TCRAP_Public/070730.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, July 30, 2007, Vol. 10, No. 148

                            Headlines

A U S T R A L I A

AUSTRABIO PTY: Placed Under Members' Voluntary Liquidation
BASIS CAPITAL: Australian Banks Worry Over Fund's Downfall
BELL REAL: Members Opt to Shut Down Business
BTY CURRAN: Members Pass Resolution to Liquidate Business
CAIRNS GREAT NORTHERN: Members Agree to Close Down Business

EVANS & TATE: Receives Another Merger Proposal from Yarraman
GOANNA EARTHMOVING: To Declare Interim Dividend on Aug. 31
ITRON INC: Earns US$7.2 Million in First Quarter Ended March 31
MEANDERHAM PTY: Undergoes Voluntary Liquidation
MILLAA DALE: Members to Receive Wind-Up Report on Aug. 16

R LLOYD PTY: Undergoes Voluntary Liquidation
SERVICEMASTER: Moody's Puts B3 Rating on US$1.15 Bil. Sr. Loan
TDSW PTY: Will Declare Dividend for Priority Creditors
WAYWA PTY: Names Michael Gerard McCann as Liquidator


C H I N A   &   H O N G  K O N G

ACTICO LIMITED: Sets Wind-Up Petition Hearing for Sept. 5
ASIA ALUMINUM: Completes Privatization; To Resume Listing Plan
CLOTING TECHNOLOGY: Shareholders Agree on Voluntary Liquidation
DANA CORP: Court Approves USW & UAW Settlement Agreements
EXPORT MARKET: Accepting Proofs of Debt Until August 13

FIDELITY DISTRIBUTORS: Faces Bank of China's Wind-Up Petition
HAINAN AIRLINES: Wins Approval for Grand China Restructure
HEXCEL CORP: Loses US$8.7 Million from Discontinued Operations
HILLDUN LIMITED: To Hold Final Meeting for its Member on Aug.24
HONG KONG COMMITTEE: Liquidator Quits Post

JOHN JAMES: Members to Hold General Meeting on August 27
LIVINGSTON COMPANY: Sets Final General Meeting for August 28
MAXFUL TECHNOLOGY: Liquidator Quits Post
OIL SHIPPING: Liquidators Quit Posts
PEDRENA LIMITED: Members Resolve to Close Business

PETROLEOS DE VENEZUELA: Launching Tender To Acquire 56 Rigs
PETROLEOS DE VENEZUELA: Rig Problems Temporary
RISING LIMITED: Appoints Yiu Cho Yan as Liquidator
SHALAKA CORPORATION: Commences Liquidation Proceedings
SMETOUN COMPANY: Fung King Yiu Quits as Liquidator

TECK SOON: Sets Members' Final Meeting for August 20
THE CONSULTING PARTNERSHIP: Members Opt to Shut Down Business
TOPMOND FOOD: Liquidator to Give Wind-Up Report on August 28


I N D I A

ANDHRA CEMENTS: Board OKs Preferential Issue of 1.54 Cr. Shares
BALLARPUR INDUSTRIES: Board OKs Scheme of Arrangement & Reorg
BANK OF INDIA: First Quarter Profit Up 51% to INR3.15 Billion
BHARTI AIRTEL: Posts INR1,512-Cr. Profit in 1st Qtr. FY2008
BHARTI AIRTEL: To Dish Out US$1 Billion for Towers

BHARTI AIRTEL: To Recover Fringe Benefit Tax From Employees
BRIGHTPOINT INC: Credit Suisse Puts Outperform Rating on Firm
IMAX CORP: S&P Affirms Corporate Credit Rating at CCC+
TATA POWER: Books INR190-Crore Profit in Quarter Ended June 30
UTI BANK: Reports Successful Pricing of GDRs


I N D O N E S I A

ANIXTER INT'L: Second Quarter Net Income Up 31% to US$64.6 Mil.
AVNET INC: Unit Signs Pan-European Distribution Agreement
BANK MANDIRI: Books IDR2.14-Tril. Net Profit in First-Half 2007
DIRECTED ELECTRONICS: To Disclose 2007 2Q Results on August 9
GOODYEAR TIRE: Second-Quarter 2007 Sales Up 4% to US$4.9 Billion


J A P A N

BOSTON SCIENTIFIC: Mulling Sale of Fluid Management Business
DAIEI INC: Sumitomo Mitsui Wins 31.8% Stake in OMC Card
FORD MOTOR: Bidders for Units to Begin Due Diligence in August
FORD MOTOR: Earns US$750-Million Net Profit in Second Quarter
MICRON TECHNOLOGY: Gordon Smith Resigns as Director

MITSUBISHI MOTORS: To Build New Thai Plant to Meet Int'l Demand
SANYO ELECTRIC: To Sell Mobile Phone Handset Sales Unit
XEROX CORP: Total Revenue Increases 6% in Second Quarter 2007


K O R E A

BOWATER INC: Names Proposed Executives of AbitibiBowater
BOWATER: CCB Clears Proposed Merger with Abitibi-Consolidated
HYNIX SEMICONDUCTOR: 2Q Profit Drops 36% on Lower Chip Prices
MAGNACHIP SEMICONDUCTOR: Revenues Up 28% for 2nd Qtr. to July 07
NOVELIS INC: Will Invest US$9 Million in Oswego Plant

NOVELIS INC: Fitch Puts Neg. Outlook on B Issuer Default Rating


M A L A Y S I A

KNOLL INC: Moody's Withdraws Ba3 Rating on $500 Million Facility


N E W  Z E A L A N D

ANGEL DEBT: Enters Liquidation Proceedings
BAR BRANDS: Enters Wind-Up Proceedings
BIODIESEL EQUIPMENT: Taps Shephard and Dunphy as Liquidators
BRCB LTD: Accepting Proofs of Debt Until August 5
BUILD NELSON: Court to Hear Wind-Up Petition on August 2

CSOFT BUSINESS: Commences Liquidation Proceedings
DRI (2006) LTD: Fixes August 3 as Last Day to File Claims
DUGALD DEVELOPMENTS: Court Enters Wind-Up Order
ELMAR PROJECTS: Wind-Up Petition Hearing Set for Sept. 13
FAST FORWARD: Subject to Richmond Brook's Wind-Up Petition

FPM BUILDING: Fixes Sept. 28 as Last Day to File Claims
G & M BUILDERS: Creditors' Proofs of Debt Due on July 31
HAVEN PARK: Shareholders Resolve to Liquidate Business
NATURE COAST: Taps Shephard and Dunphy as Liquidators
MEREWEATHER ENTERPRISES: Taps Official Assignee as Liquidator

PALM PACIFIC: Names Gary Hitchcock as Liquidator
SWEEPING & SCRUBBING: Placed Under Members' Voluntary Wind-Up
THE FRESH FLOWER: Names Finnigan and Whittfield as Liquidators


P H I L I P P I N E S

BANCO DE ORO-EPCI: Reports PHP3.18-Bil. Net Income for 1st Half
BANCO DE ORO-EPCI: To Issue 31 Mil. New Shares to Int'l Finance
BANKARD INC: Appoints Rafael Reyes as COO and EVP
IPVG CORP: Elects Board of Directors & Board Committees for 2007
IPVG CORP: To Extend 23.552 Million Common Shares to Employees

NAT'L POWER: Seeks Interested Suppliers of Diesel Fuel Oil
WARNER MUSIC: S&P Says BB- Rating Still Under Negative Watch


S I N G A P O R E

CALDWELL ARTS: Proofs of Debt Due on August 28
PETROLEO BRASILEIRO: Filing Appeal to Regulator's BRL1.30B Fine
SPECTRUM BRANDS: Global Operations President K. Biller to Retire
STATS CHIPPAC: Fitch Lifts Corporate Credit Rating to BB+
VENTURE ENGINEERING: Proofs of Debt Due on August 10


T H A I L A N D

ARVINMERITOR INC: To Close Ontario Assembly Operations
ARVINMERITOR INC: Partners with Chery to Design Chassis Systems
DAIMLERCHRYSLER: Banks to Pool Money to Raise Buyout Financing
FEDERAL-MOGUL: Earns US$4 Mil. in Second Quarter Ended June 30
POWER-P PCL: Has Until August 27 to Submit Amended Financials

TMB BANK: DBS' 2Q Income Plunges Due to Continued Investment
TMB BANK: Forges THB3.8BB Credit Facility Deal With Areeya Dev't
TMB BANK: ING Group Eyes Investment; Expects to Ink Deal by Sept
TRUE MOVE: US$225 Million Bond Closes At 10.375% Coupon Value

     - - - - - - - -

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

AUSTRABIO PTY: Placed Under Members' Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on June 27, 2007, the
members of Austrabio Pty Ltd agreed to voluntarily liquidate the
company's business and appointed John Victor Lunghusen as
liquidator.

The Liquidator can be reached at:

         John Victor Lunghusen
         19 Blaxland Court
         Mooroolbark, Victoria 3138
         Australia

                      About Austrabio Pty

Austrabio Pty Ltd is a distributor of flowers, nursery stock and
florists' supplies.  The company is located in Victoria,
Australia.


BASIS CAPITAL: Australian Banks Worry Over Fund's Downfall
----------------------------------------------------------
Some funds management arms of some of Australia's biggest banks
are scrambling to assess more than AU$300 million in exposures
to troubled local hedge fund, Basis Capital Funds Management
Ltd., which has lost heavily in bets gone wrong in the U.S.
subprime crisis, reports Victoria Thieberger of Reuters.

