION: Creditors' Proofs of Debt Due on August 10


P H I L I P P I N E S

ATLAS CONSOLIDATED: Carmen Copper Unit Cancels Public Offering
BANCO DE ORO-EPCI: BDO Must Pay PHP74.61 Million Deficiency Tax
PHIL AIRLINES: Mulls Over Flying to New Destinations in the U.S.
PHIL AIRLINES: Considers Coming Out Early from Rehabilitation
SAN MIGUEL: Plans to Place Bid for Calaca Power Plant in Auction

SAN MIGUEL: Considers Investing in Ethanol Production
WELLEX INDUSTRIES: Unit Inks Partnership Deal With Chinese Firm


S I N G A P O R E

ADVANCED MICRO: Posts US$600 Mil. Net Loss in Qtr. Ended June 30
FOODBEX GLOBAL: Court Enters Wind-Up Order
MEDIASTREAM LTD: To Hold Meting for Scheme Creditors on July 30
POLYONE CORP: Inks Canadian Receivables Purchase Agreement
RINOL SINGAPORE: Distributes Dividend to Preferential Creditors

WANG COO-KIEN: Sets Final Meeting for August 18
* Fitch Gives Stable Rating to Singapore Banks Despite Expansion


T H A I L A N D

BANGKOK BANK: Posts THB5.34-Bil. Net Income for 2nd Quarter 2007
BANGKOK BANK: Posts THB9.97-Billion Net Income for 2007 1st Half
BANGKOK BANK: Earns THB200,000 from Sales of Gamma Dev't Shares
BANK OF AYUDHYA: Posts THB8.8-Billion Net Loss for 2nd Qtr. 2007
BANK OF AYUDHYA: Posts THB7.6-Billion Net Loss for 1st Half 2007


* BOND PRICING: For the Week 23 July to 27 July 2007

     - - - - - - - -

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

AIR CONDITIONING: Members to Hear Liquidator's Report on Aug. 10
----------------------------------------------------------------
The members of Air Conditioning and Duct Manufacturing Training
Limited will have a general meeting on August 10, 2007, at
10:00 a.m., to hear the liquidator's report about the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         P. R. Watson
         c/o David Hicks & Co Pty Ltd
         Chartered Accountants
         Level 5, 6a Glen Street
         Milsons Point, New South Wales 2061
         Australia

                     About Air Conditioning

Air Conditioning and Duct Manufacturing Training Ltd operates
vocational schools.  The company is located in New South Wales,
Australia.


ALL SYSTEMS: Creditors Resolve to Close Business
------------------------------------------------
On June 28, 2007, the creditors of All Systems Air Conditioning
Pty Limited resolved to close the company's business.

Paul William Gidley and James Alexander Shaw of Ferrier Hodgson
were appointed as liquidators.

The Liquidators can be reached at:

         Paul William Gidley
         James Alexander Shaw
         Ferrier Hodgson, Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia

                        About All Systems

All Systems Air Conditioning Pty Ltd provides plumbing, heating
and air-conditioning services.  The company is located in New
South Wales, Australia.


ARMOR HOLDINGS: Prices Offering of 8.25% Senior Sub. Notes
----------------------------------------------------------
Armor Holdings Inc. has priced its previously announced tender
offer to purchase for cash all of its outstanding 8.25% Senior
Subordinated Notes due 2013, CUSIP No. 042260AB5, which, along
with the related consent solicitation, are being conducted
pursuant to the terms of and subject to the conditions set forth
in the Offer to Purchase and Consent Solicitation Statement
dated July 2, 2007.

The total consideration for each US$1,000 principal amount of
the Notes, which will be payable in respect of the Notes that
are accepted for payment and that were validly tendered on or
prior to 5:00 p.m., New York City time, on July 16, 2007, will
be US$1,066.53 per US$1,000 principal amount of the Notes, based
on an assumed payment date of July 31, 2007, which is the
business day following the Expiration Date of the Offer.  The
Tender Offer Consideration is the Total Consideration minus a
US$20.00 consent payment.  The Total Consideration was
determined as of 2:00 p.m., New York City time, on July 16,
2007, and is equal to, for each US$1,000 principal amount of
Notes,

   (i) the sum of the present value on the Payment Date of

       (a) US$1,041.25 (the amount payable on Aug. 15, 2008,
           which is the date the Notes first become callable,
           plus

       (b) the interest that would be payable on, or accrue
           from, Feb. 15, 2007, the most recent interest payment
           date, until the First Call Date, in each case,
           determined on the basis of a yield to the First Call
           Date equal to the sum of the bid-side yield on the
           4.125% U.S. Treasury Note due Aug. 15, 2008, which
           UBS Investment Bank calculated as 4.983% as of
           2:00 p.m., New York City time, on July 16, 2007, in
           accordance with the Offer to Purchase, plus

       (c) a fixed spread of 50 basis points, minus

  (ii) accrued and unpaid interest from February 15, 2007 to,
       but not including, the Payment Date.

The Consent Payment of US$20.00 per US$1,000 principal amount of
Notes is included in the calculation of the Total Consideration
and is not in addition to the Total Consideration.

In addition to the Total Consideration, such tendering holders
will receive accrued and unpaid interest up to, but not
including, the Payment Date with respect to Notes validly
tendered and not validly withdrawn prior to the Consent Payment
Deadline pursuant to the Offer.

The Offer shall expire at 12:00 midnight, New York City time on
July 30, 2007, unless extended or earlier terminated.  Holders
who validly tender their Notes after the Consent Payment
Deadline and on or prior to the Expiration Date will receive
only the Tender Offer Consideration, plus accrued and unpaid
interest up to, but not including, the Payment Date.

As of the Consent Payment Deadline, Armor had received tenders
of Notes and deliveries of related consents from holders of
approximately 99.83% of the principal amount of the outstanding
Notes.  As a result of obtaining the requisite consents, Armor
will execute and deliver a supplemental indenture setting forth
the amendments to the indenture governing the Notes, which will
eliminate substantially all restrictive covenants and certain
event of default provisions in the indenture, as detailed in the
Offer to Purchase.  The supplemental indenture provides that the
amendments to the indenture will become operative only on the
payment date for the tendered Notes accepted by Armor for
purchase pursuant to the Offer.

Armor's obligation to accept for purchase and pay for the Notes
validly tendered and consents validly delivered, and not validly
withdrawn or revoked, pursuant to the Offer is subject to and
conditioned upon the satisfaction of or, where applicable,
Armor's waiver of, certain conditions including

   (1) the consummation of the proposed merger of Jaguar
       Acquisition Sub Inc., a Delaware corporation and a
       wholly-owned subsidiary of BAE Systems, Inc., with and
       into Armor pursuant to an Agreement and Plan of Merger
       among Armor, BAE Systems, Inc. and Merger Sub dated as of
       May 7, 2007; and

   (2) certain other general conditions, each as described in
       more detail in the Offer to Purchase.

Requests for documents may be directed to the Information Agent
for the Offer and Solicitation, Global Bondholder Services
Corporation, by telephone at (866) 804-2200 (toll free) or (212)
430-3774, or in writing at 65 Broadway -- Suite 723, New York,
NY 10006.  Questions regarding the terms of the Offer and
Solicitation should be directed to the Dealer Manager and
Solicitation Agent, UBS Investment Bank, at (888) 722-9555, ext.
337-4210 (toll-free) or (203) 719-4210 (collect).

                   About Armor Holdings Inc.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and  
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.  The company has
operations in Australia in the Asia Pacific, in England for
Europe and Brazil for its Latin-American operations.

                       *     *     *

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard &
Poor's B+ rating.


ARMOR HOLDINGS: Stifel Nicolaus Maintains Hold Rating on Shares
---------------------------------------------------------------
Stifel Nicolaus & Company analysts have kept their "hold" rating
on Armor Holdings Inc's shares, Newratings.com reports.

The analysts said in a research note that the "MRAP contract
award worth US$518 million to Armor Holdings is substantially
favorable for the company."

Stewart & Stevenson Tactical Vehicle Systems, one of Armor
Holdings' units, was awarded a US$518,543,584 "firm-fixed-priced
delivery order" to provide 1,154 Mine Resistant Ambush Protected
Category I vehicles and 16 MRAP Category II vehicles,
Newratings.com states, citing the analysts.


Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and  
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.  The company has
operations in Australia in the Asia Pacific, in England for
Europe and Brazil for its Latin-American operations.

                       *     *     *

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard &
Poor's B+ rating.


AVNET INC: Promotes Teri Radosevich as VP-Community Relations
-------------------------------------------------------------
Avnet, Inc., has promoted Teri Radosevich to vice president of
community relations.

In her seven years as Avnet's director of Community Relations,
Mrs. Radosevich took the company's community relations programs
to a new level by expanding them from sponsorships to focused
efforts that rallied the company's suppliers, customers and
vendors to help students of all ages use or benefit from
technology.  The Avnet Tech Games and Avnet Science and
Technology Fair, both launched under Mrs. Radosevich's
direction, have been particularly effective at raising Avnet's
profile inside and outside the company.

"Thanks to Teri's leadership and refinement of Avnet's community
relations strategy, Avnet enjoyed a 37 percent increase in brand
awareness within the Phoenix area, and more importantly, now
enjoys a greater commitment to community relations from company
executives and employees alike," said Al Maag, Avnet's chief
communications officer.  "Moreover, she has kept Avnet at the
forefront of many government programs and local issues including
corporate social responsibility - so much that companies in
Phoenix and in the industry often seek her advice.  Avnet is
fortunate to have her and looks forward to seeing what she can
accomplish as she sets her sights on expanding community
relations efforts around the world."

Traveling to Avnet locations to share best practices and advise
them on community relations implementation is only part of Mrs.
Radosevich's new responsibilities, which also include publishing
a bi-monthly community relations newsletter to keep employees
informed about company efforts while also alerting them about
additional ways they can make a difference in their cities.

A recent graduate of the Valley Leadership program and winner of
the PR News Corporate Social Responsibility Award, Mrs.
Radosevich has served on the boards of Free Arts for Abused
Children and the Arizona Foundation for Women.  In addition to a
Master's degree from Western International University and a
bachelor's degree from Eastern Illinois University, she received
community relations certification from The Center for Corporate
Community Relations at Boston College.

                        About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- 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,
Brazil, Mexico and Puerto Rico.

                       *     *     *

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.


BIG DOG TELECOM: Members Agree on Voluntary Liquidation
-------------------------------------------------------
During a general meeting held on June 22, 2007, the members of
Big Dog Telecom Pty Ltd agreed to voluntarily liquidate the
company's business.

Matthew Jess and Paul Burness were appointed as liquidators.

The Liquidators can be reached at:

         Matthew Jess
         Paul Burness
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5514
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au

                          About Big Dog

Big Dog Telecom Pty Ltd provides business consulting services.  
The company is located in Victoria, Australia.


BROOKVALE CAR: Members and Creditors to Meet on August 10
---------------------------------------------------------
The members and creditors of Brookvale Car World Pty Ltd will
have their final meeting on August 10, 2007, at 10:00 a.m., to
receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Brian Silvia
         c/o Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia

                       About Brookvale Car

Brookvale Car World Pty Ltd is a dealer of used cars.  The
company is located in New South Wales, Australia.


CHACO CONSOLIDATED: Members Opt to Shut Down Business
-----------------------------------------------------
The members of Chaco Consolidated Pty Limited met on June 27,
2007, and agreed to shut down the company's business.

David Gregory Young, Chartered Accountants of Pitcher Partners,
was appointed as liquidator.

The Liquidator can be reached at:

         David Gregory Young
         Chartered Accountant
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                    About Chaco Consolidated

Located in New South Wales, Australia, Chaco Consolidated Pty
Limited is an investor relation company.


HAGEMEYER ASIA: Sets Members' Meeting on August 10
--------------------------------------------------
The members of Hagemeyer Asia Pacific Electronics Pty Limited
will meet on August 10, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidators are:

         David Clement Pratt
         Stephen Graham Longley
         c/o PricewaterhouseCoopers
         Freshwater Place, 2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia

                      About Hagemeyer Asia

Hagemeyer Asia Pacific Electronics Pty Limited, which is also
trading as Soanar, is a distributor of electrical apparatus and
equipments.  The company is located in Victoria, Australia.


HEILMOORE INTERNATIONAL: Members to Meet on Aug. 13
---------------------------------------------------
A meeting will be held for the members of Heilmoore
International Pty Ltd on August 13, 2007, at 10:30 a.m.

D. R. Vasudevan, 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:

         D. R. Vasudevan
         c/o Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                 About Heilmoore International

Heilmoore International Pty Ltd, which is also trading as
Western Ventilation Equipment, is in the sheet metalwork
business.  The company is located in Victoria, Australia.


HOCKING WATER: Placed Under Members' Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on June 25, 2007, the members of
Hocking Water Heater Co Pty Ltd decided to voluntarily liquidate
the company's business and appointed Brian Gray as liquidator.

The Liquidator can be reached at:

         Brian Gray
         5 Boronia Parade
         Lugarno, New South Wales 2210
         Australia

                      About Hocking Water

Hocking Water Heater Co Pty Ltd is a distributor of household
appliances.  The company is located in New South Wales,
Australia.


HUTCHISON TELECOMMUNICATIONS: No Reason for 25% Share Price Rise
----------------------------------------------------------------
Hutchison Telecommunications Limited says it has no explanation
to give to the Australian Stock Exchange for its 25% increase in
its share price two weeks ago, reports Australian Associated
Press.

The telco rose from 14 cents on July 11 to an intraday high of
18 cents on July 17, conveys AAP.

Reportedly, after an inquiry by the ASX, the telecommunication
company's secretary Louise Sexton said that the company had
nothing to disclose to the market.

Ms. Sexton, in a statement grabbed by AAP, stated that, "the
company is not aware of any information concerning it that has
not been announced that could be an explanation for recent
trading in the securities of the company."  Also, AAP conveyed
that Hutchison "does not currently anticipate that there will be
any material abnormal or extraordinary profit for the half year
ended 30 June 2007."

Ms. Sexton pointed out a recent capital restructure and the
associated share price changes are among the things that have
developed in the company, relates the report.

As of July 18, 2007, 10:34 AEST, Hutchison shares were still
trading at 18 cents, the report adds.

               About Hutchison Telecommunications

Headquartered in New South Wales, Australia, Hutchison
Telecommunications (Australia) Limited --
http://www.hutchison.com.au/-- is engaged in the ownership and  
operation of wideband code division multiple access (W-CDMA),
third-generation (3G) mobile network (branded 3) across the five
mainland capital cities and national capital, Canberra; the
ownership and operation of a code division multiple access
(CDMA) network (branded Orange) mobile in and around Sydney and
Melbourne, and a national paging and messaging service under the
Orange brand. 3 is part of the global telecommunication
operations of Hutchison Whampoa Limited.  In February 2006,
Hutchison re-branded its CDMA network to 3 CDMA.  3 CDMA
provides customer with voice and basic messaging services.  3
also provides a range of paging, messaging and portable
information services.

The Troubled Company Reporter-Asia Pacific, on April 20, 2007,
included in its "Large Companies With Insolvent Balance Sheets"
Column Hutchison Telecommunication, with US$786.31 million in
stockholders' equity deficit.

The company recorded a AU$759.4-million net loss for the 2006
fiscal year, compared with a AU$547.3-million loss for 2005.


PEREGRINE SECURITIES: Sets Members' Meeting for August 13
---------------------------------------------------------
Peregrine Securities NL will hold a meeting for its members on
August 13, 2007, at 10:00 a.m.

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

The company's liquidator is:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                   About Peregrine Securities

Located in Victoria, Australia, Peregrine Securities NL is an
investor relation company.


POLYPORE INTERNATIONAL: S&P Revises Outlook to Positive
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Charlotte, N.C.-based Polypore International Inc. and its
subsidiary Polypore Inc. to positive from stable.  At the same
time, S&P affirmed its ratings on both companies, including the
'B' corporate credit rating.

