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                     A S I A   P A C I F I C  

             Thursday, July 26, 2007, Vol. 10, No. 146

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Wants Sale Order on Baker & Taylor Enforced
ADVANCED MARKETING: Files Revised Reclamation Claims Report
AUSTRALIAN ROAD: Members Opt to Shut Down Business
DOUGH DOCTOR: Commences Wind-Up Proceedings
FINCORP GROUP: Relies on Fund Raising to Pay Debt, Among Others

FINCORP GROUP: Founder's Wife Questioned by ASIC
FORD MOTOR: AU Unit to Close Plant and Cut 600 Jobs
FORRESTER RIDGE: Placed Under Voluntary Wind-Up
INSIDEOUT HOME: Undergoes Voluntary Liquidation
JAMES F. GARRETT: Proofs of Debt Due on August 6

KINETIC CONCEPTS: Moody's Rates New US$500MM Facility at Ba2
KINETIC CONCEPTS: Earns US$58.1 Million in Second Quarter 2007
LEES SHOPFITTERS: Sets Joint Meeting for August 10
MOONEY WEBB: Members Agree on Voluntary Liquidation
MULTIPLEX GROUP: Expert Says AU$4.23BB Takeover Offer is Fair

PENN YAN: Will Declare Dividend on August 15
SCAMPOLA PTY: Will Declare First & Final Dividend on August 9
WEBBSOFT SOLUTIONS: Members & Creditors to Meet on August 10


C H I N A   &   H O N G  K O N G

BARCLAYS BANK: Members Tap John Robert Lees as Liquidator
BARCLAYS CAPITAL: Appoints John Robert Lees as Liquidator
CAPITAL SHIPPING: Accepting Proofs of Debt Until August 21
CHINA ELECTRONIC: Faces Ingram Micro's Wind-Up Petition
EMI GROUP: S&P Says Ratings Remain on CreditWatch Negative

FERRO CORP: Inks Pact with Buyers in Antitrust Violation Suit
JELLOWAY LIMITED: Members to Receive Wind-Up Report on August 22
KO CHEUNG: Enters Wind-Up Proceedings
LOYAL TALENT: Names Wu Yuen Cheong as Liquidator
PETROLEOS DE VENEZUELA: Investing US$3.5B to Buy Drilling Rigs

SEARA INDUSTRIAL: Court to Hear Wind-Up Petition on August 29
STONERIDGE INC: Commences Tender Offer for 11-1/2% Senior Notes
UNCIA LIMITED: Liquidator to Give Wind-Up Report on August 22
VAST CHOICE: Members to Hold Final Meeting on August 20


I N D I A

GENERAL MOTORS: Denies Plans to Build Czech Site
IMAX CORP: Moody's Junks Rating on High Financial Risk
MYSORE CEMENTS: First Quarter Net Profit Soars to INR257.18 Mil.
MYSORE CEMENTS: Considers Expanding Plants' Capacity
SOUTHERN IRON STEEL: Books INR150-Mil. Net Profit in 1st Quarter

SOUTHERN IRON STEEL: Shareholders Okay Preferential Issue
SPICEJET LTD: Ryan Air Promoter Eyes Firm, Report Says


I N D O N E S I A

BANK DANAMON: Loans Up 20% Due to Micro, Small & Medium Segments
BANK DANAMON: To Raise Capital for Syariah Business Units
BANK INTERNASIONAL: 1st-Half Net Profit Falls 18% to IDR28 Tril.
BANK NEGARA: Starts Share Sale That May Cut Gov't Stake to 73%
EXCELCOMINDO PRATAMA: Gross Income for 1st-Half 2007 Up 28%

HANOVER COMPRESSOR: Begins Tender Offer for US$550-Mil. Notes


J A P A N

BOSTON SCIENTIFIC: 2007 Q2 Sales Lowers by US$39 Million
DELPHI CORPORATION: Moves Bid Deadline to July 31
MITSUKOSHI LTD: Merger Talks with Isetan Not Yet Finalized
JVC CORP: Shares Fall to Lowest Since 2002 After Share Sales


K O R E A

HYNIX SEMICON: Overtakes Samsung Electronics in Chip Sale
HYNIX SEMICONDUCTOR: Targets US$18 Billion in 2010 Sales
KAFCO C&I CO: Signs KRW1.08-Bil. Supply Contract w/ Korean Firm
KINETIC CO: To Finalize US$5.5-Bil. Indonesia Coal Joint Venture
* Moody's Upgrades South Korea's Ratings to A3


M A L A Y S I A

DATAPREP HOLDINGS: To Carry Out Capital Reduction on July 31
MERGE ENERGY: Wants to Obtain MYR100MM in Contracts by Year-End


N E W  Z E A L A N D

ACEB-E LTD: Proofs of Debt Due on July 27
BAR BRANDS: Commences Liquidation Proceedings
DAWN RAID: Proofs of Debt Due on July 27
FENCEWAY NO.2: Appoints Grant Mackintosh as Liquidator
HYPER (2005): Fixes August 1 as Last Day to File Claims

KIWIMAPLE LTD: Enters Wind-Up Proceedings
MACHINERY MART: Creditors' Proofs of Debt Due Today
NCM NZ: Faces CIR's Wind-Up Petition
T N T FIRE: Subject to CIR's Wind-Up Petition
UNIMA GROUP: Court to Hear Wind-Up Petition Today


P H I L I P P I N E S

BANGKO SENTRAL: To Further Liberalize Foreign Exchange Regime
CHIQUITA BRANDS: Closes Sale of 12 Cargo Ships for US$227 Mil.
CHIQUITA BRANDS: Congressmen Want More Details on Firm's Case
CHIQUITA BRANDS: Unveils Rule 10b5-1 Stock Trading Plan Adoption
IPVG CORP: Partners with Korean Firm to Set up Language Schools

SAN MIGUEL: Plans PHP35-Billion Investment in Non-Core Ventures
SAN MIGUEL: Munechika Yokomizo Resigns as Company Director


S I N G A P O R E

CHINA AVIATION: To Release 2nd Qtr. Financial Results on Aug. 14
CHIVERO PTE: Court Enters Wind-Up Order
CREATIVE TECHNOLOGY: Delisting from NASDAQ Extended to Aug. 31
HIGH TECH: Accepting Proofs of Debt Until August 21
SPECTRUM BRANDS: Provides Further Projections for Fiscal 2007

VIDEOVAN ENTERTAINMENT: Commences Liquidation Proceedings


T H A I L A N D

DAIMLERCHRYSLER: New Bill Forces Chrysler to Drop Imperial Plans
DAIMLERCHRYSLER: Banks Seek Higher Interest for Chrysler Funding
DAIMLERCHRYSLER: New Bill Forces Chrysler to Drop Imperial Plans
TOTAL ACCESS COMMS: Reports THB1.3-Bil. Net Income for 2nd Qtr.
TOTAL ACCESS COMMS: Posts THB2.8-Bil. Net Income for 1st Half

TRUE MOVE: S&P Assigns 'B' Issue Rating to Sr. Unsecured Notes

     - - - - - - - -

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

ADVANCED MARKETING: Wants Sale Order on Baker & Taylor Enforced
---------------------------------------------------------------
Advanced Marketing Services, Inc., asks the United States
Bankruptcy Court for the District of Delaware to compel Baker &
Taylor, Inc., to pay the remaining US$6,216,222 due under their
Asset Purchase Agreement.

As reported in the Troubled Company Reporter on March 20, 2007,
Baker & Taylor completed the acquisition of the wholesale
operations of Advanced Marketing.  The transaction had been
approved on March 8, 2007.

Baker & Taylor's acquisition includes Advanced Marketing assets
through which it distributes bestsellers, children's books,
culinary titles, reference works, and other books to membership
warehouse clubs.  Baker & Taylor also acquired Advanced
Marketing's wholesale distribution operations in the United
Kingdom and in Mexico.

Under the agreement, the purchase price was to be paid in three
installments:

  -- on the closing date, US$20,000,000 plus certain additional
     sums, including 33.3% of the "Combined APG/AR Price";

  -- 30 days after the closing date, 33.3% of the Combined
     APG/AR Price; and

  -- 60 days after the Closing Date, 33.4% of the Combined
     APG/AR Price, minus US$1,000,000.

Pursuant to the terms of the APA, the amount of the Final
Payment should have been US$10,350,632.  However, B&T paid only
US$4,134,410 on May 18, 2007, leaving the US$6,200,000
shortfall.

Over the last several months, AMS tried to persuade B&T to pay
what it owes, B&T continues to withhold the amount.

To justify its refusal to pay, B&T has relied on unfounded and
patently erroneous interpretations of the Purchase Agreement.  
B&T has insisted it is entitled to US$2,043,969 held by AMS in
its ban account at the time of closing, on the ground that any
funds deposited in the account on or after 12:01 a.m. on March
19, 2007, belong to B&T.

AMS contends B&T's position is false.  AMS points out the
Purchase Agreement provides that any cash in its bank accounts
prior to 2:00 p.m. on March 19, 2007, belongs to it.  The
parties did not agree to an earlier or later date, AMS says.

B&T has also claimed that AMS is responsible for book returns in
transit prior to the closing.

AMS, however, points out that the parties expressly agreed that
unless a return was "received" by AMS -- that is, in AMS'
physical possession -- prior to 12:01 a.m. on March 19, 2007,
the return was an Assumed Obligation and was B&T's
responsibility.

B&T has also held that it is entitled to roughly US$4,000,000 in
deductions -- US$2,072,054 in co-op advertising deductions taken
by customers and US$2,654,606 in other deductions taken by
customers.

AMS contends that the Co-op Deductions cannot be deducted from
Accounts Receivable and they cannot reduce the Accounts
Receivable Price.  In addition, B&T's documentation did not even
identify the specific customer deductions comprising the
supposed US$2,654,606 in other deductions.

The Court's prompt intervention is necessary to confirm the
plain meaning of the Purchase Agreement, AMS asserts.

If the Court requires evidentiary hearing, AMS asks the Court to
compel B&T to place any remaining disputed amounts in escrow,
pending final adjudication of the issue.

AMS also wants B&T to pay its attorney's fees and costs.

                    About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,  
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

The Debtors' exclusive period to file a plan expires on Aug. 10,
2007.  (Advanced Marketing Bankruptcy News, Issue No. 14;
Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000).


ADVANCED MARKETING: Files Revised Reclamation Claims Report
-----------------------------------------------------------
Advanced Marketing Services, Inc., and its debtor-affiliates
delivered to the United States Bankruptcy Court for the District
of Delaware a revised reclamation claims report on July 6, 2007,
to reflect adjustments in the methodology used to determine the
date of receipt of goods.

The Reclamation Reports, including the initial report filed in
April 2007, contain two broad categories of claims -- claims
under Section 503(b)(9) and reclamation claims.  With respect to
Section 503(b)(9) claims, the Debtors determined the value and
amount of goods received during the 20-day period before the
Petition Date.  With respect to reclamation claims, the Debtors
determined the value and amount of goods received during the
period from 21 to 45 days prepetition.

To calculate the amounts set forth in the Initial Report, the
Debtors reviewed the purchase order freight terms for goods
received at their various distribution centers from November 14,
2006, through February 8, 2007.  If the purchase order freight
terms suggested that possession or title to the goods passed to
the Debtors as of the date of the bill of lading for the goods,
the Debtors used the bill of lading date -- instead of the
actual date of receipt at the distribution centers -- to
determine whether the goods were received by or sold to the
Debtors during the 45-day reclamation period.

After filing the Initial Report, the Debtors consulted with the
Official Committee of Unsecured Creditors and determined to make
the adjustments.  The Revised Report reflects the Debtors' use
of the date of actual receipt of both domestic and international
goods at their distribution centers to calculate the amount and
value of goods received during the reclamation period.

Goods sold by the Debtors prior to the receipt of a Reclamation
Claim, but subsequently returned by a customer prior to the
receipt of the Claim, were excluded from the calculations set
forth in the Revised Report.  The Debtors also looked to the
calendar day immediately prior to the receipt date of a
Reclamation Claim to determine whether or not goods were in
their possession.  The Debtors believe using this date avoids
confusion regarding shipments they made on the actual dates the
Reclamation Claims were received.

A full-text copy of the Revised Reclamation Report is available
at no charge at http://ResearchArchives.com/t/s?21bb

The Debtors ask the Court to allow the Reclamation Claims in
amounts set forth in the Revised Report as administrative
expense claims, subject to reduction for goods returned to the
reclaiming creditor.  The Debtors propose to pay the Reclamation
Claims in accordance with, and pursuant to the terms of, a
confirmed plan of reorganization or liquidation in their cases.

Any reclamation claimant disputing the amount set forth in the
Revised Report must file and serve an objection to the Debtors'
request by August 6, 2007.

The Debtors believe that the proposed treatment of Reclamation
Claims is fair and reasonable, and will likely avoid the costs
and risks attendant with litigation.

The Committee supports the Debtors' request.

                    About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,  
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

The Debtors' exclusive period to file a plan expires on Aug. 10,
2007.  (Advanced Marketing Bankruptcy News, Issue No. 14;
Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000).


AUSTRALIAN ROAD: Members Opt to Shut Down Business
--------------------------------------------------
At an extraordinary general meeting held on June 29, 2007, the
members of Australian Road Sound Pty Limited decided to shut
down the company's business.

Nicholas Giasoumi and Roger Darren Grant were appointed as
liquidators.