According to Ms. Thieberger, among the financial firms affected
are: BT Financial Group investors; the wealth management of
Westpac Banking Corp.; Colonial First State investors, owned by
Australia's biggest fund manager; Commonwealth Bank of
Australia, Ltd.; Macquarie Bank; and Asgard, the funds
management arm of St. George Bank Ltd.

Basis Capital, which had a five-star industry rating,
securitized risky assets and packaged the loans into
collateralized debt obligations.  However, its AU$316-million
Basis Yield Fund took a hit of 14% and its AU$341 million Basis
Aust-Rim Fund which fell by 9%, steeped losses in June, various
reports say.

According to a July 24, 2007 Bloomberg News report by Laura
Cochrane, the Basis Field Fund and Basis Aust-Rim Fund ran into
trouble by investing in the unrated, riskiest portions of
collaterized debt obligations.  These portions also known by
bankers as "toxic waste" are first in line for any losses when
borrowers fall short on mortgage payments.

A BT Financial spokeswoman revealed to Ms. Thieberger that
investors had AU$180 million in both of Basis Capital's funds
and said that they have "withdrawn the products from the
(investment) platform until we have confirmation on how
redemption requests will be treated."

Colonial First investors had more than AU$50 million in the two
Basis Capital funds, conveys Ms. Thieberger, citing a
spokeswoman from the company.

Macquarie Bank investors, through its own and independent
financial advisers, claims it had AU$75 million in the Basis
Capital funds, conveys Ms. Thieberger.  St. George Bank had
about AU$60 million.

Ms. Thieberger writes that Basis Captial has appointed
accountants Grant Thornton for an order of sale of assets.

However, Ms. Cochrane of Bloomberg reports that Basis Capital
hired Blackstone Group LP as an adviser to help avoid a fire of
sale of assets.  Blackstone will advise the hedge fund firm "to
prevent adverse pricing and selling of assets."


Basis Capital Funds Management Ltd. manages and advises multi
strategy, relative value and arbitrage funds for Australian
domestic and international investors.


BELL REAL: Members Opt to Shut Down Business
--------------------------------------------
The members of Bell Real Estate Group Pty Ltd met on June 27,
2007, and agreed to shut down the company's business.

Trevor Sydney Bell was appointed as liquidator.

The Liquidator can be reached at:

         Trevor Sydney Bell
         16 Flower Street
         Ferntree Gully, Victoria 3156
         Australia

                        About Bell Real

Bell Real Estate Group Pty Ltd deals with real estate agents and
managers.  The company is located in Victoria, Australia.


BTY CURRAN: Members Pass Resolution to Liquidate Business
---------------------------------------------------------
The members of BTY Curran Pty Ltd met on June 27, 2007, and
agreed to liquidate the company's business.

M. J. Fitzpatrick was appointed as liquidator.

The Liquidator can be reached at:

         M. J. Fitzpatrick
         c/o KPMG
         Riparian Plaza, Level 16
         71 Eagle Street
         Brisbane, Queensland 4000
         Australia

                        About BTY Curran

BTY Curran Pty Ltd provides business services.  The company is
located in Queensland, Australia.


CAIRNS GREAT NORTHERN: Members Agree to Close Down Business
-----------------------------------------------------------
On June 25, 2007, the members of Cairns Great Northern Pty Ltd
had a meeting and agreed to close down the company's business.

Richard William Buckby, of KordaMentha was appointed as
liquidator.

The Liquidator can be reached at:

         Richard William Buckby
         KordaMentha (NQ)
         Level 1, 150 Walker Street
         Townsville, Queensland
         Australia

                       About Cairns Great

Cairns Great Northern Pty Ltd operates hotels and motels.  The
company is located in Queensland, Australia.


EVANS & TATE: Receives Another Merger Proposal from Yarraman
------------------------------------------------------------
Evans & Tate Limited has received another takeover proposal from
U.S. winemaker Yarraman Inc., Scott Rochfort and Nabila Ahmed
write for The Sydney Morning Herald.

According to the report, four months after Evans & Tate rejected
Yarraman's initial offer, the Nevada-based winemaker has come up
with a fresh plan to merge with the Wembley-based winemaker.

Mr. Rochfort and Mr. Ahmed write that Yarraman wants Evans &
Tate to acquire its operations for AU$17 million and retire
Yarraman's AU$5.5 million of debt.

Evans & Tate said in a statement that Yarraman has "arranged for
GE to provide a debt finance package" of AU$72 million,
AU$53.5 million of which would help retire the
AU$100-odd million of debt it owes to Australia and New Zealand
Bank, SMH conveys.

Under the plan, Evans & Tate will issue AU$20 million worth of
shares to ANZ and raise AU$20 million via a renounceable rights
issue, SMH says.

Meanwhile, write Mr. Rochfort and Mr. Ahmed Ferngrove Vineyards
decided to withdraw its merger offer for Evans & Tate after
conducting due diligence.

Mr. Rochfort and Mr. Ahmed quote Ferngrove Chief Executive
Anthony Wilkes as saying, "At the end of the day one didn't
equal three for us."  Mr. Wilkes added that he did not believe
the deal would be adding value to his company and Evans & Tate,
conveys Mr. Rochfort and Mr. Ahmed.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that Evans & Tate Limited posted a loss of
AU$63.9 million for the 2005-2006 financial year, down 12% on
the corresponding figure for the previous year.

The TCR-AP report also stated that as of June 30, 2006, the
company's balance sheet revealed strained liquidity with
AU$90.930 billion in total current assets available to pay
AU$152.377 billion of total current liabilities coming due
within the next 12 months.  Further, Evans & Tate's June 30,
2006 balance sheet also showed total liabilities of AU$207.445
billion exceeding total assets of AU$139.792 billion, resulting
to total shareholders' deficit of AU$67.653 billion.

                          Going Concern

The same TCR-AP report adds that Evans & Tate says that the
financial report has been prepared on a going concern basis,
noting that as at June 30, 2006, certain matters are considered
pertinent when considering the ability of the consolidated
entity to continue as a going concern.

The company notes that if it is unable to continue as a going
concern, it will be required to realize its assets and
extinguish its liabilities other than in the normal course of
business and at amounts that may be different to those stated in
the financial report.


GOANNA EARTHMOVING: To Declare Interim Dividend on Aug. 31
----------------------------------------------------------
Goanna Earthmoving Pty Ltd, which is in liquidation, will
declare the first interim dividend on August 31, 2007.

Creditor's proofs of debt must be in today, July 30, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

         Matthew L. Joiner
         c/o JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia

                    About Goanna Earthmoving

Goanna Earthmoving Pty Ltd is involved in the business of heavy
construction.  The company is located in Queensland, Australia.


ITRON INC: Earns US$7.2 Million in First Quarter Ended March 31
-------------------------------------------------------------
Itron Inc. reported net income of US$7.2 million for the first
quarter ended March 31, 2007, compared with net income of
US$7.1 million for the same period ended March 31, 2006.

Total revenues for the first quarter of 2007 of US$147.9 million
were approximately US$7.6 million, or 5%, lower than 2006 first
quarter revenues of US$155.6 million.  

"First quarter revenues were in line with our projections and
our prior discussions about lower revenue expectations in the
first half of the year compared to the second half," said LeRoy
Nosbaum, chairman and chief executive officer.  "We had a tough
comparison this quarter given the exceptional first quarter we
had last year.  As we said coming into 2007, this will be an
interesting year as the industry builds momentum for AMI
(advanced metering infrastructure).  Our AMI development,
conversion to a new ERP system in the first quarter and other
activities produced some higher expenses.  Obviously our
highlight of the quarter was our acquisition of Actaris which
brings us a diversification of revenue and a geographical
platform that should allow for nice growth going forward."

Total gross margin of 41% was two percentage points lower in the
first quarter of 2007 compared with the same period of 2006.  

Total operating expenses for the first quarter of 2007 were
US$52 million, an increase of approximately US$4 million
compared with the first quarter of 2006.  Research and
development expenses were higher in 2007 primarily related to
the advanced metering infrastructure (AMI) initiative, OpenWay.  
General and administrative expenses were higher in 2007 due to
expenses related to the acquisition of Actaris, increased
professional services and depreciation expense associated with
the new ERP system and higher expenses related to maintaining
two corporate facilities, one of which is held for sale.

Stock-based compensation expenses of US$2.9 million were
US$800,000 higher than the US$2.1 million in 2006.

Interest income of US$6.1 million in the first quarter of 2007
was substantially higher than the US$362,000 in the comparable
period of 2006.

Net cash provided by operating activities was US$9 million for
the first quarter of 2007, compared with US$37 million in the
first quarter of 2006.  The decrease was primarily the result of
an increase in accounts receivable due to delayed invoicing and
decreased collection activity related to our conversion to a new
ERP system on Jan. 1, 2007.  Earnings before interest, taxes,
depreciation and amortization (EBITDA) in the first quarter of
2007, was US$22 million compared with US$29 million for the same
period in 2006.  The lower EBITDA in 2007 was due primarily to
decreased operating income.

At March 31, 2007, the company's balance sheet showed US$1.24
billion in total assets, US$606.3 million in total liabilities,
and US$632.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?2027  

                         About Itron Inc.

Itron Inc. (NASDAQ: ITRI) -- http://www.itron.com/-- provides  
solutions to electric, gas and water utilities worldwide to
enable them to optimize the delivery and use of energy and
water.  Solutions include electric meters, handheld computers,
mobile and fixed network automated meter reading (AMR), advanced
metering infrastructure (AMI), water leak detection and related
software and services.  Additionally, the company sells
enterprise software to manage, analyze and forecast important
utility data.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on April 20, 2007,
Standard & Poor's Ratings Services lowered its ratings on Itron
Inc., including its corporate credit rating to 'B+' from 'BB-',
following the completion of the company's acquisition of Actaris
Metering Systems.