"The outlook revision reflects the completion of a US$285
million IPO, proceeds of which have been applied to debt
reduction, and the resulting improvement in credit protection
measures," said S&P's credit analyst Gregoire Buet.

The ratings continue to reflect Polypore's highly leveraged
financial risk profile, characterized by high, though reduced,
debt levels and weak credit metrics.  The company manufactures
microporous membranes for use in energy storage and separations
applications.

Polypore derives about 70% of revenues from separators for lead-
acid batteries used in transportation and industrial
applications as well as for disposable and rechargeable lithium
batteries.  The lead-acid market tends to be mature and stable,
although growth opportunities exist in emerging markets.  The
lithium business benefits from strong growth prospects, but can
be volatile.  Polypore's other business includes filtration
membranes used by makers of health-care, food and beverage, and
industrial separations equipment.

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
health care and industrial applications.  The company has
operations in Australia, Germany and Brazil.


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

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

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

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

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

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

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

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

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

                        About Realogy Corp.

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


UNITED FIRESERVICES: Members Resolve to Liquidate Business
----------------------------------------------------------
At an extraordinary general meeting held on June 25, 2007, the
members of United Fireservices Pty Limited resolved to liquidate
the company's business.

Raymond George Tolcher and Rowena Margaret Sigelski of Lawler
Partners were appointed as liquidators.

The Liquidators can be reached at:

         Raymond George Tolcher
         Rowena Margaret Sigelski
         c/o Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia

                   About United Fireservices

United Fireservices Pty Limited is involved with electrical
work.  The company is located in New South Wales, Australia.


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

AMERICAN HARDWOOD: Names Au Yuen Fan, Candy, as Liquidator
----------------------------------------------------------
On July 6, 2007, Au Yuen Fan, Candy was tapped as liquidator for
American Hardwood Company Limited.

The Liquidator can be reached at:

         Au Yuen Fan, Candy
         Star House, Room 1202-3
         3 Salisbury Road, Kowloon
         Hong Kong


ANDREW CORPORATION: Submits Pre-merger Notification Filings
-----------------------------------------------------------
CommScope Inc. and Andrew Corporation submitted their pre-merger
notification filings as required under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, with respect to
the proposed acquisition by CommScope Inc. of Andrew Corp.

In connection with the proposed merger, CommScope intends to
file a registration statement with the Securities and Exchange
Commission on Form S-4 and CommScope Inc. and Andrew Corp.
expect to mail a proxy statement/ prospectus to Andrew Corp.'s
stockholders containing information about the merger.

The registration statement and the proxy statement/prospectus
will contain important information about CommScope Inc., Andrew
Corp., the merger, and related matters.  

As reported in the Troubled Company Reporter on June 29, 2007,
CommScope Inc. and Andrew Corporation entered into a definitive
agreement on June 27, 2007, unanimously approved by their
respective Boards of Directors, under which CommScope will
acquire all of the outstanding shares of Andrew for US$15.00 per
share, at least 90% in cash, creating a global leader in
infrastructure solutions for communications networks.

The transaction, which is valued at approximately
US$2.6 billion, is expected to be accretive to CommScope's cash
earnings per share, excluding special items, in the first full
year after closing.  The US$15.00 per share purchase price
represents a premium of approximately 13% over Andrew's average
closing share price for the last 30 trading days, a 21% premium
over Andrew's average closing share price for the last 60
trading days, and a 16% premium over the closing price of
Andrew's common stock on June 26, 2007.

                         About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last   
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications. Backed by strong research and
development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.  CommScope has facilities in Brazil,
Australia, China and Ireland.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers   and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in in China and India.  Andrew
is an S&P 500 company founded in 1937.

                        *    *    *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on Aug. 10,
2006.


ANDREW CORPORATION: Inks Second Amendment to Credit Agreement
-------------------------------------------------------------
Andrew Corporation, as of July 13, 2007, entered into a Second
Amendment to Credit Agreement with certain financial
institutions named in the Second Amendment and Bank of America,
National Association, as Administrative Agent, for the Lenders
and as L/C Issuer.

The Second Amendment amends in certain respects Andrew's Credit
Agreement dated as of Sept. 29, 2005, as amended by a First
Amendment to Credit Agreement dated as of June 16, 2006.

The Second Amendment amended the Credit Agreement such that any
agreement entered into by Andrew and CommScope, Inc. in
furtherance of the proposed merger between them would not be
taken into account for purposes of determining if a change of
control of Andrew had occurred until the earlier to occur of the
date of the consummation of the CommScope Merger Transaction and
March 31, 2008, unless the agreements concerning the CommScope
Merger Transaction have been previously terminated.

In addition, the Administrative Agent and Lenders also waived
any event of default under the Credit Facility occurring due to
a change of control of Andrew resulting from any agreement
entered into between Andrew and CommScope in furtherance of the
CommScope Merger Transaction until the earlier to occur of the
date of the consummation of the CommScope Merger Transaction and
March 31, 2008.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers   and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in in China and India.  Andrew
is an S&P 500 company founded in 1937.

                        *    *    *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on Aug. 10,
2006.


BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders
---------------------------------------------------------------
Holders of a majority of Bally Total Fitness Holding Corp.'s
10-1/2% Senior Notes due 2011 and more than 80% of its 9-7/8%
Senior Subordinated Notes due 2007 have entered into a
Restructuring Support Agreement agreeing to, following receipt
of a disclosure statement, vote in favor of a plan of
reorganization.

The company says that the Plan will further enhance its
liquidity by increasing the rights offering to US$90 million and
by allowing the company to retain the cash which would have been
used for the July 15, 2007 interest payment due on the Senior
Notes.  With its Restructuring Support Agreement in place, the
company believes it has sufficient support from its noteholders
to proceed to implement the Plan through appropriate bankruptcy
proceedings and expects to make its Chapter 11 filing in the
near future.  The company plans to continue normal club
operations during the pendency of the anticipated bankruptcy
case and will seek to emerge from bankruptcy as quickly as
possible.

Don R. Kornstein, Interim chairman and Chief Restructuring
Officer, stated, "We are pleased to have such strong support for
the Plan from both our senior and senior subordinated
noteholders. The Restructuring Support Agreement will enable us
to expedite our work on restoring the strength of our balance
sheet in the shortest time possible, and positioning Bally Total
Fitness to compete over the long term.  We look forward to
emerging from bankruptcy with a greater ability to invest in and
continue upgrading our fitness centers and to focus on building
the Bally brand."

Pursuant to the Restructuring Support Agreement, the Plan will
provide that:

   * The Senior Notes will be modified, including an increase in
     the annual interest rate to 12-3/8% effective from
     July 16, 2007.  The cash interest payment on the Senior
     Notes due July 15, 2007 will not be made.  Upon
     effectiveness of the Plan, the new principal amount of the
     outstanding Senior Notes will be US$247,337,500, with the
     increase distributed pro rata to the holders of the Senior
     Notes.  The maturity and guarantees of the Senior Notes
     would remain the same.  Upon effectiveness of the Plan,
     holders of the Senior Notes would receive a fee equal to 2%
     of the face value of their notes on the date of the filing
     of the Chapter 11 cases.

   * The Senior Note Indenture would be amended to provide the
     holders with a "silent" second lien on substantially all
     assets of the company and the subsidiary guarantors.  Under
     the amended Senior Note Indenture, the company would have a
     permitted debt basket for the senior credit facility of
     US$292 million, with a reduction for proceeds of asset
     sales completed after June 15, 2007 that are used to
     permanently pay down indebtedness under its senior credit
     facilities and are not reinvested in replacement assets
     within 360 days after the applicable asset sale.

     The Senior Note Indenture will also permit Bally to issue
     after emergence from bankruptcy and in addition to the
     securities referred to below, an additional US$90 million
     of pay-in-kind senior subordinated notes.  The amended
     Senior Note Indenture also increases by US$50 million to a
     total of US$100 million the permitted debt basket for
     purchase money indebtedness and capital leases (with a
     US$50 million capital lease sublimit).

     The optional redemption schedule in the Senior Notes would
     be amended to permit the company to redeem the Senior Notes
     prior to July 15, 2008 at a:

        -- T+50 make whole premium (including all interest due
           and payable through July 15, 2008) based upon a
           redemption on July 15, 2008 at 106.25%;

        -- optional redemption at 106.25% until July 14, 2009;

        -- 102.50% until July 14, 2010; and

        -- 100% after July 14, 2010.

     The amended Senior Note Indenture would eliminate any
     requirement for filing of SEC reports, but would require
     the company to provide to investors and prospective
     investors SEC equivalent audited annual and unaudited
     quarterly financials, including MD&A and footnotes, and 8-K
     reportable events.


   * Consistent with the terms of the previously announced
     restructuring proposal, holders of Senior Subordinated
     Notes would receive, in exchange for their claims, new
     subordinated notes in the principal amount of US$150
     million, representing 50% of the principal amount of their
     claims, and shares of common stock representing 100% of the
     equity in the reorganized company (subject to reduction for
     common stock to be issued to holders of certain other
     claims).

     The New Subordinated Notes would mature five years and nine
     months after the effective date of the Plan and would bear
     interest payable annually at 135/8% per annum if paid in
     kind or 12% per annum if paid in cash, at the company's
     option, subject to satisfaction of a toggle covenant based
     on specified cash EBITDA and minimum liquidity thresholds.

   * In addition, the holders of Senior Subordinated Notes would
     receive non-detachable rights to participate in a US$90
     million rights offering of new senior subordinated notes.
     The Rights Offering Senior Subordinated Notes would rank
     senior to the New Subordinated Notes but otherwise have the
     same terms.

   * Holders of certain other claims against the company will be
     given the opportunity to participate in the rights
     offering, which, if exercised, would generate incremental
     proceeds beyond the US$90 million to be funded by electing
     Senior Subordinated Noteholders.

   * The company and its subsidiaries may reject selected leases
     and other contracts in the bankruptcy.

   * All existing equity would be cancelled for no
     consideration.

   * Effectiveness of the Plan is conditioned upon, among other
     things, the company having filed its Annual Report on Form
     10-K for the year ended Dec. 31, 2006.

A copy of the Restructuring Support Agreement will be included
as an exhibit to a Current Report on Form 8-K that the company
will file with the SEC.

Tennenbaum Capital Partners, LLC and Anschutz Investment
Company, through certain of their affiliates, and Goldman Sachs
& Co., who collectively hold more than 80% of the Senior
Subordinated Notes, have agreed in principle to subscribe for
their pro rata share of the Rights Offering Senior Subordinated
Notes and to purchase any Rights Offering Senior Subordinated
Notes not subscribed for by other holders of Senior Subordinated
Notes.  As a result of these backstop provisions, the company
will be assured of having US$90 million in additional cash
availability upon the effectiveness of the Plan.

Houlihan Lokey Howard & Zukin Capital acts as financial advisor
and Akin Gump Strauss Hauer & Feld, LLP is counsel to the Ad Hoc
Committee of Senior and Senior Subordinated Noteholders.

                     About Bally Total Fitness

Bally Total Fitness Holding Corp. --
http://www.Ballyfitness.com/-- is the largest and only United  
States-wide commercial operator of fitness centers, with over
400 facilities located in 29 states, in Canada, the United
Kingdom, the Carribbean, Mexico and China.  Bally offers a
unique platform for distribution of a wide range of products and
services targeted to active, fitness-conscious adult consumers.

As reported in the Troubled Company Reporter on April 19, 2007,
Moody's Investors Service downgraded all the credit ratings
of Bally Total Fitness Holding Corporation after its failure to
make the April 16, 2007 interest payment on $300 million
principal amount of senior subordinated notes.

Additionally, Standard & Poor's Ratings Services held its
ratings on Bally Total Fitness Holding Corp., including the
'CCC' corporate credit rating, on CreditWatch with developing
implications, where they were placed on Dec. 2, 2005.


BREAN DISTRIBUTORS: Wind-Up Petition Hearing Set for Aug. 1
-----------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Brean Distributors Limited on August 1, 2007, at
9:30 a.m.

The company filed the petition on April 24, 2007.

The company's solicitor is:

         White & Case
         Central Tower, 9th Floor
         28 Queen's Road, Central
         Hong Kong


CELLON HONG KONG: Sets Creditors' Meeting for July 27
-----------------------------------------------------
The creditors of Cellon Hong Kong Limited will meet on July 27,
2007, at 11:00 a.m., for the purposes set out in Sections 199,
241, 242, 243, 244, 251(1)(a), 255A(2) and 283 of the Companies
Ordinance.

The meeting will be held in the office of Borelli Walsh Limited,
on 1401, Level 14, Tower 1 of Admiralty Center at 18 Harcourt
Road, in Hong Kong.


CHINA EASTERN: Will Post Profit for 2007 First Half
---------------------------------------------------
China Eastern Airlines Corp Ltd. (0670) said on July 22 that it
will post a profit for the first half of 2007, The Standard
reports, citing Dow Jones Newswires.

Reuters notes that according to a statement by China Eastern,
the first-half profits can be attributed to an improvement in
operating profit and exchange gains due to the appreciation of
the Chinese yuan.

The Standard recounts that the airline had earlier forecast a
loss after reporting a net loss for the first-quarter.  This
first quarter net loss -- CNY510.9 million -- was a decline from
the CNY955.1-million net loss reported during the same period in
2006.

According to The Standard, the Shanghai-based airline company
said that its operating results will show an improvement in the
second quarter, paving the way for a first-half operating
profit.  However, China Eastern did not say whether it will
report a net profit on top of an operating profit.

In June, Reuters points out, China Eastern Chairman Li Fenghua
said that the airline expected to return to the black in the
first half due to strong business growth, despite earlier
warning that the net figure might remain in the red because of
its high debt ratio and fierce market competition.

China Eastern incurred a CNY1.72-billion net loss in the first
half of 2006 amid high fuel prices and domestic competition, The
Standard recalls.  The company's shares have been suspended from
trading since mid-May, along with Singapore Airlines.

The Standard relates that SIA has confirmed that it is in
advanced talks to buy a stake in China Eastern.  According to
sources familiar with the negotiations, SIA wants to buy between
17% and 20%, and that Singapore state investment company Temasek
Holdings may buy 5%.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- principal   
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

Fitch Ratings gave China Eastern long-term issuer default,
foreign currency long-term debt, and local currency long-term
debt ratings of B+.

Xinhua Ratings also gave the company a local currency long-term
issuer credit rating of BB+.


CHINA EASTERN: Plans to Buy 10 Airbuses for CNY4.64 Billion
-----------------------------------------------------------
China Eastern Airlines Corp. Ltd. had agreed to buy 10 Airbus
A320 series aircraft with engines from Airbus for an aggregate
price of CNY4.64 billion (US$613 million), Reuters reports.

Reuters cites China Eastern as saying in a statement last week
that it would pay for the Airbuses through bank loans or other
financial arrangements.

The aircraft, according to the report, are expected to be
delivered from March 2011 to June 2012.

Reuters recounts that China Eastern said in June that it had
signed a contract to buy 30 A320 passenger jets from Airbus for
less than the CNY13.9 billion (US$1.74 billion) catalogue price
of the planes.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- principal   
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

Fitch Ratings gave China Eastern long-term issuer default,
foreign currency long-term debt, and local currency long-term
debt ratings of B+.

Xinhua Ratings also gave the company a local currency long-term
issuer credit rating of BB+.


COMEPHONE INDUSTRIAL: Court to Hear Wind-Up Petition on Sept. 12
----------------------------------------------------------------
A petition to wind up the operations of Comephone Industrial
Limited will be heard before the High Court of Hong Kong on
Sept. 12, 2007, at 9:30 a.m.

Baldwin & Ebenezer (Hong Kong) Limited filed the wind-up
petition against the company on July 5, 2007.