The Liquidators can be reached at:

         Nicholas Giasoumi
         Roger Darren Grant
         c/o Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


DOUGH DOCTOR: Commences Wind-Up Proceedings
-------------------------------------------
During a general meeting held on June 26, 2007, the members of
Dough Doctor Pty Ltd decided to voluntarily wind up the
company's operations and appointed Michael Wesley McCann as
liquidator.

The Liquidator can be reached at:

         Michael W. Mccann
         c/o Bedfords Corporate Recovery & Advisory
         Level 3, 695 Burke Road
         Camberwell, Victoria 3124
         Australia
         Telephone:(03) 9804 0211
         Facsimile:(03) 9804 0311


FINCORP GROUP: Relies on Fund Raising to Pay Debt, Among Others
---------------------------------------------------------------
Fincorp Group "relied too heavily on debt provided by banks,
funds raised from noteholders and the eventual development and
sale of the various properties" to "repay its existing debt and
interest obligations and to fund development and other costs,"
Madeleine Collins of Investor Daily quotes administrators
KordaMentha as saying.

According to Ms. Collins, Fincorp, in order to survive, kept
issuing prospectuses for its high-yield debentures to cope with
bank debts of AU$103.69 million and continued raising finances
from retirees.

KordaMentha, in its report, stated that among the reasons for
the failure of the Sydney-based property investment company are
attributed to poor accounting practices, misplaced and
incomplete files and a lack of sufficiently skilled staff,
relates Ms. Collins.

However, around 7000 security holders are expected to get some
money back after Becton Property Group bought nine of Fincorp's
10 properties.

                     About Fincorp Group

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

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

                          *     *     *

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

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

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


FINCORP GROUP: Founder's Wife Questioned by ASIC
------------------------------------------------
Fincorp Group founder's wife, Tiffany Krecichwost, accepted a
move to put the AU$600,000 sale of a commercial office
development once owned by the Sydney-based property investment
firm into an interest-bearing account following court action by
the Australian Securities and Investments Commission, reports
Danny John of The Age.

The ASIC, wrote Mr. John, questioned Mrs. Krecichwost's
allegedly AU$3 acquisition of the property in the outer Sydney
suburb of Camden.  

The ASIC has expressed doubts about the 2005 sale of the
property, which cost AU$1 million when Mrs. Krecichwost bought
the Fincorp subsidiary that owned it -- Macarthur Investment
Group.  KordaMentha administrators indicated the deal might have
been "uncommercial," prompting the ASIC to freeze the assets of
Mrs. Krecichwost and Macarthur Investment, Mr. John, reports.

However, Mrs. Krecichwost still seeks access to the AU$600,000,
which represents the money left over from the AU$2.6 million
sale as she needs it to pay back a loan for the same amount she
took out with a Sydney finance house, York Capital, the article
says.

                    About Fincorp Group

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

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

                          *     *     *

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

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

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


FORD MOTOR: AU Unit to Close Plant and Cut 600 Jobs
---------------------------------------------------
Ford Motor Australia says that it will close its Geelong engine
plant in 2010, cutting 600 jobs, the Australian Associated Press
reports.

The closure, according to AAP, will allow the company to improve
production efficiency and cut costs.

Declining sales for large vehicles had prompted the Geelong
plant to stop manufacturing its current six cylinder engine and
instead import a new, global Duratec V6 engine, for its locally
made Falcon, Falcon Ute and Territory models, AAP says.

AAP notes that Ford Australia President Tom Gorman said that the
company's decision was based on the industry-wide changes in
consumer behavior, including lower demand for large cars and the
corresponding increase in popularity of smaller, imported
vehicles.

Mr. Gorman added that the next stage in Ford's new manufacturing
strategy was to improve the capacity of its Campbellfield
manufacturing plant.

Meanwhile, Ewin Hannan of The Australian reports that those Ford
workers affected by the closure felt cheated.

Mr. Hannan quotes Australian Manufacturing Workers' Union
vehicle division federal secretary Ian Jones as saying that the
Ford workers "feel abandoned and they feel angry."

In an ABC News report, a spokeswoman from Ford confirmed that it
is looking at expanding its Broadmeadows operation and would
include adding a small car assembly line or exporting the Falcon
model to hopefully boost its production.

Australian Prime Minister John Howard, Mr. Hannan writes, said
the government will help Ford's Geelong engine plant workers
find new employment saying that the "economy is strong and
employment conditions are good" thus making it easy for people
to find alternative jobs.

                      About Ford Motor Co.

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

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

                          *    *    *

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

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


FORRESTER RIDGE: Placed Under Voluntary Wind-Up
-----------------------------------------------
On June 29, 2007, the members of Forrester Ridge Pty Ltd had a
meeting and agreed to voluntarily wind up the company's
operations.

Samuel Richwol of O'Keeffe Walton Richwol was appointed as
liquidator.

The Liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Chartered Accountants
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia


INSIDEOUT HOME: Undergoes Voluntary Liquidation
-----------------------------------------------
The members of Insideout Home Improvements & Renovations Pty Ltd
met on June 29, 2007, and agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

         Bruce N. Mulvaney
         c/o Bruce Mulvaney & Co
         Chartered Accountants
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia


JAMES F. GARRETT: Proofs of Debt Due on August 6
------------------------------------------------
James F. Garrett Pty Ltd, which is in liquidation, requires its
creditors to file their claims by August 6, 2007.

The company will declare dividend on August 9, 2007.

The company's liquidator is:

         Peter Goodin
         c/o Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone: 9882 6666


KINETIC CONCEPTS: Moody's Rates New US$500MM Facility at Ba2
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Kinetic
Concepts, Inc.'s new US$500 million senior secured revolving
bank facility.

Moody's expects the proceeds from the new facility to be used to
pay the outstanding balance on KCI's existing senior secured
term loan B and senior subordinated notes.  Moody's does not
expect KCI to draw significantly on their revolver over the next
twelve months since the company is able to internally fund
current cash requirements through its strong cash flow
production.

Earlier this month, Moody's upgraded Kinetic Concepts outlook to
positive from stable and affirmed the company's Corporate Family
Rating at Ba2.  The positive outlook reflects the expansion of
free cash flow and reduction of outstanding debt, which together
have contributed significantly to improve KCI's financial
flexibility and credit metrics.  Concurrently, Moody's affirmed
the Ba2 Corporate Family Rating.

Moody's assigned this rating:

-- Senior Secured Revolving Credit Facility, Ba2, LGD3, 34%

Moody's affirmed this rating:

-- Corporate Family Rating, Ba2

Moody's lowered this rating:

-- Probability of Default Rating, Ba3, from Ba2

Moody's will withdraw these ratings at the close of the
transaction:

-- Term Loan B, Ba2, LGD3, 40%
-- Senior Subordinated Notes, B1, LGD5, 87%

Moody's lowered the company's probability of default rating to
Ba3 from Ba2.  The new PDR reflects the change to an all first
lien bank capital structure with affirmative financial
covenants.  In connection with the transition to the all first
lien capital structure, and in accordance with our loss given
default methodology, Moody's increased the family recovery rate
for the debt capital of the issuer to 65% from 50% and lowered
the PDR to Ba3 from Ba2.  Although the lower PDR reflects a
higher default probability, the expected loss of the issuer
embedded in the Ba2 CFR remains the same.

The senior secured revolver is rated the same as the corporate
family rating.  The lack of positive notching reflects the
absence of loss absorption that was previously provided by the
presence of subordinated notes in the capital structure.

The outlook is positive.

Kinetic Concepts, Inc., headquartered in San Antonio, Texas,
provides therapies for advanced wound healing and for the
treatment and prevention of complications suffered by patients
as a result of immobility.  Revenues for the twelve months ended
March 31, 2007 were about US$1.4 billion.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.


KINETIC CONCEPTS: Earns US$58.1 Million in Second Quarter 2007
--------------------------------------------------------------
Kinetic Concepts Inc. reported net earnings for the second
quarter of 2007 were US$58.1 million, up 25%, compared to
US$46.6 million for the same period one year ago.  For the first
half of 2007, net earnings were US$111.6 million, up 17%
compared to US$95.1 million from last year.

Second quarter 2007 total revenue of US$396.7 million, an
increase of 20% from the second quarter of 2006.  Total revenue
for the first half of 2007 was US$765.5 million, an 18% increase
from the prior-year period.  Foreign currency exchange movements
favorably impacted total revenue for the second quarter and
first six months of 2007 by 2% compared to the corresponding
periods of the prior year.

At June 30, 2007, the company listed US$960.7 million in total
assets, US$459.4 million in total liabilities, and
US$501.3 million in total stockholders' equity.

"We continue to execute on our 2007 initiatives which include
further V.A.C.(R) penetration in established markets and
increased investment in research and development," said
Catherine Burzik, President and Chief Executive Officer of KCI.
"At the same time, we are driving fiscal discipline and global
alignment throughout the organization."

                         Revenue Recap

Domestic revenue was US$285 million for the second quarter and
US$552.6 million for the first six months of 2007, representing
increases of 19% and 17%, respectively, from the prior year due
primarily to increased rental and sales volumes for V.A.C. wound
healing devices and related disposables.

International revenue of US$111.6 million for the second quarter
and US$212.9 million for the first half of 2007 increased 22%
and 20%, respectively, compared to the prior year due primarily
to increased V.A.C. revenue.

Worldwide V.A.C. revenue was US$317.3 million for the second
quarter of 2007 and US$605.9 million for the first half of 2007,
representing increases of 24% and 21%, respectively, due
primarily to increased rental and sales volumes for V.A.C. wound
healing devices and related supplies.

Worldwide surfaces revenue was US$79.3 million for the second
quarter of 2007 and US$159.6 million for the first six months of
2007, representing increases of 7% and 6%, respectively, from
the corresponding periods of the prior year.

                          Profit Margins

Gross profit for the second quarter and first six months of 2007
was US$190.1 million and US$361.3 million, respectively,
representing increases of 25% and 19% from the same periods of
the prior year.

Operating profit for the second quarter and first six months of
2007 was US$90.1 million and US$173.3 million, respectively,
representing increases of 26% and 18% from the same periods of
the prior year.

                           Refinancing

KCI has received lender commitments to fund a new US$500 million
revolving credit facility due July 2012.  Upon closing, KCI
intends to use a portion of the new credit facility to repay the
outstanding balance of US$114.1 million due on our existing
senior credit facility due August 2010.  In addition, after the
required notice period, the company intends to redeem the
remaining US$68.1 million due under its 7-3/8% senior
subordinated notes due August 2013.  The closing of the new
credit facility is expected to occur on or about July 31, 2007,
subject to a number of conditions.  There can be no assurance,
however, that these conditions will be satisfied.

The proposed new financing is designed to provide enhanced
strategic and operational flexibility and capacity with fewer
and less restrictive covenants and a lower overall cost of
capital.

                             Outlook

KCI is increasing its projections for 2007 total revenue to
US$1.56 billion to US$1.59 billion based on continued demand for
its V.A.C. negative pressure wound therapy devices and related
supplies.  The company is also raising its projections for net
earnings per diluted share for 2007 to US$3.10 to US$3.20 per
share, based upon a weighted average diluted share estimate of
71 million to 72 million shares. The 2007 guidance includes
estimated charges associated with the debt refinancing
transaction of approximately US$7.5 million before income taxes.

                      About Kinetic Concepts

Kinetic Concepts Inc. (NYSE: KCI) -- http://www.kci1.com/--  
designs, manufactures, markets and provides a wide range of
proprietary products that can improve clinical outcomes while
helping to reduce the overall cost of patient care.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.

Moody's Investors Service assigned a Ba2 rating to Kinetic
Concepts, Inc.'s new US$500 million senior secured revolving
bank facility.


LEES SHOPFITTERS: Sets Joint Meeting for August 10
--------------------------------------------------
Lees Shopfitters (Victoria) Pty Ltd, which is in liquidation,
will hold a joint final meeting for its members and creditors on
August 10, 2007.

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

The company's liquidator is:

         Norman K. Jones
         c/o Courtney Jones & Associates
         Insolvency & Forensic Accountants
         Level 1, Suite 5
         443 Lt Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9602 2133
         Facsimile:(03) 9600 1524


MOONEY WEBB: Members Agree on Voluntary Liquidation
---------------------------------------------------
The members of Mooney Webb Pty Ltd met on June 29, 2007, and
agreed to voluntarily liquidate the company's business.

Nicholas Giasoumi and Roger Darren Grant were appointed as
liquidators.

The Liquidators can be reached at:

         Nicholas Giasoumi
         Roger Darren Grant
         c/o Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


MULTIPLEX GROUP: Expert Says AU$4.23BB Takeover Offer is Fair
-------------------------------------------------------------
Various reports, citing an independent expert, say that the
AU$4.23 billion takeover offer by Canada's Brookfield Asset
Management for construction company Multiplex Group is fair and
reasonable and is unlikely to be contested.

According to a report by Australian Associated Press,
independent expert Grant Samuel and Associates expresses that
"At AU$5.05 per security, the Brookfield offer is above the
lower end of Grant Samuel's estimated value range for Multiplex
and therefore represents fair value in a change of control
transaction."

Reportedly, Grant Samuel and Associates valued Multiplex
securities between AU$4.62 and AU$5.62.

The largest stakeholder of Multiplex, the Roberts Family has
already supported the AU$4.23 billion offer of Brookfield
claiming that they had no involvement in the Brookfield offer.

The Roberts family's 26% stake is owned by children of the
founder John Roberts -- Andrew Roberts, his brother Tim, and
sister Denby Macgregor -- reports Bridget Carter of The Courier
Mail.  