MEANDERHAM PTY: Undergoes Voluntary Liquidation
-----------------------------------------------
During a general meeting held on June 28, 2007, the members of
Meanderham Pty Ltd agreed to voluntarily liquidate the company's
business and Michael Gerard McCann was appointed as liquidator.

The Liquidator can be reached at:

         Michael Gerard McCann
         Grant Thornton Chartered Accountants
         Ground Floor, Grant Thornton House
         102 Adelaide Street, Brisbane
         Australia

                      About Meanderham Pty

Meanderham Pty Ltd, which is also trading as Townsville
Travelodge, operates hotels and motels.  The company is located
in Queensland, Australia.


MILLAA DALE: Members to Receive Wind-Up Report on Aug. 16
---------------------------------------------------------
The members of Millaa Dale Friesian Stud Pty Ltd will meet on
August 16, 2007, at 10:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Peter David Kane
         Graham & Scriven, Chartered Accountants
         & Tax Agents
         Suite 1, 67 Robinson Road East
         Virginia
         Australia

                       About Millaa Dale

Millaa Dale Friesian Stud Pty Ltd is a distributor of wood
products.  The company is located in Queensland, Australia.


R LLOYD PTY: Undergoes Voluntary Liquidation
--------------------------------------------
On June 25, 2007, R Lloyd Pty Ltd went into liquidation and Ian
Alexander Currie of Currie Biazos Insolvency Accountants was
appointed as liquidator.

The Liquidator can be reached at:

         Ian Alexander Currie
         Currie Biazos Insolvency Accountants
         Level 5, 99 Creek Street
         Brisbane, Queensland 4000
         Australia

                          About R Lloyd

R Lloyd Pty Ltd disinfecting and pest control services.  The
company is located in Queensland, Australia.


SERVICEMASTER: Moody's Puts B3 Rating on US$1.15 Bil. Sr. Loan
--------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the
US$1.15-billion senior unsecured interim term loan (bridge
facility) of The ServiceMaster Company and withdrew the B3
rating on the US$1.15 billion proposed senior unsecured note
offering, which was cancelled.  

The proceeds from the bridge facility, along with secured
financing and an equity contribution, were utilized to finance
the leveraged buyout of ServiceMaster that closed on July 24,
2007.  Moody's also downgraded to Caa1 from Baa3 US$585 million
in aggregate principal amount of existing senior notes with
maturity dates ranging from 2007 to 2038, since such notes were
not redeemed at the time of the closing of the buyout.  These
rating actions conclude a review for possible downgrade
initiated on March 19, 2007, following the announcement that the
company had entered into a definitive agreement to be acquired
by an investment group led by Clayton, Dubilier & Rice, Inc.  
The rating outlook is stable.

The leveraged buyout financing package included a
US$2.65 billion senior secured term loan, a US$1.15 billion
bridge facility and an equity contribution of about
US$1.43 billion.  The US$2.65 billion term loan includes a
US$240 million delayed draw tranche that may be used within 45
days of the closing to fund the redemption of US$179 million in
senior unsecured notes due 2009, which were called for
redemption on July 24, 2007, and to repay US$49 million in
senior unsecured notes with a maturity date in August 2007.

Moody's also affirmed the B2 Corporate Family Rating, B2
Probability of Default Rating and B1 rating on the
US$3.3 billion senior secured credit facility.  The credit
facility consists of the US$2.65 billion senior secured term
loan, a US$500 million senior secured revolver and a pre-funded
US$150 million synthetic letter of credit facility.  The
US$500 million revolving credit facility was undrawn and fully
available at closing.

The downgrade of the US$585 million of existing senior notes of
ServiceMaster to Caa1, one notch below the bridge facility,
reflects a lack of subsidiary guarantees, which effectively
subordinates such notes to the bridge facility.  The
US$585 million principal amount of downgraded senior notes
includes US$179 million in senior unsecured notes due 2009 and
US$49 million in senior unsecured notes with a maturity date in
August 2007.

The B2 Corporate Family Rating is constrained by weak credit
metrics pro forma for the buyout, significant competition from
local, regional and national competitors and potential earnings
cyclicality.  The ratings are supported by leading market
positions and brands in large end-markets, favorable geographic
and service line diversification and stable financial
performance.  In addition, strategic initiatives to reduce costs
and improve retention rates should drive performance
improvements in the intermediate term.

Moody's took these rating actions with respect to The
ServiceMaster Co. (Old):

-- Downgraded US$49 million senior unsecured notes due 2007,
    to Caa1(LGD 6, 95%) from Baa3

-- Downgraded US$79 million senior unsecured notes due 2018,
    to Caa1(LGD 6, 95%) from Baa3

-- Downgraded US$195 million senior unsecured notes due 2027,
    to Caa1(LGD 6, 95%) from Baa3

-- Downgraded US$83 million senior unsecured notes due 2038,
    to Caa1(LGD 6, 95%) from Baa3

-- Downgraded US$179 million senior unsecured notes due 2009,
    to Caa1(LGD 6, 95%) from Baa3

-- Downgraded US$300 million medium term note program, to
    Caa1(LGD 6, 95%) from Baa3

-- Downgraded senior unsecured shelf registration, to
    (P)Caa1(LGD 6, 95%) from (P)Baa3

Moody's took the following rating actions with respect to The
ServiceMaster Company (CDRSVM Acquisition Co., Inc. merged into
The ServiceMaster Company in connection with the closing of the
buyout):

-- Assigned US$1.15 billion senior unsecured interim term loan
    facility, B3 (LGD 5, 73%)

-- Affirmed US$2.65 billion 7 year senior secured term loan B,
    B1 (LGD 3, 34%)

-- Affirmed US$500 million 6 year senior secured revolving
    credit facility, B1 (LGD 3, 34%)

-- Affirmed US$150 million (downsized from US$200 million) 7
    year senior secured synthetic letter of credit facility, B1
    (LGD 3, 34%)

-- Affirmed Corporate Family Rating, B2

-- Affirmed Probability of Default Rating, B2

-- Withdrew US$1.15 billion 8 year senior unsecured toggle
    notes, B3 (LGD 5, 74%)

The stable outlook anticipates moderate organic revenue growth
and EBITDA improvement over the next 12-18 months.  Cash flow,
leverage and interest coverage are expected to remain weak for
the rating category during this period.

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.


TDSW PTY: Will Declare Dividend for Priority Creditors
------------------------------------------------------
TDSW Pty Ltd will declare dividend for its priority creditors on
August 28, 2007.

Creditors who were not able to file their claims by July 28,
2007, are excluded from sharing in the company's dividend
distribution.

The company's deed administrator is:

         M. G. Mccann
         Grant Thornton
         Ground Floor, Grant Thornton House
         102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3222 0200
         Facsimile:(07) 3222 0446

                         About TDSW Pty

TDSW Pty Ltd, which is also trading as The Disc Shop, operates
computer and software stores.  The company is located in
Queensland, Australia.


WAYWA PTY: Names Michael Gerard McCann as Liquidator
----------------------------------------------------
The members of Waywa Pty Ltd had a meeting on June 27, 2007, and
decided to voluntarily liquidate the company's business.

Michael Gerard McCann, of Grant Thornton Chartered Accountants
was appointed as liquidator.

The Liquidator can be reached at:

         Michael Gerard McCann
         Grant Thornton Chartered Accountants
         Grant Thornton House, Level 4
         102 Adelaide Street, Brisbane
         Australia

                         About Waywa Pty

Waywa Pty Ltd is a lessor of real property.  The company is
located in Queensland, Australia.


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

ACTICO LIMITED: Sets Wind-Up Petition Hearing for Sept. 5
---------------------------------------------------------
A petition to wind up the operations of Actico Limited will be
heard before the High Court of Hong Kong on Sept. 5, 2007, at
9:30 a.m.

Chiang Ho Man filed the wind-up petition against the company on
June 27, 2007.


ASIA ALUMINUM: Completes Privatization; To Resume Listing Plan
--------------------------------------------------------------
Asia Aluminum Holdings Ltd (0930.HK) successfully completed its
privatization under the Merrill Lynch Group and withdrew from
the Hong Kong market, China Coal reports.

Asia Aluminum revealed for the first time on July 21 after more
than one year that as the 400,000t high precision aluminum sheet
and strip project will go into operation at the end of this
year, it plans to resume market listing in one or two years, the
report says.

However, the company said that the specific market had not been
confirmed, while Mainland China, Hong Kong and the USA are all
possible listing points.

                          *     *     *

Headquartered in Kowloon, Hong Kong, Asia Aluminum Holdings
Limited -- http://www.asiaalum.com/-- is the powerhouse of   
aluminum extrusion, offering comprehensive solutions in design
and engineering, extrusion, surface finishes, fabrication and
delivery.  The Company is quoted on the Hong Kong Stock Exchange
and is one of the largest investor-owned aluminum businesses in
Asia, serving the infrastructure, transportation, industrial,
and home improvement sectors.

The Troubled Company Reporter-Asia Pacific reported on July 10,
2006, that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Asia Aluminum Holdings Ltd
to BB- from BB.  At the same time, it lowered its issue rating
on US$450 million in senior unsecured notes due 2011 to BB- from
BB.  The ratings were removed from CreditWatch, where they had
been placed with negative implications on Feb. 8, 2006.  Both
rating outlook are negative.

In addition, the TCR-AP reported on Mar. 20, 2007, that Moody's
Investors Service has confirmed the B1 corporate family rating
and senior unsecured bond rating of Asia Aluminum Holdings Ltd.  
The ratings outlook is stable.