Baldwin & Ebenezer's solicitor is:

         Rowland Chow, Chan & Co.
         Wing Lung Bank Building, 15th Floor
         No.45 Des Voeux Road, Central
         Hong Kong


FERRO CORP: Names Roland Simon as Chief Purchasing Officer
----------------------------------------------------------
Ferro Corporation has hired Roland Simon as its Chief Purchasing
Officer.

Mr. Simon joins Ferro after a 23-year career with Goodyear Tire
and Rubber Company where he worked in a variety of locations and
positions, most recently as General Manager, Chemicals
Purchasing.  He also served as Global Purchasing Manager for
Goodyear's Services and Retail division and, working in
Luxembourg, was Purchasing Director for European, Asian and
African operations.  Mr. Simon also acted as business manager
and plant manager for operations in Germany, Luxembourg and the
United Kingdom.

Mr. Simon graduated from Washington and Lee University in
Virginia with a Bachelor's degree in Physics and Engineering.  
He also holds an MBA from Durham Business School in County
Durham, England.  Mr. Simon reports to Vice President of
Operations Tom Austin. He is based at Ferro's corporate
headquarters in Cleveland.


Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com-- is a global producer of an array of  
performance materials sold to a range of manufacturers in
approximately 30 markets throughout the world.  Ferro applies
certain core scientific expertise in organic chemistry,
inorganic chemistry, polymer science and material science to
develop coatings for ceramics and metal; materials for passive
electronic components; pigments; enamels, pastes and additives
for the glass market; glazes and decorating colors for the
dinnerware market; specialty plastic compounds and colors;
polymer additives; specialty chemicals for the pharmaceuticals
and electronics markets, and active ingredients and high-purity
carbohydrates for pharmaceutical formulations.  The company's
products are classified as performance materials, rather than
commodities, because they are formulated to perform specific and
important functions both in the manufacturing processes and in
the finished products of its customers

Ferro Corp. has global locations in Latin America, particularly
in Argentina and Brazil.  It also has operations in Australia
and China in the Asia-Pacific region, and Belgium in Europe.

The Troubled Company Reporter-Asia Pacific reported on Oct. 5,
2006, that Standard & Poor's Ratings Services' 'B+' long-term
corporate credit and 'B' senior unsecured debt ratings on Ferro
Corp. remained on CreditWatch with negative implications, where
they were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by Sept. 30th and Dec. 31st, respectively.

Moody's Investors Service assigned a B1 corporate family rating
to Ferro Corporation.  Moody's also assigned a B1 rating to the
company's $200 million senior secured notes (issued as unsecured
notes in 2001) due in January 2009 and an SGL-3 speculative
grade liquidity rating.


IMPACT DESIGNS: Creditors' Proofs of Debt Due on August 10
----------------------------------------------------------
Impact Designs Limited requires its creditors to file their
proofs of debt by August 10, 2007.

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

The company's liquidator is:

         Christopher Harvey Hall
         The Center, 31st Floor
         99 Queen's Road, Central
         Hong Kong


MAXBUSY GROUP: Taps Wing Muk and Middleton as Liquidators
---------------------------------------------------------
Jacky Chung Wing Muk and Edward Simon Middleton were appointed
as the liquidators for Maxbusy Group Company Limited on July 4,
2007.

The Liquidators can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         KPMG
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong


ON BRIGHT DEVELOPMENT: Accepting Proofs of Debt Until Aug. 20
-------------------------------------------------------------
The creditors of On Bright Development Limited are required to
file their proofs of debt by August 20, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

         Chan Wai Hei
         Sun Hung Kai Centre, Room 1021
         30 Harbour Road, Wanchai
         Hong Kong


PACIFIC PRECISION: Liquidators Quit Posts
-----------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana ceased to act as
liquidators of Pacific Precision Limited on July 16, 2007.

The former Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PETROLEOS DE VENEZUELA: Taiwan's CPC To Defend Oil Rights
---------------------------------------------------------
Published reports say that Taiwanese state-run oil firm CPC will
negotiate with Venezuelan officials to defend its oil
exploration rights in Venezuela, as the nation's state oil
company Petroleos de Venezuela SA wants to buy back oil
exploration rights of small investors who hold stakes of less
than 10% in projects throughout Venezuela.

Business News Americas relates that CPC allegedly invested some
US$78 million on a 7% stake in the Paria East and Paria West
blocks.

BNamericas notes that US oil major oil company ConocoPhillips
also held a stake in the Paria East block.  However, the firm
withdrew from Venezuela after failing to reach an accord with
Petroleos de Venezuela to accept minority control in its
projects.

According to BNamericas, Petroleos de Venezuela nationalized
projects in the Orinoco heavy crude belt.  It required 60%
stakes in joint ventures operating in the region.

"We definitely cannot accept Venezuela's request to take over
our two oil fields.  We won't, even if Venezuela offers higher
prices, because oil is more important than money," reports say,
citing CPC head Chen Pao-lang.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


RED BEAN: Sets Wind-Up Petition Hearing for July 25
---------------------------------------------------
On May 23, 2007, webMethods Hong Kong Limited filed a petition
to wind up the operations of Red Bean Technology Limited.

The petition will be heard before the High Court of Hong Kong on
July 25, 2007, at 9:30 a.m.

webMethods' solicitor is:

         Lovells
         Cheung Kong Center, 23rd Floor
         2 Queen's Road, Central
         Hong Kong


SHIMAO PROPERTY: Fitch Assigns 'BB+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned a Long-term Foreign Currency Issuer
Default Rating of 'BB+' to China-based Shimao Property Holdings
Limited.  Simultaneously, Fitch has assigned issue ratings of
'BB+' to Shimao's US$350 million senior notes due 2016 and
USD250m senior floating rate notes due 2011, respectively.  The
Outlook for the IDR is Stable.

Shimao's IDR is constrained by its concentration in the property
development sector.  Market downturn may result in a rapid
deterioration in sales and saddle it with inventory.  The
evolving regulatory environment adds further uncertainty.  In
addition, due to its rapid business growth, Shimao generated
negative free cash flow in 2005 and 2006.  In 2006, working
capital outflow increased to around CNY6 billion.  Free cash
flow generation in the next two to three years will be subject
to the level of pre-sale activities and inventory build up.

Shimao's ratings are underpinned by its large well-located land
bank, sound profit margins, and the positive outlook for the
residential property sector.  Shimao's land bank is sufficient
for the sustainable growth of its business over the next six to
seven years and is concentrated in the prosperous Yangtze River
Delta, with limited exposure to Shanghai.  Fitch views this
limited exposure to Shanghai positively as property prices in
Shanghai are more volatile.  Given its relatively low land
acquisition costs and large scale development, Shimao is
expected to maintain or improve on its operating profit margin.
The agency notes that the overall positive trend in the
residential property market is well supported by rising
disposable household income, the availability of mortgage
lending, and an accelerated rate of urbanisation.

In addition, the potential volatility in Shimao's operating cash
flow may reduce slightly as its revenue base shifts towards
property investment and hotel operations.  However, the agency
notes that income from hotels, which makes up a bigger share of
Shimao's recurring income, may not be as stable as rental income
from retail or office properties, which are driven by longer
term contracts.

Financial leverage, as measured by FFO Net Adjusted Leverage,
was a low 1.2x at end-2006, and is likely to rise and remain
above 2x in the next two to three years given the company's
rising working capital needs and business expansion.  Shimao's
liquidity, however, is not a concern in the near term.  At end-
2006, Shimao had cash holdings of CNY6 billion, which provided
good coverage of its current debt of CNY1.6 billion.  Debt and
equity issuance exercises in 2006, which raised a total of
approximately CNY9 billion, demonstrate Shimao's sustained
ability to access the capital markets for financing.

On June 6, 2007, Shimao submitted a proposal to acquire Shanghai
Shimao Company Limited.  The purchase consideration will be
satisfied by CNY750 million in cash and the injection of 12
commercial property projects, which will not generate
significant contribution in the near term.  Post-acquisition,
Shimao will hold a 65% stake in SSC, which will become the
flagship of Shimao's commercial property operations.  Fitch has
a moderately positive view on the acquisition for the following
reasons:

   1) the impact of the initial outlays will be mitigated by the
      fact that development expenditure will be funded at the
      SSC level;

   2) a new funding channel has opened following SSC's listing
      in China; and

   3) there is now more clarity to the corporate structure.

The Stable Outlook reflects Fitch's expectations that Shimao
will continue to maintain a stable credit profile, underpinned
by its solid business profile and satisfactory credit metrics.
Any significant adverse change in the regulatory environment,
sharp drop in profit margins and/or accelerated debt-funded land
bank acquisitions may result in a negative rating action.  On
the other hand, significant increases in recurring income,
proven track record on investment property portfolio, or
sustained free cash flow generation are potential positive
rating triggers.

Shimao is a leading mainland China-based property developer,
with a primary focus on the high-end residential property
markets in Yangtze River Delta, with minor exposure to other
provinces along the Chinese coastal seaboard.  The company is
also engaged in property investment and hotel operations.  
Shimao is listed on the Hong Kong Stock Exchange and is 58%-
owned by Mr Wing-Mui Hui.


TEKSID ALUMINUM: Gets Necessary Consents to Amend Indenture
-----------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A disclosed that
that, as of 12:00 p.m., New York City time (5:00 p.m., London
time), on Wednesday, July 18, 2007, consents representing
approximately 85% of the EUR205,598,000 aggregate principal
amount of its outstanding 11-3/8% Senior Notes due 2011 have
been validly delivered pursuant to its previously announced
solicitation of consents to implement certain proposed
amendments to the indenture governing the Senior Notes and to
give effect to a waiver of any Default or Event of Default
arising from and any claims relating to the Company's failure to
comply with the sixth paragraph of Section 11.15(b)(i) of the
Indenture.  

Consequently, the Company, the note guarantors and the trustee
executed a supplemental indenture on Tuesday, July 17, 2007.  
Accordingly, the proposed amendments have become operative in
accordance with their terms and the Waiver has become effective.

The consent solicitation expired on Thursday, July 18, 2007 at
10:00 a.m., New York City time (3:00 p.m., London time).

The indenture amendments:

   (a) extend the time by which offers to purchase Senior Notes
       after the sale of each of Teksid Aluminum Poland S.p.       
       z.o.o., the Company's indirectly held minority equity
       interest in Nanjing Teksid Aluminum Foundry and the
       Company's equity interest in Cevher Dokum Sanayi A.S.
       are to be made to no later than Aug. 15, 2007,

   (b) extend the time by which offers to purchase Senior Notes
       with each of the Fiat Payment and the Escrow Amount are
       to be made to no later than ten (10) business days after
       receipt of each such payment, but in no event prior to
       Aug. 15, 2007, and

   (c) allow the payment of the interest due and unpaid on the
       Senior Notes on or about July 15, 2007, together with
       required interest on such unpaid interest to be deducted
       from the proceeds to be used to fund such tender offers.  
       The Company expects to make an interest payment in the
       amount of EUR12,735,555.28 on July 19, 2007.

                     About Teksid Aluminum

Headquartered in Bermuda, Teksid Aluminum --
http://www.teksidaluminum.com/-- is a leading independent  
manufacturer of aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating to 'CCC-' from 'CCC+' on Bermuda-
incorporated TK Aluminum Ltd., a manufacturer of aluminum auto
parts.  The rating remains on CreditWatch with developing
implications, where it was placed on Nov. 6, 2006.  The
developing implications mean that the rating could be raised,
lowered, or affirmed.

The Troubled Company Reporter-Europe reported on May 9, 2007
that Moody's Investors Service confirmed the Caa3 Corporate
Family Rating of Teksid Aluminum Ltd as well as the Ca rating of
the company's senior notes at Teksid Aluminum Luxembourg Sarl
SCA with a stable outlook.


WORLD SHINE: Ng Hon Wai Derek Quits Liquidator Post
---------------------------------------------------
Ng Hon Wai Derek quit as liquidator of World Shine International
Trading Limited on July 10, 2007.

The former Liquidator can be reached at:

         Ng Hon Wai Derek
         1803 Sunbeam Commercial Building
         469-471 Nathan Road, Kowloon
         Hong Kong


* Pressure for Less Surplus Will Increase Policy Risks, S&P Says
----------------------------------------------------------------
Standard & Poor's says that China's trade balance is set to
post another record surplus in 2007, which is likely to
intensify external pressure on China to rein in its trade
surplus.  This in turn will increase the risk of China imposing
more administrative policy measures, including direct
restrictions on exports, to address the problem.

Such actions could create new economic distortions and future
policy problems for China, according to a report published today
by Standard & Poor's Ratings Services titled "Pressure On China
To Narrow Its Trade Surplus Will Increase Policy Risks".

"Thus far, the Chinese authorities' actions to curb the
country's external surplus are likely to benefit the economy,"
said Standard & Poor's credit analyst Kim Eng Tan.  "Recent
policy changes have largely removed or will remove measures that
favor export industries over those that cater to the domestic
market.  These changes will in turn remove economic distortions
that prevent a balanced development of the Chinese economy."

However, these measures are unlikely to have a significant
short-term impact on the trade surplus.  For one, many of these
policies promote structural adjustments that only show their
effects with a significant time lag.  Moreover, the recent trend
in the trade surplus may have more to do with exchange rate
expectations than China's trade competitiveness.

"The disparity between China's expenditure-based aggregate
demand and production-based GDP has risen sharply since 2005,"
said Mr. Kim Eng Tan.  "This suggests that a part of the
country's exports cannot be accounted for by production data.
Hence, there is a possibility that a part of the increase in
the trade surplus merely reflects disguised capital inflows."

The report is available to subscribers of RatingsDirect, the
real-time Web-based source for Standard & Poor's credit ratings,
research, and risk analysis, at http://www.ratingsdirect.com/  


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

BHARTI AIRTEL: Members Appoint S.R. Batliboy as New Auditors
------------------------------------------------------------
Bharti Airtel Ltd's members at its annual general meeting on
July 19, 2007, passed a resolution appointing S R Batliboy &
Associates, Chartered Accountants, New Delhi, to replace Price
Waterhouse, Chartered Accountants, New Delhi.  The new auditors
will hold office starting from the conclusion of the AGM until
the conclusion of the next AGM.

Additionally, pursuant to passed resolutions, the company's
members agree to the:

   1. adoption of the audited balance sheet of the company as at
      March 31, 2007, the profit & loss account, the cash
      flow statement for the year ended on that date, and the
      report of the board of directors and auditors on those
      financial statements;

   2. reappointment of Kurt Hellstrom, N. Kumar, Paul
      O'Sullivan, and Pulak Prasad, as directors liable to
      retire by rotation; and

   3. appointment of Francis Heng as director liable to retire
      by rotation.

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

                          *     *     *

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

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


CABLE & WIRELESS: Digicel Files Claims for Unlawful Behavior
------------------------------------------------------------
Cable and Wireless plc confirmed that it received a claim from
Digicel Group Ltd. for unspecified damages.  

However, C&W believes the claim is without foundation and it
will be vigorously defended.

C&W is gaining market share in the Caribbean where it is a
market leader in 10 out of 14 of its markets.

It believes that the claim is no more than a deliberate spoiling
tactic by Digicel.

On July 19, 2007, Digicel issued a claim in the English High
Court against C&W and various of its subsidiaries, seeking
multi-million pound damages.

Digicel claims that C&W was engaged in illegal behavior by
impeding and delaying Digicel's entry into various
telecommunications markets in the English-speaking Caribbean.

Digicel also believes that it has been the victim of a co-
ordinated effort on C&W's part to prevent and delay Digicel
launching competing mobile telephone networks in St. Lucia, St.
Vincent & the Grenadines, Grenada, Barbados, the Cayman Islands,
Trinidad & Tobago and the Turks and Caicos Islands.