Ms. Carter conveys that if the Brookfield offer is successful,
the family will walk away with about AU$1 billion.

Carolyn Cummins of Commercial Property reports that the
Multiplex board of directors has deemed the offer fair and
reasonable and advised investors to accept by August 30, 2007.

A statement released by the company shows that Multiplex holders
will be eligible for the security distribution of about 10c for
the half-year to June 30, Ms. Cummins relays.

                    About Mulitplex Group

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley.

The Troubled Company Reporter-Asia Pacific reported on Aug.  18,
2006, that Multiplex Group's financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


PENN YAN: Will Declare Dividend on August 15
--------------------------------------------
A dividend will be declared for the creditors of Penn Yan Pty
Ltd on August 15, 2007.

Creditors who were not able to file their claims by July 27, are
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Paul Burness
         c/o Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5511
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au


SCAMPOLA PTY: Will Declare First & Final Dividend on August 9
-------------------------------------------------------------
Scampola Pty Ltd, which is in liquidation, will declare the
first and final dividend on August 9, 2007.

Creditors who cannot file their proofs of debt by August 6,
2007, will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone: 9882 6666


WEBBSOFT SOLUTIONS: Members & Creditors to Meet on August 10
------------------------------------------------------------
The members and creditors of Webbsoft Solutions Pty Ltd will
meet on August 10, 2007, at 11:30 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Norman K. Jones
         c/o Courtney Jones & Associates
         Insolvency & Forensic Accountants
         Level 1, Suite 5
         443 Lt Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9602 2133
         Facsimile:(03) 9600 1524


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

BARCLAYS BANK: Members Tap John Robert Lees as Liquidator
---------------------------------------------------------
On July 11, 2007, the members of Barclays Bank (Hong Kong
Nominees) Limited passed a resolution to appoint John Robert
Lees as the company's liquidator.

The Liquidator can be reached at:

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


BARCLAYS CAPITAL: Appoints John Robert Lees as Liquidator
---------------------------------------------------------
John Robert Lees of John Lees & Associates Limited was appointed
as liquidator of Barclays Capital Asia Nominees Limited on
July 10, 2007.

Mr. Lees can be reached at:

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


CAPITAL SHIPPING: Accepting Proofs of Debt Until August 21
----------------------------------------------------------
Capital Shipping and Transport Consultants Limited is accepting
proofs of debt from its creditors August 21, 2007.

Creditors must comply with the requirement to be included in the
company's dividend distribution.

The company's liquidators are:

         Lai Kar Yan, Derek
         Darach Eoghan Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


CHINA ELECTRONIC: Faces Ingram Micro's Wind-Up Petition
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of China Electronic Information Technology Limited on
August 29, 2007, at 9:30 p.m.

Ingram Micro (China) Limited filed the petition on June 26,
2007.

Ingram Micro's solicitor is:

         Tsang, Chan & Wong
         Wing On House, 16th Floor
         No. 71 Des Voeux Road, Central
         Hong Kong


EMI GROUP: S&P Says Ratings Remain on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+/B' long-
and short-term corporate credit ratings and 'B+' senior
unsecured debt ratings on U.K.-based music major EMI Group PLC
remain on CreditWatch with negative implications.  The 'B+'
senior unsecured debt ratings on related entities Capitol
Records Inc. and EMI Group Finance (Jersey) Ltd. also remain on
CreditWatch negative.

"The maintenance of the ratings on CreditWatch reflects today's
announcement that Maltby Ltd., a company formed at the direction
of private equity house Terra Firma, further extended its offer
for EMI shares to July 29, 2007," said Standard & Poor's credit
analyst Patrice Cochelin.

The transaction, if successful, will likely entail a substantial
increase in leverage for EMI, as Maltby has secured
GBP2.5 billion in term debt and a GBP350 million revolving
credit facility. At March 31, 2007, EMI had GBP1.3 billion in
gross unadjusted debt.  Although the underlying value of EMI's
music rights and the recorded business can be successfully
realized and developed over time, in the near future the company
faces a revenue shortfall, as growing digital music sales fail
to bridge the gap created by a continuing decline in CD
shipments.

"We will review the ratings on EMI as more information on
ownership and potential capital structures becomes available,"
said Mr. Cochelin.

S&P will review separately the rating implications of a change-
of-control event on the issue ratings.

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


FERRO CORP: Inks Pact with Buyers in Antitrust Violation Suit
-------------------------------------------------------------
Ferro Corporation has entered into an agreement with the direct
purchasers in a class action civil lawsuit related to alleged
antitrust violations in the heat stabilizer industry.  Although
Ferro has decided to bring this matter to a close through
settlement, thecCompany does not admit any of the alleged
violations and continues to deny its liability.  The settlement
agreement must be approved by the United States District Court
for the Eastern District of Pennsylvania.

The direct purchasers class action lawsuit was filed along with
two other actions after the United States Department of Justice
requested documents from the Company in 2003 in connection with
its investigation into possible antitrust violations in the heat
stabilizer industry.  In April 2006, the Department of Justice
notified Ferro that it had closed its investigation and that the
company was relieved of any obligation to retain documents that
were responsive to the Department of Justice's earlier document
request.  Before closing its investigation, the Department of
Justice took no action against the company or any of its current
or former employees.

Ferro is vigorously defending the remaining two civil actions
alleging antitrust violations in the heat stabilizer industry.  
In addition, Ferro believes that it has a claim for
indemnification by the former owner of Ferro's heat stabilizer
business for the defense of these lawsuits and any resulting
payments by Ferro, including the US$6.25 million payments to the
class of direct purchasers and PolyOne Corporation.  As the
remaining two actions currently are in their preliminary stages,
Ferro cannot determine their outcomes at this time.

As a result of the settlement agreement and as part of Ferro's
second quarter financial results, Ferro will record a
US$6.25 million reserve for a US$5.5 million settlement payment
to the direct purchasers and a US$750,000 settlement payment to
PolyOne Corporation, which opted out of the class of direct
purchasers and entered into a separate settlement agreement with
Ferro.  The settlement agreement with PolyOne Corporation did
not require payment until Ferro entered into a settlement
agreement with the class of direct purchasers.  The impact of
the reserve settlement is expected to lower net income per share
for the second quarter, ended June 30, 2007, by approximately 10
cents.  Previously, Ferro had indicated that it expected to earn
approximately 16 to 21 cents per share in the quarter, including
4 cents for charges related to its manufacturing rationalization
programs.


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

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

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

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

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


JELLOWAY LIMITED: Members to Receive Wind-Up Report on August 22
----------------------------------------------------------------
The members of Jelloway Limited will meet on August 22, 2007, at
10:30 a.m., to hear the liquidator's report about the company's
wind-up proceedings and property disposal.

The meeting will be held on 905 Silvercord, Tower 2 at 30 Canton
Road, Tsimshatsui in Kowloon, Hong Kong.


KO CHEUNG: Enters Wind-Up Proceedings
-------------------------------------
At an extraordinary general meeting held on July 20, 2007, the
members of Ko Cheung Tat Limited passed a resolution to
voluntarily wind up the company's operations and appointed Tseng
Jen-I as liquidator.

The Liquidator can be reached at:

         Tseng Jen-I
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong


LOYAL TALENT: Names Wu Yuen Cheong as Liquidator
------------------------------------------------
On July 20, 2007, Wu Yuen Cheong was appointed as liquidator of
Loyal Talent Engineering Limited.

The Liquidator can be reached at:

         Wu Yuen Cheong
         Seapower Tower, Unit 9-10, 27th Floor
         Concordia Plaza, 1 Science Museum Road
         Tsim Sha Tsui, Kowloon
         Hong Kong


PETROLEOS DE VENEZUELA: Investing US$3.5B to Buy Drilling Rigs
--------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will invest about US$3.5 billion to acquire
new drilling rigs.

Business News Americas relates that Petroleos de Venezuela
endured labor unrest at rigs during the nationalization of
several rigs in western parts of Venezuela and continued
problems in obtaining new rigs.

Petroleos de Venezuela said in a statement that it spends an
average of VEB25.4 million per rig a day to fund rigs operated
by third parties.  It spends VEB17.6 million to run each of its
own rigs.  There are about 112 rigs in Venezuela, 33 of which
belong directly to the firm.

This year's rig goal had been decreased to 120 from the original
goal of 190, published reports say, citing Petroleos de
Venezuela head and energy minister Rafael Ramirez.  The country
has faced difficulties in finding rig constructors to
participate in Venezuelan bids.

According to the press, Petroleos de Venezuela turned away from
traditional rig contractors due to:

          -- a law requiring contract winners to donate 10% of
             the contract value to social causes,

          -- increased international demand,

          -- corruption scandals, and

          -- ongoing threat of nationalization.

Petroleos de Venezuela said in a statement that it reached an
accord with China for the acquisition of new rigs.  About 13
rigs will first be imported from China.  Future Chinese rigs
will be assembled in Venezuela.  Almost 140 Petroleos de
Venezuela engineers are in China developing a plan to construct
rigs completely in Venezuela.

Petroleos de Venezuela told BNamericas that it would need to
have about 202 rigs to reach its 2012 Plan Siembra Petrolera
goal of producing 5.8 million barrels per day.  
A total US$34.9 billion will be invested in Venezuela to reach
the goal.

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

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


SEARA INDUSTRIAL: Court to Hear Wind-Up Petition on August 29
-------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Seara Industrial Limited on August 29, 2007, at
9:30 a.m.

The petition was filed by Fong Chui Shan on June 25, 2007.


STONERIDGE INC: Commences Tender Offer for 11-1/2% Senior Notes
---------------------------------------------------------------
Stoneridge Inc. has commenced a tender offer for any and all of
the US$200 million principal amount outstanding of its 11-1/2%
Senior Notes due 2012.

In connection with the tender offer, Stoneridge is soliciting
consents to certain proposed amendments to the indenture
governing the notes.  The terms and conditions of the tender
offer and related consent solicitation are described in an Offer
to Purchase and Consent Solicitation Statement dated July 20,
2007.

The tender offer will expire at midnight, New York City time, on
Aug. 16, 2007, unless extended or earlier terminated.  The
solicitation will expire at midnight, New York City time, on
Aug. 2, 2007, unless extended by Stoneridge.

Holders tendering their notes must consent to the proposed
amendments to the notes and to the indenture governing the
notes. The proposed amendments would eliminate most of the
restrictive covenants contained in the indenture and the notes
and certain related events of default.  Holders may not tender
their notes without also delivering consents and may not deliver
consents without also tendering their notes.

The total consideration per US$1,000 principal amount of the
notes is US$1,060, which includes a consent payment of US$20 per
US$1,000 principal amount of the notes.  Holders of the notes
must validly tender and not validly withdraw their notes and
validly deliver and not validly revoke their consent on or prior
to the consent date in order to be eligible to receive the total
consideration for notes purchased in the tender offer.

Holders who validly tender their notes after the consent date
and on or prior to the expiration date will be eligible to
receive the tender offer consideration, which is an amount paid
in cash equal to the total consideration less the consent
payment.  In each case, holders whose notes are accepted for
payment in the tender offer will receive accrued and unpaid
interest in respect of such purchased notes from the last
interest payment date to the applicable payment date.

Stoneridge reserves the right, at any time after the consent
date but prior to the expiration date, to accept for purchase
all the notes validly tendered prior to the early acceptance
time.  If Stoneridge elects to exercise this option, it will pay
the total consideration or tender offer consideration for the
notes accepted for purchase at the early acceptance time
promptly thereafter.

Subject to the terms and conditions of the tender offer,
Stoneridge will, on a date following the expiration date, accept
for purchase all the notes validly tendered prior to the
expiration date.  Stoneridge will pay the total consideration or
tender offer consideration, for the notes accepted for purchase
at the final acceptance time promptly thereafter.

The tender offer and consent solicitation are made upon the
terms and conditions set forth in the statement.  The tender
offer and consent solicitation are subject to the satisfaction
of certain conditions, including Stoneridge's receipt of
proceeds upon closing a new US$200 million senior secured term
loan facility on or prior to the early acceptance time or the
final acceptance time, as the case may be, on terms satisfactory
to Stoneridge, which proceeds, together with available cash,
will be used to purchase the notes and make consent payments.

The closing of the US$200 million term loan is subject to the
execution of a definitive credit agreement and other customary
closing conditions.

Stoneridge has retained Credit Suisse to act as the dealer
manager for the tender offer and as solicitation agent for the
consent solicitation, and they can be contacted at (212) 325-
7596 (collect).  Requests for documentation may be directed to
Global Bondholder Services Corporation, the Information Agent,
which can be contacted at (212) 430-3774 (for banks and brokers
only) or (866) 612-1500 (for all others toll-free).

                       About Stoneridge Inc.

Headquartered in Warren, Ohio Stoneridge, Inc. --
http://www.stoneridge.com-- is an independent designer and  
manufacturer of highly engineered electrical and electronic
components, modules and systems principally for the automotive,
medium- and heavy-duty truck, agricultural and off-highway
vehicle markets.

The company has Asian manufacturing and sales offices in China,
Japan, and Korea.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Stoneridge Inc. to 'B+'
from 'BB-' and to 'B' from 'B+', respectively.
     
At the same time, Standard & Poor's affirmed its 'BB' senior
secured credit facility rating.  The ratings were removed from
CreditWatch, where they were placed with negative implications
on March 9, 2006.


