TCRAP_Public/070725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Wednesday, July 25, 2007, Vol. 10, No. 145

                            Headlines

A U S T R A L I A

ALBANY PTY: Names Robert M. H. Cole as Liquidator
ARROW ENERGY: To Spend AU$249 Million to Fund Explorations
BALTO PTY: Members Resolve to Shut Down Business
BODALLA AGED: Placed Under Members' Voluntary Liquidation
CASUAL LIVING: Claims Receiving Interests from Other Companies

DUXTRON PTY: Names Barry Keith Taylor as Liquidator
EDAJO NOMINEES: Members Opt to Shut Down Business
ISBIZ PTY: Commences Liquidation Proceedings
J.W.N. INVESTMENTS: Enters Wind-Up Proceedings
K. R. & L. A. MCKIERNAN: Undergoes Liquidation Proceedings

SCAMPOLA PTY: Members Resolve to Close Business
SUNCORP-METWAY: Creditors to Meet About Scheme of Arrangement
WHITE MULE: Members & Creditors Agree on Voluntary Liquidation


C H I N A   &   H O N G  K O N G

i2 TECHNOLOGIES: Taps Seng and Lo as Liquidators
BANK OF CHINA: Sets Creditors' Meeting for July 30
CHINA SOUTHERN: Extends Airline Services to Cambodia
HONG KONG LIGHTER: Members Pass Resolution to Wind Up Firm
HONG LONG HOLDINGS: Moody's Assigns First-Time (P)B2 Rating

HONG LONG HOLDINGS: Hires Banks for Offshore Bond Sale
HUMBERT MANUFACTURING: Placed Under Members' Voluntary Wind-Up
INCORPORATED OWNERS: Sets Wind-Up Petition Hearing for August 15
JP PROPERTIES: Placed Under Voluntary Liquidation
KING YIELD: Court to Hear Wind-Up Petition on August 15

PLENTY HARVEST: Faces Bank of China's Wind-Up Petition
STATE SUPERIOR: Creditors' Proofs of Debt Due on August 31
WINFUL CREDIT: Shareholders to Meet on August 20


I N D I A

AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter
CABLE & WIRELESS: Says Digicel's Complaint Has No Basis
INDUSTRIAL DEV'T. BANK: Maintains INR1.5MM Profit in 1st Quarter
INDUSTRIAL DEV'T. BANK:  To Declare INR1.50 Dividend for FY2007
JCT ELECTRONICS: To Write Down Value of Equity Shares

JIK INDUSTRIES: To Consider Audited FY2007 Results by Sept. 30
ORIENTAL BANK: Board to Meet on July 30 to Consider Financials


I N D O N E S I A

BANK NEGARA: To Sell 3.9 Billion New and Existing Shares
HILTON HOTELS: Completes Sale of Eight European Hotels
HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas
GOLDEN AGRI: Moody's Affirms 'Ba3' Corporate Family Rating
GOODYEAR TIRE: Deadline to Convert 4% Senior Notes is Sept. 28

GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit
PERTAMINA: Signs MOU With East Java for Oil & Gas Business Dev't


J A P A N

SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President
SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook
TAIHEIYO CEMENT: Fortifies Global Expansion, Targets U.S.
USINAS SIDERURGICAS: Moody's Ups Rating on US$875MM Notes to Ba1


K O R E A

C&C Enterprise: Makes Amendment for Private Placement of Shares
CORECROSS: To Issue 4,131,309 Common Shares Through Right Issues
DAEYUVESPER CO: Sells Yeoju Factory for KRW 1.6 Billion


M A L A Y S I A

FINISAR CORP: Denies Default Under Terms of Notes Indentures
SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended


N E W  Z E A L A N D

AWARD PRODUCTS: Court to Hear Wind-Up Petition on July 26
BANKS RESIDENTIAL: Appoints Bhuvan Naran as Liquidator
CHINESE BUSINESS: Appoints McCullagh & Lawrence as Liquidators
CONSWAY KINETIC: High Court to Hear Wind-Up Petition on July 26
GREENHILLS FARM: Shareholders Agree on Voluntary Wind-Up

MONKEL HOUSE: Shareholders Resolve to Shut Down Business
NEWMARKET PODIATRY: Fixes July 27 as Last Day to File Claims
OPENSIDE INVESTMENTS: Creditors' Proofs of Debt Due on August 24
RENNIE METRO: Subject to CIR's Wind-Up Petition
REVIDG LTD: Names Shephard and Dunphy as Liquidators


P H I L I P P I N E S

NAT'L POWER: MERALCO Buys Additional 1,020 Gigawatt Hours
PAL HOLDINGS: Asks PSE to Change Stock Symbol From 'B' to 'PAL'
PHIL NAT'L BANK: Expects to Earn PHP1.2 Billion for FY 2007
RIZAL COMMERCIAL: Unit Achieves Full-Year Target in First Half
WEST CORP: June 30 Balance Sheet Upside-Down by US$2.1 Billion

* Gov't First Half Fiscal Performance Disappointing, Fitch Says
* Gov't Sets December 12 Deadline for Transco Privatization Bids


S I N G A P O R E

ACI GLOBAL: Court Enters Wind-Up Order
AUSTOIL & GAS: Requires Creditors to File Claims by August 20
MILLENNIUM-WESTMONT: Accepting Proofs of Debt Until August 3
MYHOME FURNITURE: Pays Second Dividend to Unsecured Creditors
POLYONE CORP: Sr. VP Wendy Shiba's Resignation Effective Aug. 17


T H A I L A N D

DAIMLERCHRYSLER: BMW Sells 50% Tritec Motors Stake to Chrysler
DAIMLERCHRYSLER: Cerberus May Pay More Interest in Chrysler Deal
DAIMLERCHRYSLER: Banks Seek Higher Interest for Chrysler Funding
KRUNG THAI: Posts THB527.85-Mil. Net Income for 2nd Quarter 2007
KRUNG THAI: Posts THB4.93-Billion Net Income for First Half 2007

NATURAL PARK: Accor Group to Acquire 62% Shares in Park Cuisine
TMB BANK: Turns Around with THB6-Bil. Net Loss for 2007 2nd Qtr.
TMB BANK: Pots THB5.9-Billion Net Loss for 2007 First Half
TRUE MOVE: Moody's Affirms B1 Corporate Family Rating


V I E T N A M

VIETNAM TECHCOMBANK: Will Issue Bonds to Raise US$248 Million


* Moody's Sees Weaker Credit Trend for Asian Gaming Sector


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ALBANY PTY: Names Robert M. H. Cole as Liquidator
-------------------------------------------------
During a meeting held on June 21, 2007, the members of Albany
Pty Ltd decided to voluntarily wind up the company's operations
and appointed Robert M. H. Cole as liquidator.

The Liquidator can be reached at:

         Robert M. H. Cole
         c/o Robert M. H. Cole & Co
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia

                        About Albany Pty

Located in Victoria, Australia, Albany Pty Ltd is an investor
relation company.


ARROW ENERGY: To Spend AU$249 Million to Fund Explorations
----------------------------------------------------------
Arrow Energy NL said last week that it will spend AU$294 million
in the next 18 months to be used to ramp up its Gladstone LNG
project, accelerate exploration in Australia and rolling out its
international expansion, Andrew Harrison writes for Dow Jones
Newswires.

The AU$249 million will be accumulated through a AU$125-million
share placement, a AU$25-million share purchase plan and
AU$75 million from Sweden's Energy Infrastructure Group AB,
along with AU$69 million existing cash and cashflow from
production operations, relates Mr. Harrison, citing a company
statement.


Arrow Energy NL -- http://www.arrowenergy.com.au/-- is an  
Australian company engaged in the undertaking of gas exploration
and development activities.  The Company is focused on coal seam
gas exploration and production in the Surat, Clarence-Moreton
and Ipswich Basins in southeast Queensland and northern New
South Wales and the Styx Basin and Nagoorin Graben in coastal
central Queensland.  Arrow Energy NL has been carrying out
exploration/appraisal drilling (over 50 wells) and has proven a
large CSG resource. The Company's projects include Kogan North,
Tipton West, Moranbah, Daandine, Dundee, Mt Lindesay, Silverdale
and Boyne River.

The Troubled Company Reporter-Asia Pacific's Distressed Bonds
Column on July 27, 2007, listed Arrow Energy's bond, with a
10.000% coupon and a March 31, 2008 maturity date, as trading at
2.72% on the AU dollar.


BALTO PTY: Members Resolve to Shut Down Business
------------------------------------------------
On June 21, 2007, the members of Balto Pty Ltd had a meeting and
resolved to shut down the company's business.

Robert M. H. Cole was appointed as liquidator, at the creditors'
meeting held later that day.

The Liquidator can be reached at:

         Robert M. H. Cole
         c/o Robert M. H. Cole & Co
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia

                         About Balto Pty

Located in Victoria, Australia, Balto Pty Ltd is an investor
relation company.


BODALLA AGED: Placed Under Members' Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on June 26, 2007, the
members of Bodalla Aged Care Services resolved to voluntarily
liquidate the company's business.

John Georgakis and Kate Warwick of Ernst & Young were tapped as
liquidators.

The Liquidators can be reached at:

         John Georgakis
         Kate Warwick
         c/o Ernst & Young
         8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 8000

                       About Bodalla Aged

Bodalla Aged Care Services provides individual and family social
services.  The company is located in Victoria, Australia.


CASUAL LIVING: Claims Receiving Interests from Other Companies
--------------------------------------------------------------
The administrator of Casual Living says it obtained about a
dozen expressions of interest to buy the company, ABC News
reports.

The Troubled Company Reporter Asia-Pacific reported on July 9,
2007, that the furniture company went into administration and
has a debt of AU$12 million, conveys ABC News.

According to the report, administrator Ferrier Hodgson, wants to
sell the company as a going concern and expects to announce
details in two weeks time.  The administrator shares that Casual
Living got into trouble when it expanded too quickly interstate.

Casual Living has 10 stores nationwide, five in Adelaide, three
in Sydney and two in Melbourne.

Casual Living is a large importer of domestic and commercial
furniture.


DUXTRON PTY: Names Barry Keith Taylor as Liquidator
---------------------------------------------------
During a general meeting held on June 27, 2007, the members of
Duxtron Pty Ltd agreed to voluntarily liquidate the company's
business and appointed Barry Keith Taylor as liquidator.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co.
         8th Floor, 608 St. Kilda Road
         Melbourne, Victoria 3004
         Australia

                       About Duxtron Pty

Duxtron Pty Ltd is a distributor of durable goods.  The company
is located in Victoria, Australia.


EDAJO NOMINEES: Members Opt to Shut Down Business
-------------------------------------------------
On June 29, 2007, the members of Edajo Nominees Pty Ltd met and
agreed to shut down the company's business.

Leonard A. Milner was appointed as liquidator, at the creditors'
meeting held later that day.

The Liquidator can be reached at:

         Leonard A. Milner
         Venn Milner & Co.
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia

                      About Edajo Nominees

Edajo Nominees Pty Ltd operates general automotive repair shops.  
The company is located in Victoria, Australia.


ISBIZ PTY: Commences Liquidation Proceedings
--------------------------------------------
On June 28, 2007, the members of Isbiz Pty Ltd had a meeting and
resolved to liquidate the company's business.

Barry Keith Taylor, of B. K. Taylor & Co was appointed as
liquidator, at the creditors' meeting held later that day.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co.
         8th Floor, 608 St. Kilda Road
         Melbourne
         Australia

                        About Isbiz Pty

Isbiz Pty Ltd, which is also trading as Toner Warehouse, is a
distributor of computers, peripherals and softwares.  The
company is located in New South Wales, Australia.