The obstructions and delays by C&W, between 2002 and 2006, have
resulted in substantial damages and as a result Digicel's claim
covers:

    * Losses of revenue, profits and market share;

    * Restitutionary damages from C&W for the gains and benefits
      made by C&W as a result of its unlawful conduct and;

    * Exemplary damages (compensation in excess of actual
      damages) and interest.

The damages sought by Digicel should amount to several hundreds
of millions of pounds.

It is expected that the claim will come to the High Court in
2008.

"We are extremely frustrated with the continual illegal
obstructions that we have encountered from C&W," Digicel
Chairman Denis O'Brien said.  "We believe that a successful
claim will not only compensate Digicel for the losses it has
suffered but also that it will put an end to the anti-
competitive practices of C&W.  This will be of undoubted benefit
to all network operators and more importantly all mobile users
in the Caribbean."

                          About Digicel

Digicel Group Ltd. -- http://www.digicelgroup.com/-- is a
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

                      About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%


ESSAR OIL: Strikes Oil at Mehsana Onshore Basin in Gujarat
----------------------------------------------------------
Essar Oil Limited has struck oil in an onshore exploration block
in the state of Gujarat, a second discovery in the Mehsana
onshore basin, the United Press International reports, citing a
company statement.  The company first found oil in that onshore
basin last March.

The in-place reserves for the company's first discovery were an
estimated 18 million barrels of oil and oil equivalent per day
with recoverable reserves in the range of 2.8 million barrels of
oil equivalent a day, UPI relates.  The company believes the new
find is of the same magnitude, promising daily production of
300-400 barrels of oil.

India's Directorate of Hydrocarbons has confirmed the discovery,
noting that the crude oil that the company discovered is heavy.

Headquartered in Gujarat, India, Essar Oil Limited --
http://www.essar.com/-- is a fully integrated oil company of
international size and scale, covering the entire value chain
from exploration and production to refining and retailing of
oil.  Essar has set up over 900 retail outlets, which are fully
operational and plans to set up 2500 retail outlets by the end
of 2007.  Essar Oil employs highly qualified and experienced
technical staff at its refinery.

                          *     *     *

Essar Oil has incurred at least two years of consecutive net
losses.  The company recorded a net loss of INR555.9 million for
the financial year ended March 31, 2007, a 41% decrease from the
INR936.8 million net loss incurred a year ago.

On Aug. 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


GENERAL MOTORS: Reports Global 2nd Qtr. Sales of 2.4MM Vehicles
---------------------------------------------------------------
General Motors Corp. sold 2.405 million cars and trucks around
the world in the second quarter of 2007, reporting record sales
outside the United States, according to preliminary sales
figures.  GM sold 2.395 million vehicles in the second quarter
last year.

"GM's second quarter sales were driven by exceptionally strong
demand in emerging markets," John Middlebrook, GM vice
president, Global Sales, Service and Marketing Operations, said.  
"GM global sales of 4.67 million vehicles for the first half of
the year reflects solid results, in fact we're on track to have
our second-best annual sales performance in our almost 100-year
history.  In the second quarter we experienced record sales
growth around the globe including 20% growth in Latin America,
Africa and the Middle East -- an all-time quarterly record for
that region, and 8% growth in the Asia/Pacific region.  We're
also pleased to see almost 5% growth in Europe where we sold
more than 574,000 vehicles."

Chevrolet global sales of 1.13 million vehicles in the second
quarter of 2007 were up more than 4,000 vehicles compared with a
year ago.  The brand grew by 34% in Europe, 24% in Latin
America, Africa and the Middle East and 3% in Asia-Pacific.

Saturn sales in the United States and Canada were up 27%, based
largely on the popularity of three new vehicles, the Sky
roadster, Aura mid-car and Outlook mid-utility crossover
vehicle.  Saturn is launching the all-new Vue small utility
crossover and soon will introduce the Astra small car.  Saturn
has two hybrid offerings in its lineup, the Aura Green Line and
Vue Green Line.

Second quarter sales outside the United States has set a record.  
At 1.39 million vehicles, Q2 2007 sales outside of the United
States accounted for about 58% of GM's total global sales,
growing at close to 8% compared with Q2 2006, outpacing the
industry average growth rate of 6%.

In the Latin America, Africa and Middle East region, GM sales
surged to 293,300 vehicles, up 20% in volume compared with 2006,
which set the industry and GM record for the second quarter.  
Sales in Brazil were up 23% for the quarter.

In the Asia/Pacific region, GM sales of 338,000 vehicles were 8%
higher than the previous year's second quarter, and were a
record for the quarter.  GM China sales of 234,000 vehicles
posted a more than 6% sales increase compared with 2006.  GM
remained the top-selling automaker in China.  With these
results, GM is on track to become the first manufacturer in
China to exceed one million vehicles sold annually.  GM's sales
in China include sales by SAIC-GM-Wuling, in which GM owns the
maximum permissible interest for a foreign company, 34%.

In Europe, GM also set a quarterly sales record with deliveries
of 574,000 vehicles, up 5%.  Growth in Russia, up 106%, led the
increase.  Chevrolet achieved record European sales of 114,900
vehicles, up 34%, and is fueling GM's growth in Russia.  
Vauxhall sales strength in the UK helped offset significant
reductions in the German market, keeping Opel/Vauxhall share in
Europe at 7.4% for the first half of the year.

In North America, planned reductions in daily rental sales and
softness in the U.S. market due to increasing fuel prices and
concerns about housing, resulted in sales of 1.2 million
vehicles, a decline of 7% compared with a strong quarter the
previous year.  Despite a competitive market for full-size
pickups, GM continues to show pickup truck segment leadership
with share gains in the quarter thanks to the North America
Truck of the Year Chevrolet Silverado and all-new GMC Sierra.  
GM's mid-car and mid-utility crossover segments also saw retail
sales gains on the strength of mid-cars Saturn Aura, Pontiac G6
and Chevrolet Impala, and mid-utility crossovers GMC Acadia,
Saturn Outlook and Buick Enclave.

                       About General Motors

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

                            *   *   *

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

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


GENERAL MOTORS: Labor Talks to Aid Turnaround of U.S. Business
--------------------------------------------------------------
General Motors Corp. expects labor negotiations with unions to
help boost its struggling business in the U.S. as both parties
explore ways to cut costs, Reuters reports, quoting GM Chief
Executive Rick Wagoner.

"We will improve results in the United States faster than people
think," Mr. Wagoner said after disclosing new investment plans
in Brazil and Argentina, Reuters notes.

                       About General Motors

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

                            *   *   *

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

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


ICICI BANK: Books INR775 Cr. Profit in 1st Quarter Ended June 30
----------------------------------------------------------------
The board of directors of ICICI Bank Limited has approved the
audited accounts of the Bank for the quarter ended June 30, 2007
(Q1-2008).

Highlights

   * Operating profit increased 58% to INR1,524 crore (US$374
     million) in Q1-2008 from INR965 crore (US$237 million) in
     Q1-2007.

   * Profit after tax increased 25% to INR775 crore (US$190
     million) in Q1- 2008 from INR620 crore (US$152 million) in
     Q1-2007.
    
   * Fee income increased 35% to INR1,428 crore (US$351 million)
     during Q1-2008 from INR1,055 crore (US$259 million) in Q1-
     2007.
    
   * Net interest income increased 16% to INR1,714 crore (US$421
     million) from INR1,475 crore (US$362 million) in Q1-2007.
    
   * Profit before tax increased 30% to INR972 crore (US$239
     million) in Q1-2008 from INR749 crore (US$184 million) in
     Q1-2007.
    
   * Total advances increased 35% to INR198,277 crore (US$48.7
     billion) at June 30, 2007 from INR147,184 crore (US$36.2
     billion) at June 30, 2006.

   * Deposits increased 26% to INR230,788 crore (US$56.7
     billion) at June 30, 2007 from INR183,006 crore (US$45.0
     billion) at June 30, 2006.

Capital Raising

The Bank successfully undertook a capital raising exercise of
about INR20,000 crore (US$4.9 billion) through a simultaneous
public issue in India and issue of American Depositary Shares
(ADS) in the United States.  This was the largest capital
raising exercise by an Indian company.  The domestic offering
was subscribed 11.5 times.

                        Operating Review

Credit Growth

The Bank's total advances increased 35% to INR198,277 crore
(US$48.7 billion) at June 30, 2007, from INR147,184 crore
(US$36.2 billion) at June 30, 2006.  The Bank's retail advances
increased by 29% to INR127,416 crore (US$31.3 billion) at June
30, 2007 from INR98,684 crore (US$24.2 billion) at June 30, 2006
after sell-down of about INR3,850 crore (US$946 million) of
retail loans during Q1-2008.  Retail advances constituted 64% of
advances at June 30, 2007.  The proportion of advances of the
Bank's international branches in total advances increased from
9.1% at June 30, 2006 to 16.4% at June 30, 2007.  The Bank is
focusing on fee based products and services, as well as
utilising opportunities presented by the domestic and
international expansion of Indian companies.  The Bank's rural
portfolio increased by 24% to about INR14,136 crore (US$3.5
billion) at June 30, 2007 from INR11,368 crore (US$2.8 bn) at
June 30, 2006.  The Bank is also extending its reach in the
small and medium enterprises segment.

Deposit Growth

The Bank's total deposits increased 26% to INR230,788 crore
(US$56.7 billion) at June 30, 2007 from INR183,006 crore
(US$45.0 billion) at June 30, 2006. During this period, savings
deposits increased by 33% to INR32,121 crore (US$7.9 billion)
from INR24,217 crore (US$5.9 billion).  The Bank added 198 ATMs
during the quarter, taking the number of ATMs to 3,469.  The
Bank had 950 branches (including 48 extension counters) at
June 30, 2007.

International Operations

The Bank has wholly-owned subsidiaries, branches and
representative offices in 17 countries, and an offshore banking
unit in Mumbai.  The total assets of the Bank's international
branches increased to about INR53,550 crore (US$13.2 billion) at
June 30, 2007 from about INR32,000 crore (US$7.9 billion) at
June 30, 2006.  The total assets of the Bank's international
banking subsidiaries increased to about INR36,100 crore
(US$8.9 billion) at June 30, 2007 from about INR16,500 crore
(US$4.1 billion) at June 30, 2006.  The Bank's remittance
business volumes were about INR8,500 crore (US$2.1 billion)
during Q1-2008.  ICICI Bank UK's profit after tax for Q1-2008
was US$18.7 million.  At June 30, 2007 the Bank's international
operations accounted for about 20% of its consolidated banking
assets.

Capital Adequacy

The Bank's capital adequacy at June 30, 2007 was 11.0%,
including Tier-1 capital adequacy of 7.1%.  The impact of the
equity capital raised in June 2007 will be reflected from the
next quarter onwards.

Asset Quality

At June 30, 2007, the Bank's net non-performing assets
constituted 1.3% of net customer assets.

Full-text copies of the bank's audited results for the first
quarter ended June 30, 2007, is available for free at the United
States Securities and Exchange Commission at:

               http://ResearchArchives.com/t/s?21c1

            Insurance and Asset Management Subsidiaries

ICICI Prudential Life Insurance Company (ICICI Life) continued
to maintain its market leadership among private sector life
insurance companies with a market share of 25% on the basis of
weighted received new business premium in April-May 2007.  Life
insurance companies worldwide make losses in the initial years,
in view of business gestation and customer acquisition costs as
well as reserving for actuarial liability.  While the growing
operations of ICICI Life resulted in an accounting loss of
INR242 crore (US$59 million) in Q1-2008 on account of the above
reasons, the company's unaudited New Business Achieved Profit
(NBAP) in Q1-2008 was INR165 crore (US$41 million).  NBAP is a
metric for the economic value of the new business written during
a defined period.  It is measured as the present value of all
the future profits for the shareholders, on account of the new
business based on standard assumptions of mortality, expenses
and other parameters.  Actual experience could differ based on
variance from these assumptions especially in respect of expense
overruns in the initial years.

ICICI Lombard General Insurance Company (ICICI General)
maintained its leadership position with a market share of about
32% among private sector general insurance companies and an
overall market share of about 12% during April-May 2007.  ICICI
General's profit after tax was INR45 crore (US$11 million) in
Q1-2008.

At June 30, 2007, ICICI Prudential Asset Management Company
(ICICI AMC) was among the top two-asset management companies in
India with assets under management of about INR43,650 crore
(US$10.7 billion).  ICICI AMC's profit after tax was INR28 crore
(US$7 million) in Q1-2008.

                        About ICICI Bank

India-based ICICI Bank Ltd -- http://www.icicibank.com/-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

The bank has operations in Russia and the United States.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


IFCI LTD: Turns Around With INR2.47BB Profit in 1st Qtr. FY2008
---------------------------------------------------------------
In the first quarter ended June 30, 2007, IFCI Limited turned
around with a profit of INR2.47 billion compared to the
INR156.1-million loss booked in the same quarter last year.

IFCI's revenues soared 89% to INR4.86 billion, comprised of
INR3.5 billion in interest income and INR1.36 billion in other
income.  The company booked interest expense and operating
expenses totaling INR1.92 billion, hence an operating profit of
INR2.93 billion in 1Q FY2008.

The company recorded depreciation expenses of INR16.8 million,
taxes of INR656.2 million, and provisions of INR207.8 million.

A copy of the company's financial results for the first quarter
ended June 30, 2007, is available for free at:

               http://ResearchArchives.com/t/s?21c2

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


NCO GROUP: Launches Exchange Offers for US$365 Million Sr. Notes
----------------------------------------------------------------
NCO Group Inc. has commenced an offer to the holders of its:

   -- Floating Rate Senior Notes due 2013 (CUSIP No. 144A:
      628858 AE 2, ISIN No. 144A: US628858AE21); and

   -- 11.875% Senior Subordinated Notes due 2014 (CUSIP No.
      144A: 628858 AF 9, ISIN No. 144A: US628858AF95; CUSIP No.
      Reg. S: U6376M AC 5, ISIN No. Reg. S: USU6376MAC56);

to exchange the Outstanding Notes for like principal amount of
its US$165 million principal amount Floating Rate Senior Notes
due 2013 and its US$200 million principal amount 11.875% Senior
Subordinated Notes due 2014, which have been registered under
the Securities Act of 1933, as amended.

The Outstanding Notes were sold in a private placement by the
company, which was completed in November 2006.  The company was
required to carry out the Exchange Offer under the terms of
agreements entered into in the private placement.

The Exchange Offer is scheduled to expire at 5:00 p.m., New York
City time, on Aug. 15, 2007, unless extended by the company.  
The exchange agent for the exchange offer is The Bank of New
York.

Holders of the Outstanding Notes may obtain further information
by calling The Bank of New York at 212-815-5098, or by facsimile
at 212-298-1915.


Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process  
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.

                          *     *     *

NCO Group carries Moody's Investor Service's B2 long term
corporate family rating and probability of default rating.  The
outlook is stable.

The company also carries Standard & Poor's B+ long term foreign
and local issuer credit rating.


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

ALCATEL-LUCENT: Enters Into Services Agreement With NCR Corp.
-------------------------------------------------------------
Alcatel-Lucent has entered into an agreement with NCR
Corporation to provide on-site installation and maintenance
services for Alcatel-Lucent enterprise communications customers
in North America.  The agreement demonstrates Alcatel-Lucent's
commitment to providing unrivalled service to both its direct
customers and those served by its third party distribution
channels.

Through its relationship with NCR, Alcatel-Lucent will expand
its local service delivery capability, providing installation
and maintenance to customers in previously under-served
geographic areas.  Additionally, NCR will join Alcatel-Lucent to
meet the stringent, secure service requirements of large, multi-
site customers. NCR has a strong, well-respected presence in
North America and its significant experience in enterprise
markets will enhance Alcatel-Lucent's current services offering.