CLOTING TECHNOLOGY: Shareholders Agree on Voluntary Liquidation
---------------------------------------------------------------
At an extraordinary general meeting held on July 17, 2007, the
shareholders of Clothing Technology Demonstration Centre Company
Limited passed a resolution to voluntarily liquidate the
company's business.

The company requires its creditors to file their proofs of claim
by August 27, 2007.

The company's liquidators are:

         Stephen Liu
         Chan Wai Hing
         18th Floor, Two International Finance Centre
         8 Finance Street, Central
         Hong Kong


DANA CORP: Court Approves USW & UAW Settlement Agreements
---------------------------------------------------------
The Honorable Burton R. Lifland of the United States Bankruptcy
Court for the Southern District of New York granted approval of
the settlement agreements between Dana Corporation and each of
the United Steel Workers and the United Auto Workers, as well as
an investment agreement with Centerbridge Capital Partners,
L.P., for a major investment in the company.

As reported in the Troubled Company Reporter on July 9, 2007,
the agreements consist of:

   -- A settlement agreement with each of the United Steel
      Workers and the United Auto Workers, which will lower
      Dana's labor costs and replace the company's health care
      and long-term disability obligations for retirees and
      employees represented by these unions with Voluntary
      Employees' Beneficiary Association trusts to which Dana
      will contribute in aggregate approximately US$700 million
      in cash, less certain benefit payments made prior to the
      effective date of the company's plan of reorganization,
      and approximately US$80 million in common stock of the
      reorganized Dana;

   -- An agreement with Centerbridge Capital Partners, L.P., and
      its affiliates on the terms under which the firm will
      invest up to US$500 million in cash for convertible
      preferred stock in the reorganized Dana and facilitate an
      additional investment by other investors of up to US$250
      million in convertible preferred stock; and

   -- A plan support agreement with the USW, the UAW, and
      Centerbridge, under which these parties will support a
      plan of reorganization filed by Dana that includes both
      the labor settlements and the Centerbridge investment
      agreement.

The judge also approved a plan support agreement with the USW,
the UAW, and Centerbridge, under which these parties will
support a plan of reorganization filed by Dana that includes
both the labor settlements and the Centerbridge investment
agreement.

Under terms of the investment agreement, Centerbridge will
purchase up to US$500 million of convertible preferred stock of
the reorganized Dana and facilitate an additional investment of
up to US$250 million in convertible preferred stock.

"We are pleased with the Court's approval of these agreements,
which we believe preserves significant value for all of our
constituents," Dana Chairman and CEO Mike Burns said.  "The
developments support Dana's long-term success and keep our
company on the path to file our reorganization plan by the
beginning of September and to emerge from bankruptcy by year end
as a competitive and sustainable business."

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China in the Asia-
Pacific, Argentina in the Latin-American regions and Italy in
Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit
acceptances of that plan.

(Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of
US$1.45 billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the
US$1.45 billion debtor-in-possession financing of Dana
Corporation as a Debtor-in-Possession.  The DIP financing
consists of a US$750 million super priority senior secured asset
based revolving credit and a US$700 million super priority
senior secured term loan B.


EXPORT MARKET: Accepting Proofs of Debt Until August 13
-------------------------------------------------------
Export Market Development Limited is accepting proofs of debt
from its creditors until August 13, 2007.

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

The company's liquidator is:

         Tang Wai Kit
         On Hong Comm. Building, 18th Floor
         145 Hennessey Road, Wanchai
         Hong Kong


FIDELITY DISTRIBUTORS: Faces Bank of China's Wind-Up Petition
-------------------------------------------------------------
On July 9, 2007, Bank of China (Hong Kong) Limited filed a
petition to wind up the operations of Fidelity Distributors
(Hong Kong) Limited.

The High Court of Hong Kong will hear the petition on
September 19, 2007, at 9:30 p.m.


HAINAN AIRLINES: Wins Approval for Grand China Restructure
----------------------------------------------------------
China's Hainan Airlines has won the approval of the Civil
Aviation Administration of China to restructure its airline
units under the Grand China Air name and have its operations
base in Beijing, Flight Global says.

Hainan, China's fourth-largest airline group when the main
Hainan Airlines operation and subsidiary carriers such as
Changan Airlines, Shanxi Airlines and Xinhua Airlines are
included, secured in late June an air operator's certificate
from the CAAC for new carrier Grand China, Flight Global
recounts.

The report relates that Grand China will have its operations
base in Beijing, although its registered offices will remain in
the southern island province of Hainan, and will eventually
incorporate operations of the existing group airlines.  The
Hainan group has been growing rapidly in recent years and has
long sought to adopt the Grand China name.  It is expected to be
adopted from later this year.

According to the report, Hainan hopes that the restructure will
lead to a foreign stock exchange listing.  Hainan hopes that
Grand China can be listed following an initial public offering
to raise funds for expansion, including to help pay for regional
jets, narrowbody and widebody airliners it has on order.  The
group has also expanded into dedicated cargo operations and
acquired 45% stakes in two Hong Kong-based airlines -- Hong Kong
Airlines and Hong Kong Express.


Hainan Airlines Company Ltd's principal activities are providing
domestic aeronautic transportation to passengers and cargoes,
domestic business chartering services, aeronautic maintenance
and services, air traveling and on-board food supply.  Other
activities include manufacturing aeronautic field equipment and
components, plane and landing equipment, selling of plane
ticket, cargo & other related services, providing repair
services, development of hotels and managing properties.

On Oct. 31, 2005, Xinhua Far East China Ratings gave the company
a 'CC' issuer credit rating.


HEXCEL CORP: Loses US$8.7 Million from Discontinued Operations
--------------------------------------------------------------
Hexcel Corporation has reported results for the second quarter
of 2007.  Net sales from continuing operations in the quarter
were US$289.8 million, 5.8% higher than the US$274.0 million
reported for the second quarter of 2006.  Related operating
income for the second quarter was US$34.0 million compared to
US$33.9 million for the same period last year.  Net income
from continuing operations for the second quarter of 2007 was
US$17.5 million, compared to US$18.0 million in 2006.  Net loss
from discontinued operations was US$8.7 million, or US$0.09 per
diluted share including an after-tax charge of US$9.7 million
for previously disclosed legal matters.

Discontinued operations consist of the assets of the US
electronics, ballistics and general industrial reinforcement
product lines, which we have entered into a definitive agreement
to sell to JPS Industries.

Hexcel Chief Executive Officer David Berges commented, "The
second quarter saw a continuation of the first quarter sales
pattern for the commercial aerospace market.  Because of the
A380 delay, Airbus sales were again down significantly from a
year ago, but strong demand from all other major customers
resulted in the almost 9% overall growth in our commercial
aerospace sales.  Start-up, training and qualification efforts
combined with some unplanned maintenance outages put some
pressure on our margins but we still met our guidance targets
and expect better year-on-year margin expansion for the
remainder of 2007."

"The ramp up of new B787 and A380 programs layered on top of
increasing aircraft build rates should provide opportunity for
good volume leverage next year.  Longer term we are encouraged
by the continued strength in wind turbine and aircraft orders,
especially the new composite intensive A350 XWB.  With the
divestiture of non-core assets nearly completed, our sharper
focus should allow us to capitalize on these market trends as
well as emerging applications for advanced composite materials."

Commercial aerospace sales grew for the quarter by 8.9% (7.4% in
constant currency).  The growth was driven by strong sales to
Boeing, to manufacturers of engines and nacelles and to regional
aircraft producers.  Sales to these customers were up over 25%
year-on-year for the second quarter in a row.

Sales to Airbus were again down double digits for the quarter
due to the A380 delay.  Although we currently don't expect A380
demand to begin to recover until 2008, comparisons for the
second half of 2007 to the second half of 2006 become easier as
the A380 delays were evident in those quarters as well.

Hexcel remains focused on the product development and selection
requirements related to the new Boeing 787, Boeing 747-8 and
Airbus A350 programs.  The firm's efforts are evident in higher
levels of research and technology expenses, which are directly
related to on-going qualification efforts for those new
programs.

Industrial sales were essentially flat for the quarter (down
5.0% in constant currency) against a particularly strong quarter
last year.  Second quarter 2006 sales were over 10% higher than
any other quarter in 2006.  Sales of applications for the wind
energy market saw growth in the mid-teens in constant currency,
but were offset by a weak performance in the recreation and
other industrial markets.

Wind energy growth was in line with our guidance, however, if
not for component supply issues at our customers the growth
would have been even stronger.  Global demand remains strong and
we expect to add capacity in China next year to support regional
growth.

Sales for recreation applications were lower than in the
comparable quarter of 2006 principally in the area of winter
recreational products, particularly in Europe due to the warm
winter season.  Other industrial sales were lower than last year
as Hexcel continue to refine its focus on selected customers and
applications.

Space & Defense sales for the quarter were up 5.3% over last
year (3.0% in constant currency), which combined with an
exceptionally strong first quarter bring the year to date growth
to 10.9%, in line with our guidance.  Demand from military fixed
wing and rotorcraft applications remains solid, but the timing
of orders in this market remains difficult to predict.

Aerospace qualification processes are underway in a number of
locations including:

          -- a new carbon fiber precursor line in Decatur,
             Alabama;

          -- a new prepreg facility in Stade, Germany;

          -- the new carbon fiber line in Salt Lake City, Utah;
             and

          -- for prepreg products transferred as part of the
             Livermore, California closure.

Hexcel has also begun the training of newly hired Spanish
employees in Salt Lake City to assure a timely start-up of our
new fiber line in the Madrid area early next year.