J.W.N. INVESTMENTS: Enters Wind-Up Proceedings
----------------------------------------------
The members of J.W.N. Investments Pty Ltd met on June 21, 2007,
and agreed to voluntarily liquidate the company's business.

Gregory Stuart Andrews of G. S. Andrews & Associates was
appointed as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         c/o G. S. Andrews & Associates
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                    About J.W.N. Investments

J.W.N. Investments Pty Ltd operates offices of holding
companies.  The company is located in Victoria, Australia.


K. R. & L. A. MCKIERNAN: Undergoes Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on June 20, 2007, the
members of K. R. & L. A. Mckiernan Pty Ltd decided to
voluntarily liquidate the company's business.

R. M. H. Cole was appointed as the company's liquidator, at the
creditors' meeting held later that day.

The Liquidator can be reached at:

         R. M. H. Cole
         c/o Robert M. H. Cole & Co
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia

                 About K. R. & L. A. Mckiernan

K. R. & L. A. Mckiernan Pty Ltd is a distributor of durable
goods.  The company is located in Victoria, Australia.


SCAMPOLA PTY: Members Resolve to Close Business
-----------------------------------------------
On June 29, 2007, the members of Scampola Pty Ltd had a meeting
and agreed to close down the company's business.

Peter Goodin, Chartered Accountant of Brooke Bird & Co. was
appointed as liquidator.

The Liquidator can be reached at:

         Peter Goodin,
         Chartered Accountant
         Brooke Bird & Co
         Insolvency Practitioners
         471 Riversdale Road, East Hawthorn 3123
         Australia
         Telephone:9882 6666

                        About Scampola Pty

Located in Victoria, Australia, Scampola Pty Ltd is an investor
relation company.


SUNCORP-METWAY: Creditors to Meet About Scheme of Arrangement
-------------------------------------------------------------
The High Court of Justice of England and Wales has directed that
a meeting of all scheme creditors of Suncorp-Metway Ltd. be held
for the purpose of considering and, if thought fit, approving a
scheme of arrangement proposed to be made between Suncorp and
its Scheme creditors.

The meeting will be held on September 7, 2007, 11 a.m. UK time
at:

   KPMG LLP UK,
   1-2 Dorset Rise, London
   EC4T 8EN,
   United Kingdom


WHITE MULE: Members & Creditors Agree on Voluntary Liquidation
--------------------------------------------------------------
During a general meeting held on June 26, 2007, the members and
creditors of White Mule International Pty Ltd agreed to
voluntarily liquidate the company's business and appointed
Gregory Stuart Andrews as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                        About White Mule

White Mule International Pty Ltd is a distributor of durable
goods.  The company is located in South Australia, Australia.


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

i2 TECHNOLOGIES: Taps Seng and Lo as Liquidators
------------------------------------------------
Natalia K M Seng and Susan Y H Lo were appointed as liquidators
of i2 Technologies China Limited on July 9, 2007.

The Liquidators can be reached at:

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


BANK OF CHINA: Sets Creditors' Meeting for July 30
--------------------------------------------------
Bank of China Group Investment (Beijing) Limited, which is in
liquidation, will hold a meeting for its creditors on July 30,
2007, at 11:00 a.m., on the 5th Floor of Jardine House, at 1
Connaught Place in Central, Hong Kong.


CHINA SOUTHERN: Extends Airline Services to Cambodia  
----------------------------------------------------
China Southern Airlines opened direct flights from Guangzhou,
capital of southern Guangdong Province, to Siem Reap in Cambodia
on July 12, Gov.cn relates.

The airline also runs direct flights from Guangzhou to Phnom
Penh, Cambodia's capital.

Earlier in July, China Southern set up three new routes linking
Guangzhou with Myanmar's capital Yangon, Phuket in Thailand and
Laos' capital city Vientiane, Gov.cn recalls.

The airline intends to open direct flights from Guangzhou to
Delhi in September.  

                          *     *     *

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

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


HONG KONG LIGHTER: Members Pass Resolution to Wind Up Firm
----------------------------------------------------------
On July 9, 2007, the members of Hong Kong Lighter Merchants
Association Limited passed a resolution to voluntarily wind up
the company's operations and appointed Lau Shak Wah as
liquidator.

The Liquidator can be reached at:

         Lau Shak Wah
         World Trust Tower, 18th Floor
         50 Stanley Street, Central
         Hong Kong


HONG LONG HOLDINGS: Moody's Assigns First-Time (P)B2 Rating
-----------------------------------------------------------  
Moody's Investors Service has assigned a (P)B2 corporate family
rating to Hong Long Holdings Limited.  At the same time, Moody's
has assigned a (P)B2 foreign currency senior unsecured rating to
Hong Long's proposed US$175-200 million bond issue.  The outlook
for both ratings is stable.

This is the first time that Moody's has assigned ratings to Hong
Long and expects to lift them from their provisional status upon
the completion of the bond issuance.

"Hong Long's (P)B2 corporate family rating reflects the
company's small operating scale, which is concentrated in
Guangdong Province," says Kaven Tsang, a Moody's analyst,
adding, "It further reflects the risk that cash flow
contribution for 2007 and 2008 will mainly rely on a single
office/commercial project -- Yifeng in Shenzhen -- and a mid-
market residential project, Nam Fong Garden in Guangzhou."

"Furthermore, the company's asset size and land bank are the
smallest when compared with other B rated peers, while its
relatively small and geographically focused operation (about 1
million sq m of saleable area underdevelopment in Guangdong)
constrains its ability to contain new project execution risks,
given inherent volatilities in China's property market," adds
Tsang.

"The rating is also tempered by Hong Long's evolving strategic
and financial focus, high financial leverage and tight
liquidity," says Tsang.  "As such, it has only a low financial
capacity for taking on additional projects without further
equity issuances."

As its projects are to be debt funded, adjusted debt to total
capitalization will remain over 60% in the short to medium term;
and after consideration of capex for existing projects and
refinancing requirements, the potential for material de-
leveraging in the medium term is limited.

The rating also factors in the successful issuance of the
US$175-200 million bond, which will help fund payments for
acquired projects and outstanding land premiums.  It will also
help mitigate medium-term refinancing risks.  Furthermore, it
considers the fact that the company's investment properties are
largely unencumbered, providing some degree of financial
flexibility, either by way of asset sales, or as pledged
security for borrowing, if necessary.

The rating outlook is stable, reflecting Moody's expectation
that Hong Long will focus on and successful execute existing
projects as scheduled, and will not incur additional debt-funded
projects or acquisitions over the next 2-3 years.

The rating could undergo a downgrade if Hong Long:

   (1) fails to issue the proposed USD175-200 million bond;

   (2) its business plan does not meet budgets and targets in
       construction and sales;

   (3) China's property market experiences a significant
       downturn, such that operating cash flow generation is
       weaker than anticipated; and/or

   (4) undertakes additional debt-funded property development
       projects or land acquisitions without increases in its
       capital equity.

In terms of financial metrics, Moody's would regard the
following as signals for negative rating pressure:

   (1) adjusted debt/capitalization consistently rises above
       70%, or

   (2) OCF interest coverage falls below 1.5x from 2008 onwards.

Rating improvements will be constrained over the next 12-18
months because of high asset concentration, the execution risks
involved and the moderate state of its financials.

Hong Long Holdings Limited (Hong Long) is a Chinese property
developer engaged in residential and commercial properties
developments in Guangdong Province.  It has eight major projects
under development in Shenzhen and the cities of Guangzhou,
Huizhou and Meizhou.  It has a land bank of 996,581 sq m of
saleable area.  Except for Yifeng in Shenzhen, the rest are
residential projects with associated retail space.  Yifeng is an
office and commercial complex wherein office space accounts for
about 80% of the total saleable area.


HONG LONG HOLDINGS: Hires Banks for Offshore Bond Sale
------------------------------------------------------
Hong Long Holdings Ltd. has issued a mandate for selling
offshore bonds of up to US$200 million, Reuters reports, citing
a source close to the deal.

According to Reuters, the source said that Hong Long has hired
Citigroup as sole bookrunner and Lehman Brothers as joint lead
manager for its debut dollar-denominated bond issue.

The issue will be used for repayment of existing debt, including
a temporary secured loan, new project acquisitions, land
purchases and general corporate purposes, Standard & Poor's
points out.

Reuters recounts that Hong Long raised US$57.7 million in a Hong
Kong IPO in February.


Hong Long Holdings Limited (Hong Long) is a Chinese property
developer engaged in residential and commercial properties
developments in Guangdong Province.  It has eight major projects
under development in Shenzhen and the cities of Guangzhou,
Huizhou and Meizhou.  It has a land bank of 996,581 sq m of
saleable area.  Except for Yifeng in Shenzhen, the rest are
residential projects with associated retail space.  Yifeng is an
office and commercial complex wherein office space accounts for
about 80% of the total saleable area.

Hong Long had aggregate assets of CNY2.3 billion
(US$304 million).

Moody's Investors Service has assigned a (P)B2 corporate family
rating to Hong Long.  At the same time, Moody's has assigned a
(P)B2 foreign currency senior unsecured rating to Hong Long's
proposed US$175-200 million bond issue.  The outlook for both
ratings is stable.


HUMBERT MANUFACTURING: Placed Under Members' Voluntary Wind-Up
--------------------------------------------------------------
The sole member of Humber Manufacturing Company Limited resolved
to voluntarily liquidate the company's business on July 16,
2007.

Chung Yau Yan Sammy was appointed as liquidator.

The Liquidator can be reached at:

         Chung Yau Yan Sammy
         Chinachem Tower
         Suite 1102, 11th Floor
         34-37 Connaught Road, Central
         Hong Kong


INCORPORATED OWNERS: Sets Wind-Up Petition Hearing for August 15
----------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Incorporated Owners of Kai Tak Mansion (Block
Three) on August 15, 2007, at 9:30 a.m.

Po Fat Construction Co. Ltd. filed the petition against the
company on June 1, 2007.

Po Fat Construction's solicitor is:

         Y.C. Lee, Pang & Kwok
         Wing on House, 2803
         71 Des Voeux Road, Central
         Hong Kong


JP PROPERTIES: Placed Under Voluntary Liquidation
-------------------------------------------------
The members of JP Properties Limited met on July 12, 2007, and
passed a resolution to voluntarily liquidate the company's
business.

The company's liquidators are:

         Lai Tak Shing Jonathan
         Chan Yuen Bik Jane
         Gloucester Tower, 31st Floor
         The Landmark
         11 Pedder Street, Central
         Hong Kong


KING YIELD: Court to Hear Wind-Up Petition on August 15
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of King Yield Catering Management Limited on Aug. 15,
2007, at 9:30 a.m.

The petition was filed by Lee Chun Ping on June 13, 2007.


PLENTY HARVEST: Faces Bank of China's Wind-Up Petition
------------------------------------------------------
On June 21, 2007, Bank of China (Hong Kong Limited) filed a
petition to wind up the operations of Plenty Harvest
International Limited

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

Bank of China's solicitor is:

         Ford, Kwan & Company
         Chinachem Golden Plaza
         Suites 1505-1508, 15th Floor
         77 Mody Road
         Tsimshatsui East, Kowloon
         Telephone: 2366 0688
         Facsimile: 2722 0736


STATE SUPERIOR: Creditors' Proofs of Debt Due on August 31
----------------------------------------------------------
The creditors of State Superior Limited are required to file
their claims by August 31, 2007.

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

The company's liquidator is:

         Wang Poey Foon Angela
         Entertainment Building, 24th Floor
         Suite A, No. 30 Queen's Road
         Central, Hong Kong


WINFUL CREDIT: Shareholders to Meet on August 20
------------------------------------------------
A final meeting will be held for the shareholders of Winful
Credit Management Limited on August 20, 2007, at 10:00 a.m., on
Unit 3, 20th Floor of Golden Centre at 188 Des Voeux Road in
Central, Hong Kong.