"Service delivery partnerships are important to end users
because the quality of the organization doing the installation,
service and support is as important as the quality of the
equipment they buy," commented Jay Lassman, research director
with Gartner.

Under the agreement with NCR, Alcatel-Lucent distributors and
service providers will continue to offer support packages
directly to customers, and will be able to draw from the
expertise, resources, and physical presence of two multibillion-
dollar service organizations.

"NCR is pleased that our widely distributed and experienced
service organization will be supporting Alcatel-Lucent's
customers in North America.  By providing faster response to
critical on-site requests, NCR will enable Alcatel-Lucent to
more effectively meet the service requirements of their larger
enterprise clients," said Christine Wallace, Senior Vice
President, NCR Worldwide Customer Services.   "In addition, this
agreement demonstrates NCR's commitment to provide industry
leading service delivery on converged technologies in the
enterprise space."

"Whether you're a small business or a large enterprise with many
branch offices, your communications network is an increasingly
critical part of your business - and timely service and support
is key," said Hubert de Pesquidoux, President of Alcatel-Lucent
Enterprise activities.  "By teaming with NCR, we're able to
offer the timely response necessary to meet our customers'
business-critical service needs."

Alcatel-Lucent expects to deploy its expanded services program
under the agreement with NCR by the fourth quarter of 2007.

                       About Alcatel-Lucent

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

                          *     *     *

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

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

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


BANK DANAMON: Launches Dirham Credit Card With MasterCard
---------------------------------------------------------
PT Bank Danamon Indonesia Tbk launched the Dirham Card, the
first ever syariah card in Indonesia which uniquely offers the
full functionality and benefits of a conventional credit card
while the relationship among transacting parties is based on
syariah regulations.

"As a major milestone of our business this year, the
introduction of the Dirham Card is intended to complete our
range of card offerings to our customers," stated Sebastian
Paredes, President Director of Bank Danamon.  "This business
initiative also demonstrates our strength and continued
commitment in the syariah banking segment as well as in the
cards business," he added.

During the past few years, Bank Danamon has leaped from 12th to
6th in its rank among the largest card issuers in Indonesia;
hence it is now one of the fastest growing card businesses in
the country.

"We are proud to introduce the Dirham Card as our special
offering in relation to Bank Danamon's 51st anniversary on July
16th," stated Hendarin Sukarmadji, Syariah Director of Bank
Danamon.  "We believe that this initiative supports the
intention of Bank Indonesia for a more active role of syariah
banking in Indonesia's economic development, and contributes to
Bank Danamon's strategic priority towards becoming a leading
financial institution in Indonesia," he added.

The Dirham Card is a product of the collaboration between Bank
Danamon and MasterCard with all networks or merchants throughout
the world to provide payment services to card holders.

"The uniqueness of the Dirham Card lies in the 'akad', the term
for transaction contract or scheme which it uses; namely Ijarah,
Kafalah and Qardh," Hendarin.  The Dirham Card is introduced
based on Fatwa No. 54/DSN-MUI/X/2006 of the Indonesian Ulemas
Council's National Syariah Board or Dewan Syariah Nasional
Majelis Ulama Indonesia  and Bank Indonesia Letter No.
9/183/DPbS/2007 on the approval for the Danamon Syariah Card.

The three contracts, or 'akad', can be distinguished as follows.
"On the Ijarah scheme, the card issuer acts as the provider of
payment and service system for the card holder.  For the
provision of this service, the card holder is charged a
membership fee," explained Hendarin.  "Meanwhile, in the Kafalah
transaction scheme, Bank Danamon Syariah as card issuer, acts as
the guarantor for the card holders against the merchants, of all
obligations to pay which arise from the transactions between
card holder and merchant, and/or cash withdrawal from banks
other than the ATM of the bank issuing the card. Based on
Kafalah, the card issuer can accept a fee," he continued.

"Under the Qardh scheme, the card issuer acts as the lender to
the card holder through the cash withdrawal from the bank or ATM
of the card issuing bank.  The card holder is therefore obliged
to return the same amount of funds he withdrew at the time,"
stated Hendarin.

In summary, the benefits offered by the Dirham Card can be
several, namely:

  -- Does not implement interest mechanisms.  Instead uses a  
     'rent' system based on the 'Ijarah' principles;

  -- Competitive and a 'fair' pricing as it employs a fee
     calculation which appreciates partial payment;

  -- Manages a charity fund, or Qardul Hasan, generated from the
     business; for example from late fees, which will be used to
     fund charity activities;

  -- The basic benefits including to pay for utilities:
     electricity, telephone, water, cable TV bills, get
     merchants discounts and purchase cell phone airtime value
     reload vouchers;

  -- Enable card uses for spiritual purposes, such as umrah
     pilgrimage, or spiritual tours;

  -- Worldwide acceptance at all MasterCard networks throughout  
     the world.

"Bank Danamon's integrated information technology enables
support for the Dirham Card on its conventional and Syariah
branch as well as its ATM networks, which will allow customers
to conduct transactions in all provinces throughout Indonesia,"
continued Hendarin.  As of March 31, 2007 Bank Danamon operates
close to 1,400 branches including its Danamon Simpan Pinjam,
Syariah units and Adira.  In addition, it provides access to
over 14,000 ATMs, including those in association with ATM
Bersama and ALTO networks nationwide, and ATM DBS Bank and
Cirrus all over the world.

Furthermore, Bank Danamon Syariah customers can enjoy the ease
of shopping in stores which bear the MasterCard Electronic logo
throughout the world, as well as phone banking services through
the Danamon Access Center (021-3435 8888) and HP Banking
Danamon.

Vadyo Munaan, Vice President and Senior Country Manager,
Indonesia, MasterCard Worldwide, stated, "MasterCard is
committed to always provide payment product innovation
specifically designed to supplement the lifestyle and needs of
MasterCard card holders.  We understand the needs of cardholders
in Indonesia and the launch of the Syariah-compliant Dirham card
provides cardholders with an alternative payment solution.
MasterCard is very proud to have this opportunity to work with
Danamon in launching the Dirham Card."

                   About Bank Danamon Syariah

Bank Danamon Syariah was initiated in 2002 with the first
Syariah Branch Office in Ciracas, East Jakarta.  Bank Danamon
Syariah is now supported by syariah branch offices in 7 major
cities, namely, Jakarta, Bukit Tinggi, Banda Aceh, Surabaya,
Martapura, Solo and Makassar, as well as 3 syariah sub-branch
offices and 7 office channeling branch offices in the Jakarta
area, in addition to 5 office channeling branch offices in East
Java.   As per the end of 2006, Bank Danamon Syariah's third
party funds reached IDR337 billion, while its total financing in
various syariah schemes reached IDR220 billion.

                      About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also   
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is  
supported by 86 domestic branch offices, 325 domestic supporting  
branch offices, 25 domestic cash office, 739 supporting branches  
for DSP, six personal banking branch offices, 10 syariah branch  
offices and one overseas branch.

The Troubled Company Reporter-Asia Pacific reported on May 8,
2007, that Moody's Investors Service published the rating
results for Indonesia's PT Bank Danamon Indonesia Tbk as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.

The specific ratings changes are as follows:

      * BFSR is changed to D with a positive outlook from D-

         -- This action also concludes a review for possible
            upgrade on the BFSR initiated on July 4, 2006

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

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

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

The TCR-AP reported on Feb. 1, 2007, that Fitch Ratings affirmed
all the ratings of Bank Danamon:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA-(idn)' (AA minus(idn))

   * Individual 'C/D', and

   * Support '4'.

The Outlook for the ratings was revised to Positive from Stable.


BANK NIAGA: 1st Semester Net Profit Up 15% to IDR406 Billion
------------------------------------------------------------
PT Bank Niaga reported a 15% increase in net profit to
IDR406 billion in the first semester of this year from
IDR353 billion in the same period last year, The Jakarta Post
reports.

The report relates that, according to Bank Niaga President
Director Hashemi Albakri, the increase was due to a 15% rise in
net interest income to IDR1.28 trillion in the first half from
IDR1.1 trillion in the corresponding period of last year.  
Higher net interest income was due to an 11.5% increase in
lending to IDR34.18 trillion from IDR30.65 trillion previously.

Mr. Albakri said that mortgages, which now represent 23% of the
bank's total loans, grew by 16% to IDR7.99 trillion, the report
notes.

The Post says that during the first half, the bank had a loan to
deposit ratio of 95.23%, up 4.3 basis points from the first
semester of last year.  The increase in lending was accompanied
by an improved non-performing loan ratio, which decreased to
3.23% from 4.11% as of the end of the first semester last year.

Bank Niaga also reported a 101% rise in its non-interest income
to IDR319 billion in the first semester from IDR159 billion in
same semester of last year, the report recounts.

The report adds that the bank's total equity grew to
IDR5.1 trillion, a 17.5% year-on-year increase, with the
improved profit.  

                       About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2007, Moody's Investors Service upgraded PT Bank Niaga
Tbk's bank financial strength rating to D from E+.  Foreign
Currency Deposit Ratings are unchanged at B2/Not Prime.  Foreign
Currency Issuer Rating and Foreign Currency Debt Rating for
subordinated obligations are unchanged at Ba3.  Foreign Currency
Deposit and Foreign Currency Debt Ratings have positive outlooks
in line with the outlook on the country's sovereign ratings
outlook.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


CIKARANG LISTRINDO: S&P Assigns 'BB-' Ratings; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit ratings on Indonesia's PT Cikarang Listrindo (Cikarang),
an Indonesian natural gas-fired electricity power producer.  The
outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' rating on
the long-term US$425 million senior secured notes to be issued
by Listrindo Capital B.V., a wholly-owned subsidiary
incorporated in The Netherlands, established solely for the
purpose of issuing this debt instrument.  The notes will be
irrevocably and unconditionally guaranteed by Cikarang.  The
ratings are subject to final documentation.

The ratings reflect Cikarang's aggressive financial profile and
tariff-related uncertainties.  The ratings also reflect the
company's relatively weak contractual structure and its exposure
to project completion risk.  These weaknesses are somewhat
offset by Cikarang's diverse customer base and by the regulatory
protection that the company enjoys.

Cikarang operates a natural gas-fired combined cycle power plant
with an installed capacity of 409MW.  The company sells
electricity to several off-takers, including PT Perusahaan
Listrik Negara (Persero) (PLN; foreign currency BB-/Stable/--;
local currency BB/Stable/--) and private industrial estates
within a designated licensed area. For the financial year ended
December 2006, Cikarang reported revenues of Indonesian rupiah
(IDR) 1.5 trillion with net income of about IDR309 billion.

Standard & Poor's recognizes the importance of the new gas
procurement and of the additional electricity off-take contracts
with PLN, and expects such contracts to be eventually signed.
However, if by the end of 2007, the PLN contract is not signed,
in line with the terms and conditions of the existing contract,
Cikarang could be exposed to risks relating to noncontractual
cash flows and potential excess generating capacity.  This could
place a downward pressure on the company's ratings or outlook.


INDOSAT: Books 20 Million Customers in First Semester of 2007
-------------------------------------------------------------
PT Indosat Tbk has booked 3.3 million new customers in the first
semester of this year, The Jakarta Post reports.  This means
that by the end of the first half, Indosat's customers are 44%
more compared to that of the same period last year.

The report relates that Indosat President Director Jhonny Swandi
Sjam said that the company recorded a total of 20 million
customers during the first semester during the re-launching of
the "Strong Signal" campaign in Yogyakarta.

The strong signal was important as it would affect customers'
decision in choosing a telecommunication provider, the report
notes.

According to The Post, Mr. Sjam also said that the company
expected that the campaign would help Indosat achieve its target
of having 21-23 million customers in 2007.

                         About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully     
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


MEDCO ENERGI: To Sell 49% in Nunukan Block to Anadarko Indonesia
----------------------------------------------------------------
PT Medco Energi Internasional Tbk will sell its 49% working
interest in the Nunukan Block in East Kalimantan to Anadarko
Petroleum Co.'s unit, Anadarko Indonesia Nunukan Co, AFX News
Limited reports.

According to the report, Medco Energi owns the block through its
unit PT Medco E & P Nunukan.

Medco's stake will decrease to 51% after the sale, the report
notes.

The report adds that Nunukan Block comprises of 4,917 square
kilometers and is located offshore of Tarakan and Bunyu islands,
in East Kalimantan province.

                       About Medco Energi

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


MOBILE-8 TELECOM: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to PT Mobile-8 Telecom Tbk and a B2 rating to the
proposed US$150 million senior, unsecured bonds issued by
Mobile-8 Telecom Finance Company BV and guaranteed by Mobile-8.
The outlook on the ratings is stable.  This is the first time
that Moody's has assigned a rating to the company.

Moody's expects to affirm the ratings and remove them from
provisional status upon the closing of the proposed bond issue.

"The P(B2) rating reflects Mobile-8's market position as the
fourth largest mobile cellular operator in Indonesia, one the
regions' fastest growing telephony markets," says Laura Acres, a
Moody's Vice President.

"Having a CDMA 800MHz based network in a largely GSM-dominated
arena provides a competitive advantage in terms of 'lock-in'
value and reduced churn, as well as lower capex per subscriber,"
adds Acres, also Moody's Lead Analyst for the company.

"The B2 rating also reflects Mobile-8's comparatively low market
share in a sector dominated by the 3 incumbents, relatively
short operating history, high degree of leverage and low
coverage ratios, particularly in the short term as the expansion
programme is rolled out.  Its projected high financial leverage
-- Debt/EBITDA of over 5x in the next 2 years -- more
appropriately positions it at the (P)B2 rating when compared to
the other rated Indonesian peers," she adds.

The stable outlook reflects the expectation that Mobile-8 will
execute its business plan as planned and maintain its
competitiveness in the near to medium term.

Upward rating pressure over the next 2 years is limited given
Mobile-8's capex plans and the associated execution risk and
potential impact on financial metrics.  However, a positive
rating trend could evolve as the expansion programme and fixed
wireless business take hold and generate increased subscriber
numbers as per the company's financial projections.  Indicators
Moody's would look for include a reduction in leverage such that
adjusted debt/EBITDA falls below 5x, an improvement in
nationwide subscriber market share beyond the current 3%, and/or
an increase in ARPU to levels more in line with sector norms.

Downward pressure on the rating could emerge if there are
significant cost over-runs or if competition intensified, such
that adjusted leverage does not fall below 5.5x over the next
12-18 months or interest cover falls below 1.5x.  Other negative
rating trends would include: shareholders undertaking
significant capital withdrawals; and any change in laws and
regulations in Indonesia which would affect the business.

                     About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.


MOBILE-8 TELECOM: S&P Assigns 'B' LT Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed US$150
million senior unsecured notes to be issued by Mobile-8 Telecom
Finance B.V., a wholly owned subsidiary of Mobile-8. The notes
will be irrevocably and unconditionally guaranteed by Mobile-8
and any other subsidiaries it may create. The ratings are
subject to final documentation.

"The ratings reflect Mobile-8's aggressive capital expenditure
plan, the company's highly leveraged financial risk profile, and
its role as a small player in a scale sensitive industry," said
Standard & Poor's credit analyst Wee Lee Cheng.  "These
weaknesses are partly offset by Mobile-8's strong subscriber
rowth, albeit starting from small base, prospects of continuing
favorable domestic wireless subscriber growth, and the company's
favorable debt maturity profile."

Mobile-8's liquidity position is adequately supported by its
cash balance and short term investments of IDR1.1 trillion at
March 31, 2007, which are sufficient to cover short-term
obligations of IDR12 billion.  Most of the cash will be utilized
for capital expenditure.  In fiscal 2006, the company reported
net revenues of IDR589 billion and net income of IDR35 billion.