UNCIA LIMITED: Liquidator to Give Wind-Up Report on August 22
-------------------------------------------------------------
Uncia Limited will hold a meeting for its members on August 22,
2007, at 11:00 a.m., on Unit 408-9 of Harbour Center, Tower 1,
at 1 Hok Cheung Street, Hunghom in Kowloon, Hong Kong.

Liu Yuk Ming Stephen, the company's liquidator, will give at the
meeting, a report about the company's wind-up proceedings and
property disposal.


VAST CHOICE: Members to Hold Final Meeting on August 20
-------------------------------------------------------
A final meeting will be held for the members of Vast Choice
Development Limited on August 20, 2007, at 3:00 p.m., on the
13th Floor of Gloucester Tower, The Landmark, on 15 Queen's Road
Central, Hong Kong.

Wong Kwok Man and Alison Wong Lee Fung Ying, the appointed
liquidators, will give at the meeting, a report about the
company's wind-up proceedings and property disposal.


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

GENERAL MOTORS: Denies Plans to Build Czech Site
------------------------------------------------
General Motors Corp. has no plans to construct a car plant in
the Czech Republic for now, contrary to reports circulated by
Czech media, The Financial Times reports, citing a weekly
publication, as its source.

According to the report, the carmaker is instead considering
locations further to the east, in Ukraine, Russia and
Kazakhstan.  The Czech Republic is "not attractive" for GM in
terms of availability or cost of labor, the Euro report quotes a
source as saying.

Chris Lacey, GM's executive director for central and eastern
Europe, after revealing that GM has abandoned its plan to
acquire the Romanian plant of bankrupt Daewoo, noted that the
region was still attractive for GM, FT relates, quoting the Euro
story.

Mr. Lacey mentioned several countries, including the Czech
Republic, where the sale of Chevrolet has grown markedly.  This,
the report says, may have been the jump-off point for the
ongoing speculations.

                      About General Motors

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

                            *   *   *

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

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


IMAX CORP: Moody's Junks Rating on High Financial Risk
------------------------------------------------------
Moody's Investors Service confirmed the Caa1 corporate family
and the Caa1 probability of default ratings for IMAX Corporation
as well as the Caa2 rating on its senior unsecured bonds.

The ratings confirmation follows the company's successful filing
of its Form 10-K for 2006 and its Form 10-Q for March 2007,
which cures the default and alleviates the risk of bondholder
acceleration due to the previous breach of the company's
financial reporting covenant.  

In addition, fundamental operating metrics such as systems
signings and film performance suggest the ability of IMAX to
manage the business and the willingness of both studios and
exhibitors to sign new contracts despite the overhang of
accounting problems.

Moody's also changed the outlook to positive from under review
for downgrade, reflecting the potential for an upgrade over the
near to intermediate term.  This action concludes the review
commenced July 2.

A summary of actions:

   * IMAX Corporation

   -- Corporate Family Rating, Confirmed at Caa1;
   -- Probability of Default Rating, Confirmed at Caa1;
   -- Senior Unsecured Bonds, Confirmed at Caa2, LGD 4, 59%;
   -- Outlook, Changed To Positive From Rating Under Review.

The Caa1 corporate family rating reflects the lack of visibility
regarding IMAX's long term cash flow prospects, high financial
risk, as well as execution risk related to the strategic
transition to increased use of joint ventures and the
development of the new digital system.  Adequate liquidity from
balance sheet cash and its revolving credit facility, a highly
enforceable backlog of signed contracts, and the value of the
IMAX brand support the ratings.

Headquartered jointly in New York City and Toronto, Canada, IMAX
Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one of  
the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film  
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.


MYSORE CEMENTS: First Quarter Net Profit Soars to INR257.18 Mil.
----------------------------------------------------------------
Mysore Cements Ltd.'s net profit jumped by 657% to
INR257.18 million in the first quarter ended June 30, 2007, from
INR36.35 million in the same quarter last year.

Revenues rose 26% to INR1.66 billion, with sales totaling
INR1.96 billion.  Expenses for the April-June 2007 quarter
aggregated INR1.34 billion, bringing the operating profit to
INR317.51 million.

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

               http://ResearchArchives.com/t/s?21d0

Mysore Cements Ltd. is engaged in the cement business.  Its
products include cement, sponge iron and M.S. ingots.

The company reported at least two consecutive yearly net losses
-- INR899.09 million in the year ended March 31, 2006, and
INR247.87 million in the year ended March 31, 2005.

The board of directors has decided to adopt a calendar year end,
changing it from the financial year-end (March 31).  For the
last audited period (the nine-month period from April 1, 2006,
to December 31, 2006), the company booked a net loss of
INR98.62 million on revenues totaling INR4.22 billion.


MYSORE CEMENTS: Considers Expanding Plants' Capacity
----------------------------------------------------
Mysore Cements Ltd's board of directors has discussed about the
possibility of exploring expansion of capacity at its existing
plants, according to a filing with the Bombay Stock Exchange.  

The company will be preparing market studies and feasibility
reports for the expansion plans.  After preparation of the said
reports the same will be submitted to the board for its
consideration.

Mysore Cements Ltd. is engaged in the cement business.  Its
products include cement, sponge iron and M.S. ingots.

The company reported at least two consecutive yearly net losses
-- INR899.09 million in the year ended March 31, 2006, and
INR247.87 million in the year ended March 31, 2005.

The board of directors has decided to adopt a calendar year end,
changing it from the financial year-end (March 31).  For the
last audited period (the nine-month period from April 1, 2006,
to December 31, 2006), the company booked a net loss of
INR98.62 million on revenues totaling INR4.22 billion.


SOUTHERN IRON STEEL: Books INR150-Mil. Net Profit in 1st Quarter
----------------------------------------------------------------
Southern Iron & Steel Company recorded a net profit of
INR150.34 million in the first quarter ended June 30, 2007,
almost 13 times the profit booked in the same quarter in 2006.

Compared to the April-June 2006 revenues, the company's total
income almost doubled to INR2.39 billion in the latest quarter
under review.  Expenditures totaled INR1.92 billion, hence an
operating profit for the June 2007 quarter of INR476.48 million.

The company noted in its first-quarter financial results as
filed with the Bombay Stock Exchange that it is currently
implementing an expansion project to expand the capacity from
0.3 million tonnes per annum to 1.0 mtpa, which initially
involved an estimated capital expenditure of INR7.5 billion in
three phases.  The company had to reconfigure the plant
facilities and processes for better efficiencies resulting in a
revision in investment at INR9.15 billion.  The expenditure
incurred as of July 19, 2007, is INR8.96 billion.

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

               http://ResearchArchives.com/t/s?21d2

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and May 17,
2008.


SOUTHERN IRON STEEL: Shareholders Okay Preferential Issue
--------------------------------------------------------
Southern Iron & Steel Company Ltd's shareholders approved the
preferential issue or allotment of the company's equity shares
to banks and financial institutions at a premium of INR52 per
share, according to a filing with the Bombay Stock Exchange.
The shareholders made the move at the company's Annual General
Meeting held on July 19, 2007.

The preferential issue is pursuant to the conversion of the
company's optionally convertible loans under the company's
corporate debt restructuring scheme.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and May 17,
2008.


SPICEJET LTD: Ryan Air Promoter Eyes Firm, Report Says
------------------------------------------------------
European low-cost carrier Ryan Air is doing a due diligence in
SpiceJet Ltd, Saurabh Sinha of The Times News of India reports
without citing sources.

As previously reported in the Troubled Company Reporter-Asia
Pacific, the Indian airline carrier is planning to divest up to
10% equity and hopes to raise more funds by issuing fresh
equity.  It will use the funds for its operations and to buy
additional aircraft.  SpiceJet, The Times says, is trying to
raise US$40 million to, among others, increase its current fleet
strength from 11 to 18 by next year.  The carrier is also
nurturing with the idea of flying abroad, the news agency adds.

The Times believes that promoter of Ryan Air, instead of Ryan
Air itself, to be investing in the Indian company since current
rules prohibits foreign airlines to invest directly in an Indian
carrier.   Promoters can buy shares in their individual
capacity, subject to a condition that 51% stake held by Indians,
the news agency explains.  Declan Ryan of the Ryan family had
held talks with SpiceJet management, according to the newspaper.

SpiceJet CEO Siddhanta Sharma, however, denied that it was
looking at the European company for investment.  "Declan Ryan
and another board member of his airline were going from London
to Australia to attend Tiger Airline's board meeting.  We
requested them for stopover here and look at our model, if there
are ways we can further improve our cost efficiency, which is
anyway the lowest in India," The Times quoted the CEO as saying.

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

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

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


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

BANK DANAMON: Loans Up 20% Due to Micro, Small & Medium Segments
----------------------------------------------------------------
PT Bank Danamon Indonesia Tbk. disclosed a consolidated net
profit after tax of IDR1,020 billion for the first semester of
2007; up by 83% from IDR558 billion recorded for the same period
in 2006. Bank Danamon's loans grew by 20% year-on-year to
IDR46,394 billion, driven by loans disbursed to the micro, small
and medium, or 'UMKM' segments.

"Our macro economic environment has continued to stabilize over
the past several quarters, and the first semester of this year
has indeed been very favorable for many sectors in the economy.
This has contributed to the improving demand for loans, which we
believe will sustain throughout the second semester of this
year," stated Sebastian Paredes, President Director of Bank
Danamon.  "We are confident in achieving our target loan growth
of above 20% for 2007," he added.

For the first semester of 2007, Bank Danamon recorded a net
interest income of IDR3,381 billion, or 29% higher compared to
IDR2,618 billion for the same period last year.  Its operating
income was Rp 4,423 billion, or up 35% from IDR3,269 billion for
the first semester last year.  Hence, Bank Danamon reported
Basic Earnings per Share of IDR204.87, up from IDR113.64 for the
first six months of last year, while ROAA reached 2.4% and ROAE
was 22.6%

"Loans extended to the micro, small and medium segments have
continued to be a significant driver of Bank Danamon's loan
growth.  Our loans to these segments have increased by 34% to
IDR16,247 billion from IDR12,120 billion at the end of the first
semester of last year," remarked Vera Eve Lim, Director and
Chief Financial Officer of Bank Danamon.  Loans to these UMKM
segments now form 35% of Bank Danamon's loan portfolio.
Furthermore, micro-business loans through the Danamon Simpan
Pinjam Self Employed Mass Market increased by 74% during the
one-year period.  "In line with Bank Danamon's continued loan
growth, our Loan to Deposit Ratio also continued to improve,"
Ms. Vera added.  The Bank's LDR reached 75.5% as of June 30,
2007 -- among the highest in Indonesia's banking sector.

Bank Danamon's commercial loans increased by 15% year-on-year,
to IDR5,893 billion, while its corporate loans amounted to
IDR7,461 billion. Supported by the introduction of various new
products and promo programs, Bank Danamon's consumer loans has
expanded by 22%, or by IDR2,916 billion compared to the first
semester of 2006, reaching IDR16,212 billion at the end of June
2007.  "Our syariah financing also increased by 101% year-on-
year, from IDR154 billion to IDR310 billion, while total assets
increased by 60%, reaching IDR550 billion from IDR345 billion
for the same period last year," Ms. Vera added.

"As of June 30, 2007, Bank Danamon's total deposits reached
IDR61,294 billion, or up by 18% year-on-year, and will be able
support our loan growth," said Ms. Vera.  The Bank's long term
funding rose by 21% to IDR9,702 billion as of the end of the
first semester 2007 following the successful issuance of
IDR 1.5 trillion senior bonds last May.  This initiative is part
of Bank Danamon's strategy to reduce the asset liability
maturity mismatch as well as to diversify the funding sources.

Bank Danamon's loan growth has been accompanied by close
monitoring of asset quality.  Its net NPL remained zero as loss
coverage ratio reached 153%, after taking into account the
collateral value, while its gross NPL stood at 3.1% at the end
of June 2007.  Bank Danamon's total asset increased by 18%
within a one-year horizon, reaching IDR88,043 billion from
IDR74,503 billion at the end of the first semester last year.
Capital Adequacy Ratio remained well above regulatory
requirements, at 20.5%.

                      About Bank Danamon

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

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

The specific ratings changes are as follows:

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

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

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

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

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

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

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

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '4'.

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


BANK DANAMON: To Raise Capital for Syariah Business Units
---------------------------------------------------------
PT Bank Danamon Indonesia Tbk plans to raise the capital of its
syariah business units to develop the constantly increasing
syariah funding, Antara News reports.

The report relates that Vera Eve Lim, Bank Danamon's finance
director, said that they also have to increase the capital, not
only to meet the regulations, but their commitment as well to
funding the syariah system.

Danamon's syariah funding has been constantly on the rise.  The
funding for the syariah segment had increased by 101% from
IDR154 billion to IDR310 billion, while the total assets of the
Syariah Business Units had reached IDR550 billion, the report
notes.

The report relates that Bank Danamon's syariah affairs director,
Hendarin Sukarmadji, said that the bank will raise its Syariah
Business Unit funding under a profit sharing scheme.  This year,
the Syariah Business Unit's assets reached 0.6% compared to Bank
Danamon's total assets of 0.12%.

The total syariah assets is still relatively small, since
Danamon's Syariah system is also small compared to the fast
growing Bank Danamon.  Ms. Sukarmadji hopes that the syariah
assets will reach 0.75% to 1% by end of the year, the report
says.