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


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

AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter
--------------------------------------------------------------
The AES Corporation reported strong first quarter 2007 results.  
Revenues increased 11% to US$3.1 billion compared to US$2.8
billion for the first quarter of 2006, while net cash from
operating activities increased 14% to US$581 million compared to
US$509 million last year.

First quarter income from continuing operations was US$119
million, or US$0.18 earnings per diluted share.  The quarterly
results were in line with the company's expectations excluding a
non-cash charge of US$35 million, or US$0.05 impact on diluted
earnings per share, due to an impairment of a minority
investment, and a charge of US$22 million, or US$0.03 impact on
diluted earnings per share, relating to a litigation reserve as
a result of a court ruling at its subsidiary in Kazakhstan.

Adjusted earnings per share (a non-GAAP financial measure) were
US$0.24 for the quarter and include the US$0.03 charge at its
subsidiary in Kazakhstan.  These results compare to 2006 first
quarter income from continuing operations of US$330 million, or
US$0.49 earnings per diluted share, and adjusted earnings per
share of US$0.39.  First quarter 2006 results included a one-
time US$87 million gain or US$0.13 positive impact on diluted
earnings per share associated with the sale of Kingston in
Ontario and the sale of an additional US$39 million or US$0.05
positive impact on diluted earnings per share in excess emission
sales.

As anticipated and previously disclosed, the company recognized
an impairment charge of approximately US$638 million, or US$0.94
impact on diluted earnings per share, in connection with the
sale of its equity stake in its Venezuelan subsidiary C.A. La
Electricidad de Caracas, now included in discontinued
operations.  Including these charges, the company incurred a net
loss of US$455 million, or US$0.67 diluted loss per share.  This
compares to net income of US$348 million, or US$0.52 earnings
per diluted share in first quarter 2006.

During the quarter, AES continued to execute its growth plans.  
The Company signed a Memorandum of Understanding and
subsequently entered into a partnership with GE Energy Financial
Services to develop greenhouse gas emission reduction projects
in the United States.  The Company also acquired two new power
plants with long-term power agreements in Tamuin, Mexico
totaling 460 MW of capacity.

"The quarter reflected strong revenues, cash flow and underlying
operating performance," said Paul Hanrahan, AES President and
CEO.  "We continued to implement its growth strategy focusing on
meeting increasing demand for energy in fast-growing markets
while expanding our presence in renewables and the growing
market for emission offsets."

First Quarter 2007 Consolidated Highlights:

   -- Revenues increased by US$304 million to US$3.1 billion,
      reflecting higher prices and increased demand primarily in
      Latin America, the acquisition of two new facilities in
      Mexico and the consolidation of Itabo, one of the
      company's businesses in the Dominican Republic, and
      favorable foreign currency translation.

   -- Gross margin decreased by US$49 million to US$868 million,
      primarily due to the benefit of higher emission sales of
      US$39 million recorded in first quarter 2006 and
      US$32 million cost recoveries related to prior periods in
      the first quarter of 2006 at Eletropaulo in Brazil.  This
      was partially off-set by favorable foreign currency
      translation, contributions from the two new facilities in
      Mexico and the consolidation of Itabo, and improved
      operating performance at various subsidiaries.

   -- General and administrative expense increased US$28 million
      to US$85 million, largely from higher spending related to
      the strengthening of the company's financial organization,
      completion of its recent restatement and increased
      business development activities to support its growth
      initiatives.

   -- Interest expense increased by US$4 million to US$422
      million, reflecting debt at recently acquired businesses,
      including the two new facilities in Mexico, interest on
      regulatory liabilities in Brazil and losses on interest
      rate derivatives.  These increases were partially offset
      by debt retirements and lower interest rates at its Brazil
      subsidiaries.

   -- Other expense decreased US$37 million to US$41 million,
      largely due to costs associated with debt retirements at
      the parent company and at its businesses in El Salvador
      during the first quarter of 2006, partially offset by a
      US$22 million charge in first quarter of 2007 related to a
      court ruling at its subsidiary in Kazakhstan.

   -- Gain on sale of investment decreased by US$86 million due
      to the sale of AES Kingston, a 110 MW power plant in
      Ontario, Canada that resulted in a gain of US$87 million
      in the first quarter of 2006.

   -- Other non-operating expense increased by US$39 million to
      US$39 million, largely due to a US$35 million impairment
      in the company's minority investment in AgCert
      International.  An impairment was determined to exist due
      to the application of accounting rules relating to an
      "other than temporary" decline in AgCert's stock price
      performance during the first quarter of 2007.

   -- The effective tax rate during the quarter was 41% as
      compared to 31% in 2006.  This increase was primarily due
      to a change in tax law in China, unfavorable tax impacts
      of the charges associated with the impairment of its
      investment in AgCert and with the court ruling in
      Kazakhstan, and a favorable impact in the first quarter of
      2006 associated with the non-taxable sale of Kingston,
      offset by a tax benefit recorded upon the release of a
      valuation allowance at one of its subsidiaries in
      Argentina.

   -- Income from continuing operations for the first quarter of
      2007 was US$119 million, or US$0.18 diluted earnings per
      share, versus US$330 million, or US$0.49 diluted earnings
      per share for the first quarter of 2006.  Adjusted
      earnings per share for the first quarter of 2007 were
      US$0.24 compared to US$0.39 in first quarter 2006.

   -- During the quarter, free cash flow (a non-GAAP financial
      measure) increased by US$68 million to US$377 million,
      primarily due to decreases in net working capital, lower
      cash tax payments and contributions from the two new
      facilities in Mexico and the consolidation of Itabo.

First Quarter 2007 Segment Highlights:

   -- Latin America Generation revenue increased by US$139
      million to US$738 million, primarily due to higher
      contract and spot prices at Gener in Chile, the
      consolidation of Itabo in the Dominican Republic, and
      increased energy prices in Argentina.  Gross margin
      decreased by US$9 million to US$250 million, primarily due
      to increased purchased electricity and fuel costs at
      Uruguaiana in Brazil and Gener in Chile and higher fixed
      costs at Gener, partially offset by the consolidation of
      Itabo and variable margin on the increased revenues in
      Argentina.

   -- Latin America Utility revenue increased by US$73 million
      to US$1.2 billion, primarily due to the positive impact of
      foreign currency translation in Brazil and higher tariff
      rates at Eletropaulo and Sul in Brazil and CAESS-EEO in El
      Salvador.  Gross margin decreased by US$19 million to
      US$210 million, primarily due to prior period costs
      recovered through the tariff in first quarter 2006 at
      Eletropaulo in Brazil, partially offset by favorable
      foreign currency translation and the favorable tariff
      rates at Sul and CAESS-EEO.

   -- North America Generation revenue increased by US$17
      million to US$510 million, primarily due to the
      acquisition of the two new facilities in Mexico, higher
      spot prices at Eastern Energy in New York and planned
      outages at Warrior Run in Maryland and AES Hawaii in first
      quarter 2006.  These gains were mostly offset by lower
      emission sales in New York and outages at Merida in Mexico
      and at Deepwater in Texas.  Gross margin decreased by
      US$20 million to US$154 million, primarily due to lower
      emission sales at Eastern Energy in New York.

   -- North America Utility revenue increased by US$8 million to
      US$263 million, primarily due to higher volumes at IPL in
      Indiana.  Gross margin increased by US$17 million to
      US$81 million primarily due to higher volume and lower
      maintenance costs associated with generation unit
      overhauls in first quarter of 2006 at IPL.

   -- Europe & Africa Generation revenue increased by
      US$44 million to US$252 million, primarily due to higher
      volume and prices in Kazakhstan, favorable foreign
      currency translation and higher volume and prices in
      Hungary.  Gross margin increased by US$10 million to
      US$90 million, primarily due to higher revenues in
      Kazakhstan and favorable foreign currency translation,
      partially offset by lower emission sales at Bohemia in
      Czech Republic.

   -- Europe & Africa Utility revenue increased by US$14 million
      to US$166 million, primarily due to higher tariff rates in
      Ukraine and foreign currency translation gains.  Gross
      margin decreased by US$19 million to US$17 million due to
      reduced rainfall in Cameroon which led to increased fuel
      costs and an unfavorable derivative mark-to-market
      variance at AES SONEL in Cameroon.  Additionally, AES
      SONEL experienced higher fixed costs related to increased
      staffing and higher depreciation.

   -- Asia Generation revenue increased by US$18 million to
      US$212 million, primarily due to higher volume in Pakistan
      and an outage at Ras Laffan in Qatar in 2006, partially
      offset by lower volumes in Sri Lanka.  Gross margin
      decreased by US$5 million to US$58 million, primarily due
      to lower volumes in Sri Lanka and higher planned
      maintenance costs at Barka in Oman.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


CABLE & WIRELESS: Says Digicel's Complaint Has No Basis
-------------------------------------------------------
Cable & Wireless said in a statement that it is positive that
Digicel's claim against the firm is without foundation.

As reported in the Troubled Company Reporter-Asia Pacific on
July 24, 2007, Digicel said it filed a lawsuit against rival
Cable & Wireless for illegally delaying its entry into Caribbean
markets.  Digicel said it is seeking "multimillion pound" in
damages.  Digicel claims that former Cable & Wireless, a former
monopoly in the Caribbean and Central American markets, tried to
prevent the company from launching competing mobile phone
networks in eight markets, which include St. Lucia, Grenada,
Barbados, Cayman Islands, and Trinidad & Tobago.  According to
Digicel, the obstructions happened between 2002 and 2006,
causing the company substantial losses.

Cable & Wireless told Reuters that it would defend itself
against a claim for damages from a rival in the Caribbean.

                      About Digicel Group

Digicel Group Limited -- 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%


INDUSTRIAL DEV'T. BANK: Maintains INR1.5MM Profit in 1st Quarter
----------------------------------------------------------------
Industrial Development Bank of India posted a net profit of
INR1.53 billion for the quarter ended June 30, 2007, where the
same was at INR1.51 million in the same quarter last year.

Total income increased from INR16.68 billion in the quarter
ended June 30, 2006, to INR21.93 billion in the latest quarter
under review.  The bank's expenses rose 31% to INR19.36 billion,
bringing an operating profit of INR2.57 billion.   

Since the erstwhile United Western Bank Ltd was amalgamated with
the bank effective on Oct. 3, 2006, the results for the April-
June 2007, includes the operations of UWB, IDBI points out.

The bank notes that it has continued to retain its investment in
State Financial Corporations at face value and has not provided
for diminution, if any, pending decision by appropriate
authority regarding the price at which the shares of SFCs are to
be transferred.

Furthermore, diminution in value, if any, in respect of the
bank's investment of INR450 million in a State Electricity Board
has not been considered, pending final allocation of liability
to the successor entities by appropriate authority, the bank
added.

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

              http://ResearchArchives.com/t/s?21c5

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers      
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.   
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


INDUSTRIAL DEV'T. BANK:  To Declare INR1.50 Dividend for FY2007
---------------------------------------------------------------
Industrial Development Bank of India Ltd's members at its third
annual general meeting on June 22, 2007, inter alia, accorded
the bank's declaration of dividend for the financial year 2006-
2007 at one rupee and fifty paise per equity share on the fully
paid up equity capital to the members of the bank.

The members also agreed to the:

   -- adoption of the Balance Sheet as at March 31, 2007 and
      Profit & Loss Account for the year ended on March 31,
      2007, and the reports of the directors and auditors on the
      financials;

   -- reelection of Hira Lal Zutshi and A. Sakthivel as
      directors of the company; and

   -- appointment of Khimji Kunverji & Co. and Suresh Chandra &
      Associates as joint statutory auditors of the bank for the
      financial year 2007-08 on remuneration, terms and
      conditions.