The stable outlook reflects expectations that Mobile-8 will
continue to expand its network coverage, which could help
improve the company's economies of scale and partly mitigate the
potential pressure on margins caused by intensifying
competition.  The outlook also factors in Standard & Poor's
expectations that the majority of the company's 70 million
equity warrants will be exercised by their expiry date,
providing a potential inflow of at least IDR600 billion.  "Given
the company's aggressive debt-funded capital expenditure program
in the next three to four years, the rating is unlikely to be
raised in the short to medium term," Mr. Cheng noted.

                 About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.


MOBILE-8 TELECOM: To Sell US$150-Million Dollar Bond
----------------------------------------------------
PT Mobile-8 Telecom Tbk planned a US$150-million dollar bond
offering whose roadshows will be launched next week, Reuters
reports.

According to the report, the company has hired Lehman Brothers
as sole bookrunner.

The roadshows will begin in Hong Kong on July 23 before moving
to Singapore on July 24 and on July 25.  It will finally move to
London on July 26 and pricing is likely to happen thereafter,
the report adds.

                     About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.

                    *      *       *

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.

Moody's Investors Service has assigned a B2 corporate family
rating to PT Mobile-8 Telecom Tbk and a B2 rating to the
proposed US$150 million senior, unsecured bonds issued by
Mobile-8 Telecom Finance Company BV and guaranteed by Mobile-8.
The outlook on the ratings is stable.  


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

FORD MOTOR: To Invest EUR675 Million in Romanian Plant
------------------------------------------------------
Ford Motor Company plans to develop the Craiova manufacturing
plant in Romania into one of the major facilities supporting
Ford of Europe's vehicle and engine production requirements, the
company said in a statement.

The TCR-Europe reported on July 12, 2007, that Ford had
submitted a bid for the Automobile Craiova assembly plant in
Romania and forwarded its proposal to he Romanian Authority for
State Assets Recovery.

If the company's bid is successful, the company would commit to
investing EUR675 million in the site to upgrade and modernize
the plant in line with global Ford Motor Company standards.

Ford's plans also include increasing employment levels from
3,900 now to 7,000 -- and potentially up to 9,000.

The existing and additional workforce would be producing 300,000
vehicles a year, together with a further 300,000 engines
annually, according to Ford's plans.  In 2006, the plant made
24,000 vehicles and 116,000 engines.

Ford's strategy for the Craiova plant was discussed at meetings
in Bucharest with Ford of Europe President and CEO John Fleming,
Romania Prime Minister Calin Popescu-Tariceanu and members of
the privatization committee for Automobile Craiova.

"By 2012, we would expect to be spending around EUR1 billion a
year in Romania to support the Craiova plant," said Mr. Fleming.  

"We are excited about the opportunity for Craiova.  But there
is still much hard work to be done before a final agreement
is reached.  During our negotiations with the privatization
committee, we will be emphasizing how important the Craiova
plant is to Ford's long-term strategic manufacturing plans,"
Mr. Fleming added.

                      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.


FORD MOTOR: Private Equity Firms May Bid for Jaguar & Land Rover
----------------------------------------------------------------
Ford Motor Company is expected to receive six indicative bids
for Jaguar and Land Rover from interested parties that include
Cerberus Capital Management, Ripplewood Holdings and One Equity
Partners, The Financial Times reports.

The TCR-Europe reported on July 19, 2007, that Indian carmaker
Tata Motors is in the early stages of evaluating a bid for
Jaguar and Land Rover.  FT observes that Tata Motors seems to be
the most likely contender for the assets.

Meanwhile, Renault Nissan of France has reportedly backed away
and Hyundai of South Korea early this morning said it had "no
interest whatsoever" in buying another brand, FT reveals.  
Alchemy Partners, which bid for Land Rover in the UK seven years
ago, and Carlyle, which owns a string of auto suppliers, have
ruled out making bids, the report says.

The auction could progress quickly, with Ford hoping to select
two final bidders in the next few weeks to begin due diligence
on Jaguar and Land Rover, FT relates.  Ford prefers selling the
two brands together although it is prepared for separate deals.

                      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.

Ford Motors also has operations in Japan.

                          *    *    *

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

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


FORD MOTOR: TPG Capital, Others Bid for Jaguar & Land Rover
-----------------------------------------------------------
Private-equity firm TPG Capital, in a surprise move, has
submitted a proposal to purchase Jaguar and Land Rover, which
Ford Motor Company is selling, The Financial Times reports.

The carmaker has confirmed that a number of firms have come
forward with various offers.  Ford is currently evaluating the
level of interest in the two marques although it has declined to
disclose more details on the potential bidders or the timeline
for any sale, Reuters states.

"We're not ruling anything in or anything out in terms of
options for Jaguar and Land Rover," said John Gardiner, a Ford
spokesman in London, the New York Times notes.  He added that
the whole process was in a "very preliminary" stage and that "no
final decisions have been made."

The TCR-Europe reported on July 20, 2007, that Ford was expected
to receive six indicative bids for Jaguar and Land Rover from
interested parties that include Cerberus Capital Management,
Ripplewood Holdings and One Equity Partners.  Indian carmaker
Tata Motors was believed to be in the early stages of evaluating
a bid for Jaguar and Land Rover.  FT observes that Tata Motors
seems to be the most likely contender for the assets.

The potential bidders have not been given detailed information
about Jaguar and Land Rover, the Times relates, citing a person
taking part in the process as its source.  Ford may reveal the
final list of bidders this week, after which, the finalists may
be given tours of the companies' operations and the opportunity
to interview senior management.  Once the group is narrowed,
Ford would like to move quickly in choosing the winning bidder,
the Times reports, quoting the same source.

                      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.


JVC CORP: Forms Capital & Business Tie-Up with Kenwood and Sparx
----------------------------------------------------------------
Victor Company of Japan, Limited, maker of JVC brand
electronics, has agreed to form a capital and business alliance
with Kenwood Corp. and Sparx Asset Management to help finance
operations, Reuters reports.

Under the agreement, JVC will raise JPY30 billion by issuing
JPY20 billion and JPY10 billion worth of shares to Kenwood and
Sparx, respectively, Reuters explains.

Reportedly with the alliance, Kenwood will hold a 10% stake in
JVC, while Sparx will hold a 5% stake.

According to the article, in line with the issuance of shares,
Matsushita Electric Industrial Co., Ltd., which owns a 52.4%
stake in JVC, will currently hold a 39% stake in the electronics
manufacturer, taking JVC off its accounts, and hopefully lift
the company's group-based earnings performance.

                         About JVC Corp.

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

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


MAZDA MOTORS: Resumes Production in Yamaguchi Factory  
-----------------------------------------------------
Mazda Motor Corporation says that it has restarted its
production at its Yamaguchi Prefecture factory, which was
scheduled to have begun on Monday nighttime, reports Makiko
Kitamura of Bloomberg News.

According to the report, Mazda was among those affected after
Riken Corporation -- Japan's largest maker of piston rings and
seal rings which are key parts used in engines and transmissions
-- was hit by the 6.8 magnitude earthquake, causing it to close
11 parts factories.

However, as of July 23, 2007 at 8 a.m., Mazda has restarted its
partial production and is scheduled to have resumed its mass
production later in the day, reports Tetsuya Komatsu and Naoko
Fujimura of Bloomberg News in a separate interview.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As reported on April 27, 2007, that Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/

   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


UBE INDUSTRIES: To Reduce Cost of Caprolactam Production
--------------------------------------------------------
Ube Industries, Ltd., plans to reduce the cost of its
caprolactam production within the next two to three years by
evaluating its procurement system for raw materials as well as
enhancing its logistics and supply networks, reports Japan
Chemical Week.

According to the report, the Yamaguchi-based company will
construct a 50,000-tonne/year polymerization plant in Thailand
for nylon 6 and boost its Japan plant's nylon 6 production
capacity by realigning its production system at the site.

After the chemical company has accomplished these plans, it aims
to boost its caprolactam production capacity and to lift its
captive consumption from the current 17% to 40% for a stronger
presence in the global market and to compete globally, the
report says.

Annually, Ube Industries has a total output capacity of 375,000
tonnes of caprolactam at its domestic bases in Ube and Sakai as
well as overseas locations in Thailand and Spain, relates
Chemical Week.

The article adds that the annual 375,000 tonnes total output
capacity makes Ube the third-largest caprolactam producer in the
world and the biggest caprolactam manufacturer in Asia.

Caprolactam, according to Wikipedia, is an organic compound
which is a cyclic amide.

                     About Ube Industries

Headquartered in Yamaguchi, Ube Industries, Ltd. --
http://www.ube-ind.co.jp-- is one of Japan's major diversified  
chemical companies. The company has strengths as the leading
manufacturer in Asia for production and sales of caprolactum.

The Troubled Company Reporter-Asia Pacific reported on Jan. 20,
2006, that Moody's Investors Service upgraded the senior
unsecured long-term debt rating of Ube Industries, Ltd. (Ube) to
Ba1 from Ba3.  The rating outlook is stable.  The company still
carries this rating as of May 22, 2007.


* Japan Auto Sector's Supplier Risk Made Visible From Earthquake
----------------------------------------------------------------
Fitch Ratings has commented that the risks associated with auto
manufacturers' dependence on auto parts manufacturers have
become visible, resulting from a plant closure of a key part
manufacturer caused by the recent earthquake.  The rating agency
expects the halted operations of the key part supplier to be
active again within a week or so, making it possible for the
auto manufacturers to catch up with their planned production
level.  Thus, the event does not affect Fitch's ratings and
outlook on the Japanese auto manufacturers (Toyota Motor
Corporation: 'AAA'/'F1+'/Stable, Honda Motor Co., Ltd:
'A+'/'F1'/Stable, Nissan Motor Co., Ltd.: 'A-' (A
minus)/'F2'/Stable).

In observing the recent trend, Tatsuya Mizuno, director in
Fitch's Corporate team based in Tokyo said, "The recent event
highlighted the risk of a too lean supply structure.  Besides,
as auto manufacturers realize the increasing importance of their
suppliers in helping them produce competitive vehicles, they
will try to secure the relationship with the suppliers and
increase investments to include key component suppliers within
their group."

Due to the damage of a Japanese auto parts manufacturer's plant
caused by the Niigata Prefecture earthquake on 16 July 2007, all
the Japanese auto manufacturers' vehicle production operations
have been suspended for the moment.  Riken Corp. is the auto
parts manufacturer with around 50% market share in the
production of piston rings for engines, and around 70% share in
transmission sealants; it is the provider of these key
components to almost all Japanese auto manufacturers.  One of
the reasons for the larger-than-expected impact of the
earthquake on the Japanese auto manufacturers' vehicle
production is their pursuit for efficiency.  To reduce the
procurement cost of a component, they believe that it is better
to concentrate the procurement source, by buying the component
from one supplier on a large volume.  Also, to improve working
capital, the inventory level of the component should be reduced
as much as possible, which however, enhances the risk of
stalling the production in the event of a disruption of supply.  
It is thus difficult for an auto manufacturer to seek both
higher efficiency and higher safety at the same time, and an
ongoing challenge for each auto manufacturer's management to
balance between the two contradictory targets.  Given that
natural disasters are unfortunate for everybody, the difference
will be made as to how each company deals with the misfortune
and what measures are taken to mitigate the negative impact from
a similar event in future.

A vehicle is made from a lot of components, ranging from 30,000
to 50,000 parts.  In many cases, there are many suppliers and a
switch from one supplier to another is relatively easy if the
supply is suspended.  However, certain key components are
provided by very limited suppliers, the replacement of which are
very difficult due to a high market share (sometimes over 50% of
a key component is provided by one supplier for all auto
manufacturers, as in the case of Riken's piston rings and
transmission sealants).  Fitch observes that auto parts
manufacturers are playing an increasingly important role in the
production of an attractive vehicle.  The agency pointed out in
its recent special report ("Value of Electronics in Japanese
Auto Competition" dated June 21, 2007) that electronics will
play a more important role in developing value-added vehicles to
cope with stricter environmental regulations, enhanced vehicle
safety, more fuel efficiency and various car communications.  
When a supplier has a unique key technology for a vehicle, it
becomes vital for an auto manufacturer to have a close business
relationship with the supplier.  For example, high quality and
cost-competitive rechargeable batteries will decide the
competitiveness of vehicles for the next generation.  Another
example is that automakers are expanding the use of light-weight
plastics, which will contribute to a vehicle's fuel efficiency.
By realizing the importance of suppliers, Fitch expects auto
manufacturers to put more emphasis on establishing closer
relationship with key component suppliers and enclosing them
within their group.


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

HYNIX SEMICONDUCTOR: Introduces Fair Trade Compliance Program
-------------------------------------------------------------
Hynix Semiconductor Inc. introduced its Fair Trade Compliance
Program.  The Program is a law-abiding system which aims to
observe the related laws with regard to fair trade including
antitrust.

"Hynix adopts the Program in order to build cornerstone to
become the world's best semiconductor corporation and to
establish the fair legal system in the semiconductor industry,"
said CEO Jong Kap Kim.  He particularly requested employees to
observe fair trade laws.

The Company said it has had an off-line based fair trade
controlment.  In addition to existing system, this Program was
formulated in order to systematically enforce observing the
related laws by setting up the on-line system.

Hynix staffs are able to check any contradictory behavior
through the on-line system prior to any sales or purchases.  On-
line counseling is also available to reduce any risks of
infringement of laws.

"The risks in respect to antitrust and trade conflicts
inevitably exist in the semiconductor industry.  The
introduction of this Program will facilitate staffs to comply
with the law," said the Company.

Hynix appointed Si-Woo Kim, Chief Administration Officer, to a
Secretary General of Fair Trade Compliance Program and set up an
internal Secretariat.  The Secretariat will operate systematic
education program, detect internal illegal acts and take
disciplinary measure.

The detection from outside is available by accessing the webpage
of Fair Trade Compliance Program under the Company's Web site in
regard to unfair trade practices.  Hynix said this Program
represented the strong willingness of Hynix toward fair business
compliance management.

                   About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.  

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


MAGNACHIP SEMICON: Ships New LCD Driver Chip to Module Makers
-------------------------------------------------------------
MagnaChip Semiconductor Ltd has begun to ship a new cell phone
LCD driver chip to the world's leading cell phone display module
makers.

The new product supports QVGA resolution and can be easily
mounted on high definition Low Temperature Polysilicon LCD
panels.

The new driver IC has an embedded controller offering Picture in
Picture and EEPROM memory that improves and tweaks the picture
quality, thus providing improved benefits vs. previous chips.

Davis Mok, Vice President of Marketing in MagnaChip's Display
Solutions Division, commented, "We decided to introduce this new
LTPS product due to the growing market demand for video files
and high resolution handsets.  The newly released product is
QVGA-equivalent, which is now one of the most widely used
resolutions in the cell phone market.  As it targets
high-end cell phone models, the driver IC supports 16 million
colors as its default and provides interfaces that support GSM
phones."

                About MagnaChip Semiconductor


MagnaChip Semiconductor -- http://www.magnachip.com/-- designs,   
develops, and manufactures mixed-signal and digital multimedia
semiconductors addressing the convergence of consumer
electronics and communications devices.  MagnaChip also provides
wafer foundry services utilizing CMOS high voltage, embedded
memory, and analog and power process technologies
for the manufacture of IC's for customer-owned designs.  
MagnaChip has world-class manufacturing capabilities and an
extensive portfolio of approximately 8,500 registered and
pending patents.  As a result, MagnaChip is a valued partner in
providing leading technology solutions to its customers
worldwide.

                          *     *     *

Moody's Investors Service, on April 20, 2007, downgraded
MagnaChip Semiconductor LLC's corporate family rating to B2 from
B1.  At the same time, Moody's has downgraded the following debt
ratings as issued by MagnaChip Semiconductor Finance Co (US) and
MagnaChip Semiconductor SA:

   1) USUS$100 million 5-year senior secured credit revolver to
      B1 from Ba3

   2) USUS$500 million aggregate floating- and fixed-rate second
      priority senior secured notes due 2011 to B2 from B1

   3) USUS$250 million senior subordinated notes due 2014 to
      Caa1 from B3

The outlook for the ratings is negative.  This concludes the
review for possible downgrade commenced on February 1, 2007. On
Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
The outlook on the long-term corporate credit rating is
negative.