The report adds that in increasing the number of the Syarhiah
Business Units, no more new branch offices will be set up in
view of BI's office chandelling policy under which allows
funding transactions which has facilitated development.  The OC
policy would enable the Syariah Business Units to make use of
all the Bank Danamon branch offices across Indonesia.

                     About Bank Danamon

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

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

The specific ratings changes are as follows:

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

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

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

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

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

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

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

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '4'.

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


BANK INTERNASIONAL: 1st-Half Net Profit Falls 18% to IDR28 Tril.
----------------------------------------------------------------
PT Bank Internasional Indonesia Tbk's 2007 first-half net profit
fell 18% to IDR289.66 billion from the IDR352.25-billion net
profit reported in the same period in 2006, Reuters reports.

According to the report, the bank's net profit fell despite an
around 17% year-on-year expansion in outstanding loans, in both
rupiah and foreign currencies, to IDR28.03 trillion
(US$3.10 billion) at the end of June.

Its net interest income fell to IDR1.21 trillion from
IDR1.4 trillion over the January-June period, taking its net
interest margin to 4.86% from 5.33%.

The report points out that the lower net profit came after two
other Indonesian banks of a similar size, PT Bank Danamon Tbk
and PT Bank Niaga Tbk, reported strong first-half results.

Reuters explains that Indonesia's banking sector faced tough
times last year due to soaring interest rates as the central
bank tried to put a lid on rising inflation, but is on the road
to recovery with Bank Indonesia cutting rates.

                    About Bank Internasional

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

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

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

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

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


BANK NEGARA: Starts Share Sale That May Cut Gov't Stake to 73%
--------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk started a week of
marketing for a share sale that could see the Government cut its
99% stake in the lender to about 73%, FinanceAsia reports.

According to FinanceAsia, the share sale will also allow
international investors to gain exposure to one of Indonesia's
largest banks at a time when the country's economy is growing
fast.

The report says that the Ministry of State-Owned Enterprises
will sell about 3.48 billion existing shares at a price between
IDR2,050 and IDR2,700, which could see it raise up to
IDR9.38 trillion.

Bank Negara closed at IDR2,650 last Friday after gaining 148% in
the past 12 months, and after the details of the offering were
disclosed, another 3.8% was added to a new multi-year high of
IDR2,750, the report relates.

JPMorgan and Bahana Securities has been hired by the bank to
arrange the follow-on offering, with the bank issuing up to
1.99 billion new shares that will be offered to the existing
shareholders through a rights issue, the report says.  The price
of the rights offer has been set at IDR2,025 but is still
subject to change.

The Government has said that it intends to buy its full
entitlement, which at the current price would suggest Bank
Negara will raise IDR4.03 billion in fresh capital from the
government sell-down, the report notes.

The report explains that Bank Negara isn't a very popular among
international investors due to limited free-float, thus
explaining the existence of the three separate teams on the road
at the moment.  The teams are trying to gain support for the
deal in Asia, Europe and the United States since majority of the
shares are expected to be internationally sold but a there will
still be a separate offering to retail investors.

The final price is expected to be set by July 30 or 31, 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'.


EXCELCOMINDO PRATAMA: Gross Income for 1st-Half 2007 Up 28%
-----------------------------------------------------------
PT Excelcomindo Pratama Tbk's gross income in the first half of
2007 rose 28% to IDR3.7 trillion from the figure reported for
the same period last year due to successful service programs
offered to subscribers, Antara News reports.

According to the report, the company said in a statement that
the number of subscribers in the first semester increased 22% to
10.2 million from 8.4 million in the corresponding period last
year.  While the income before interest, tax, depreciation and
amortization in the January-June 2007 period also rose up to 29%
to IDR1.6 trillion from 1.2 trillion in the same period last
year.

Hasnul Suhaimi, XL President Director, said that they spent
IDR2.9 trillion on capital expenditure in the first six months
to June to improve service quality as well as to expand service
networks, the report relates.

The report adds that last year, the company's capital
expenditure reached IDR2.3 trillion.

                   About Excelcomindo Pratama

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

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

                          *     *     *

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

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


HANOVER COMPRESSOR: Begins Tender Offer for US$550-Mil. Notes
-------------------------------------------------------------
Hanover Compressor Company has commenced cash tender offers for
US$550 million of its outstanding senior notes on the terms and
subject to the conditions set forth in the company's Offer to
Purchase and Consent Solicitation Statement dated July 19, 2007.  
The company is soliciting consents from the holders of the Notes
that would effect certain proposed amendments to the indentures
governing the Notes to, among other things, eliminate
substantially all of the restrictive covenants and eliminate or
modify certain events of default.

The tender offers will expire at 5:00 p.m., New York City time,
on Aug. 17, 2007, unless extended or earlier terminated by the
company.  The company reserves the right to terminate, withdraw
or amend the tender offers and consent solicitations at any time
subject to applicable law.

The Total Consideration (as to each Series) payable per US$1,000
principal amount of Notes validly tendered and not validly
withdrawn prior to 5:00 p.m., New York City time, on
Aug. 1, 2007, and accepted for payment pursuant to an Offer will
be a price equal to (a) the present value on the payment date of
the sum of (i) the amount the issuer would be required to pay on
Notes on the date on which Notes become redeemable at a set
redemption price as set forth in the table above (as to each
Series, the Repayment Price and Repayment Date, respectively)
and (ii) the amount of interest that would accrue and be payable
from the last date on which interest has been paid to the
Repayment Date, where, in the case of (i) and (ii), the present
value is determined on the basis of a yield to the Repayment
Date equal to the sum of (x) the bid-side yield on the
applicable U.S. Treasury Note, as calculated by Wachovia
Securities in accordance with standard market practice, based on
the bid price for the Reference Security, as of 2:00 p.m., New
York City time, on Aug. 3, 2007, which is ten business days
preceding the scheduled Expiration Time, subject to adjustment
as provided in the tender offer documents, as displayed on the
applicable Reference Page of the Bloomberg Government Pricing
Monitor Page set forth in the table above, plus (y) 50 basis
points, such price being rounded to the nearest cent per
US$1,000 principal amount of Notes, minus (b) accrued and unpaid
interest.  The Tender Offer Consideration (as to each Series)
payable per US$1,000 principal amount of Notes validly tendered
after the Consent Payment Deadline, not validly withdrawn and
accepted for payment pursuant to an Offer is equal to the Total
Consideration minus the US$30 per US$1,000 principal amount
consent payment.

The company will pay accrued and unpaid interest up to, but not
including, the payment date.  Each holder who validly tenders
its Notes and delivers consents prior to the Consent Payment
Deadline will be entitled to a consent payment, which is
included in the total consideration above, of US$30 for each
US$1,000 principal amount of Notes tendered by such holder if
such Notes are accepted for purchase pursuant to the tender
offer.  Holders who tender Notes are required to consent to the
proposed amendments to the indenture and the Notes.  Holders who
tender Notes after the Consent Payment Deadline will not receive
the consent payment.

The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not validly withdrawn pursuant to the
tender offers and the consent solicitations is subject to the
satisfaction or waiver of certain conditions, including, among
others, the consummation of the mergers contemplated by the
Agreement and Plan of Merger among the Company, Universal
Compression Holdings, Inc., Exterran Holdings, Inc. and
Exterran's subsidiaries, dated Feb. 5, 2007, as amended, the
receipt of sufficient funds to consummate the tender offers and
the receipt of sufficient consents with respect to the proposed
amendments to the indentures and execution of the supplemental
indentures for the Notes.  Each tender offer and consent
solicitation is independent of the others, and the complete
terms and conditions of the tender offers and the consent
solicitations are set forth in the tender offer documents, which
are being sent to holders of Notes.  Holders of Notes are urged
to read the tender offer documents carefully.

The tender offers are part of the refinancing plan of the
Company and Universal being implemented in anticipation of the
closing of their pending merger, which is currently expected to
occur on or about Aug. 20, 2007, if the conditions to the
closing set forth in the Agreement and Plan of Merger have been
satisfied as of that date.  As part of the refinancing plan,
Exterran Holdings, Inc., which will be the publicly traded
holding company following the completion of the merger, has
engaged Wachovia Capital Markets, LLC and J. P. Morgan
Securities Inc. to arrange and syndicate a senior secured credit
facility, consisting of a revolving credit facility and a term
loan, and has engaged Wachovia to provide a new asset-backed
securitization facility to Exterran.  The primary purpose of
these new facilities will be to fund the redemption or
repurchase of all of the company's and Universal's outstanding
debt other than the company's convertible debt securities and
the credit facility of Universal's publicly traded subsidiary,
Universal Compression Partners, L.P.  The new facilities will
replace the Company's and Universal's existing bank lines and
Universal's existing asset-backed securitization facility.  The
closing of the new facilities is subject to, among other things,
the receipt of sufficient commitments from participating lenders
and the execution of mutually satisfactory documentation.

Wachovia Securities has been retained to act as exclusive dealer
manager in connection with the tender offers and consent
solicitations.  Questions about the tender offers and consent
solicitations may be directed to Wachovia Securities at (866)
309-6316 (toll free) or (704) 715-8341 (collect).  Copies of the
tender offer documents and other related documents may be
obtained from D.F. King & Co., Inc., the information agent for
the tender offers and consent solicitations, at (800) 859-8508
(toll free) or (212) 269-5550 (collect).

                About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service  
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.


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

BOSTON SCIENTIFIC: 2007 Q2 Sales Lowers by US$39 Million
--------------------------------------------------------
Boston Scientific Corporation reported that net sales for the
second quarter of 2007 decreased US$39 million to
US$2.1 billion, as compared to net sales for the second quarter
of 2006.

Net income for the second quarter of 2007 was US$115 million, on
1.5 billion weighted average shares outstanding.  GAAP results
for the second quarter of 2007 included net special charges of
US$9 million, which consisted primarily of charges attributable
to investment portfolio activity, integration of the Guidant
acquisition and discrete tax items.  Net loss for the second
quarter of 2006 was US$4.2 billion.  Results for the second
quarter of 2006 included net special charges of
US$4.541 billion.

The second quarter 2007 operating results include the Company's
Cardiac Rhythm Management and Cardiac Surgery businesses, which
were acquired as part of Guidant on April 21, 2006.  Worldwide
sales of the Company's CRM group for the second quarter of 2007
were US$524 million, which included US$377 million of
implantable cardioverter defibrillator sales, as compared to CRM
sales of US$539 million for the first quarter of 2007, which
included US$398 million of ICD sales.  U.S. CRM sales for the
second quarter of 2007 were US$332 million, which included
US$253 million of ICD sales, as compared to U.S. CRM sales of
US$349 million for the first quarter of 2007, which included
US$273 million of ICD sales.  International CRM sales for the
second quarter of 2007 were US$192 million, which included
US$124 million of ICD sales, as compared to International CRM
sales of US$190 million for the first quarter of 2007, which
included US$125 million of ICD sales.

At June 30, 2007, the company's balance sheet showed
US$31.3 billion in total assets, US$15.5 billion in total
liabilities, resulting in US$15.8 billion in total stockholders'
equity.

"We made progress in a number of key areas during the quarter,"
said Jim Tobin, president and chief executive officer of Boston
Scientific.  "Most important, we made progress on quality
throughout the organization, including the resolution of the CRM
warning letter.  Both the DES and CRM markets showed signs of
stabilizing, but neither has returned to the level we believe
they eventually will.  We launched TAXUS Express2 in Japan, and
we are off to a strong start in that market with impressive
sales.  Our Endosurgery group posted another solid quarter, with
double-digit growth in all three of its businesses.  Overall, we
continue to move in the right direction."

                 Guidance for Third Quarter 2007

The company estimates net sales for the third quarter of 2007 of
between US$2 billion and US$2.1 billion.  The company estimates
EPS on a GAAP basis of between US$0.03 and US$0.08 per share.  
In the past, the reconciliation between GAAP and adjusted EPS
has excluded net special charges, amortization and stock
compensation expense. Beginning in the third quarter, the
company will exclude only acquisition-related charges and
amortization expense.  Using this definition, the company
estimates adjusted EPS to range between US$0.12 and US$0.17 per
share for the third quarter.  Using this definition, adjusted
EPS for the second quarter would have been US$0.16 per share.

                     About Boston Scientific

Headquartered jointly in New York City and Toronto, Canada, IMAX
Based in Natick, Massachusetts, Boston Scientific Corporation,
(NYSE: BSX) -- http://www.bostonscientific.com/-- develops,  
manufactures and markets medical devices, specializing in a
broad range of interventional and cardiac rhythm management
devices.  The company has offices in Argentina, Chile, France,
Germany, and Japan, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its (P) Ba1 subordinated shelf and (P) Ba2 preferred stock
ratings under review for possible downgrade.  The rating action
reflects Moody's expectation that, absent any material debt
reduction, financial strength measures over the near term will
be below those identified for an investment grade company under
Moody's Global Medical Products & Device Industry Rating
Methodology.


DELPHI CORPORATION: Moves Bid Deadline to July 31
-------------------------------------------------
Delphi Corporation and its debtor-affiliates extend to:

  (i) July 31, 2007, at 11:00 a.m., prevailing Eastern time, the
      deadline for a Qualified Bidder to submit a Qualified
      Bid for the assets used in the Catalyst Business; and

(ii) August 8, 2007, at 10:00 a.m., prevailing Eastern time,
      the date on which they will conduct an auction, if
      necessary, for the sale of the Catalyst Business Assets.

In addition, the Debtors delivered to the U.S. Bankruptcy Court
for the Southern District o new York, on July 18, 2007, a
modified list of the executory contracts and unexpired leases
that they intend to assume and assign in connection with the
sale of the Catalyst Business.