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers      
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.   
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


JCT ELECTRONICS: To Write Down Value of Equity Shares
-----------------------------------------------------
Pursuant to the order of India's Board of Industrial and
Financial Reconstruction, JCT Electronics Ltd will write down
the face and paid up value of existing shares from INR10 to INR1
per share.

In that regard, the company has fixed Aug. 6, 2007, as the
record date for the write down.

The BIFR has declared JCT a sick unit.

JCT Electronics Ltd. manufactures color picture and black &
white tubes for television sets.  The company also manufactures
cathode ray tubes and gas discharge tubes.

JCT Electronics incurred net losses for at least two consecutive
years -- INR1.83 billion in FY2005-06 and INR1.73 billion in
FY2006-07.

The Troubled Company Reporter-Asia Pacific reported on
July 20, 2007, that JCT Electronics has a stockholder's equity
deficit of INR165.74 million.


JIK INDUSTRIES: To Consider Audited FY2007 Results by Sept. 30
--------------------------------------------------------------
JIK Industries Ltd will consider and take on record its audited
financial results for the last quarter and year ended June 30,
2007, within a period of three months from the close of
financial year i.e. up to Sept. 30, 2007.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company posted a net loss of INR13.81 million, on
revenues of INR30,000 for the quarter ended March 31, 2007.


Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade
non-lead crystalware segment and is the only organized player in
the country.  JIK's products also include crystal glassware such
as, glass tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra.  The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit.  The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.

On April 17, 2006, the CDR Committee approved JIK's debt-
restructuring package.  The CDR package entitled the company to
a INR105-million debt waiver, in addition to the reduction in
loan interest rate to 9%.  The package allowed the company to
complete the major part of its debt and business restructuring.
So far, the company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the company will
remove and reduce approximately 48% of outstanding debt and
increase share capital and network.


ORIENTAL BANK: Board to Meet on July 30 to Consider Financials
--------------------------------------------------------------
Oriental Bank of Commerce will meet on July 30, 2007, to take on
record the bank's reviewed financial results for the first
quarter ended June 30, 2007.

For the April to June 2006 quarter the bank recorded a net
profit of INR940.2 million on revenues totaling INR13.04
billion.


Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The     
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been affirmed at
C/D.  On March 15, 2007, Fitch upgraded the support rating of
the bank to '3' from '4'.

The company also carries Moody's Investors Service's Ba2 Foreign
Currency Deposit Rating.


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

BANK NEGARA: To Sell 3.9 Billion New and Existing Shares
--------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk plans to sell 3.9 billion
new and existing shares which could raise as much as
US$1.16 billion, Reuters reports.

According to the report, the bank is currently holding a
roadshow for investors.  It plans to sell 3.5 billion shares at
between IDR2,050 and IDR2,700 each, for as much US$1.04 billion,
or as much as US$1.16 billion if a greenshoe option for
400 million additional shares is exercised, Reuters cites a
source as saying.

The company has assigned JPMorgan as the lead manager for the
share offering, the report adds.

                      About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial    
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


HILTON HOTELS: Completes Sale of Eight European Hotels
------------------------------------------------------
Hilton Hotels Corporation has completed the sale of eight hotels
in Europe to a fund managed by Morgan Stanley Real Estate.

Completion of the sale of two further hotels (Hilton Brussels
and Hilton Zurich) to the same purchaser is expected by the end
of the third quarter 2007.

The gross proceeds from the sale of all 10 properties are
expected to be approximately EUR566 million.

The eight European properties are:

  -- Hilton Dresden,
  -- Hilton Dusseldorf,
  -- Hilton Weimar,
  -- Hilton Charles de Gaulle,
  -- Hilton Strasbourg,
  -- Hilton Luxembourg,
  -- Hilton Barcelona and
  -- Los Zocos Club Resort in the Canary Islands.

An agreement to sell the ten hotels was previously announced on
April 26.

                       About Hilton Hotels

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

                          *     *     *

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

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

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


HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas
-------------------------------------------------------------
Huntsman Corporation has reached an agreement with RBF Port
Neches LLC to operate a newly-constructed biodiesel plant to be
located at Huntsman's Port Neches, Texas site.

Under the arrangement, RBF will design, finance, build and own
the new plant, which will have an initial capacity of 89 million
gallons of biodiesel per year, with plans to expand to nearly
180 million gallons per year of production.  The new plant is
expected to be operational in mid-2008 after which the facility
will be operated and maintained by Huntsman, while RBF will be
responsible for the marketing of the output of the plant.

"RBF chose Huntsman for its industry-leading expertise in
operating multiple process technologies and the Port Neches site
for its superior logistics," said Don Stanutz, President of
Huntsman's Performance Products division.  "This alliance will
enable each company to take advantage of synergies in our
respective operations and to spread fixed costs across both
businesses."

With Huntsman's option to purchase crude glycerin produced as a
by-product at the biodiesel plant, the agreement also represents
an important step in Huntsman's recently announced plan to
commercialize its proprietary process for manufacturing
propylene glycol from glycerin, a renewable raw material.  
Huntsman also continues to develop other glycerin-based
technologies at its Advanced Technology Center in The Woodlands,
Texas.

"The need for sustainable options is a critical challenge facing
today's world and we're proud to be at the forefront of
sustainable chemistry," said CEO Peter Huntsman.  "With our
proprietary process to make bio-based propylene glycol and our
broader commitment to find new developments in the field of
sustainable chemistry, we intend to be an industry leader in
addressing this challenge."

Examples of Huntsman's other sustainable chemistry products
include propylene carbonate-based solvents that reduce toxicity
in applications from agriculture to industrial cleaning agents,
carbonates that reduce volatile organic compounds in paints,
wood preservatives that replace a known human carcinogen,
waterborne paint primers, non-brominated flame retardants and
catalysts that eliminate emissions from insulation foams.

Affiliates of MatlinPatterson will hold a significant portion of
the equity interest in RBF Port Neches, LLC.

                       About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global    
manufacturer of differentiated and commodity chemical products.
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  The
company has operations in Indonesia, Italy and Guatemala.

The Troubled Company Reporter - Asia Pacific reported on Apr 02,
2007, Moody's Investors Service upgraded the corporate family
rating for Huntsman Corporation and Huntsman International LLC,
a subsidiary of Huntsman, to Ba3 from B1, and upgraded other
ratings as appropriate.  

The ratings on recently redeemed debt have been withdrawn.  The
outlook for Huntsman's ratings was moved to stable from
developing.

Summary of the ratings activity:

Upgrades:

   * Huntsman Corporation

     -- Corporate Family Rating, Upgraded to Ba3 from B1

   * Huntsman International LLC

     -- Corporate Family Rating, Upgraded to Ba3 from B1

     -- Senior Secured Bank Credit Facility, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Subordinated Regular Bond/Debenture, Upgraded to
        B2 from B3, LGD5, 89%

   * Huntsman LLC

     -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
        from B2, LGD4, 57%

Outlook Actions:

   * Huntsman Corporation

     -- Outlook, Changed To Stable From Developing

   * Huntsman International LLC

     -- Outlook, Changed To Stable From Developing

   * Huntsman LLC

     -- Outlook, Changed To Stable From Developing

Withdrawals:

   * Huntsman International LLC

     -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
        previously rated B3

     -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
        previously rated B2


On Jan. 23, 2007 Standard & Poor's Ratings Services affirmed
its 'BB-' corporate credit rating and other ratings on Salt Lake
City, Utah-based chemicals producer Huntsman Corp. and its
subsidiary Huntsman International LLC.


GOLDEN AGRI: Moody's Affirms 'Ba3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed Golden Agri-Resources
Ltd's Ba3 corporate family rating.  At the same time, Moody's
has assigned Aa3.id national scale corporate family rating to
GAR. The ratings outlook is stable.

"The affirmation follows GAR's announcement that it will issue
approximately US$400 million of convertible bonds," says
Virginia Chung, a Moody's analyst.  "The proceeds of the bonds
will be used to finance the acquisition of shares in PT SMART
Tbk, fund its capex plans, and for general corporate purposes."

"The increase in leverage from this issue is mitigated by the
favourable demand for crude palm oil, as well as by GAR's
leadership in the Indonesian oil palm plantation industry and
its vertically integrated business model", says Chung, also
Moody's lead analyst for the company.  "The ratings will
continue to consider GAR's exposure to cyclical CPO prices and
the risks of operating in Indonesia."

"While GAR's projected financial profile will likely be weakened
due to its debt-funded expansion plan, its key coverage ratios
of Adj Debt/EBITDA of 2-3x and Adj Debt/Capitalization of 20-25%
remain healthy for its current rating.  The final Ba3 rating
further considers the execution risk involved in the expansion
plan, the company's history of debt restructuring and family-
controlled organizational structure," adds Chung.

The ratings outlook is stable, given the favourable long-term
demand for CPO and maturity profile of GAR's plantations, which
should help sustain yields and profitability appropriate for the
current rating.

The ratings may experience upward pressure if GAR maintains its
market leadership in Indonesia, while at the same time,
successfully executes its expansion plan in plantation and
downstream refinery/bio-diesel businesses.  Such an outcome may
be indicated by sustained Adj Debt/EBITDA approaching 2.0x and
Adj EBITDA/Interest of 5.0-6.0x on a sustainable basis.

On the other hand, the ratings may experience downward pressure
if:

   * evidence emerges of cash leakage from GAR to fund
     affiliated companies, such as through inter-company loans
     or aggressive cash dividends;

   * unexpected costs associated with plantation/machinery
     expansion emerge; and/or

   * CPO prices decline beyond our expectations and GAR has
     difficulty creating a buffer against the decline, such that
     EBITDA margins fall below 13-15%, Adj Debt/EBITDA surpasses
     3.5-4.0x, and/or EBITDA/Interest drops under 3.5-4.0X.

                 About Golden Agri-Resources

Golden Agri-Resources Ltd, headquartered in Jakarta, is the
largest privately-owned oil palm plantation company in
Indonesia. Listed on the Singapore Stock Exchange in 1999, it
operates in Indonesia and China and is 48% owned by the Widjaja
family.


GOODYEAR TIRE: Deadline to Convert 4% Senior Notes is Sept. 28
--------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed that its 4%
Convertible Senior Notes due June 15, 2034, are now convertible
at the option of the holders and will remain convertible through
Sept. 28, 2007, the last business day of the current fiscal
quarter.

The notes became convertible because the last reported sale
price of the company's common stock for at least 20 trading days
during the 30 consecutive trading-day period ending on July 17,
2007 (the 11th trading day of the current fiscal quarter), was
greater than 120 percent of the conversion price in effect on
such day. The notes have been convertible in previous fiscal
quarters.

The company will deliver shares of its common stock or pay cash
upon conversion of any notes surrendered on or prior to
Sept. 28, 2007.  If shares are delivered, cash will be paid in
lieu of fractional shares only.  Issued in June 2004, the notes
are currently convertible at a rate of 83.0703 shares of common
stock per US$1,000 principal amount of notes, which is equal to
a conversion price of US12.04 per share.

There is approximately US$350 million in aggregate principal
amount of notes outstanding.

If all outstanding notes are surrendered for conversion, the
aggregate number of shares of common stock issued would be
approximately 29 million.  The notes could be convertible after
Sept. 30, 2007, if the sale price condition described above is
met in any future fiscal quarter or if any of the other
conditions to conversion set forth in the indenture governing
the notes are met.

           About The Goodyear Tire & Rubber Company

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest   
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,and
Thailand.  Goodyear employs more than 80,000 people worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit
---------------------------------------------------------
Goodyear Tire & Rubber Company's unit, Goodyear Jamaica Limited,
will launch the Wrangler line of tyres to the Jamaican market,
the Jamaican Gleaner reports.

According to The Gleaner, Goodyear Jamaica is trying new
strategies to rebuild sales.