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

PROTON HOLDINGS: Shares Rise After Report of Volkswagen Deal
------------------------------------------------------------
Shares of Proton Holdings Bhd rose as much as 5.2% after a
report that Volkswagen AG has agreed to share technology with
the Malaysian company, Bloomberg News reports.

According to Bloomberg, the Edge magazine had reported that
Volkswagen struck a deal with Proton where the European carmaker
may pay several hundred million ringgit and supply vehicle
platforms. Under the pact, Volkswagen reportedly will own 51% of
a new company that will own Proton's manufacturing arm.  Proton
will control domestic vehicle distribution and Volkswagen will
oversee international sales under the deal, the magazine said.


Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,   
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


SHAW GROUP: Secures US$1.29 Billion EPC Pact from Duke Energy
-------------------------------------------------------------
The Shaw Group Inc. has been awarded an engineering, procurement
and construction contract by Duke Energy Carolinas, LLC, a unit
of Duke Energy, as part of the Cliffside modernization project,
to build a new 800-megawatt supercritical coal-fired electric
generating plant and a flue gas desulfurization system at Duke's
existing Cliffside Steam Station in Rutherford and Cleveland
counties, North Carolina.  

Supercritical clean coal technology allows for exceptional
operational reliability, efficiency and fuel flexibility,
thereby providing an economic and environmental benefit.  The
state-of-the-art FGD system, to be built at Unit 5 of the
existing Cliffside Steam Station, will be shared with the new
800-megawatt supercritical unit.  The value of Shaw's EPC
contract is valued at approximately $1.29 billion.

"We are excited to continue support Duke's clean energy
expansion strategy with this significant EPC contract,' J.M.
Bernhard, Jr., chairman, president and chief executive officer
of Shaw, said.  "The supercritical pulverized clean coal
technology is more advanced and efficient than conventional coal
combustion technologies currently in operation and we are ready
to deliver this important generating facility and air quality
control system for our longtime client."

                   About Duke Energy Corp.

Headquartered in Charlotte, North Carolina, Duke Energy Corp.
(NYSE:DUK) -- http://www.duke-energy.com/-- is an electric and  
natural gas company.

                       About Shaw Group

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

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

                          *     *     *

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

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


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

50 FORCE: Court Appoints Iain McLennan as Liquidator
----------------------------------------------------
Iain McLennan was appointed as the liquidator of 50 Force Ltd.
on June 28, 2007.

Creditors are required to file their claims by June 28, 2007, to
be included in the company's dividend distribution.

The Liquidator can be reached at:

         Iain Mclennan
         c/o McLennan Associates
         Insolvency Advisers
         c/o Level 5, 80 Greys Avenue
         Auckland
         New Zealand
         Telephone:(09) 303 9512
         Facsimile:(09) 303 0508


BRIDGECORP LTD: Australian Arm's Pensioners May Get Gov't. Aid
--------------------------------------------------------------
Age pensioners of Bridgecorp Ltd's Australian Arm, Bridgecorp
Finance Ltd, could be eligible for federal government
assistance, ABC News reports, citing Australia's Community
Services Minister Mal Brough.

According to the report, the Minister said that age pensioners
who have lost income from investing in Bridgecorp Finance might
be able to access a special hardship provision through
Centrelink.  Centrelink is a statutory authority responsible for
delivering human services on behalf of agencies of the
Commonwealth Government of Australia.

The pensioners may also be exempt from deeming provisions,
meaning only the actual income they have earned through
investing in Bridgecorp will be assessed, Mr. Brough told the
news agency.

Based in New Zealand, Bridgecorp Ltd is a property development
and finance company.  Bridgecorp has been placed in receivership
on July 2, 2007, after failing to pay principal due to debenture
holders.  In that regard, John Waller and Colin McCloy, partners
at PricewaterhouseCoopers, were appointed as receivers.

According to couriermail.com.au, Bridgecorp owes around 1,800
New Zealand investors about NZ$500 million.  Subsequently,
Bridgecorp's Australian arm was placed under voluntary
administration.


CLIFFORD HOLDINGS: Requires Creditors to File Claims by July 19
---------------------------------------------------------------
Clifford Holdings Ltd., which is in liquidation, requires its
creditors to file their claims by July 19, 2007.

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

The company's liquidator is:

         Edward Jansen
         Sherwin Chan & Walshe
         PO Box 30568, Lower Hutt
         New Zealand


CONCRETE FX: Commences Liquidation Proceedings
----------------------------------------------
On June 25, 2007, Iain Andrew Nellies and Wayne John Deuchrass
were appointed as liquidators of Concrete FX Ltd.

The company entered wind-up proceedings on that day.

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


DDC CARRIERS: Names Fatupaito and McCloy as Liquidators
-------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were appointed
as liquidators of DDC Carriers Limited on June 21, 2007.

The Liquidators fixed Sept. 21, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         PricewaterhouseCoopers Tower, Level 8
         188 Quay Street
         Private Bag 92162, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


FIRE TECHNOLOGY: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------------
The shareholders of Fire Technology Services Ltd met on June 22,
2007, and resolved to liquidate its business.

The company's liquidator is:

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


GREEN TEAM: Fixes Sept. 21 as Last Day to File Claims
-----------------------------------------------------
Green Team Limited is accepting proofs of debt from its
creditors until September 21, 2007.

The company started to liquidate its business on June 21, 2007.

The company's liquidators are:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         PricewaterhouseCoopers Tower, Level 8
         188 Quay Street
         Private Bag 92162, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


MEREWEATHER ENTERPRISES: Taps Official Assignee as Liquidator
-------------------------------------------------------------
On June 21, 2007, the official assignee was appointed as the
official liquidator of Mereweather Enterprises Ltd.

The Liquidator can be reached at:

         Official Assignee
         c/o Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone:0508 467 658
         Website: http://www.insolvency.govt.nz


NORFOLK INVESTMENTS: Appoints Official Assignee as Liquidator
-------------------------------------------------------------
The official assignee was appointed as the liquidator of Norfolk
Investments Limited on June 21, 2007.

The Liquidator can be reached at:

         Official Assignee
         c/o Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone:0508 467 658
         Website: http://www.insolvency.govt.nz


PACIFIC WORLD: Enters Liquidation Proceedings
---------------------------------------------
On June 22, 2007, the shareholders of Pacific World (NZ) Co
Limited resolved to liquidate its business and appointed Grant
Bruce Reynolds as liquidator.

The Liquidator can be reached at:

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


PERTAKO LTD: Accepting Proofs of Debt Until Sept. 21
----------------------------------------------------
The creditors of Pertako Ltd are required to file their proofs
of debt by September 21, 2007, to be included in the company's
dividend distribution.

The company went into liquidation on June 21, 2007.

The company's liquidators are:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         PricewaterhouseCoopers Tower, Level 8
         188 Quay Street
         Private Bag 92162, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


THIRSTY ENTERPRISES: Fixes July 26 as Last Day to File Claims
-------------------------------------------------------------
Thirsty Enterprises Ltd. fixes July 26, 2007, as the last day
for creditors to file their proofs of debt.

The company went into liquidation on June 25, 2007.

The company's liquidator is:

         K. A. Horne
         c/o K. A. Horne at Crichton
         Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


WECA CONSTRUCTION: Creditors' Proofs of Debt Due on August 10
-------------------------------------------------------------
The shareholders of WECA Construction Ltd met on June 27, 2007,
and resolved to shut down the company's business.

John Trevor Whittfield and Kevin Warwick Bromwich, the appointed
liquidators, fixed August 10, 2007, as the last day for
creditors to file their claims.

The Liquidators can be reached at:

         John Trevor Whittfield
         Kevin Warwick Bromwich
         McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Website: http://www.mvp.co.nz
         Telephone:(09) 303 9514


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

ATLAS CONSOLIDATED: Carmen Copper Unit Cancels Public Offering
--------------------------------------------------------------
Carmen Copper Corp., Atlas Consolidated Mining and Development
Corp.'s unit, cancelled its plan for an initial public offering
this year and chose internal financing, the Manila Standard
reports.

Martin Buckingham, Atlas' executive vice president and officer
in charge of Carmen's operations, said that the company has
already raised three-fourths of what it needed to rehabilitate
and initiate Carmen's business.  

The US$200-million project was financed through equity
investments by Crescent Asian Special Opportunities Portfolio,
which had advanced US$18 million and could possibly add
US$20 million, Manila Standard cites Mr. Buckingham as saying.  
Atlas also infused US$50 million for the project.

Mr. Buckingham also said that the company plans to raise
additional capital through the proposed dual listing in the
London and Toronto Stock Exchanges.


Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, total liabilities of PHP3.81 billion
exceeded total assets of PHP2.99 billion, resulting in a capital
deficiency of PHP820.5 million.  Total current liabilities of
PHP1.91 billion as of December 31, 2006, also exceeded total
current assets of PHP305.22 million.


BANCO DE ORO-EPCI: BDO Must Pay PHP74.61 Million Deficiency Tax
---------------------------------------------------------------
Banco de Oro Universal Bank is required to pay PHP74.61 million
in deficiency documentary stamp tax to the Bureau of Internal
Revenue for its mega savings deposits in 1999, the BusinessWorld
Online Edition reports, citing the Court of Tax Appeals.

The Court's Second Division ruled out the bank's statement that
the mega savings deposit is like a regular saving account and is
thus exempt from the tax requirement.  However, the bank ruled
that the mega savings deposit is more similar to a time deposit
that bears interest and, because of that, is subject to DST
under the National Internal Revenue Code of 1997.

The Court also ordered BDO to pay 20% delinquency interest from
April 19, 2004, until it fully pays the deficiency tax.

Banco de Oro-EPCI is the result of a merger between Banko de Oro
Universal Bank and Equitable PCI, with BDO as the surviving
entity.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2006, that Fitch Ratings affirmed the ratings of Banco De Oro
Universal Bank, as follows:

  * Individual 'C/D', and

  * Support '3'

                        *     *     *

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank (EPCI) following its merger
with Banco de Oro Universal Bank (BDO).

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

                        *     *     *

The TCR-AP reported on June 11, 2007, that Standard & Poor's
Ratings Services withdrew its 'BB-' counterparty credit ratings
on Equitable PCI Bank Inc., as its merger with Banco De Oro
Universal Bank became effective on May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


PHIL AIRLINES: Mulls Over Flying to New Destinations in the U.S.
----------------------------------------------------------------
Philippine Airlines Inc. is considering new destinations in the
United States like California, San Diego, and Seattle, and is
trying to secure more flights to Vancouver, Canada, the
Philippine Daily Inquirer reports.

The company also signed a memorandum of agreement with visiting
Chongqing Mayor Wang Hongju last week, the article relates.  
Under the agreement, the company added Chongqing, a major
Chinese industrial city, to its list of destinations in China,
which includes Beijing, Shanghai, Xiamen and Guangzhou.

PAL president Jaime Bautista said that they could start having
flights to Guangzhou later this year if it could set up an
office and arrange other matters in Chongqing within the year.

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.


PHIL AIRLINES: Considers Coming Out Early from Rehabilitation
-------------------------------------------------------------
Philippine Airlines Inc. is considering emerging from its
rehabilitation plan after it brought down its foreign debts to
US$953 million as of March 31, 2007, as compared to the initial
US$2.3 billion upon entering rehab in June 1999, PAL President
Jaime Bautista told GMA News.

However, Mr. Bautista said they still have to get approval from
their creditors.

Since entering rehabilitation, the company posted continuous net
income, the latest being a US$140.3 million for its fiscal year
ended March 31, 2007.  Mr. Bautista said that these "confirm
that PAL is fully recovered and is now firmly on track towards
long-term profitability."


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.


SAN MIGUEL: Plans to Place Bid for Calaca Power Plant in Auction
----------------------------------------------------------------
San Miguel Corp. will place a bid for the 600-megawatt coal-
fired Calaca power plant during a planned auction by the
government in October, ABS-CBN News reports, citing Reuters.

Sources within the company told Reuters that the company plans
to bid for Calaca but that it still needs approval from its
Board of Directors and from its shareholders to do so.  

Reuters' sources also revealed that SMC planned to bid for the
600-megawatt Masinloc plant, also a coal-fired facility, but it
was not able to meet the pre-qualification deadline.


Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,   
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter-Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.  The company's ratings have been placed on
S&P's CreditWatch with a Negative outlook on May 17, 2007.


SAN MIGUEL: Considers Investing in Ethanol Production
-----------------------------------------------------
San Miguel Corp. confirmed through a disclosure with the
Philippine Stock Exchange that it is considering an investment
in ethanol production for its liquor business.

Yesterday, the Manila Bulletin published an article reporting
that the company is eyeing a total area of 76,000 hectares in
sugarcane land for ethanol production.  According to the
article, 22,000 hectares will be in Bago, Negros Occidental,
while 18,000 hectares each will be in Batangas, Ilocos and
Tarlac.  

The report also said that the company may have to invest
PHP8.68 billion to PHP16.28 billion for the ethanol plants,
which could possibly have a combined capacity of 1 million
liters per day or 10 plants with 100,000 liter per day capacity
each.


Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,   
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter-Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.  The company's ratings have been placed on
S&P's CreditWatch with a Negative outlook on May 17, 2007.


WELLEX INDUSTRIES: Unit Inks Partnership Deal With Chinese Firm
---------------------------------------------------------------
Wellex Petroleum Corp. entered into a partnership with Southern
PEC Petrochemical, a subsidiary of China Petroleum and Chemical
Corp., to venture into oil and mining activities in the
Philippines, a Philippine Daily Inquirer article says.

Wellex Petroleum is a subsidiary of Wellex Industries Inc.

Wellex's director and executive vice president told the Inquirer
that Southern PEC signed a memorandum of agreement with the
Wellex Group to bid for the government's oil concessions in
Palawan and Mindoro.  Both partners are currently applying for
permits to explore for nickel, copper, manganese, coal and
chromite in possible mine sites in Palawan and Samar, he added.

The company is also planning an initial public offering once it
establishes its oil and mining projects, he said.

Makati City-based Wellex Industries, Inc., was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration.  But due to financial distress, the firm's
business operations have been suspended.  The company's present
activity is focused on reorganizing its operations in
preparation for its new business.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  Mining, however, will continue to be
one of the company's secondary purposes.  In 1997, it
subsequently transformed to a holding company for manufacturing
concerns with the entry of the Wellex Group.  The company has
since then been able to initiate projects which have been true
to its vision.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation (PCIC) into the group.  PCIC
is the Philippines' first fully integrated manufacturer of
plastic products used in a number of industries.

                   Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores at Diaz Murillo
Dalupan and Co. raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.


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

ADVANCED MICRO: Posts US$600 Mil. Net Loss in Qtr. Ended June 30
--------------------------------------------------------------
Advanced Micro Devices Inc. reported second quarter 2007 revenue
of US$1.4 billion, an operating loss of US$457 million, and a
net loss of US$600 million.

These results include an impact of US$130 million from ATI
acquisition-related and integration charges of US$78 million,
employee stock-based compensation expense of US$31 million,
severance charges of US$16 million and debt issuance charges of
US$5 million.

In the first quarter of 2007, AMD reported revenue of
US$1.2 billion, net loss of US$611 million, and an operating
loss of US$504 million.  In the second quarter of 2006, AMD
reported revenue of US$1.2 billion, net income of US$89 million,
and operating income of US$102 million.

Second quarter 2007 gross margin was 34%, excluding stock-based
compensation expense, acquisition-related and severance charges,
compared to 31% in the first quarter of 2007 and 57% in the
second quarter of 2006.  The increase from the prior quarter was
largely due to increased microprocessor unit shipments.  The
second quarter gross margin was impacted by a write-off of older
microprocessor inventory of about US$30 million.