Gross margins declined slightly to 24.3% in the quarter compared
to 24.6% in the second quarter of 2006.  Unplanned equipment
outages resulted in higher maintenance, labor and freight costs.

Selling, General and Administrative Expenses expenditures in the
quarter of US$27.4 million were US$1.5 million higher than the
second quarter of 2006.  Significant contributors to this
increase include the impact of exchange rates and costs incurred
related to personnel transitions.

R&T spending increased US$1.1 million in the quarter compared to
the second quarter of 2006 reflecting expenditures related to
new product development and qualification efforts for new
aircraft programs.  Most of the increase was within our
Engineered Products operating segment as a result of
certification testing on Boeing 787 components made from
Hexcel's new HexMC system.

Operating income for the quarter, excluding business
consolidation and restructuring expense, was US$34.5 million or
11.9% of sales, in line with our guidance for the year.

                    Discontinued Operations

As previously disclosed, during the second quarter Hexcel
entered into a definitive agreement to sell EBGI to JPS
Industries for US$62.5 million plus up to US$12.5 million of
additional payments dependent upon future sales of the
Ballistics product line.  The additional payments will be
recorded as income when earned.

The transaction is anticipated to close in the third quarter, at
which time Hexcel expects to record an after-tax loss of up to
US$3 million.  The company has concluded that the transaction
satisfies the accounting considerations necessary for EBGI to be
classified as "assets held for sale" and have reported EBGI as
"discontinued operations" in the firm's financial statements.

Sales for EBGI during the quarter were US$45.7 million, or 28.4%
higher than the second quarter of 2006.  The growth was driven
by a 60% increase in ballistic sales.

During the quarter, Hexcel established an after-tax reserve of
US$9.7 million in connection with the anticipated settlement of
claims relating to the previously disclosed investigation by the
U.S. Department of Justice into the use of allegedly defective
Zylon fiber in ballistic vests purchased under U.S. government
funded programs.  While Hexcel admits no wrongdoing, the firm
believes it serves its best to settle the U.S. claims to avoid
the distraction, costs and uncertainties of potential
litigation.  The charge is included in the loss from
discontinued operations.

                          Income Taxes

Hexcel's effective income tax rate for the second quarter 2007
was 42.5%, as compared to 39.2% for the second quarter of 2006.  
The increase was primarily due to tax reserves for exposures
which have been accounted for in accordance with FIN 48.  It is
expected that FIN 48 will increase the volatility of the
effective tax rate.

                      Total Debt, Net of Cash

Total debt, net of cash of US$367.9 million as of June 30, 2007,
decreased by US$20.2 million from US$388.1 million as of
March 31, 2007.

Inventories as of June 30, 2007, were substantially unchanged
compared to March 31, 2007, while cash used for the increase in
inventories since December 31, 2006, is about US$14 million.  
The growth in inventories since year-end has been driven by a
number of factors, including tooling to mold finished parts
using the new HexMC materials for the Boeing 787, increases in
aircraft production and normal seasonality.  Despite these
requirements for additional inventory, Hexcel continues to seek
opportunities to improve its inventory turnover.

                            Guidance

Hexcel's prior guidance for 2007 was issued in December 2006 and
included the EBGI business.  As a result of the expected
divestiture of the business in the third quarter, the company
has updated its guidance for the year.

The company had expected total sales to increase of up to 10%
for the year assuming comparable exchange rates to 2006.  It now
expects it will be in the upper end of that range as stronger
than expected commercial aerospace growth will be partially
offset by lower than expected growth in recreation and other
industrial sales.

Hexcel still expects gross margins for the year of 23% to 24%
and operating margin before restructuring expense of 11% to 12%
despite increased spending for new program development and
qualifications, as well as start up costs for new production
capacity.


Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced  
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  The ratings outlook was Stable.


HILLDUN LIMITED: To Hold Final Meeting for its Member on Aug.24
---------------------------------------------------------------
Hilldun Limited will hold a meeting for its member on August 24,
2007, at 11:00 a.m., on the 35th Floor of Two Pacific Place in
88 Queensway, Hong Kong.

Robert Michael James Atkinson and Antony Nigel Tyler, the
company's liquidators, will give at the meeting a report about
the company's wind-up proceedings and property disposal.


HONG KONG COMMITTEE: Liquidator Quits Post
------------------------------------------
Ying Hing Chiu ceased to act as liquidator of Hong Kong
Committee of the Pacific Basin Economic Council Limited on
July 23, 2007.

The former Liquidator can be reached at:

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


JOHN JAMES: Members to Hold General Meeting on August 27
--------------------------------------------------------
John James Holdings Limited will hold a general meeting for its
members on August 27, 2007, at 10:00 a.m., on Level 2 at 215
Spring Street, Melbourne in Victoria 3000, Australia.

Chu Kwok-Ching, David, the company's liquidator, will give at
the meeting a report about the company's wind-up proceedings and
property disposal.


LIVINGSTON COMPANY: Sets Final General Meeting for August 28
------------------------------------------------------------
Livingston Company Limited will hold a final general meeting for
its members on August 28, 2007, at 10:00 a.m., in the company's
registered office.

Clara Fung Pui Ling, the company's liquidator, will give at the
meeting a report about the company's wind-up proceedings and
property disposal.


MAXFUL TECHNOLOGY: Liquidator Quits Post
----------------------------------------
Tang Wai Kit ceased to act as liquidator of MAxful Technology
and Consultants Limited on July 16, 2007.

The former Liquidator can be reached at:

         Tang Wai Kit
         On Hong Comm Bldng., 18th Floor
         145 Hennessy Road, Wanchai
         Hong Kong


OIL SHIPPING: Liquidators Quit Posts
------------------------------------
On July 10, 2007, Natalia Seng Sze Ka Mee and Cheng Pik Yuk
ceased to act as liquidators of Oil Shipping (Hong Kong)
Limited.

The former Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cheng Pik Yuk
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


PEDRENA LIMITED: Members Resolve to Close Business
--------------------------------------------------
The members of Pedrena Limited met on July 11, 2007, and agreed
to voluntarily wind up the company's operations.

Kwok Chi Sun, Vincent was appointed as liquidator

The Liquidator can be reached at:

         Kwok Chi Sun, Vincent
         Vincent Kwok & Co., Certified Public Accountants
         Suite 1703, 17th Floor
         88 Hing Fat Street, Causeway Bay
         Hong Kong


PETROLEOS DE VENEZUELA: Launching Tender To Acquire 56 Rigs
-----------------------------------------------------------
Venezuelan Energy and oil minister and state-run oil firm
Petroleos de Venezuela SA's head Rafael Ramirez told reporters
that the company will launch an international tender this year
for the acquisition of 56 drilling rigs.

Business News Americas relates that the new rigs would be
deployed along the Orinoco heavy crude oil belt.

A Petroleos de Venezuela spokesperson commented to BNamericas,
"We can't say yet when it's going to take place or what
companies the tender will be open to.  The national assembly
will make that decision."

Production in the Orinoco's Carabobo block would start soon,
BNamericas notes, citing Minister Ramirez.  However, Petroleos
de Venezuela hasn't set a specific date for the start of
production.

Minister Ramirez commented to Panorama de Maracaibo, "The rig
shortage is affecting all oil-producing countries."

According to BNamericas, Minister Ramirez said that the price of
a standard rig has increased to US$450,000 from US$200,000.  
Brazilian state-owned oil firm Petroleo Brasileiro or Mexico's
state oil company Pemex will purchase them if Petroleos de
Venezuela fails to do so.

BNamericas states that Petroleos de Venezuela said it will
invest some US$3.5 billion in the acquisition of new drilling
rigs.

Petroleos de Venezuela wants to have 202 rigs running in
Venezuela to reach its 2012 Plan Siembra Petrolera goal of
producing 5.8 million barrels a day, BNamericas reports.  It has
reached an accord with China to acquire new rigs.  Almost 140 of
its engineers are in China developing a plan to build rigs in
Venezuela.

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

                        *    *    *

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


PETROLEOS DE VENEZUELA: Rig Problems Temporary
----------------------------------------------
Venezuela's state-run oil firm Petroleos de Venezuela SA's
problems in obtaining drill rigs are temporary, Business News
Americas reports, citing Harvest Natural President and Chief
Executive Officer James A Edmiston.

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Venezuelan Energy Minister Rafael Ramirez said
that Petroleos de Venezuela was struggling with an "operational
emergency" as it was unable to hire enough oil drilling rigs.
Petroleos de Venezuela must hire more drilling rigs to meet
increasing production goals, Minister Ramirez stated.

According to BNamericas, Mr. Edmiston said that problems on the
availability of rigs in Venezuela is a "procurement issue."

Mr. Edmiston commented to BNamericas, "There is quite a bit of
iron in Venezuela.  There hasn't been a situation where rigs are
totally unavailable.  PDVSA [Petroleos de Venezuela] is trying
to consolidate its procurement activities, now that they own a
piece of all of these businesses.  There is a huge amount of
procurement leverage that goes ungathered if you don't
consolidate and converge your procurement activities.  Clearly,
if they can create a process and converge on many procurement
items, it will benefit all of us.  The difficulty they are
having now is that they are at the beginning of that process."

"Venezuela's long-term outlook remained positive," BNamericas
notes, citing Mr. Edmiston.  "PDVSA and the government are going
to do what most governments do and act in their best interest.  
And it is in their best interest now to bring the best
technology and best operating practices to their oil fields.  
Venezuela has been a significant oil producer for a whole lot of
years and through a whole lot of different governments and
administrations, and I expect them to be that way far into the
future.  When I look at the issue from 50,000 feet, the outcome
is obvious.  The road that you travel to get from A to B has
bumps in it, but this is an inherently long-term business. We
have a 20-year contract in front of us, so it's important that
we take a long-term view."