The product would be fully on the market by September 2007,
which is the end of the third calendar quarter for this year,
The Gleaner notes, citing Goodyear Jamiaca General Manager
Steven Miller.

Mr. Miller told The Gleaner, "As business managers, part of our
responsibility is sourcing and selling an optimal set of
products for this market.  We have distilled what the consumer
needs and we are working to match those needs with the proper
offerings from Goodyear."

The Gleaner relates that the Wrangler features SilentArmor
technology, with these zones:

         -- one armored for strength, and
         -- one for a smooth and quiet ride.

The report says that the armor zone is composed of two high-
tensile steel belts and a layer made with Dupont Kevlar, which
is five times stronger than steel.  

The Wrangler tyres also have durawall sidewall compound, "which
resist cuts and punctures in the sidewall area of the tyre and a
rugged rim guard that protects expensive wheels against
accidental damage," according to The Gleaner.

The Gleaner says that the quiet zone, also made of Kevlar, helps
soak up road noise.

Mr. Miller admitted to The Gleaner that Goodyear Jamaica still
has to determine the price of the range -- four sizes are
already being tested here.

The company also needs to determine the full suite of which will
be rolled out, Goodyear Jamaca told The Gleaner.

"The package will include a 50,000-mile/80,000-kilometre tread
life limited warranty, 30-day no-obligation trial period,
nationwide warranty service, and off-road assistance."  The
Wrangler tyres are for light trucks and sport-utility vehicles,
The Gleaner states, citing Mr. Miller.


           About The Goodyear Tire & Rubber Company

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest   
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,and
Thailand.  Goodyear employs more than 80,000 people worldwide.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


PERTAMINA: Signs MOU With East Java for Oil & Gas Business Dev't
----------------------------------------------------------------
Pertamina President and CEO Ari H.Soemarno and East Java
Governor H.Imam Utomo signed a cooperation agreement on
Partnership and Environmental Cultivation Program also on oil
and gas business development in East Java Province last week in
Surabaya.

The cooperation on business development, which was conducted
upon the MoU is aiming at strengthening oil and gas upstream and
downstream activities in East Java.  Among them are the
cooperation to utilize East Java province asset to develop
retail and industrial marketing of Pertamina's products;
cooperation with regional-owned companies in East Java province
to search any lucrative potency: cooperation with  East Java
province's oil and gas companies, represented by PT. Petrogas
Jatim Utama which is doing business in upstream, downstream and
service sectors.

Concerning with CSR and PKBL programs, Pertamina and East Java
provincial governance will help the development of small
businesses mainly at the sectors of services, production,
farming and trading trough partnership programs: the development
of human and environment natural resources through and
cultivation programs.  Besides, the programs will trigger
business activities as well as economic development also
creating new business and job opportunities.

The agreement which covers a five-year term will be implemented
on the basis of mutual benefits, good faith and equal treatment
from both parties.                     

                    About PT Pertamina

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

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

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


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

SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President
----------------------------------------------------------------
Sensata Technologies Inc. has named Chief Financial Officer Jeff
Cote as a member of the board of directors and executive vice
president.

Sensata Technologies Chief Executive Officer and Chairman of the
Board Tom Wroe said, "We are pleased to recognize Jeff's ongoing
contribution to Sensata with this promotion.  His expertise in
the areas of financial reporting and investor relations has been
especially valuable to Sensata as we establish ourselves as a
stand-alone company."

Mr. Cote joined Sensata as a senior vice president and CFO in
January 2007.  Previously, he was the Chief Operating Officer at
Ropes & Gray LLP where he was responsible for the firm's
administrative and operational initiatives, including finance,
information technology, facilities management, human resources,
marketing and business development.  Mr. Cote also served as
Chief Operating, Financial and Administrative Officer for
Digitas, Inc., where he had similar responsibilities.

He has a breadth of experience with mergers and acquisitions,
regulatory and filing requirements and initial public offerings
and holds a bachelor's and master's degree in Accounting.  He is
a Certified Public Accountant in Florida and Massachusetts.

                   About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and  
controls across a range of markets and applications.  The
company has manufacturing locations in Brazil, Mexico, China,
Japan and the Netherlands.  Sensata Technologies employs
approximately 5,400 people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Standard & Poor's Ratings Services revised its
outlook on Sensata Technologies B.V. to negative from stable.  
The outlook revision follows the company's announcement that it
will acquire Airpax Holdings Inc. for US$276 million plus fees
and expenses using a combination of cash and debt.  All of its
ratings on Sensata, including S&P's 'B+' corporate credit
rating, have been affirmed.


SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Milwaukee, Wis.-based Sensient Technologies Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
'BB+' corporate credit and senior unsecured debt ratings on the
company.  Approximately US$508 million of debt was outstanding
as of June 30, 2007.

"The revised outlook is based on the company's improved
operating performance, and its total debt to EBITDA improving to
below 3 times, from 3.7 times in fiscal 2005," said Standard &
Poor's credit analyst Patrick Jeffrey.  This improvement was
driven by the company's focus on improving operating
efficiencies and utilizing free cash flow to reduce debt.  "We
expect the company will continue to reduce leverage over the
near term and manage any acquisition activity in line with the
current ratings," said Mr. Jeffrey.

The ratings on Sensient reflect the company's position as:

  * a leading industrial marketer of value-added flavors,
    fragrances, and colors;

  * its improved operating performance over the past 18 months
    following several years  of inconsistent performance; and

  * its still moderately high debt leverage.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and  
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia,  United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.  The company also has operations in
Australia, Bangladesh, Cambodia, China, Emirates, Hong Kong,
India, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, New
Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan,
Thailand, Vietnam.


TAIHEIYO CEMENT: Fortifies Global Expansion, Targets U.S.
---------------------------------------------------------
According to Taiheiyo Cement Corporation's head of overseas
operations, the cement manufacturer may revive talks to acquire
a concrete maker in the United States and is eyeing another big
investment in China to fuel its global expansion, Nathan Layne
and Ritsuko Shimizu write for Reuters.

Taiheiyo's Keiji Tokuue revealed in an interview with Reuters
that after failing to acquire a U.S.-based maker of ready-mixed
concrete last month, the company is conducting talks with other
companies.  However, nothing is definite yet, the report notes.

As part of its plans to compete with the global market, Mr.
Tokuue further added that Taiheiyo is looking to acquire
suppliers of sand and aggregate, which is used along with cement
to make ready-mixed concrete.  Ready-mixed concrete becomes
concrete when it is mixed with water at the construction site,
Mr. Layne and Mr. Shimizu explain.

Reportedly, Taiheiyo's expansion in the U.S. is vital for the
company since North America accounted for about one-third of its
group operating profit in the business year ended March 31,
2007.

Meanwhile, with the company's interest-bearing debt down to
JPY600 billion, Mr. Tokuue shared to Reuters that Taiheiyo is
now ready to invest more aggressively in growth.  Along with
this development, it is eyeing a fresh investment to boost its
capacity in China, which, according to Mr. Tokuue, is growing
rapidly.

Mr. Layne and Mr. Shimizu quotes Mr. Tokuue as saying, "Our 3
factories in China have turned profitable and there is cash flow
to spare.  We can now look to use that abundant cash flow for
reinvestment."

                      About Taiheiyo Cement

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger  
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.

The Troubled Company Reporter - Asia Pacific reported on
June 29, 2007, that Standard & Poor's Rating Services lifted its
'BB' long-term foreign and local issuer credit ratings to 'BB+'
Taiheiyo Cement Corporation.  The outlook is stable.  


USINAS SIDERURGICAS: Moody's Ups Rating on US$875MM Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency debt
ratings of Usinas Siderurgicas de Minas Gerais S.A. -- USIMINAS,
and Companhia Siderurgica Paulista -- COSIPA, to Ba1 from Ba2,
and assigned a corporate family rating of Ba1 on its global
scale and Aa1.br rating on the Brazilian national scale.  The
ratings outlook is positive.

Ratings upgraded are:

  -- US$175 million foreign currency notes due 2009 issued by
     Cosipa, guaranteed by Usiminas: upgraded to Ba1 from Ba2

  -- US$200 million senior unsecured foreign currency notes due
     2016 issued by Cosipa Commercial Ltd., jointly guaranteed
     by Usiminas and Cosipa: upgraded to Ba1 from Ba2

  -- US$500 million Senior Unsecured Global MTN Program:
     upgraded to Ba1 from Ba2

Ratings assigned are:

  -- Corporate Family Rating: Ba1 (Global scale); Aa1.br
     (Brazilian National scale)

Outlook for all ratings: positive

The rating action reflects the continued improvement in
Usiminas' debt protection metrics and liquidity position on a
consolidated basis, as evidenced by the substantive deleveraging
of its balance sheet, with Total Adjusted Debt to LTM EBITDA of
1.0x as of March 31, 2007.  It also reflects Usiminas' improved
debt maturity profile and its accumulation of a hefty cash
position of BRL3,053 million.

In Moody's view, the strengthened balance sheet gives Usiminas
room to finance its US$5.7 billion multi-year investment program
to modernize its mills, expand production capacity of crude
steel to about 12 million tons per year by 2011 from its current
capacity of 9.5 million tons, and improve its sales mix.   
Although it is expected that the investment program will be
substantially debt-funded, Moody's believes that Total Adjusted
Debt to EBITDA will remain below 2.0 times over the near term.   
The fact that Usiminas' production costs are competitive on a
global basis ensures healthy operating margins even during
cyclical downturns.

Usiminas' ratings take into consideration the management's risk
aversion and the track record of its plants having consistent
almost-full capacity utilization rates.  It also incorporates
the lack of ownership of key raw materials such as coal and iron
ore, and the company's dependency on the Brazilian economy.  The
execution risk inherent in the announced investment program is
also a constraint on Usiminas' ratings, although Moody's notes
that the company has a good track record in managing large
capital expenditure projects.

While the Ba1 global scale rating reflects the default and loss
expectation of Usiminas on a global basis, the Aa1.br national
scale rating reflects the standing of its credit quality
relative to other domestic issuers.  National Scale Ratings
(NSRs) are intended as relative measures of creditworthiness
among debt issues and issuers within a country, enabling market
participants to better differentiate relative risks.  NSRs in
Brazil are designated by the ".br" suffix.  NSRs differ from
global scale ratings in that they are not globally comparable to
the full universe of Moody's rated entities, but only with other
rated entities within the same country.

The positive outlook reflects Moody's expectation that Usiminas
will continue to report healthy operating margins and strong
cash flow coverage metrics over the near term, while it
prudently manages its investment program.  Also, the positive
outlook incorporates Moody's belief that Usiminas will maintain
a moderate payout of dividends, and adequate liquidity.

Usiminas' ratings could be upgraded if debt protection metrics
are sustained at healthy levels over the near term as the
company executes its investment program, including CFO less
Dividends to Total Adjusted Debt above 40%, while maintaining a
solid liquidity position as measured by Cash Balance plus Unused
Committed Credit Facilities to Short-Term Debt in excess of
1.3x.

Should Total Adjusted Debt to EBITDA increase beyond 2.0x for an
extended period or should Usiminas' liquidity position
deteriorate significantly, the ratings' outlook could be changed
to stable from positive.  Also, a significant increase in
consolidated secured debt could also place negative pressure on
Usiminas' debt ratings.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.


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

C&C Enterprise: Makes Amendment for Private Placement of Shares
---------------------------------------------------------------
C&C Enterprise Co., Ltd., has made an amendment regarding its
private placement of common shares, which was initially
announced on March 27, 2007, Reuters reports.

According to the report, the total amount of new shares is now
266,533.

The offering price also has been changed from KRW500 to
KRW7,500, the report adds.