A 51-page list of the Contracts and Leases is available for free
At http://ResearchArchives.com/t/s?21b9

As reported in Troubled Company Reporter on June 7, 2007, the
Debtors entered into a sale and purchase agreement with Umicore
for the sale of its global OE and aftermarket catalyst business.  
Subject to the terms and conditions of the agreement, the
aggregate purchase price for the assets related to the catalyst
business is US$55.6 million, subject to adjustments.  The
Debtors, as part of their transformation plan, identified the
catalyst business as a non-core business line that would be
better positioned within another firm.

                           Objections

(1) A-1 Specialized Services & Supplies

A-1 Specialized Services & Supplies, Inc., contests the Debtors'
assignment of the parties' contracts to Umicore S.A., the
stalking horse bidder.

A-1 supplies the Debtors with platinum, palladium, and rhodium,
which the Debtors use in the production of automotive
components.  A-1 also reclaims PGM from the Debtors' industrial
manufacturing scrap.

Ashok Kumar, owner of A-1, points out that Umicore and A-1 are
major competitors in the supply and reclamation of PGM.  He
notes that when Umicore acquired PGM-related assets in 2003, the
transaction was identified by the European Commission as having
a potential anti-competitive impact, and A-1 was specifically
identified and questioned by the EC with regard to that impact
due to A-1's status as a competitor.

The A-1 Contracts, with their inter-relationship between PGM
reclamation and subsequent availability of PGM supply, have
involved very frequent discussions of price and market
availability, and inventory repurchases by A-1, with consequent
adjustments and pricing decisions, Mr. Kumar tells Judge Drain.  
He contends that the A-1 Contracts, if assigned to Umicore,
would be:

  (1) revealing of confidential business practices;

  (2) subject to substantial manipulation in world markets;

  (3) inappropriate; and

  (4) a probable violation of European and U.S. anti-trust laws.

Umicore has more than sufficient resources to fully supply the
manufacturing needs and fully service the reclamation needs of
the Debtors' PGM catalyst manufacturing operations, Mr. Kumar
says.  He avers that the Debtors and Umicore will not be harmed
if the the A-1 Contracts will not be assigned to Umicore.

A-1 also objects to the Debtors' proposed US$430,384 cure amount
in connection with the assumption and assignment of the A-1
Contracts.  Mr. Kumar asserts that the prepetition arrearages
due A-1 are the metals that were in the possession of the
Debtors as of the date of the petition, namely:

  * platinum - 500 troy ounces;
  * palladium - 4,000 troy ounces; and
  * rhodium - 300 troy ounces.

Mr. Kumar relates that A-1 set off those prepetition arrearage
metals in the Debtors' possession against metals that were, at
the Petition Date, in its possession.

(2) Maricopa County Treasurer

The Maricopa County Treasurer objects to the sale of the Debtors
property located in Maricopa County, Arizona, on personal
property parcel 949-65-352 to the extend that the tax  
liabilities associated with the property are not fully paid at
closing from the proceeds of the Sale in accordance with A.R.S.
Section 42-17153 (1999).

The Maricopa Property is encumbered with a fully perfected tax
lien aggregating US$2,628 plus accruing interest for a 2006 tax
liability, Barbara Lee Caldwell, Esq., at Hebert Schenk, P.C.,
in Phoenix, Arizona, informs the Court.

Under Arizona law, the County has a valid lien that is prior and
superior to all other liens and encumbrances on the Property,
Ms. Caldwell asserts.  It is also unlawful for the Debtors to
knowingly sell or transfer the Property until all taxes are
paid, Ms. Caldwell contends, citing A.R.S. Section 42-19107(A).

By this objection, the Maricopa County Treasurer asks the Court
to direct the Debtors to pay the taxes associated with the
Property before it is transferred.

(3) Corning Inc.

Corning Incorporated informs Judge Drain that it simply cannot,
at this time, agree to the Debtors' proposed US$2,126,000 cure
amount for the assumption and assignment of the parties' four
contracts, represented by Purchase Order Nos. 50186, 50187,
50188, and 50189.  Corning believes that additional amounts may
be due.

Due to the limited time between the delivery of the Debtors'
lease assumption notice and the deadline to object to that
notice, however, Corning was not able to identify the Contracts,
nor form an opinion as to the assumption of the Contracts.

Corning thus asks the Court to:

  (a) disapprove the assumption of the Corning Contracts and the
      proposed cure amounts; and

  (b) schedule a hearing to consider its objection.

Prior to any hearing on its objection, Corning assures the Court
that it will endeavor to further review its books and records
and correspond with the Debtors to amicably resolve any cure
amount and assumption issues.

                        About Delphi Corp.

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

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

(Delphi Corporation Bankruptcy News, Issue No. 76; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


MITSUKOSHI LTD: Merger Talks with Isetan Not Yet Finalized
----------------------------------------------------------
Mitsukoshi, Ltd., denied reports that it has come up with a
final decision regarding merger talks with Isetan Co., Stuart
Biggs of Bloomberg News reports.

According to the report, both companies separately issued a
statement to the Tokyo Stock Exchange saying that a final
decision has not been made on the merger talks after the Nikkei
newspaper reported it on July 25, 2007.

The two companies' shares were suspended from early trading on
July 25, 2007 before Mitsukoshi and Isetan issued the statement.  
After trading resumed, Mitsukoshi shares gained 3.3% to JPY564
apiece at 9.42 a.m. of July 25, 2007.  Isetan shares were 1.4%
at JPY1,927, relates Mr. Biggs.  

Pressure to form alliances is taking toll on Japanese department
stores due to the shrinking and aging population which cuts
retail sales, writes Mr. Biggs.

The Nikkei, according to Mr. Biggs said that if the merger is
successful, Mitsukoshi and Isetan would create Japan's biggest
department-store chain.

                      About Mitsukoshi Ltd.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd, Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

                        *     *     *

Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


JVC CORP: Shares Fall to Lowest Since 2002 After Share Sales
------------------------------------------------------------
Shares of Victor Company of Japan, Limited -- most commonly
known for its JVC brand -- fell to its lowest since February 20,
2002, after Credit Suisse Group downgraded the stock on concern
future earnings, seeing that it will be diluted because of
planned share sales to Kenwood Corp. and its parent company,
Matsushita Electric Industrial Co., Ltd., reports Hiroshi Suzuki
of Bloomberg News.

Victor stocks declined 7.6% to JPY352 as of 9:54 a.m. of
July 25, 2007, on the Tokyo Stock Exchange.

Mr. Suzuki writes that Credit Suisse analyst Koya Tabata lowered
his rating on Victor to "underperform," from "neutral," saying
the "impact of the merger is unclear."  Mr. Tabata also reduced
his 12-month share price target to JPY325 from JPY380.

On July 24, 2007, Troubled Company Reporter-Asia Pacific
reported that JVC had formed a JPY30 billion capital and
business tie-up with Kenwood Corp. and Sparx Asset Management
where JVC will issue JPY20 billion worth of shares to Kenwood
and JPY10 billion worth of shares to Sparx.

Matsushita shares, owning 52.4% originally, will be down to 39%
because along with the alliance, Kenwood will hold a 10% stake
in JVC, while Sparx will hold a 5% stake, reports TCR-AP.

                         About JVC Corp.

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

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


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

HYNIX SEMICON: Overtakes Samsung Electronics in Chip Sale
---------------------------------------------------------
Hynix Semiconductor Inc. overtook Samsung Electronics in chips
sale at the pan-Chinese market, selling a total of
US$3.476 billion in semiconductor chips in China, Hong Kong, and
Taiwan last year, compared to Samsung Electronics' recorded
US$3.454-billion sales, Chosun News reports.

According to the report, Intel remained the top seller, with
US$8.44 billion in revenue, followed by Texas Instruments with a
record of US$3.454 billion in sales.  Following the two leaders
were Hynix in third place and Samsung Electronics in fourth.

Hynix was apparently unaffected by the adverse DRAM prices  
Rather its sales increased, implying that the sheer volume of
product it brought to market offset the price drop, the report
points out.

At present, Hynix is growing at more than 10% annually, and in
2006 alone it grew by 15.8% over the previous year, the report
adds.

                   About Hynix Semiconductor

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

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

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

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

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

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


HYNIX SEMICONDUCTOR: Targets US$18 Billion in 2010 Sales
--------------------------------------------------------
Hynix Semiconductor Inc. aims to almost double sales and build
three more high-capacity production lines by 2010, Reuters
reports.

According to the report, the company plans to achieve total
sales of US$18 billion by 2010, with sales goal of US$25 billion
by 2012.  The revenue figure was given on a consolidated basis.

The company also plans to build one 300 mm chip manufacturing
line a year from 2008 to 2010, adding to the two 300 mm lines it
has now, and to boost its share of 300 mm lines to 90% by 2012,
from the current 40%, the report says.

Reuters adds that the company will progressively convert its 200
mm lines to 300 mm ones or to use them for "high-value-added new
businesses", and reinforce its cooperation with other companies,
including joint development, cross-licensing and stake
participation.

                  About Hynix Semiconductor

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

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

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

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

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

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


KAFCO C&I CO: Signs KRW1.08-Bil. Supply Contract w/ Korean Firm
---------------------------------------------------------------
Kafco C&I Co., Ltd., has signed a contract with a Korea-based
company to supply network equipment and others, Reuters Key
Developments reports.

According to the report, the contract is worth KRW1,076,900,000.

                        About Kafco C&I Co

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20 billion bond a CCC
rating with negative outlook as of April 18, 2006.


KINETIC CO: To Finalize US$5.5-Bil. Indonesia Coal Joint Venture
----------------------------------------------------------------
Kinetic Co., Ltd., will finalize a US$5.5-billion direct coal
liquefaction project in Indonesia with PT Nuansa Cipta Coal
Investment and POSCO Co. Ltd's unit POSCO Engineering and
Construction, Reuters reports.

According to the report, the project, which will extract crude
out of coal, will be begin six months after the deal is signed
and the complex will be built in Kalimantan Timur.

Kenertec signed a memorandum of understanding with PT Nuansa
Cipta Coal Investment for business tie-up in the construction of
train for coal conveyance and terminal warehouses as well as
coal liquefaction, on June 28, 2007, the report adds.

                      About Kenertec Co.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial  
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


* Moody's Upgrades South Korea's Ratings to A3
----------------------------------------------
Moody's Investors Service upgraded South Korea's government bond
ratings to A2 from A3.  The rating agency attributed the upgrade
to Korea's track record of fiscal prudence, favorable
macroeconomic performance, and the containment of geopolitical
risks.

Moody's rating action raised the Republic of Korea's government
long-term foreign-currency and local-currency ratings to A2 from
A3, the country ceiling for foreign-currency bonds to Aa3 from
A1, the country ceiling for foreign-currency bank deposits to A2
from A3, and the short-term ceiling for foreign currency bank
deposits to P-1 from P-2.  The local-currency bond and bank
deposit ceilings remain Aaa and Aa1, respectively.  The outlook
on the ratings is stable.

"Korea's favorable macroeconomic performance will likely
continue over the near term," said Moody's Senior Vice President
Thomas Byrne.  "Over the longer term, Korea's credit
fundamentals should be strengthened by a renewed commitment to
trade and financial sector and capital market liberalization,
which should help enhance the country's competitiveness, improve
consumer welfare and boost potential economic growth."

Byrne said the rise in government debt in recent years was
mainly caused by the government intervention in the foreign
exchange market and by fiscalization of contingent financial-
sector liabilities from the regional financial crisis of 1997.

"Current policies, including minimal intervention in the foreign
exchange market, will allow a gradual decline in government
debt," said Byrne.  "The government has so far managed to
accommodate rising costs from social welfare demands and
engagement with North Korea without exerting much pressure on
the budget, as is reflected in consistent budget surpluses since
2000."

On the external front, he said, a substantial buildup in
official foreign exchange reserves provides a fair amount of
insulation from external shocks, which is of renewed importance
in light of the rise in Korea's short-term external debt.  The
growth in short-term liabilities of the banking sector has led
to some slippage in Korea's external liquidity indicators,
although Korea's overall external payments position remains in a
sound position.  Such strength is also reflected in the
emergence of several globally competitive industries which have
contributed to robust export performance and are likely to help
support Korea's external as well as domestic economic
performance.

"Unfolding developments involving the implementation of
February's six-party agreement should allay some concerns over
geopolitical risks associated with North Korea, which are
incorporated in South Korea's ratings," said Byrne.  "Foremost
has been the threat posed by North Korea's nuclear weapons
program to regional security and to risks of proliferation of
nuclear materials, which could lead to a re-escalation of
military tensions on the Korean peninsula."

As long as there is a viable framework for containing such
geopolitical risks, he said, Moody's considers the future fiscal
cost of engagement with North Korea to be manageable at this
stage of developments and consistent with South Korea's ratings.

"However, there could possibly be much larger costs to South
Korea under a 'Marshall Plan' for the North should there be a
collapse or a radical change in policy of the Pyongyang
government," said Byrne.  "But that burden could be shared to
some extent among the regional powers if the North were to
engage the international community constructively and reform its
economic, political, and foreign policies."

Whatever scenario unfolds, he said, "a cohesive approach by the
five governments negotiating with North Korea seems essential
for optimal political and economic outcomes."