Harvest Natural told BNamericas that a workover rig and one
drilling rig will start operations in the Uracoa field in the
fourth quarter 2007.

Harvest Natural said in a statement that a third rig would start
appraisal drilling in the new fields early next year.

Mr. Edmiston told BNamericas, "What we have outlined in terms of
rigs is achievable.  We think we can deliver on the schedule
that we've outlined.  I'm a bit disappointed with our
procurement process though, as it's been a little slow."

                      About Harvest Natural

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging. Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, Calif., which operates the South Monagas Unit in
Venezuela.

                  About Petroleos de Venezuela

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

                          *     *     *

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


RISING LIMITED: Appoints Yiu Cho Yan as Liquidator
--------------------------------------------------
On July 21, 2007, Yiu Cho Yan was appointed as the liquidator of
Rising Limited through a special resolution passed on that day.

The Liquidator can be reached at:

         Yiu Cho Yan
         Asian House
         Room 1702, 17th Floor
         1 Hennessy Road, Wanchai
         Hong Kong


SHALAKA CORPORATION: Commences Liquidation Proceedings
------------------------------------------------------
At an extraordinary general meeting held on July 14, 2007, the
members of Shalaka Corporation Limited resolved to close the
company's business and appointed Kirat Rabier Young as
liquidator.

The Liquidator can be reached at:

         Kirat Rabier Young
         28 rue du Mont Thabor
         75001 Paris
         France


SMETOUN COMPANY: Fung King Yiu Quits as Liquidator
--------------------------------------------------
On July 16, 2007, Fung King Yiu ceased to act as liquidator of
Smetoun Company Limited.

The former Liquidator can be reached at:

         Fung King Yiu
         Ground Floor, No. 343 Reclamation Street
         Kowloon


TECK SOON: Sets Members' Final Meeting for August 20
----------------------------------------------------
A final meeting will be held for the members of Teck Soon Hong
Godown & Transportation Limited on August 20, 2007, at 10:00
a.m., on the 44th Floor of China Resources Building, at 26
Harbour Road in Wanchai, Hong Kong.

Selwyn Mar and Wong Yue Ting, Thomas, the company's liquidators,
will give at the meeting a report about the company's wind-up
proceedings and property disposal.


THE CONSULTING PARTNERSHIP: Members Opt to Shut Down Business
-------------------------------------------------------------
The members of The Consulting Partnership (Hong Kong) Limited
met on July 6, 2007, and agreed to shut down the company's
business.

The company's liquidator is:

         Albrecht Carl King Yeung Yeh
         Wing Hang Finance Centre, 23rd Floor
         60 Gloucester Road, Wanchai
         Hong Kong


TOPMOND FOOD: Liquidator to Give Wind-Up Report on August 28
------------------------------------------------------------
The members and creditors of Topmond Food Limited will meet on
August 28, 2007, at 2:00 p.m. and 2:30 p.m., respectively, to
receive the report of Leung Chi Wing, the company's liquidator,
regarding the company's wind-up proceedings and property
disposal.

The meeting will be held in the Office B, 4th Floor of Kiu Fu
Commercial Building at 300 Lockhart Road in Wan Chai, Hong Kong.


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

ANDHRA CEMENTS: Board OKs Preferential Issue of 1.54 Cr. Shares
---------------------------------------------------------------
Andhra Cements Ltd will be issuing 1,54,10,000 equity shares on
private placement basis to promoter companies and Infrastructure
Development Finance Company Ltd.

In a filing with the Bombay Stock Exchange, Andhra Cements
disclosed that its board of directors at its meeting on July 26,
2007, decided to issue on preferential basis its equity totaling
1,54,10,000 shares:

   -- 87,40,000 shares to IDFC; and

   -- 66,70,000 shares to promoter companies.

The company assures the BSE that the pricing for the shares will
be as per the Securities and Exchange Board of India (Disclosure
& Investor Protection) Guidelines, 2000 governing preferential
issues.

According to The Telegraph, the board sill issue the
preferential shares to IDFC for INR25 crore while the shares are
allotted to promoter companies to convert about INR19 crore
worth of loan to equity.  Promoter groups now own about 77% of
the company, the news agency noted.

Pursuant to the BSE filing, the company also disclosed plans to
expand the company's existing production capacity from 1.40
million MT per annum to 3.50 million MT per annum.  The cost of
the project, which is estimated to be around INR400 crore, is
proposed to be funded partly by way of loans and partly by
internal accruals.

The Telegraph said funds that will be used for the expansion
will be generated from loans and internal accruals.   While
INR100 crore will be raised internally, the rest will come from
IDFC and HDFC -- each to chip in with a loan of INR150 crore
each -- the news agency added.

To consider the preferential issue, the company's members will
hold an extraordinary general meeting on Aug. 21, 2007.


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

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


BALLARPUR INDUSTRIES: Board OKs Scheme of Arrangement & Reorg
-------------------------------------------------------------
Ballarpur Industries Ltd's board of directors has accepted a
proposal for a scheme of arrangement and reorganization
transferring its units at Bhigwan, Ballarpur and Kamlapuram to
its wholly owned subsidiary, BILT Graphic Paper Products Ltd.  

The aim is to create a large asset base company overseas, which
would eventually use its equity for acquiring other foreign
companies, Arun Kumar of the Hindustan Times cites BILT Group
Finance Director B. Hariharan as saying.

The company disclosed in a filing with the Bombay Stock Exchange
that it has two unlisted subsidiaries incorporated in
Netherlands -- Ballarpur International Holdings B.V. and
Ballarpur Paper Holdings B.V.  BPH holds the 97.8% shareholding
of Sabah Forest Industries Sdn Bhd, the largest integrated paper
and pulp manufacturing company in Malaysia.

Mr. Hariharan told the Hindustan Times that BPH, which would be
the main holding company, would divest around 15% to finance the
restructuring.

Pursuant to the proposal, the company will receive a lump sum
value of INR1,950 crore, which amount is based on the range of
amount provided by PriceWaterhouseCoopers in a valuation report.
Upon the Scheme becoming effective, BILT Graphic will issue to
the company equity shares for a sum of INR450 crore and Secured
Non-convertible Redeemable Debentures for INR1,500 crore.

For the reorganization of the capital of the company, the Scheme
will also provide for a stock split and a simultaneous buyback
of 40% of the paid up capital of the company.  In addition,
small shareholders holding 1,000 equity shares or less, of the
company, prior to the stock split under the scheme, will have
the option to sell the shares in entirety.

According to the BSE filing, the company's board is interested
in the reorganization proposal as it will result in the:

   -- retirement of debts owed to secured and unsecured
      creditors;

   -- improve the company's ratings; and

   -- facilitate payments for buyback of shares as detailed.

Under the scheme, it is proposed that the Appointed Date be
fixed as July 1, 2007.  The Record Date for determining the
shareholders of the company as on a particular date is
referenced to 30 days from the Effective Date of the Scheme.
Within 45 days from the Effective Date, the company will
undertake the stock split.  A single share of the company will
be split into five shares of the face value of INR2 each.

The non-split share has been valued at INR125, which is higher
than the closing price of the shares of the company on July 23,
2007.  The six-month average market price of equity shares and
the two-week average market price of equity shares from the
board meeting were INR114.33 and INR118.61 respectively on the
National Stock Exchange of India Ltd.  The buyback price for the
share of the face value of INR2 for purchasing 40% of the paid
up capital to be bought has been fixed at INR25 per share.

Simultaneous with the stock split, 40% of the post-split stock
from the paid up capital of the company, will be subject to a
buyback by the company in accordance with the approved Scheme.
Two shares of the face value of INR2 will be bought back by the
company for the purchase price of INR50.

The company makes it clear that both the stock split and the
buyback will be undertaken only if the Scheme is approved and
sanctioned by the High Court.

According to the company, BPH has received indicative proposals
for debt and equity financing from international banks and
institutions and international branches of national banks.  
Hence, the company believes BPH will have adequate funds to buy
the investments in the equity shares of BGPPL and the debentures
of BGPPL issued pursuant to the Scheme becoming effective.  BPH
will buy the securities for INR1950 crore.

The company will continue to hold substantial interests as a
holding company in BILT Graphic as also in BPH, even after the
Scheme becomes effective.

                   About Ballarpur Industries

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.    
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of May 15, 2007, the company
still carry those ratings.


BANK OF INDIA: First Quarter Profit Up 51% to INR3.15 Billion
-------------------------------------------------------------
The Bank of India posted a net profit of INR3.15 billion for the
first quarter ended June 30, 2007, an improvement from the
INR2.09 billion in the same quarter last year.

Total income increased from INR23.32 billion in the April-June
2006 quarter to INR31.08 billion in the current quarter under
review. Expenditures rose 30% to INR24.31 billion, bringing the
operating profit to INR6.78 billion.

The bank booked taxes for the 1st quarter of FY2008 totaling
INR1.63 billion, and provisions and contingencies of INR1.99
billion, which provision includes provisions for non-performing
assets of INR921.80 million

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

               http://ResearchArchives.com/t/s?21e4

                     About the Bank of India

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

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

                         *     *      *

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


BHARTI AIRTEL: Posts INR1,512-Cr. Profit in 1st Qtr. FY2008
-----------------------------------------------------------
Bharti Airtel Limited has released its audited United States
GAAP results for its first quarter ended June 30, 2007.  The
company believes it has maintained its strong growth momentum.