                     About C&C Enterprise

Headquartered in Seoul, Korea, C&C Enterprise Co., Ltd.
-- http://www.cncen.com/-- is specialized in the provision of    
electronic money systems.  The company provides its services
under three categories: automatic fare collection (AFC), smart
card and intelligent transport systems (ITS).  Its AFC system
enables deferred payment on public transit usages.  Its smart
card system stores money values electronically in the integrated
circuit (IC) cards and use electronic money for payments to
purchase products or services.  Its ITS provides solutions to
reduce fare collection and transaction time and integrate
various fare payment methods.  In addition, the company offers
access control, digital video record (DVR) and remote control
systems and other related services.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on July 20, 2007, stated
that the company had a US$14.50 million shareholders' equity
deficit on total assets of KRW28.05 million.


CORECROSS: To Issue 4,131,309 Common Shares Through Right Issues
----------------------------------------------------------------
CoreCross, Inc., will issue 4,131,309 common shares worth
KRW9,502,010,700, through a rights issue, with a par value of
KRW500 and offer price of KRW2,300, Reuters Key Developments
reports.

According to the report, the shares will be open for
subscription for the employee stock ownership association and
existing shareholders on August 27, 2007 and from September 5,
2007, to September 6, 2007, respectively.

The listing date of the new shares is September 28, 2007 and the
unclaimed shares will be offered through public offering, the
report notes.

Reuters adds that the company has hired Daewoo Securities Co.,
Ltd will be the underwriter.

                   About CoreCross Inc.

Headquarters in Seoul, CoreCross, Inc., formerly Makus Inc.
-- http://english.makus.co.kr/-- is engaged in the   
semiconductor, mobile communication and Internet industries.
The company has three main divisions: Application-specific
integrated circuit/system-on-chip (ASIC/SoC) business division,
which provides ASIC-related products and services used in
wired/wireless communications, multimedia, precision apparatus
and medical instrument fields; Digital media division, which
provides digital multimedia broadcasting products such as
conditional access systems (CASs), gap fillers and cable cards,
and Device division, which produces field-programmable gate
array (FPGA) chips, complex programmable logic devices (CPLDs)
and hard disk drives (HDD).

Korea Investors Service gave the company's bonds with warrants
issue a B- rating on July 31, 2006.


DAEYUVESPER CO: Sells Yeoju Factory for KRW 1.6 Billion
--------------------------------------------------------
DaeyuVesper Co. Ltd. has decided to sell its Yeoju factory to a
Korea-based company for KRW1.6 billion, Reuters Key Developments
reports.

According to the report, this move is for financial structure
improvement.

The transaction is expected to settle on September 12, 2007, the
report adds.

                   About DaeyuVesper Co. Ltd

Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is   
a manufacturer specialized in the provision of wastewater
treatment equipment.  The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors (SBRs).

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on July 20, 2007, showed
that DaeyuVesper has a US$1.60-million shareholders' deficit on
total assets of US$19.06 million.


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

FINISAR CORP: Denies Default Under Terms of Notes Indentures
------------------------------------------------------------
Finisar Corporation denies that it is in default under the terms
of indentures for the company's 2-1/2% Convertible Senior
Subordinated Notes due 2010, its 2-1/2% Convertible Subordinated
Notes due 2010 and its 5-1/4% Convertible Subordinated Notes due
2008.

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

The notices asserted that the company's failure to timely file
its Form 10-K report for the fiscal year ended April 30, 2007
with the Securities and Exchange Commission and to provide a
copy to the Trustee constituted a default under each of the
three indentures between the company and the Trustee governing
the respective series of notes.  The notices each indicated
that, if the company does not cure the purported default within
60 days, an "Event of Default" would occur under the respective
Indenture.

The company does not believe it is in default under the terms of
the Indentures.  It is the company's contention that the plain
language of each Indenture requires only that the company file
with the Trustee reports that have actually been filed with the
SEC and that, since the October 10-Q, the January 10-Q and the
Form 10-K have not yet been filed with the SEC, the company is
under no obligation to file them with the Trustee.

As also reported, the company, on March 2, 2007, commenced a
lawsuit in the Superior Court of the State of California for the
County of Santa Clara against the Trustee seeking a declaration
that the company is not in default under the three Indentures
with respect to the October 10-Q.  The Trustee filed an answer
to the complaint generally denying all allegations and also
filed a notice of removal of the state case to the United States
District Court for the Northern District of California.  The
Company filed a motion to remand the case to the California
Superior Court.  A hearing on that motion is scheduled for
September 2007.  On June 21, 2007, the company commenced a
second lawsuit in the Superior Court of the State of California
for the County of Santa Clara (Case No. 1:07-CV-088503) against
the Trustee seeking a declaration that the company is not in
default under the three Indentures with respect to the January
10-Q and later SEC filings.  The Trustee has not yet responded
to the second complaint.

As reported in the Troubled Company Reporter on Jan. 16, 2007,
the company received three similar purported notices of default
from the Trustee with respect to the company's failure to timely
file its Form 10-Q report for the quarter ended Oct. 29, 2006
with the SEC and to provide a copy to the Trustee.  On March 7,
2007, the company reported that the 60-day period to cure the
purported default with respect to the October 10-Q had expired
and that, as a result, the Trustee or holders of at least 25% in
aggregate principal amount of one or more series of the notes
may take the position that an Event of Default has occurred
under the Indentures and attempt to assert the contractual right
to declare all unpaid principal, and any accrued interest, on
the Notes of such series to be due and payable.  As previously
reported, in April 2007, the company received three similar
purported notices of default from the Trustee with respect to
the Company's failure to timely file its Form 10-Q report for
the quarter ended Jan. 28, 2007 with the SEC and to provide a
copy to the Trustee.
     
The company has delayed filing the October 10-Q, the January 10-
Q and the Form 10-K pending the completion of a review of its
historical stock option practices being conducted by the Audit
Committee of its Board of Directors.  As previously reported,
the Audit Committee's investigation is substantially complete.  
The company's management, in conjunction with the Audit
Committee, is in the process of finalizing revised measurement
dates for a number of stock option grants issued during the
period from November 1999 to September 2006, after which it will
determine the amount of non-cash charges for compensation
expenses, the resulting tax impact and the accounting impact on
its financial statements for each fiscal period going back to
fiscal 2000.  When this is complete, the company will prepare
revised historical financial statements.  The company plans to
file the October 10-Q, the January 10-Q and the Form 10-K as
soon as practicable following the preparation of revised
historical financial statements.

                     About Finisar Corporation

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

The company's product development and manufacturing facilities
are located in Texas, Malaysia, China, and Singapore.


SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended
--------------------------------------------------------
Solutia Inc. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's to further extend
their exclusive right to file a chapter 11 Plan of
Reorganization to Dec. 31, 2007.  The Debtors also want their
exclusive period to solicit acceptances of that plan extended to
Feb. 29, 2007.

The Debtors' current exclusive period to file a plan of
reorganization ends on July 30, 2007, and the period of time to
solicit acceptances of that plan ends on September 28, 2007.

The Debtors filed their First Amended Plan and related
disclosure statement, as it has been or may be amended, on May
16, 2007.  The modified Plan enjoys the support of many of
Solutia Inc.'s significant stakeholders, including the Official
Committee of Unsecured Creditors, Official Committee of
Solutia's retirees, Monsanto Company, and the Ad Hoc Committee
of Trade Claims Creditors.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that the Plan is premised on two settlements -- a
settlement between Solutia and Monsanto, and a settlement
between Solutia and the Retirees Committee, Monsanto and the
Creditors Committee.  The Settlements achieve a reallocation of
legacy liabilities and are the cornerstones of Solutia's Plan,
therefore, they must be approved before or in conjunction with
the confirmation of Solutia's Plan.  The Settlements will be
heard on September 5, 2007.

Solutia is revising its Disclosure Statement and drafting the
necessary additional disclosures to comply with the Court's
directions.  In addition, Solutia is preparing for the Sept. 5,
2007 hearing on the Settlements .  Solutia believes that the
Settlements readily meet the standards for approval under
Bankruptcy Rule 9019.

Mr. Henes says that extension of the Exclusive Periods is
necessary to ensure that the Debtors will not be placed in a
position where it is prosecuting the Plan, but due to the
termination of the Exclusive Filing Period, the confirmation
process is disrupted by a recalcitrant stakeholder filing a
competing plan.  That situation could have a material, adverse
impact on the Solutia, its operation and all parties-in-
interest, he tells the Court.

Solutia has acted as the honest broker throughout the Chapter 11
cases in an effort to resolve the differences among its
stakeholder groups and has made significant strides towards a
consensual plan, Mr. Henes relates.  If, however, Solutia cannot
preserve its exclusive right to prosecute the Plan, he points
out that the balance that has permitted the relevant parties-in-
interest to work together towards a consensual plan will be
upset and further progress will be jeopardized.

                       About Solutia Inc.

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

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

On Feb. 14, 2007, the Debtors filed their Reorganization Plan
and Disclosure Statement explaining that plan.  On May 16, 2007,
they filed an Amended Reorganization Plan and on July 9, 2007,
filed their Second Amended Reorganization Plan.  The hearing to
consider the adequacy of the Debtors' Disclosure Statement began
on July 10, 2007, and was continued to July 26, 2007.  (Solutia
Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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

AWARD PRODUCTS: Court to Hear Wind-Up Petition on July 26
---------------------------------------------------------
A petition to wind up the operations of Award Products Ltd. will
be heard before the High Court of Auckland on July 26, 2007, at
10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
May 15, 2007.

The CIR's solicitor is:

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


BANKS RESIDENTIAL: Appoints Bhuvan Naran as Liquidator
------------------------------------------------------
On June 28, 2007, Bhuvan Naran was named as the liquidator of
Banks Residential Ltd.

The Liquidator can be reached at:

         Bhuvan Naran
         Hussey & Co
         Level 7, 55-65 Shortland Street
         PO Box 1325, Auckland
         New Zealand
         Telephone:(09) 300 5480
         Facsimile:(09) 300 5489


CHINESE BUSINESS: Appoints McCullagh & Lawrence as Liquidators
--------------------------------------------------------------
On June 21, 2007, the High Court of Auckland appointed John
McCullagh and Stephen Mark Lawrence as the liquidators of
Chinese Business Yearbook Ltd.

The Liquidators can be reached at:

         John McCullagh
         Stephen Mark Lawrence
         c/o Horwath Corporate
         Auckland Limited, PO Box 3678
         Auckland 1140
         New Zealand
         Telephone:(09) 306 7421
         Facsimile:(09) 302 0536


CONSWAY KINETIC: High Court to Hear Wind-Up Petition on July 26
---------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Consway Kinetic Innovations Ltd. on July 26, 2007,
at 10:45 a.m.

The petition was filed by Kevin James Murray on March 29, 2007.

Kevin James' solicitor is:

         Stephen J. Davies
         c/o Davies Law
         37 Totara Avenue
         PO Box 15547, New Lynn
         Auckland
         New Zealand


GREENHILLS FARM: Shareholders Agree on Voluntary Wind-Up
--------------------------------------------------------
The shareholders of Greenhills Farm Services & Supplies Ltd. met
on June 26, 2007, and agreed to voluntarily liquidate the
company's business.

Creditors are required to file their claims by July 31, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

         Richard Alfred Jenkins
         Bede Carran
         c/o VBM Consultants Limited
         38 Halifax Street
         PO Box 210, Nelson
         New Zealand
         Telephone:(03) 546 8031
         Facsimile:(03) 546 9504


MONKEL HOUSE: Shareholders Resolve to Shut Down Business
--------------------------------------------------------
The shareholders of Monkel House Ltd. met on June 27, 2007, and
resolved to shut down the company's business.

Grant Bruce Reynolds was appointed as liquidator.