Byrne said that for Korea's rating to move up further, Moody's
would look for the government to reduce its debt ratios.  Other
factors that will influence the future rating trajectory are the
maintenance of a strong external payments position, including a
containment of short-term external liabilities, and the
sustainability of Korea's favorable macroeconomic performance.


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

DATAPREP HOLDINGS: To Carry Out Capital Reduction on July 31
------------------------------------------------------------
The board of directors of Dataprep Holdings Berhad has resolved
to implement a par value reduction and share premium reduction  
-- Capital Reduction -- with effect on July 31, 2007, at 9:00
a.m., in which the existing Dataprep shares of MYR1.00 per share
will be traded on Bursa Malaysia Securities Berhad at the new
par value of MYR0.25 per share.

In June 2007, the High Court of Malaya, Kuala Lumpur had,
pursuant to Section 64 of the Companies Act, 1965, made an order
confirming the Capital Reduction.  The Capital Reduction created
a credit amounting to approximately MYR72.756 million, which is
utilized to set-off the accumulated losses of the company.

The company assures its shareholders that the Par Value
Reduction does not affect the number of or the rights attaching
to the ordinary shares held by them.  All ordinary shares of
Dataprep standing to the credit of the securities account of the
shareholders will be unaffected, except for the reduction in par
value from MYR1.00 to MYR0.25 per share.

The market price of the ordinary shares of Dataprep will not be
adjusted on the Effective Date as the Capital Reduction does not
constitute an entitlement to the shareholders, the company
points out.

Consequent to the Par Value Reduction, the conversion price of
the 4%, five-year Irredeemable Convertible Unsecured Loan Stocks
2002/2007 of Dataprep will be adjusted from MYR1.50 for one new
ordinary share in Dataprep to MYR0.38 for one new ordinary share
in Dataprep.  The adjustment will take place on the close of
business on the market day immediately preceding the Effective
Date.


Headquartered in Petaling Jaya, Dataprep Holdings Berhad is an
investment holding company that provides management services to
its subsidiary companies.  The company provides a spectrum of
information, communication and technology services from business
and technology consulting, systems and network integration,
software developments to managed services, e-business and
application services.

The company was classified as an affected listed issuer of the
Amended PN 17 category of the Bursa Malaysia Securities Bhd on
May 5, 2006.


MERGE ENERGY: Wants to Obtain MYR100MM in Contracts by Year-End
---------------------------------------------------------------
By year-end, Merge Energy Berhad hopes to secure half of the
MYR200 million worth of waterwork-related projects that it is
bidding for, Eileen Hee of The Star reports.

In 2006, the company clinched a MYR208-million project to
upgrade 26 water treatment plants in Selangor, Ms. Hee relates.  
The company expects the project to be completed in 2008.

The company is reportedly looking at securing more projects in
facility management of water-treatment plants since it can still
see revenues from maintaining the plants.

"After constructing these plants, the pumps still need to be
serviced," the news agency quoted Merge Energy Chief Executive
and Executive Director Yusof Badawi as saying.  "This would
provide recurring income and strengthen our construction
business."


Merge Energy Berhad's principal activities involve building  
construction, structural, infrastructure and civil engineering  
works.  Other activity includes property investment and  
investment holding.  Operations of the company are carried out  
predominantly in Malaysia.

On May 8, 2006, the company has been classified as an affected  
listed issuer pursuant to the Amended Practice Note No. 17/2005  
whereby the company's shareholders' equity on consolidated basis  
is less than twenty five percent (25%) of its issued and paid-up  
share capital of MYR67.00 million.


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

ACEB-E LTD: Proofs of Debt Due on July 27
-----------------------------------------
ACEB-E Ltd. requires its creditors to file their claims by
July 27, 2007, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 26, 2007.

The company's liquidators are:

         Timothy Wilson Downes
         Paul John McCormick
         c/o Grant Thornton Auckland Limited
         97-101 Hobson Street
         Auckland
         New Zealand
         Telephone:(09) 308 2570


BAR BRANDS: Commences Liquidation Proceedings
---------------------------------------------
Bar Brands Ltd. started to liquidate its business on June 28,
2007.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as liquidators.

The Liquidators can be reached at:

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


DAWN RAID: Proofs of Debt Due on July 27
----------------------------------------
The shareholders of Dawn Raid Community Trust appointed Peri
Micaela Finnigan and Boris van Delden as the company's
liquidators.

The Liquidators are receiving proofs of debt from its creditors
until July 27, 2007.

The Liquidators can be reached at:

         Peri Micaela Finnigan
         Boris van Delden
         c/o McDonald Vague
         PO Box 6092, Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Website: http://www.mvp.co.nz


FENCEWAY NO.2: Appoints Grant Mackintosh as Liquidator
------------------------------------------------------
On June 27, 2007, a special resolution was passed to wind up the
operations of Fenceway No.2 Ltd. and appoint Grant Mackintosh as
liquidator.

The Liquidator can be reached at:

         Grant Mackintosh
         PO Box 794, Hamilton
         New Zealand
         Telephone:(07) 834 6804
         Facsimile:(07) 838 3191


HYPER (2005): Fixes August 1 as Last Day to File Claims
-------------------------------------------------------
On June 26, 2007, the shareholders of Hyper (2005) Ltd. passed a
resolution to close the company's business.

The company requires its creditors to file their claims by
August 1, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Shaun Neil Adams
         c/o BDO Spicers
         Rifleman Tower, Level 8
         120 Albert Street
         Auckland 1010
         New Zealand
         Telephone:(09) 373 9053
         Facsimile:(09) 303 2830
         E-mail: shaun.adams@akl.bdospicers.com


KIWIMAPLE LTD: Enters Wind-Up Proceedings
-----------------------------------------
On June 28, 2007, Kiwimaple Ltd. went into liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as liquidators.

The Liquidators can be reached at:

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


MACHINERY MART: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The shareholders of Machinery Mart Ltd. decided to wind up the
company's operations on June 18, 2007, and appointed Colin Brian
Wilson as liquidator.

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

The Liquidator can be reached at:

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


NCM NZ: Faces CIR's Wind-Up Petition
------------------------------------
On May 14, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of NCM NZ Ltd.

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

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Legal and Technical Services
         Inland Revenue Department
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


T N T FIRE: 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 T N T Fire Control 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:

         Justine S. T. Berryman
         c/o Legal and Technical Services
         c/o Inland Revenue Department
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


UNIMA GROUP: Court to Hear Wind-Up Petition Today
-------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Unima Group Ltd. today, July 26, 2007, at
10:00 a.m.

Toll Networks (NZ) Limited filed the petition before the Court
on April 23, 2007.

Toll Networks' solicitor is:

         Craig Langstone
         c/o Jones Fee, Solicitors
         WHK Gosling Chapman Tower, Level 13
         51-53 Shortland Street
         Auckland 1140
         New Zealand


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

BANGKO SENTRAL: To Further Liberalize Foreign Exchange Regime
-------------------------------------------------------------
The Bangko Sentral ng Pilipinas plans further liberalization on
its foreign exchange regime in the following weeks in order to
stem the rise of the local currency against the US dollar, BSP
Governor Amando Tetangco Jr. told the Philippine Daily Inquirer.

According to the report, Mr. Tetangco said that the BSP will
relax its rules regarding the limit on the amounts of foreign
currency that local residents can buy.  He also said that
documentary requirements on dollar purchases will be relaxed,
and more overseas investments by locals would be encouraged.

"We will implement these soon," Mr. Tetangco added.

The central bank hopes to control the peso's sharp rise by
making it easier for residents to buy foreign currencies, and to
encourage them to invest overseas, the article said.  

                   About Bangko Sentral

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

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

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

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


CHIQUITA BRANDS: Closes Sale of 12 Cargo Ships for US$227 Mil.
--------------------------------------------------------------
Chiquita Brands International, Inc. has completed the previously
announced sale of its 12 refrigerated cargo vessels for US$227
million.  The cash proceeds from the transaction are being used
to repay approximately US$170 million of debt, and the remainder
will be retained for general corporate purposes, including
growth investments or future debt repayments.  The ships have
been chartered back from an alliance formed by Eastwind Maritime
Inc. and NYKLauritzenCool AB.  The parties also entered a long-
term strategic agreement in which the alliance will serve as
Chiquita's preferred supplier in ocean shipping to and from
Europe and North America.


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

                          *     *     *

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

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


CHIQUITA BRANDS: Congressmen Want More Details on Firm's Case
-------------------------------------------------------------
Josh Meyer at the Los Angeles Times reports that a group of
congressmen are seeking more details about the Justice
Department's handling of the Chiquita Brands International's
case, as part of an inquiry into corporate payments to violent
groups in Colombia.

The Los Angeles Times relates that the U.S. attorney's office in
Washington was heading the probe, in conjunction with Nahmias
and others at the Justice Department headquarters.

According to the report, the congressmen want to determine
whether the department was "too lenient."   They also want to
know the reason for the delay of filing for criminal charges
against Chiquita Brands.  It took four years to file criminal
charges after the firm admitted paying terrorist groups.

The Los Angeles Times notes that Chiquita Brands admitted that
its senior executives became aware of the payments to terrorist
groups by September 2000 or earlier, and that the company
continued to make the payments until February 2004, which was
almost a year after its own lawyers and the Justice Department
told them to stop.

Congressional investigators told the Los Angeles Times that they
are interested in an April 2003 meeting, when top Justice
Department officials reportedly ordered Chiquita Brands to stop
making the payments.

The prosecutors were irritated by Chiquita Brands' continued
payments to the United Self-Defense Forces of Colombia, after
allegedly repeated warnings, the Los Angeles Times says, citing
Justice Department sources.  According to current and former
department officials, they didn't agree on "some matters by
political appointees in the department, including David Nahmias,
a former deputy assistant attorney general overseeing counter-
terrorism."

The Justice Department's warnings were unclear, the Los Angeles
Times says, citing Chiquita Brands.

Justice Department officials told the Los Angeles Times that the
prosecutors handling the Chiquita Brands case "had wanted to
bring charges of material support of terrorism" against the
firm.  They also wanted to pursue charges against some of the
firm's top executives by 2004.

Chiquita Brands was charged three years later with one count of
doing business with a global terrorist and was ordered to pay
US$25 million over five years, the report says.  No company
officials were charged.

Chiquita Brands told the Los Angeles Times that the fine
wouldn't affect the firm's global operations.

According to the Los Angeles Times, Chiquita Brands has annual
revenue of US$4.5 billion.

Current and former department officials told the Los Angeles
Times that Nahmias asked Roscoe C. Howard Jr. and the U.S.
attorney for the District of Columbia not to conduct search
warrants at Chiquita Brands headquarters in Cincinnati.  
However, Howard refused, and then asked that charges not be
filed until the Justice Department could meet with former
attorney general Richard L. Thornburgh, a lawyer for the
company's board.

Chiquita Brands' legal representatives were in Washington to
attend meetings with top officials at the Justice Department and
the Treasury Department, often without the prosecutors'
knowledge, knowing about it, the Los Angeles Times says, citing
one of the senior Justice Department officials.

"They were trying to cause political pressure," the official
commented to the Los Angeles Times.

Colombian attorney general Mario Iguaran told the Los Angeles
Times that he is seeking all of the Justice Department's
investigative files on Chiquita Brands.  He promised to transfer
the firm's officials to face charges in Colombia.  

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

                          *     *     *

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

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


CHIQUITA BRANDS: Unveils Rule 10b5-1 Stock Trading Plan Adoption
----------------------------------------------------------------
Chiquita Brands International Inc. disclosed that one of its
executive officers has adopted a prearranged stock trading plan
in accordance with guidelines specified by Rule 10b5-1 under the
Securities Exchange Act of 1934, as amended.

Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.  
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.  A
plan can provide for sales of stock on a particular date or at a
particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.

Chiquita's President and Chief Operating Officer of its Chiquita
Fresh Group, Robert F. Kistinger, has adopted a plan under Rule
10b5-1which is in accordance with company's stock ownership
guidelines and provides for the liquidation of portions of his
holdings over multiple quarters, as part of systematic financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings and
Form 4 filings as required by the U.S. Securities and Exchange
Commission.

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

                          *     *     *

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

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


IPVG CORP: Partners with Korean Firm to Set up Language Schools
---------------------------------------------------------------
IPVG Corp. is collaborating with Korean firm Jungchul Academy
Philippines Inc. for a venture into the educational tourism or
the language tourism market.

According to a disclosure with the Philippine Stock Exchange,
the partnership will jointly set up language schools for Koreans
in the country, and to offer English distance learning services
to Korea.

The undertaking is still subject to definitive agreement and
board approvals.


IPVG Corporation -- http://www.ipvg.com/-- is engaged in the   
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

The TCR-AP reported on May 15, 2007 that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


SAN MIGUEL: Plans PHP35-Billion Investment in Non-Core Ventures
---------------------------------------------------------------
San Miguel Corp. will invest PHP35 billion or 10% of its assets
into its ventures in power, mining, infrastructure and
utilities, the Philippine Daily Inquirer reports, citing company
officials as telling stockholders in their annual meeting.

SMC President and Chief Executive Officer Ramon Ang told the
Inquirer that the company is interested in the power
transmission assets that are being sold by the government.  He
said that the investment "will go a very, very, long way," while
SMC Chief Financial Officer Ferdinard Constantino said that the
company still has not decided on a timetable for the
investments.

According to the article, shareholders approved the increase in
authorized capital stock in order to fund the company's
expansion, bringing the company's stock to PHP37.5 billion from
the previous PHP22.5 billion.  The shareholders also approved
the amendment of SMC's articles of incorporation and the
issuance of 1.5 billion preferred shares to raise the funds.