The consolidated total revenues for the quarter ended June 30,
2007, of INR5,905 crore grew by 53% and EBITDA of INR2,447 crore
grew by 63% on a year on year basis.  The cash profit from
operations of INR2,622 crore grew by 97% over last year.  The
net profit for the quarter ended June 30, 2007, was INR1,512
crore, a growth of 100% over last year.

Bharti had 4.5 crore customers, as on June 30, 2007, an increase
in the total customer base of 82%, over the corresponding period
last year and maintained its leadership position through an
improved market share of all India wireless subscribers at 23.5%
as on June 30, 2007, up from 21.1% corresponding to the same
period of last year.

Commenting on the results and performance, Sunil Bharti Mittal,
Chairman & Managing Director, Bharti Airtel Limited, said,
"Bharti Airtel has maintained the growth momentum and further
consolidated its market leadership in the wireless segment.  We
believe that the Indian telecom sector is entering the next
phase of growth.  We will continue to expand our network
aggressively to enhance penetration in the rural markets and be
at the forefront of this growth."

Full-text copies of Bharti Airtel's quarterly report on the
results of the first quarter ended June 30, 2007, is available
for free at http://ResearchArchives.com/t/s?21e1

                       About Bharti Airtel

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

                          *     *     *

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

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


BHARTI AIRTEL: To Dish Out US$1 Billion for Towers
--------------------------------------------------
Bharti Airtel Ltd. will spend US$1 billion this year to develop
its wireless infrastructure company, Shailendra Bhatnagar and
Catherine Yang of Bloomberg News report.

Bloomberg, citing Bharti Airtel Chief Executive Officer Manoj
Kohli, says the company is also mulling the sale of its stake in
its fully owned tower subsidiary.  The company's rival, Reliance
Communications Ltd, has recently sold 5% of its tower assets to
international investors.

According to the Bloomberg report, Bharti and Reliance are
separating their towers, shelters, generators and battery back-
ups into independent units to share equipment and cost with
rivals.  The sharing is encouraged by the Indian government to
spread out coverage in rural areas.

Bharti's move to spend on its towers is part of its plan to
invest as much as US$3.5 billion this year on network expansion
to maintain its lead over Reliance and Hutchison Essar Ltd,
Bloomberg adds.

                        About Bharti Airtel

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

                          *     *     *

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

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


BHARTI AIRTEL: To Recover Fringe Benefit Tax From Employees
-----------------------------------------------------------
Bharti Airtel Ltd's board of directors of the company at its
meeting held on July 25-26, 2007, approved the modification in
the company's ESOP Scheme 2001 and ESOP Scheme 2005, according
to a regulatory filing with the Bombay Stock Exchange.

Pursuant to the revisions, additional provisions are added
relating to authorization to the company to recover fringe
benefit tax and any other statutory taxes and levies as may be
levied by the government from the employees, subject to the
approval of shareholders.

                        About Bharti Airtel

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

                          *     *     *

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

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


BRIGHTPOINT INC: Credit Suisse Puts Outperform Rating on Firm
-------------------------------------------------------------
Credit Suisse analysts have assigned an "outperform" rating on
Brightpoint Inc's shares, Newratings.com reports.

According to Newratings.com, the 12-month target price for
Brightpoint's shares was set at US$18.

The analysts said in a research note that Brightpoint "is well
positioned to benefit from the anticipated mix shift towards
smartphones."

The analysts told Newratings.com that Brightpoint "is the clear
leader in wireless distribution and logistics in the US, with a
more than 35% market share, which includes the recent ramp-up at
T-Mobile."

The recent "ramp" would be accretive to Brightpoint's earnings
per share, including options expense, this year and in 2008 by
US$0.65 and US$1.05, Newratings.com states, citing Credit
Suisse.

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                       *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


IMAX CORP: S&P Affirms Corporate Credit Rating at CCC+
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'CCC+' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch.

The ratings were originally placed on CreditWatch with negative
implications on April 2, 2007, with a revision to developing
implications occurring on July 5, 2007.  The rating action
follows the company's filing of its SEC Form 10-Q for the first
quarter of 2007 and its 2006 Form 10-K, which should put the
company in compliance with its filing requirement under its
bond indenture and alleviate the risk of a near-term
acceleration.

"The positive outlook reflects solid system signings in the
first quarter and good box office performance of IMAX films this
year, which could lead to new system signings," said Standard &
Poor's credit analyst Tulip Lim.

As of March 31, 2007, the company had US$160 million of debt.

The rating reflects the modest size and uncertain long-term
earnings potential of the company's niche market relative to its
debt burden, weak discretionary cash flow, and limited
liquidity.  These concerns overshadow IMAX's position as a
specialized provider of giant-screen projection, camera,
and sound systems; the recurring revenue provided by the
installed base of 283 IMAX theater systems; and a measure of
near-term revenue visibility provided by the company's backlog
of pending system installations.

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.


TATA POWER: Books INR190-Crore Profit in Quarter Ended June 30
--------------------------------------------------------------
The Tata Power Company Ltd has released its financial results
for the first quarter ended June 30th for FY 2007-08.

Highlights-Q1 FY 2008:

* Tata Power reported PAT of INR190.20 crores as compared to
  INR121.85 crores over the corresponding quarter.  Revenues
  rose by 10 % to INR1,511.48 crores as against INR1,368.41
  crores a year earlier.

* The Company reported EBIDTA of INR320.88 crores as compared to
  INR299.06 crores in the same quarter last year.  PBT rose to
  INR227.88 crores as against INR170.61 crore in the
  corresponding quarter last year.

* Sales volume rose by 7% at 4056 MUs against 3807 MUs.

* The company had a foreign exchange gain of INR37.87 crores
  arising out of exchange differences on borrowed funds and
  liabilities in foreign currencies due to a strong rupee.

* The Mumbai licensed area registered robust financial as well
  as operational performance during the quarter due to higher
  MUs sold and revised tariffs.  The Revenues from license area
  were up by 14% to INR1,304.34 crores compared to INR1,139.65
  crores in the corresponding period last year.  The unit sales
  in licensed area increased by 9% to 3,302 MUs in Q1 FY07-08
  against 3,035 MUs in the corresponding period last year.  

Growth Plans:

* Completion of Acquisition of 30% Stake of Bumi Resources

  During the quarter, the company completed its acquisition of
  30% equity stake in major Indonesian thermal coal companies
  owned by PT Bumi Resources Tbk.  A bridge loan facility was
  provided by a group of Banks led by Barclays Bank PLC for the
  amount of US$950 million.  This bridge loan has a tenor of one
  year and is competitively priced for loans of such nature.  
  The company is now in discussions to refinance this bridge
  loan facility.

* TALA Transmission Project

  The Tala Transmission Project, executed by the Powerlinks
  Transmission Limited (a 51%: 49% joint venture between Tata
  Power and PowerGrid Corporation of India Ltd.) representing
  India's first inter-state transmission project with public-
  private partnership was dedicated to the nation by Hon'ble
  Prime Minister Dr. Manmohan Singh this quarter.  "One Nation
  one Grid" was made possible with the synchronization of
  Northern Grid with Western grid, Eastern grid and Northeastern
  grid.  The project involved construction of the 400 kV / 1200
  km transmission lines from the Tala Hydro Project (Bhutan) to
  Delhi region and provides power to the power deficit states in
  North India, while also facilitating the transmission of
  surplus power from the North-Eastern region.

* 4000 MW, Mundra Ultra Mega Power Project

  Tata Power is committed to accelerate the pace of the project
  by tying up schedules, which would advance the completion of
  the project ahead of the bid stipulation.  The company has
  already signed contract for complete Boiler Island scope on
  EPC basis with Doosan Heavy Industries & Construction Co.
  Ltd., Korea.

* 250 MW Unit 8 at Trombay

The 250 MW Unit 8 expansion project at Trombay Thermal station
has successfully completed the Boiler Drum Erection in June
2007 and this major milestone has been achieved ahead of
schedule.  The project is progressing well and aims to meet the
future requirement of Mumbai License area.

* 2400 MW Coastal Maharashtra Project

  The company is actively pursuing setting up a 2400 MW mega
  power project in coastal Maharashtra, based on imported coal
  to meet the requirements of Mumbai city and State of
  Maharashtra.  The company is in discussion with the Government
  of Maharashtra regarding land for the project.

Awards:

During the quarter, Tata Power won several awards as recognition
for performance excellence:

   -- NASSCOM Best IT User Award 2006 in the Energy and Utility
      sector for providing value added services to its consumers
      through Customer Portal System via Internet Web site.

   -- Amity HR Excellence Award for the year 2007 for effective
      people management practices and HR systems.

   -- Dahanukar Award by the Indian Association of Occupational
      Health for HIV/AIDS intervention at the workplace.

Commenting on the Company's performance, Prasad R. Menon,
Managing Director, Tata Power, said: "The results during the
quarter reflect our focus on robust financial performance
through maximizing operational efficiencies both in the license
area in Maharashtra and also our captive power plants in Eastern
India.  The Company is committed to take advantage of
opportunities available in the sector to drive its future growth
and to achieve a national footprint.  Acquisition of stake in
Bumi Resources shows our commitment in securing long term fuel
requirements and thereby driving profitable growth."

                        About Tata Power

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.  
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  The ratings outlook is negative.  

On May 9, 2007, Standard & Poor's Ratings Services placed its
'BB+' long-term foreign and local currency corporate credit
ratings on Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.