The Liquidator can be reached at:

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


NEWMARKET PODIATRY: Fixes July 27 as Last Day to File Claims
------------------------------------------------------------
Newmarket Podiatry Centre (1998) Ltd. went into liquidation on
June 21, 2007, through a special resolution passed on that day.

Creditors are required to file their claims by July 27, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

         C. B. Wilson
         Prince & Partners
         PO Box 3685, Auckland 1001
         New Zealand
         Telephone:(09) 379 5324
         Facsimile:(09) 307 0778
         e-mail: office@prince.co.nz


OPENSIDE INVESTMENTS: Creditors' Proofs of Debt Due on August 24
----------------------------------------------------------------
Openside Investments Ltd. requires its creditors to file their
claims by August 24, 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:

         Craig Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7000
         Facsimile:(04) 462 7492


RENNIE METRO: Subject to CIR's Wind-Up Petition
-----------------------------------------------
The Commissioner of Inland Revenue filed on May 15, 2007, a
petition to wind up the operations of Rennie Metro Ltd.

The petition will be heard before the High Court of Auckland on
July 26, 2007, at 10:45 a.m.

The CIR's solicitor is:

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


REVIDG LTD: Names Shephard and Dunphy as Liquidators
----------------------------------------------------
On June 25, 2007, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of Revidg Ltd, which is
formerly trading as Architects Aotearoa Limited.

The Liquidators can be reached at:

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


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

NAT'L POWER: MERALCO Buys Additional 1,020 Gigawatt Hours
---------------------------------------------------------
The Manila Electric Co. is now sourcing an additional 1,020
gigawatt hours from the National Power Corp. under an addendum
to their transition supply contract, which originally provided
for a contract volume of 6,646 GwH yearly, media reports say.

According to the BusinessWorld, MERALCO and NAPOCOR signed the
addendum on July 19, and became effective the same day.  

The Philippine Daily Inquirer notes that the supplementary
agreement addresses the growth of NAPOCOR's needs that were not
considered in the original TSC.

According to Meralco Vice President Elpi Cuna, the increase in
contracted volume will help facilitate NAPOCOR's privatization,
as it would make assets more appealing to prospective buyers.  
In the meantime, it will also benefit consumers through lower
costs.  

Both power companies entered into the TSC on November 16, 2006,
and the contract will expire in five years, the Inquirer says.  

According to the BusinessWorld, the lack of TSCs have caused the
government's failure in selling its power generating assets.  
The Power Sector Assets and Liabilities Management, the
government agency tasked in selling NAPOCOR assets, failed to
sell the 600-megawatt Calaca coal-fired power plant in 2004
because qualified bidders backed out due to the lack of a TSC.

                         About NAPOCOR

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

                          *     *     *

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

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

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


PAL HOLDINGS: Asks PSE to Change Stock Symbol From 'B' to 'PAL'
---------------------------------------------------------------
PAL Holdings Inc. has requested the Philippine Stock Exchange's
approval of the change of its trading symbol to "PAL."

The company had previously traded under the stock symbol "B"
since it was formerly known as Baguio Gold Holdings Corp. before
it acquired six holding companies that own majority of
Philippine Airlines Inc.

                          *     *     *

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

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

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


PHIL NAT'L BANK: Expects to Earn PHP1.2 Billion for FY 2007
-----------------------------------------------------------
Philippine National Bank is now expecting a profit of
PHP1.2 billion for 2007, from the previous PHP1 billion, the
bank's disclosure with the Philippine Stock Exchange said.

On July 20, the Business Mirror published an article quoting PNB
President Omar Mier as saying that the bank expects its profit
to reach PHP1.2 billion this year.  Mr. Mier also told reporters
during the briefing that the bank's annual profit will reach
about PHP7 billion in five years.

The company confirmed the news article in its disclosure, saying
that annual profit for succeeding years may rise up to
PHP7 billion in five years due to the foregoing scenario of
rising loans, bad-asset sales and cost cuts.


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

                          *     *     *

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

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

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

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


RIZAL COMMERCIAL: Unit Achieves Full-Year Target in First Half
--------------------------------------------------------------
Rizal Commercial Banking Corp.'s investment banking unit said it
has achieved its full-year income target at the end of the first
half of 2007, the Philippine Daily Inquirer reports.

RCBC Capital Corp. told the Inquirer that its pre-tax profit for
the first half -- PHP318.8 million -- was 294% higher than last
year's first half record, and translates to a return on average
equity of 29.1%.  The company also earned revenues of
PHP360.8 million, 79.1% higher from revenues in the same period
last year, company president and CEO Raul Leopando said.  

Jose Luis F. Gomez, company senior vice president and chief
operating officer, said that investment positions in the capital
market is a factor in the company's income growth.

                          About RCBC

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

                          *     *     *

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

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

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

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


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

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

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

                           Liquidity

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

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

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

                        About West Corp.

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

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


* Gov't First Half Fiscal Performance Disappointing, Fitch Says
---------------------------------------------------------------
Fitch Ratings commented that the Philippine national
government's fiscal performance was disappointing in the first
half of 2007, and the official deficit target of PHP63 billion
is unlikely to be met.

Based on year-to-date results, the agency has revised its 2007
deficit forecast to PHP125 billion (excluding privatisation),
equivalent to 1.9% of GDP.

Fitch noted that the positive momentum behind Philippine fiscal
performance in recent years faltered badly in early 2007,
particularly with respect to tax collection.  "With real
economic growth expected to have averaged about 6.5% in the
first half of the year, the 3.4% increase in tax receipts was
rather poor," said James McCormack, head of Asia Sovereigns at
Fitch.  He noted that first-half tax receipts were about PHP52
billion below target.

In response to the poor revenue performance, the Philippine
government has stepped up its privatisation programme and
intends to improve tax administration.  Even so, Fitch does not
believe it will be possible for the first-half tax shortfall to
be made up over the balance of the year.  "In our view, optimism
regarding revenue prospects in the short term is unwarranted,
since various measures to improve tax collection and reduce
evasion have been in place for some time, without meaningful
results," added Mr. McCormack.

Fitch indicated that, despite the increase in its 2007 deficit
forecast, the sovereign credit ratings of the Philippines are
still supported by an ongoing trend of declining government debt
ratios.  General government debt at end-2007 is forecast to
reach 59% of GDP, down from a peak of 79% in 2004.  In addition,
the balance of payments remains healthy, led by strong
remittance growth, allowing for the continued accumulation of
foreign exchange reserves.  An ongoing fiscal strength is tight
control over expenditure, which is confirmed by preliminary 2007
data.

Putting recent fiscal performance in a medium-term context,
Fitch said it is critical for government revenue to increase if
public spending needs are to be met without incurring additional
debt. Only Costa Rica ('BB'), Guatemala ('BB+') and Mexico
('BBB') have lower revenue/GDP ratios than the Philippines.  In
the absence of a significant improvement in tax collection, it
will not be possible for the Philippine government to implement
its ambitious - and much-needed - infrastructure development
programme.  That, in turn, would jeopardise the country's
medium-term economic growth outlook, and, ultimately, undermine
its sovereign creditworthiness.

                          *     *     *

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

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

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


* Gov't Sets December 12 Deadline for Transco Privatization Bids
----------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. has set
a December 12 deadline for technical proposal and financial bids
for the National Transmission Corp.'s privatization, an article
by ABS-CBN News says.

Interested parties will be allowed to conduct due diligence
starting August 1, and should submit pre-qualification proposals
by September 21.  PSALM also scheduled a pre-bid conference for
November 5.

A US$5000 participation fee is required from interest bidders,
PSALM told ABS-CBN.  Pre-qualified bidders are also required to
post a bid bond of US$30 million, it added.

                          *     *     *

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

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

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


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

ACI GLOBAL: Court Enters Wind-Up Order
--------------------------------------
On July 6, 2007, the High Court of Singapore entered an order to
wind up the operations of ACI Global Pte Ltd.

The petition was filed by Ong Gim Hock @ Ong Lu Hock.

The company's liquidator is:

         The Official Receiver
         c/o Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


AUSTOIL & GAS: Requires Creditors to File Claims by August 20
-------------------------------------------------------------
Austoil & Gas Management Services Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their claims by
August 20, 2007.

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

The company's liquidator is:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


MILLENNIUM-WESTMONT: Accepting Proofs of Debt Until August 3
------------------------------------------------------------
Millennium-Westmont Pte Ltd, which is in liquidation, is
accepting proofs of debt from its creditors until August 3,
2007.

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

The company's liquidator is:

         Ong Yew Huat
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583



MYHOME FURNITURE: Pays Second Dividend to Unsecured Creditors
-------------------------------------------------------------
Myhome Furniture & Design Pte Ltd, which is in compulsory
liquidation, paid the second dividend to its unsecured creditors
on July 23, 2007.

The company paid 7.18% to al admitted unsecured claims.

The company's liquidator is:

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


POLYONE CORP: Sr. VP Wendy Shiba's Resignation Effective Aug. 17
----------------------------------------------------------------
PolyOne Corporation's Wendy C. Shiba, Senior Vice President,
Chief Legal Officer and Secretary of the company accepted a
position with another company and would be resigning from the
company, effective on or about Aug. 17, 2007.

In addition, the company's Compensation and Governance Committee
of the Board of Directors approved an amendment to the two-year
cash incentive granted to Stephen D. Newlin on February 13,
2006.  The two-year cash incentive originally was contingent
upon the attainment of certain pre-established metrics approved
by the committee in connection with Mr. Newlin's joining the
company, with the attainment levels being based on the Company's
2005-2007 Long Term Incentive Plan, but adjusted to take into
account estimated attainment at the time of the award.  The
amendment to Mr. Newlin's cash incentive changes the attainment
goals relating to cash flow and debt/EBITDA ratio to reflect the
company's performance only in years 2006 and 2007, the time
during which Mr. Newlin was with the company.  The amendment
also provides for a payout under the cash incentive plan of not
less than the targeted number of units at 87,000 at the grant
date stock price of US$9.185.

                         About PolyOne

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', Senior unsecured debt and debentures
to 'BB-' from 'B+/RR3', and rating outlook to stable.


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

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

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

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

                   About DaimlerChrysler

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

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

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

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

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


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

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

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

                  Fuel Economy Standards

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

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

                   About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Banks Seek Higher Interest for Chrysler Funding
----------------------------------------------------------------
Wall Street banks that are arranging financing for Cerberus
Capital Management LP's acquisition of DaimlerChrysler AG units
Chrysler Corporation LLC and Chrysler Financial Services LLC are
seeking more perks on the loans' terms, as uncertainty in the
debt market lingers, the Wall Street Journal reports, citing
Standard & Poor's Leveraged Commentary & Data as its source.

According to the report, bankers marketed a US$10 billion loan
for Chrysler's auto business at 3.75 percentage points above the
London Interbank Offered Rate, compared to the 3.25 percentage
points discussed when the road show kicked off about three weeks
ago.

Meanwhile, another US$2 billion in financing for the auto
company is now being marketed at seven percentage points above
the London interbank offered rate, compared to the original six
percentage points.  The banks are also offering to sell those
loans at less than 100 cents on the dollar in a bid to further
entice investors to the deal, WSJ reveals, quoting the S&P
report.

Pricing for US$8 billion in loans for Chrysler Financial is also
expected to change, Standard & Poor's said, WSJ notes.  Of that
US$8 billion, a US$6 billion loan is now being marketed at three
percentage points above the London interbank offered rate,
compared to the 2.75 percentage points of the original terms.  
Another US$2 billion in financing could see terms raised by as
much as 5.5 percentage points above the London interbank offered
rate, compared to the original five percentage points.

The TCR-Europe reported on July 20, 2007, that investors are
wary of Chrysler's US$22 billion loans as they continue to
monitor similar indicators of the industry's health in the wake
of fallout from problems in the market for U.S. subprime
mortgage-related debt and a repricing of risk by investors.