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

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

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


SAN MIGUEL: Munechika Yokomizo Resigns as Company Director
----------------------------------------------------------
Munechika Yokomizo has resigned as director of San Miguel Corp.
during the organizational meeting of the board of directors,
held immediately after the annual meeting of stockholders on
Tuesday.

Yoshinori Isozaki, the general manager of the corporate planning
department of Kirin Holdings Co. Ltd. has been elected to
replace Mr. Yokomizo.

Aside from Messrs. Yokomizo and Isozaki, these individuals were
elected as directors of the company:

    * Eduardo M. Cojuangco Jr.
    * Ramon S. Ang
    * Estelito P. Mendoza
    * Inigo Zobel
    * Winston F. Garcia
    * Corazon S. dela Paz
    * Menardo Jimenez
    * Leo S. Alvez
    * Pacifico M. Fajardo
    * Egmidio de Silva Jose
    * Henry Sy Jr.
    * Tsukahara Kazuhiro
    * Koichi Matsuzawa
    * Silvestre H. Bello III

During the organizational meeting, the Board elected these
directors as officers of the company:

    * Eduardo M. Cojuangco Jr.   -- Chairman, Chief Executive
                                    Officer

    * Ramon S. Ang               -- Vice Chairman, President,
                                    Chief Operating Officer

    * Ferdinand K. Constantino   -- Senior Vice President, Chief
                                    Finance Officer, Treasurer

    * Francis H. Jardeleza       -- Senior Vice President,
                                    General Counsel & Corporate
                                    Secretary

    * Lorenzo G. Timbol          -- Asst. Corporate Secretary

    * Rosabel Socorro T. Balan   -- Asst. Corporate Secretary


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

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

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


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

CHINA AVIATION: To Release 2nd Qtr. Financial Results on Aug. 14
----------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd will release
its unaudited financial results for the second quarter and the
half-year on August 14, 2007.

As previously reported in the Troubled Company-Asia Pacific, the
Group in the first quarter ended March 31, 2007, recorded a net
profit attributable to shareholders of about US$5.7 million on
revenues totaling US$548.3 million.

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

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


CHIVERO PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 13, 2007,
winding up the operations of Chivero Pte Ltd.

Tequila Asia-Pacific (Singapore) Pte Ltd filed the wind-up
petition.

Chivero's solicitor is:

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


CREATIVE TECHNOLOGY: Delisting from NASDAQ Extended to Aug. 31
--------------------------------------------------------------
Creative Technology Ltd's delisting of ordinary shares from the
NASDAQ Global has been extended until August 31, 2007.

The extension will give an additional time for the company's
U.S. shareholders who want to make arrangements to sell on
NASDAQ before the delisting of their Creative NASDAQ shares to
the Singapore Exchange Securities Trading Limited.

Originally, Creative is set to trade its shares in the NASDAQ
until August 1, 2007.  After August 31, SGX-ST will become
Creative's sole exchange listing.  The delisting from NASDAQ
would not affect the status of Creative's shares on the
SGX-ST.

Creative will announce its fourth quarter FY2007 results on
August 8, 2007.

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.
The Company also makes modems and CD and DVD drives for PCs.
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.

Tough competition in the electronics market has hurt Creative,
causing it to incur recurring losses.  The Company reported a
net loss of US$114.33 million in the three months to March 31,
2006, reversing the year-ago profit of US$15.91 million due to
one-time charges and a drop in flash memory prices, which led to
an inventory writedown.  The Company is also facing ongoing
disputes with several companies in the United States.  Creative
also periodically receives licensing inquiries and threats of
potential future patent claims from a variety of entities,
including Lucent Technologies, MPEG LA, Dyancore Holdings,
Advanced Audio Devices and Nichia Corporation.


HIGH TECH: Accepting Proofs of Debt Until August 21
---------------------------------------------------
High Tech Foods Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their claims by
August 21, 2007.

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

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


SPECTRUM BRANDS: Provides Further Projections for Fiscal 2007
-------------------------------------------------------------
Spectrum Brands Inc. provided further information regarding
current expectations for fiscal 2007 financial results.  The
company reported that cash on hand at the close of the quarter
ending June 30, 2007, was in excess of US$175 million and that
it expects to generate total operating cash flow of between
US$120 million and US$140 million during the six month period
ending Sept. 30, 2007.  The expected cash flow number differs
from the company's earlier projections due to:

     (1) a previously announced US$20 million shortfall in
         EBITDA as compared to that projected in the 8K filing,
         and

     (2) the fact that US$30 million assumed to be generated in
         the third quarter in the earlier projections was
         instead generated during the company's fiscal second
         quarter ended April 1, 2007.

Net debt at Sept.30, 2007, is anticipated to be approximately
US$2.4 billion, a reduction of approximately US$200 million as
compared with reported net debt as of April 1, 2007.

As previously announced, Spectrum expects to reduce its
indebtedness under its senior credit facility term loan by the
amount of US$225 million during the fourth quarter through a
combination of cash on hand and positive operating cash flow.

In addition, Spectrum has received financing commitments from
Goldman Sachs and Wachovia Bank to provide the company with a
US$225 million asset based loan facility.  Although Spectrum
does not currently anticipate the need to borrow on the ABL
facility at closing, it will be available for future working
capital needs at lower interest rates than the company's current
term loan.  The ABL facility is expected to close during the
fiscal fourth quarter ending Sept. 30, 2007.

The company currently anticipates that positive operating cash
flow and the available credit under the asset based loan
facility will be sufficient to meet liquidity and working
capital needs for the foreseeable future.

Spectrum Brands reiterated its strategy of reducing indebtedness
and leverage through the strategic sale of assets, including its
Home & Garden business, which is currently being accounted for
as discontinued operations, and potentially other additional
assets.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products    
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  The Outlook remains Negative.


VIDEOVAN ENTERTAINMENT: Commences Liquidation Proceedings
---------------------------------------------------------
On July 10, 2007, the High Court of Singapore released an order
to liquidate the business of Videovan Entertainment Industries
Pte Ltd.

The company's liquidator is:

         Tam Chee Chong
         c/o Deloitte & Touche
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


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

DAIMLERCHRYSLER: New Bill Forces Chrysler to Drop Imperial Plans
----------------------------------------------------------------
Chrysler Group has abandoned plans to manufacture a luxury sedan
that would have represented a bigger, heavier and less-fuel-
efficient version of its Chrysler 300C model, published reports
say.

According to the reports, Chrysler blames its decision on high
gasoline prices and tougher fuel regulations currently on the
table in Washington that could push U.S. automakers to increase
vehicle fuel mileage.

Chrysler is the first carmaker to revise production plans in
response to the push in Congress that requires vehicles sold in
the U.S. to consume less gasoline, the New York Times reveals.  
The Senate passed a bill last month calling for automakers to
raise their average fuel mileage to at least 35 miles a gallon
by 2020; a proposal in the House would hold manufacturers to the
same standard by 2018.

The company had previously informed Canadian Auto Workers that
the Imperial was slated to go into production at Chrysler's
Brampton, Ontario, plant in 2009 for release in 2010.  However,
union officials in Canada were briefed earlier this month on the
company's decision to scrap the plan, Reuters relates, citing
Chrysler spokesman Dave Elshoff as its source.

The Imperial would have been built on a rear-wheel-drive
platform shared with Daimler's Mercedes.  It would also have
added a gas-guzzling sedan to Chrysler's line-up at a time when
it is looking to respond to consumer demands for improved fuel
efficiency and facing tougher U.S. government regulations,
Reuters observes.

"We decided in an era of US$3 gas and more regulations headed
this way that it didn't amount to a good business case -- a
profitable business case," the Times report quotes Chrysler
spokesman Ed Saenz as saying.

                      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.


DAIMLERCHRYSLER: New Bill Forces Chrysler to Drop Imperial Plans
----------------------------------------------------------------
Chrysler Group has abandoned plans to manufacture a luxury sedan
that would have represented a bigger, heavier and less-fuel-
efficient version of its Chrysler 300C model, published reports
say.

According to the reports, Chrysler blames its decision on high
gasoline prices and tougher fuel regulations currently on the
table in Washington that could push U.S. automakers to increase
vehicle fuel mileage.

Chrysler is the first carmaker to revise production plans in
response to the push in Congress that requires vehicles sold in
the U.S. to consume less gasoline, the New York Times reveals.  
The Senate passed a bill last month calling for automakers to
raise their average fuel mileage to at least 35 miles a gallon
by 2020; a proposal in the House would hold manufacturers to the
same standard by 2018.

The company had previously informed Canadian Auto Workers that
the Imperial was slated to go into production at Chrysler's
Brampton, Ontario, plant in 2009 for release in 2010.  However,
union officials in Canada were briefed earlier this month on the
company's decision to scrap the plan, Reuters relates, citing
Chrysler spokesman Dave Elshoff as its source.

The Imperial would have been built on a rear-wheel-drive
platform shared with Daimler's Mercedes.  It would also have
added a gas-guzzling sedan to Chrysler's line-up at a time when
it is looking to respond to consumer demands for improved fuel
efficiency and facing tougher U.S. government regulations,
Reuters observes.

"We decided in an era of US$3 gas and more regulations headed
this way that it didn't amount to a good business case -- a
profitable business case," the Times report quotes Chrysler
spokesman Ed Saenz as saying.

                     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.


TOTAL ACCESS COMMS: Reports THB1.3-Bil. Net Income for 2nd Qtr.
----------------------------------------------------------------
Total Access Communications PCL's consolidated financial
statements for the quarter ended June 30, 2007, recorded a
THB1.332-billion net income, a 13.3% increase from the
Net income of THB1.176 billion reported for the same period in
2006.

For the second quarter of 2007, the group earned
THB16.229 billion in revenues from sales of services while
incurring THB11.337 billion in costs of sales and services,
resulting in a gross profit of THB4.891 billion.  The group also
incurred THB2.233 billion in selling and administrative expenses
and foreign exchange loss of THB4.984 million.  Interest income
for the April to June period totaled THB35.84 million, and other
income earned reached THB16.235 million.

As of June 30, 2007, the group had THB101.781 billion in total
assets and THB54.369 billion in total liabilities, resulting in
THB47.412 billion in shareholders' equity.


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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Apr. 3,
2006, that Moody's Investors Service upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concludes the review for possible upgrade
commenced on October 21, 2005.

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

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


TOTAL ACCESS COMMS: Posts THB2.8-Bil. Net Income for 1st Half
-------------------------------------------------------------
Total Access Communications PCL's consolidated financial
statements for the six months ended June 30, 2007, reflected a
THB2.891-billion net income a 18.8% increase from the
TH2.433 billion reported for the same period in 2006.

For the first half of 2007, the group earned THB32.392 billion
in revenues from sales of services while incurring
THB22.368 billion in costs of sales and services, resulting in a
gross profit of THB10.024 billion.  The group also spent
THB4.576 billion in selling and administrative expenses and
incurred foreign exchange loss of THB32.052 million.  Interest
income for the six months period totaled THB53.258 million, and
other income earned reached THB32.052 million.

As of June 30, 2007, the group has THB101.781 billion in assets
and THB54.369 billion in liabilities, resulting in
THB47.412 billion in shareholders' equity.


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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Apr. 3,
2006, that Moody's Investors Service has upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concludes the review for possible upgrade
commenced on October 21, 2005.

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

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


TRUE MOVE: S&P Assigns 'B' Issue Rating to Sr. Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed on Monday its 'B+'
long-term corporate credit rating on Thailand's third-largest
cellular operator, True Move Co. Ltd.  The outlook is
negative.

At the same time, Standard & Poor's assigned its 'B' issue
rating to True Move's proposed senior unsecured notes due 2014.
The bond proceeds will be used to refinance existing Thai Baht-
denominated secured term loans owed by True Move to Thai
financial institutions.  The issue rating is one notch below
the corporate credit rating based on the expectation that the
ratio of priority debt (including non-cancelable operating
leases) to total assets, will be between 15% and 30% on a
sustainable basis after refinancing.

The ratings on True Move reflect the company's highly leveraged
position, the intense competitive environment in the Thai
cellular market, and regulatory uncertainties that characterize
the industry.  "These weaknesses are offset by True Move's
strategic importance to True Corp. Public Co. Ltd.
(B+/Negative/--), the company's growing presence in the cellular
market, and the diversified services offered by True Move," said
Standard & Poor's credit analyst Yasmin Wirjawan.

True Move's liquidity position is weak.  Cash balance, including
restricted cash for debt service and short-term investments, of
THB1.2 billion as of March 31, 2007, is not enough to cover debt
(including procurement payable) due in one year of THB5.9
billion.  The company generates an average funds from operations
of about THB4 billion per year.  It is seeking refinancing
through the above mentioned proposed senior unsecured notes.

The negative outlook reflects that of its parent, True Corp.,
given the group's perceived commitment to True Move as a core
component of the True group.  It incorporates the competitive
pressure and uncertain domestic regulatory environment following
the review of the concession agreement, which could weaken True
Corp.'s profitability and cash flows and hamper the group's
deleveraging effort.

Given the challenging operating environment and highly leveraged
position, there is about a one-in-three chance that the group
may breach the debt financial covenant targets required by
certain creditors to be met post-September 2007.  "There is a
reasonable possibility, however, that the relevant creditors may
consider a waiver, extension, or novation of such requirements,"
Ms. Wirjawan noted.




                            *********


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
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***