At June 30, 2007, the company's total assets were US$13.2
billion, total liabilities were US$8.7 billion, and total
stockholders' equity was US$4.5 billion.

"While we made solid progress in the second quarter across a
number of fronts, we must improve our financial results," said
Robert J. Rivet, AMD's chief financial officer.  "We achieved a
12% sequential revenue increase, improved the gross margin and
won back microprocessor unit and revenue market share.  Strong
distribution channel demand, initial sales to Toshiba, and a
broader adoption of AMD platforms led to a 38% sequential
increase in microprocessor unit shipments.  In addition, our
Graphics business gained momentum at the end of the quarter as
we began shipping the new ATI Radeon HD(TM) 2000 family of
graphics processors.

"We continue to focus on realigning our business model and
reducing our capital expenditures and cost structure in the
second half of the year."

In the seasonally up third quarter, AMD expects revenue to
increase in line with seasonality.

                     Additional Highlights

Additional highlights during the second quarter of 2007 include:

   -- Toshiba chose AMD as a strategic supplier for its new
      series of Satellite notebook computers powered by an AMD
      platform featuring AMD Turion(TM) 64 X2 dual-core mobile
      technology and the AMD M690 chipset.

   -- Customers continued to adopt AMD-based solutions across a
      broader portion of their product offerings.
    
   -- AMD announced that initial revenue shipments of the
      industry's first native x86 quad-core processor,
      "Barcelona," will commence in the third quarter in both
      standard and low-power versions.  AMD broadened its
      portfolio of product offerings in the quarter.

   -- AMD disclosed details of its next-generation platform for
      notebook computing, codenamed "Puma."  The platform pairs
      AMD's next-generation notebook processor, "Griffin," with
      the next-generation AMD "RS780" mobile chipset.  "Puma"
      represents one of the first results of the "new AMD,"
      delivering an optimized mobile solution with extended
      battery life, graphics and video processing enhancements
      and improved overall system performance.

   -- The Italian stock exchange, Borsa Italiana, joined the
      growing roster of global exchange customers running their
      business on AMD Opteron processor based technology,
      including NYSE Group Inc., the International Securities
      Exchange's Stock Exchange, London Stock Exchange,
      Luxembourg Stock Exchange, Montreal Exchange and
      Philadelphia Stock Exchange.

                            About AMD

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:  
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium,France, Germany, the United Kingdom, Mexico and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Moody's Investors Service affirmed AMD's B1 corporate family
rating while revising to Ba2 from Ba3 the ratings on both the
currently secured US$390 million notes due 2012 (2012 Note) and
the US$1.7 billion remainder of the original US$2.5 billion term
loan due The rating outlook remains negative.


FOODBEX GLOBAL: Court Enters Wind-Up Order
------------------------------------------
On July 13, 2007, the High Court of Singapore released a wind-up
order against Foodbex Global Pte Ltd.

DBS Bank Ltd filed the petition against the company.

Foodbex Global's solicitors are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         5 Shenton Way #07-01
         UIC Building
         Singapore 068808


MEDIASTREAM LTD: To Hold Meting for Scheme Creditors on July 30
---------------------------------------------------------------
Mediastream Ltd, which is in judicial management, will hold a
meeting for its schme creditors on July 30, 2007, at 10:00 a.m.,
in 50 Raffles Place, #16-06 Singapore Land Tower, Singapore
048623.

At the meeting, the creditors will be asked to consider and if
though fit, approve the Scheme of Compromise and Arrangement
proposed to be made pursuant to Sections 210 and 211 of the
Companies Act, Chapter 50.


POLYONE CORP: Inks Canadian Receivables Purchase Agreement
----------------------------------------------------------
PolyOne Corporation, on Friday, entered into a Canadian
Receivables Purchase Agreement among the company, as servicer,
PolyOne Funding Canada Corporation, as seller, Citicorp USA
Inc., as administrative agent, National City Business Credit,
Inc., as syndication agent, and the banks and other financial
institutions party thereto, as initial purchasers.

In connection with the Purchase Agreement, the company also
entered into the Canadian Receivables Sale Agreement, dated as
of July 13, 2007, by and among the company, as buyer's servicer,
PolyOne Canada Inc. as the seller, and PolyOne Funding Canada
Corp., as the buyer.

Under the Purchase and Sale Agreements, from time to time,
PolyOne Canada Inc. will sell its Canadian receivables to
PolyOne Funding Canada Corp., which will then sell interests in
the receivables to the banks and other financial institutions
party to the Purchase Agreement on the terms and subject to the
conditions of the Purchase Agreement.  The Purchase Agreement
provides up to US$25 million in funding, based on availability
of eligible trade accounts receivable and other customary
factors.

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

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B'; and Senior unsecured debt and
debentures rating to 'BB-' from 'B+/RR3'.  The Rating Outlook is
Stable.


RINOL SINGAPORE: Distributes Dividend to Preferential Creditors
---------------------------------------------------------------
Rinol Singapore Pte Ltd, which is in voluntary liquidation, has
declared the first and final dividend to its preferential
creditors on July 20, 2007.

The company paid 100% to all the admitted preferential claims.

The company's liquidator is:

         Timothy James Reid
         c/o Ferrier Hodgson
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


WANG COO-KIEN: Sets Final Meeting for August 18
-----------------------------------------------
Wang Coo-Kien & Company Pte Ltd, which is in voluntary
liquidation, will hold a meeting on August 18, 2007, at
11:00 a.m., for the purposes stated in Section 308 of the
Companies Act, Cap. 50.

The meeting will be held at 7500A Beach Road #15-320 in The
Plaza, Singapore 199591.


* Fitch Gives Stable Rating to Singapore Banks Despite Expansion
----------------------------------------------------------------
On July 20, 2007, Fitch Ratings said that Singapore banks'
expansion plans into Asia's developing markets would likely
increase their credit and operational risk profiles, which may
be further compounded by their decisions to operate with lower
capital ratios in future.  However, the agency notes that given
the banks' strong financial conditions, still benign operating
environments in most Asian markets, the prudence with which
these banks intend to pursue their expansion plans, as well as
the healthy levels of expected capitalization (even after slight
reductions) has ensured Stable Outlooks for all three banks.

In a report titled "Singapore Banks' Regional Expansion - A
Double-Edged Sword for their Credit Ratings", Fitch says that
regional expansion is a growth imperative for Singapore's banks,
which they have been pursuing in order to graduate into
regional, pan-Asian banks.  While Fitch sees this trend as
inevitable, it also notes that this exposes local banks to new
challenges and risks, as the regulatory, market and legal
infrastructure in countries such as Thailand, Indonesia, China
and India are not as sound as that in Singapore.  Despite
initial hiccups, all banks seem to be managing such risks
adequately in recent years, which is also a reflection of better
cross-border management skills and improved risk management
capabilities at all banks.  Fitch also notes that at present,
the banks' relative share of assets in countries or institutions
rated "BBB" or below is quite small; this is unlikely to change
materially over the next two years, which may result in a
significant alteration in their risk profiles.

Fitch further notes that while the banks' capital management
initiatives are partly motivated to boost shareholder returns,
they are also indicative of more robust risk management systems
developed over the years.  While minimum regulatory capital
ratio requirements have also declined over the years, all banks
have prudently maintained these ratios at sufficiently high
levels in recognition of the risks associated with their
regional expansion plans in less developed markets.  With the
banks likely to continue expanding in a disciplined manner,
Fitch believes that their loss absorption capacity will not be
materially impaired despite the decision to operate with
slightly lower capital ratios in future.

Importantly, and consistent with their generally conservative
approaches, Fitch expects all banks to maintain their capital
ratios at least 2% higher than minimum statutory requirements
(currently Tier-1 ratio: 6%; Total CAR: 10%.  Also, "Eligible
Capital as a percentage of Regulatory Weighted Risks" was above
11% for all banks at end-2006, and a slight reduction will not
impact their credit ratings, provided relative exposure to
lower-rated sovereigns or institutions do not change
drastically.

Nevertheless, an "event risk" such as a significant acquisition
requiring large capital outlays, particularly in a lowly-rated
country or institution, may still put downward pressure on
credit ratings in specific instances.  But concrete capital
restoration plans may somewhat mitigate such risks, and Fitch
will balance all these risks against positive diversification
benefits and future growth prospects of such acquisitions.

Conversely, upward pressure on the banks' Long-term ratings
would primarily come from a further improvement in their
Individual like, standalone financial strength, ratings.  The
Individual ratings at "B" are already quite high and, therefore,
prospects of long-term rating upgrades are relatively limited.  
Sustained higher profitability over the medium term and greater
diversification - both by geography and products - without
compromising asset quality and capitalisation may lift a bank's
Individual rating to "A/B", but that appears unlikely over the
next two years.

Currently, Singapore banks are comfortably placed at their
ratings level (Long-term: "AA minus"; Individual: "B" and
Support: "2") and we maintain a Stable Outlook on our ratings.  
Fitch will continue to monitor key future developments closely
and reflect those in the banks' credit ratings as and when
necessary.


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

BANGKOK BANK: Posts THB5.34-Bil. Net Income for 2nd Quarter 2007
----------------------------------------------------------------
Bangkok Bank PCL's unaudited consolidated income statements show
a net income of THB5.34 billion for the quarter ended June 30,
2007, a 21% increase from the THB4.39-billion net income
reported for the same period last year.

For the second quarter of 2007, the group earned interest and
dividend income of THB20.31 billion, and non-interest income of
THB16.93 billion, while incurring THB8.67 billion in interest
expenses and THB8.93 billion in non-interest expenses.

As of June 30, 2007, the company had total assets of
THB1.55 trillion and total liabilities of THB1.4 trillion,
resulting in a shareholders' equity of THB159.69 billion.


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,
which was reaffirmed on September 20, 2006, following the
military coup in Thailand.

The bank also carries Fitch's C individual rating and a C
financial rating from Standard & Poor's.


BANGKOK BANK: Posts THB9.97-Billion Net Income for 2007 1st Half
----------------------------------------------------------------
Bangkok Bank PCL's unaudited consolidated income statements
reported a net income of THB9.97 billion for the first half of
2007, an increase of THB400.64 million or 4.2% from the
THB9.57-billion net income reported for the first half of 2006.

For the six months ended June 30, 2007, the group earned a total
interest and dividend income of THB40.69 billion and total non-
interest income of THB12.08 billion.  Interest expenses for the
period reached THB17.83 billion, while non-interest expenses
totaled THB17.31 billion.

As of June 30, 2007, the company had total assets of
THB1.55 trillion and total liabilities of THB1.4 trillion,
resulting in a shareholders' equity of THB159.69 billion.


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,
which was reaffirmed on September 20, 2006, following the
military coup in Thailand.

The bank also carries Fitch's C individual rating and a C
financial rating from Standard & Poor's.


BANGKOK BANK: Earns THB200,000 from Sales of Gamma Dev't Shares
---------------------------------------------------------------
Bangkok Bank PCL earned a total of THB200,000 from the sale of
1,000 common shares in Gamma Development Co. Ltd., the bank said
through a disclosure with the Stock Exchange of Thailand.

The transaction represented 10% of Gamma's total paid-up capital
of 10,000 shares, with a par value of THB100.

The bank did not disclose further information on the transaction
in its disclosure.


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,
which was reaffirmed on September 20, 2006, following the
military coup in Thailand.

The bank also carries Fitch's C individual rating and a C
financial rating from Standard & Poor's.


BANK OF AYUDHYA: Posts THB8.8-Billion Net Loss for 2nd Qtr. 2007
---------------------------------------------------------------
Bank of Ayudhya PCL posted a net loss of THB8.806 billion for
the quarter ended June 30, 2007, compared with a
THB1.610-billion net income reported for the same period in
2006.

For the second quarter of 2007, the bank earned a net interest
and dividend income of THB4.672 billion, comprised of a gross
interest and dividend income of THB8.787 billion and interest
expenses of THB4.114 billion.  The bank also earned
THB951.128 million in non-interest income while incurring non-
interest expenses of THB4.297 billion.

As of June 30, 2007, the bank had THB645.25 billion in total
assets and THB579.158 billion in total liabilities, resulting in
a shareholders' equity of THB66.1 billion.


Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of   
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

On May 4, 2007, Moody's Investor Services affirmed its D- bank
financial strength rating for Bank of Ayudhya.

The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Fitch Ratings has affirmed Bank of Ayudhya's
individual rating at 'C/D' and subordinated debt rating at
'BB+'.


BANK OF AYUDHYA: Posts THB7.6-Billion Net Loss for 1st Half 2007
----------------------------------------------------------------
Bank of Ayudhya PCL posted a net loss of THB7.6 billion for the
six months ended June 30, 2007, versus a THB3.408-billion net
income reported for the same period in 2006.

For the first half of 2007, the bank earned a net interest and
dividend income of THB9.296 billion, comprised of a gross
interest and dividend income of THB18.135 billion and interest
expenses of THB8.839 billion.  The bank also earned
THB2.586 billion in non-interest income while incurring non-
interest expenses of THB7.983 billion.

As of June 30, 2007, the bank had THB645.25 billion in total
assets and THB579.158 billion in total liabilities, resulting in
a shareholders' equity of THB66.1 billion.


Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of   
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

On May 4, 2007, Moody's Investor Services affirmed its D- bank
financial strength rating for Bank of Ayudhya.

The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Fitch Ratings has affirmed Bank of Ayudhya's
individual rating at 'C/D' and subordinated debt rating at
'BB+'.


* BOND PRICING: For the Week 23 July to 27 July 2007
----------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.76
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.85
Arrow Energy NL               10.000%  03/31/08     AUD     2.72
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.25
Becton Property Group          9.500%  06/30/10     AUD     0.92
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.25
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.21
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.15
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.85
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.39
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.25
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.00
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.50
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.54
Geon Group                    11.750%  10/15/09     NZD    10.00
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.20
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.50
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     9.00
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.17
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Primelife Corporation         10.000%  01/31/08     AUD     1.01
Salomon SB Aust                4.250%  02/01/09     USD     7.25
Silver Chef Ltd               10.000%  08/31/08     AUD     1.08
Software of Excellence         7.000%  08/09/07     NZD     2.52
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  09/15/07     NZD     9.60
TrustPower Ltd                 8.300%  12/15/08     NZD     9.05
TrustPower Ltd                 8.500%  09/15/12     NZD     9.00
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.34
Ample Zone Bhd                 9.300%  01/27/12     MYR    68.92
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.86
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.82
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.70
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.60
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.50
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     1.00
Equine Capital                 3.000%  08/26/08     MYR     3.26
EG Industries Bhd              5.000%  06/16/10     MYR     0.71
Gadang Holdings Berhad         2.000%  12/24/08     MYR     0.77
Greatpac Holdings              2.000%  12/11/08     MYR     0.20
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.47
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.55
Insas Bhd                      8.000%  04/19/09     MYR     0.74
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.51
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.60
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.01
Kumpulan Jetson                5.000%  11/27/12     MYR     0.62
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.75
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.75
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.75
Lebuhraya Kajang Bhd           5.850%  06/12/18     MYR    69.31
Media Prima Bhd                2.000%  07/18/08     MYR     1.89
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.80
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.25
Pelikan International          3.000%  04/08/10     MYR     1.97
Pelikan International          3.000%  04/08/10     MYR     1.80
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     1.13
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.90
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.90
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.32
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.63
Southern Steel                 5.500%  07/31/08     MYR     1.78
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.15
Tradewinds Corp.               2.000%  02/08/12     MYR     1.21
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.66
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.81
Wah Seong Corp.                3.000%  05/21/12     MYR     6.30
WCT Land Bhd                   3.000%  08/02/09     MYR     3.94
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.00




                            *********


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 ***