J.P. Morgan Chase & Co., Bear Stearns Cos., Goldman Sachs Group
Inc., Citigroup Inc. and Morgan Stanley launched a road show
last month to raise money to finance Cerberus Capital's
acquisition of Chrysler.  The deal requires Cerberus to raise
about US$62 billion in debt.

                      About DaimlerChrysler

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

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

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

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

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


KRUNG THAI: Posts THB527.85-Mil. Net Income for 2nd Quarter 2007
----------------------------------------------------------------
Krung Thai PCL's unaudited financial statements for the second
quarter of 2007 showed a net income of THB527.85 million, an
86.8% decrease from the THB4.01-billion net income it reported
for the same period in 2006.

For the three months ended June 30, 2007, the bank earned a net
interest and dividend income of THB10.71 billion, on a gross
interest and dividend income of THB16.83 billion and interest
expense of THB6.12 billion.  The bank also earned non-interest
income of THB3.25 billion while incurring non-interest expenses
of THB6.54 billion.

As of June 30, 2007, the bank had THB1.25 trillion in assets and
THB1.16 trillion in liabilities, resulting in a total
shareholders' equity of THB1.25 billion.


Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation   
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


KRUNG THAI: Posts THB4.93-Billion Net Income for First Half 2007
----------------------------------------------------------------
Krung Thai PCL's unaudited financial statements for the first
half of 2007 showed a net income of THB4.93 billion, a 43%
decrease from the THB8.66-billion net income it reported for the
same period in 2006.

For the six months ended June 30, 2007, the bank earned a net
interest and dividend income of THB21.47 billion, on a gross
interest and dividend income of THB34.22 billion and interest
expense of THB12.74 billion.  The bank also earned non-interest
income of THB5.73 billion while incurring non-interest expenses
of THB14.27 billion.

As of June 30, 2007, the bank had THB1.25 trillion in assets and
THB1.16 trillion in liabilities, resulting in a total
shareholders' equity of THB1.25 billion.


Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation   
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


NATURAL PARK: Accor Group to Acquire 62% Shares in Park Cuisine
---------------------------------------------------------------
The Accor Group of France has signed a strategic partnership
agreement with Natural Park PCL for joint investment in LeNotre,
a business owned by Natural Park's wholly owned subsidiary, Park
Cuisine Co. Ltd.

According to a company disclosure with the Stock Exchange of
Thailand, the investment will be done through capital increase
and partial shares of sales in Park Cuisine.  Park Cuisine's
registered capital will increase to THB272.367 million from the
previous THB60 million.  The company's shareholdings in Park
Cuisine will decrease to 38%, while the remaining 62% will be
transferred to the Accor Group.


Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park is facing a suit for bankruptcy filed by Sathorn
Asset Management with debt value of THB39.59 million.  It has
also been faced with a suit earlier by Ocean Life Insurance,
which is now appealing the junking of the case by the Central
Bankruptcy Court.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


TMB BANK: Turns Around with THB6-Bil. Net Loss for 2007 2nd Qtr.
----------------------------------------------------------------
TMB Bank PCL's unaudited consolidated income statements for the
quarter ended June 30, 2007, reported a net loss of
THB6.129 billion, a turn-around from the THB1.196-billion net
income reported for the second quarter of 2006.

For the April to June period, the group recorded a net interest
and dividend income of THB4.13 billion, comprised of
THB8.711 billion gross interest and dividend income minus
THB4.58 billion in interest expenses.  The group also earned a
non-interest income of THB2.145 billion for the quarter, while
incurring non-interest expenses of THB5.383 billion.

As of June 30, 2007, the group had total assets of
THB658.582 billion and total liabilities of THB615.483 billion,
resulting in a total shareholders' equity of THB43.009 billion.

In its statement to the Stock Exchange of Thailand, the group
said that its net loss is due to an additional loan provision of
THB8.196 billion during the first half for compliance with Phase
2 of the Bank of Thailand's guidelines in preparation for
International Accounting Standard 39.  The bank also
reclassified about THB11 billion of performing loans to bad
debts in the second quarter.

The bank also recorded a loss in the first half due to a THB421
million provision of obligation of Thai Asset Management Corp.  
The bank's subsidiary, Phayathai Asset Management Co. Ltd., also
recorded a loss due to a THB960 million provision for possible
loss sharing from the transfer of non-performing assets to
Bangkok Commercial Asset Management.


Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders    
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

On May 4, 2007, Moody's retained TMB's bank financial strength
rating at D-.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


TMB BANK: Pots THB5.9-Billion Net Loss for 2007 First Half
----------------------------------------------------------
TMB Bank PCL's unaudited consolidated income statements for the
six months ended June 30, 2007, reported a net loss of
THB5.909 billion, versus the THB3.328-billion net income
reported for the first half of 2006.

For the January to June period, the group recorded a net
interest and dividend income of THB8.018 billion, comprised of
THB18.334 billion gross interest and dividend income minus
THB10.316 billion in interest expenses.  The group also earned a
non-interest income of THB4.172 billion for the quarter, while
incurring non-interest expenses of THB9.802 billion.

As of June 30, 2007, the group had total assets of
THB658.582 billion and total liabilities of THB615.483 billion,
resulting in a total shareholders' equity of THB43.009 billion.

In its statement to the Stock Exchange of Thailand, the group
said that its net loss is due to an additional loan provision of
THB8.196 billion during the first half for compliance with Phase
2 of the Bank of Thailand's guidelines in preparation for
International Accounting Standard 39.  The bank also
reclassified about THB11 billion of performing loans to bad
debts in the second quarter.

The bank also recorded a loss in the first half due to a THB421
million provision of obligation of Thai Asset Management Corp.  
The bank's subsidiary, Phayathai Asset Management Co. Ltd., also
recorded a loss due to a THB960 million provision for possible
loss sharing from the transfer of non-performing assets to
Bangkok Commercial Asset Management.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders    
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

On May 4, 2007, Moody's retained TMB's bank financial strength
rating at D-.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


TRUE MOVE: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service yesterday affirmed the B1 corporate
family rating and senior unsecured bond rating of True Move
Company Limited.  

At the same time, Moody's has assigned a (P)B1 rating to the
company's proposed bond offering to refinance the outstanding
long-term Thai Baht denominated syndicated loan facility.  The
outlook on these ratings is stable.

"The B1 corporate family rating reflects True Move's established
network and subscriber base, and the ongoing growth evident in
the Thai cellular market.  The rating also takes into account
the close links between the credit profiles of True Move and
True Corp (B1/stable), given the former's integral operational
position within the group and its growing cash flow
contribution," says Laura Acres, Moody's Vice President.

"On the other hand, such credit strengths are offset by True
Move's distant third-ranking market share, the increasingly
competitive nature of the Thai cellular market and its high
financial leverage, all of which may impair its ability to fully
execute its business plan," adds Acres, also Moody's Lead
Analyst for the company.

The B1 rating also considers True Move's ongoing waiver of
financial covenants under its Thai banks loan facility.   
Currently, True Move has been granted waivers from its lenders
until 30th September, 2007.  Moody's notes that this risk will
be partially mitigated by the proposed bond issue which will
refinance the existing Thai banks loan facilities.  Upon closing
of the refinancing, the covenant waiver overhang from the Thai
banks will cease to exist.

Moody's considers the credit profile of True Move to be highly
correlated with that of True Corp, given its operational
position within the group -- True Move contributes approximately
43% of consolidated revenues and 35% of True Corp's group debt.   
Given the degree of inter-relation between the various group
entities and the movement of funds between them, Moody's views
the core group companies (True Corp and True Move) as having the
same risk profile.

Given the current credit profile of True Corp. and True Move,
ongoing regulatory uncertainties and the existence of various
covenant waivers within the group, it is unlikely that the
rating will be upgraded in the next 12-18 months or until the
company is able to demonstrate a sustainable ability to operate
within its bank covenants, uncertainty surrounding its
concession are resolved or stabilized and there are improvements
in its credit metrics.

The most immediate likely drivers of negative rating action are:
1) True Move fails to obtain the necessary approval for the
extension of the financial covenant waiver under its bank
facilities or fails to complete its proposed refinancing
exercise; and/or 2) True Corp. fails to negotiate covenant
waivers or amendments by 30th September, 2007 for its own bank
facilities.

Furthermore, True Move's ratings could undergo downward rating
pressure if a) further regulator actions impact the operating
profile of the company; or b) it experiences greater competition
and further liberalization -- so that its financial profile does
not improve as evidenced by adjusted debt/EBITDA increasing much
beyond 5x.


=============
V I E T N A M
=============

VIETNAM TECHCOMBANK: Will Issue Bonds to Raise US$248 Million
-------------------------------------------------------------
Vietnam's Technological and Commercial Bank will raise
VND4 trillion (US$248 million) through a domestic bond issue
this year, Reuters says.  The State Bank of Vietnam has already
allowed Techcombank to do so.

Reuters, citing a statement by the central bank, notes that the
unlisted Techcombank, which is 15% owned by HSBC Holdings Plc.,
should sell the bonds and use the proceeds in line with the
approved plan.

The bank has yet to publish details of the debt issues, the
report says.

                          *     *     *

Vietnam Technological and Commercial Joint Stock Bank is
headquartered in Hanoi, Vietnam.  It reported assets of
VND24 trillion at the end of June 2007, up 38% from the end of
2006.

The Troubled Company Reporter-Asia Pacific reported on Aug. 17,
2006, that Moody's Investors Service has assigned ratings to
Techcombank:

   * B1/Not Prime for long- and short-term foreign currency
     deposits;

   * Ba1/Not Prime for long- and short-term local currency
     deposits;

   * Ba2/Not Prime for long- and short-term foreign currency
     Issuer Ratings;

   * Ba1/Not Prime for long- and short-term local currency
     Issuer Ratings; and

   * a Bank Financial Strength Rating of D-.


* Moody's Sees Weaker Credit Trend for Asian Gaming Sector
----------------------------------------------------------  
Moody's Investors Service sees a stable rating outlook overall
for the Asia Pacific gaming and entertainment sector, but the
general credit trend is weakening.

"Most rated companies are gearing up balance sheets to fund
capital expenditures or undertake business restructuring, and
therefore heightened execution risks associated with sizable
development programs are part of the agenda," says the ratings
agency in the new report.

Authored by Moody's Analysts Kaven Tsang and Peter Fullerton,
the report examines the outlook for ratings on the gaming and
entertainment sector in Asia (ex Japan), including casino and
cruise line operators.

"The region's gaming sector is undergoing a significant
revolution, particularly in Macau, which has been the center of
global attention since it liberalized its gaming industry in
2002," says Tsang, from Moody's Hong Kong office.

"Conditions in Macau are highly favorable to the gaming and
leisure sector, underpinned by advantageous demographic trends
and a positive economic climate," he says.

"However, given that expansion in Macau is largely debt-funded,
high gearing is the norm, and rapid growth and heightened
competition will create a degree of uncertainty for the
companies involved," adds Fullerton, in Moody's Sydney office.

"Medium-to-long term success will require not only the right
strategies, but also pockets deep enough to successfully execute
business plans in a fast-changing and competitive investment
environment," he says.

According to the report, after execution and development risk,
the second most crucial ratings factor in the Macau market over
the coming year will be the dynamics between demand (as measured
in visitor numbers) and supply (number of tables/slot machines).

Outside Macau, Singapore is actively developing its
entertainment and leisure industry, while in Australia strong
demand fundamentals are supporting increases in total revenues
for gaming companies, it says.

The report, part of the Moody's Industry Snapshot series which
offer succinct and incisive looks at specific sectors, is
entitled 'Macau Story: Fast Growth and Intense Competition Feed
Uncertainty,' and can be found at http://www.moodys.com/


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                            *********


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

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