UTI BANK: Reports Successful Pricing of GDRs
--------------------------------------------
UTI Bank Ltd informed the Bombay Stock Exchange that it has
successfully priced its offering of 14.13 million Global
Depositary Receipts, aggregating US$218.07 million.  Each GDR,
representing one underlying share, was priced at US$15.43 and
will be listed on the London Stock Exchange.  This represents a
discount of 1.7% to the closing price of the bank's GDR on
July 20, 2007.

Additionally, the bank determined the Issue Price of the equity
shares to be offered in the proposed Qualified Institutional
Placement to be INR620 per share.  The size of the QIP will be
INR1,752 crores.

Citi and Goldman Sachs acted as the Joint Bookrunners for the
GDR and QIP offering.

The bank proposes to allot, on a preferential basis, 2,56,21,076
shares to its promoters at INR620 per share aggregating to
INR1,588 crore.

                        About UTI Bank

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

                         *     *      *

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


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

ANIXTER INT'L: Second Quarter Net Income Up 31% to US$64.6 Mil.
---------------------------------------------------------------
Anixter International Inc. reported its financial results for
the quarter ended June 29, 2007.

Second Quarter Highlights:

  -- Sales of US$1.51 billion, including US$39.7 million coming
     from a series of acquisitions completed over the past
     year, rose 22 percent compared to sales of US$1.24 billion
     in the year ago quarter.

  -- Quarterly operating income of US$116.1 million reflected a
     28 percent increase from the US$91.0 million reported in
     the second quarter of 2006.

  -- Net income in the quarter increased 31 percent, to US$64.6
     million, or US$1.53 per diluted share, from US$49.4
     million, or US$1.15 per diluted share, in last year's
     second quarter.

  -- Cash flow used in operations was US$30.5 million as
     compared to US$52.5 million used in operations in the year
     ago quarter.

Robert Grubbs, President and CEO, stated, "The record results
generated in the first half of 2007 reflect a continuation of
the broad-based market trends we have seen in the past couple of
years, both from an end market and geographic standpoint,
together with solid execution of the growth strategies we have
been focused on over this same time period.  Assuming a
continuation of market conditions and further success in our
ongoing initiatives to expand our business, we would expect to
be in a position to have another record setting year of sales
and earnings."

                     Second Quarter Results

For the three-month period ended June 29, 2007, sales of
US$1.51 billion produced net income of US$64.6 million, or
US$1.53 per diluted share.  Included in the current year's
second quarter results were sales of US$39.7 million coming from
a series of acquisitions completed in the past year.  In the
prior year period, sales of US$1.24 billion generated net income
of US$49.4 million, or US$1.15 per diluted share.

Operating income in the second quarter increased 28 percent to
US$116.1 million as compared to US$91.0 million in the year ago
quarter.  For the latest quarter, operating margins were 7.7%
compared to 7.3 percent in the second quarter of 2006.

                     First Six Month Results

For the six-month period ended June 29, 2007, sales of
US$2.84 billion produced net income of US$118.2 million, or
US$2.81 per diluted share.  Included in the 2007 six-month
results were sales of US$73.3 million from a series of
acquisitions completed in the past year.  In the prior year
period, sales of US$2.31 billion produced net income of
US$80.7 million or US$1.89 per diluted share.

Operating income in the first six months of fiscal 2007
increased by 37 percent to US$206.5 million as compared to
US$150.6 million in the year ago period.  Operating margins in
the first six months of 2007 were 7.3 percent as compared to
6.5 percent in the prior year period.

                   Second Quarter Sales Trends

Commenting on second quarter sales trends, Mr. Grubbs said,
"Sales in the second quarter grew at a year-over-year organic
rate of nearly 17 percent after excluding sales from a series of
acquisitions completed in the past year, as well as for the
favorable foreign exchange impact of US$27.0 million on second
quarter 2007 sales.  The organic growth clearly exceeded
Our target of 8 to 12 percent as we once again saw stronger than
expected customer demand across a broad mix of end markets but
with particularly strong large project demand in the electrical
wire & cable market."

Mr. Grubbs continued, "The factors driving our organic growth
were consistent with those we have seen during the past couple
of years.  In the most recent quarter, we again experienced
strong larger project business, particularly as relates to data
center builds in the enterprise cabling market and within the
energy/natural resources customers in the electrical wire &
cable market.  At the same time, we have continued to
experience strong growth in the security and OEM markets.  
Furthermore, copper prices had only a marginal impact (just over
1 percent) on our organic growth in the most recent quarter as
year-on-year price fluctuations stabilized.  Market-based copper
prices averaged approximately US$3.46 per pound during the
quarter compared to US$3.39 per pound in the year ago second
quarter.  We estimate that the quarterly year-on-year change in
copper prices added approximately US$15.9 million to sales
within the electrical wire & cable market."

"In North America we saw year-over-year sales grow by 16 percent
to US$1.07 billion in the most recent quarter," commented
Mr. Grubbs.  "In addition to strong end-market demand, North
American sales growth benefited by US$13.2 million over last
year's second quarter as a result of slightly higher copper
prices.  Foreign exchange rates added US$2.8 million and an
acquisition added a further US$7.9 million to second quarter
sales as compared to the year ago quarter.  Strong large project
demand in the North American electrical wire & cable market was
the primary contributor to year-on-year sales growth in that
market of 22 percent.  In Europe, we saw sales climb by
US$85.5 million or approximately 36 percent versus the year ago
quarter.

Favorable exchange rate differences accounted for US$21.2 of the
year-on-year growth in sales and US$31.8 million was due to the
acquisitions.  The slightly higher year-on-year copper prices
had a minimal effect on sales growth.  Taking out exchange rate
differences and sales from acquisitions, overall sales in Europe
grew organically by nearly 14 percent as compared to the year
ago quarter.  More specifically, our efforts to expand its
presence in the electrical wire & cable market in Europe
resulted in sales of US$61.7 million in the quarter as compared
to US$37.0 million in the year ago quarter.  Exclusive of
US$4.4 million of favorable foreign exchange effects, sales in
the European electrical wire & cable market were more than 50
percent higher than the year ago quarter. "

"In the emerging markets of Latin America and Asia Pacific, we
saw an increase of US$37.5 million or 49 percent in year-on-year
sales, with a favorable impact of US$3.0 million relating to
currency exchange rate effects.  Growth was again particularly
strong in Asia Pacific where, for the second straight quarter,
we posted year-on-year growth of approximately 80 percent,"
continued Mr. Grubbs.

                Second Quarter Operating Results

"As a result of very strong sales growth, second quarter
operating margins were 7.7 percent as compared to 7.3 percent in
the year ago period," said Mr. Grubbs.  "In North America, our
operating margins were 8.6 percent as compared to 8.3 percent in
the year ago quarter, with sales growth producing additional
operating leverage."

Mr. Grubbs added, "In Europe, operating margins in the most
recent quarter were 4.6 percent as compared to 4.3 percent in
the year ago quarter.  This improvement in operating margins
reflects the operating leverage we gained as a result of strong
organic sales growth and acquisitions.  Operating income in the
quarter was, however, negatively impacted by US$3.5 million
of expenses incurred in conjunction with the consolidation of
certain facilities and reductions in staff.  These expenses,
which will result in a favorable effect on future earnings
through lower operating costs, reduced operating margins by
approximately 100 basis points in the current quarter.  We were
again encouraged by the results in the most recent quarter as
well as the near-term outlook for our business in Europe."

"Second quarter operating margins in the emerging markets were
7.7 percent as compared to 5.5 percent in the year ago quarter.  
Continued sales growth throughout these markets once again
allowed us to leverage infrastructure costs resulting in
improved operating margins," added Mr. Grubbs.

                      Cash Flow & Leverage

"In the second quarter we used US$30.5 million in cash to
support the strong sequential sales growth of nearly 14 percent
from the first to second quarter of this year.  This compared to
US$52.5 million used in the year ago quarter, when sales growth
from the first to second quarter of 2006 was approximately 16
percent," said Dennis Letham, Senior Vice President-Finance.  
"The cash used to support our strong sales growth is consistent
with our business model, as key asset turn ratios have remained
relatively unchanged from year to year."

"As a result of the increased working capital requirements
associated with our strong sales growth, combined with two
acquisitions completed in the first six months for a total
consideration of US$41.7 million and the repurchase of
US$162.7 million of our outstanding shares during the first
quarter of 2007, our debt-to-total capital ratio at the end of
the second quarter increased to 51.8 percent as compared to 45.7
percent at the end of 2006.  Primarily due to the issuance of
US$300 million of 1% convertible notes in the first quarter of
2007, our weighted-average cost of borrowed capital was 4.2
percent in the second quarter as compared to 5.3 percent in the
year ago quarter.  At the end of the second quarter,
approximately 78 percent of our total borrowings of
US$1.03 billion were fixed, either by the terms of the borrowing
agreements or through hedging contracts.  We also had
US$146.5 million of available, unused credit facilities at June
29, 2007, which provides us with the resources to support
continued strong organic growth and to pursue other strategic
alternatives, such as acquisitions, in the coming quarters."

                        Business Outlook

Mr. Grubbs concluded, "The record sales and earnings performance
in the first half of 2007 is the result of the same underlying
trends that generated record performance in 2006.  If these
underlying market fundamentals remain healthy, then the second
half of 2007 should show continued solid growth in sales and
earnings versus the second half of the prior year.  We also look
to make continued progress on our strategic initiatives to build
our security and OEM supply businesses, add to our supply chain
services offering, expand the geographic presence of our
electrical wire & cable business, and expand our product
offering."

"A portion of the strong performance in the second quarter was
driven by very strong levels of large project demand in the
electrical wire & cable end market.  Given the strength of the
second quarter project business it is likely that the third
quarter of 2007 will not generate as strong of a seasonal sales
growth trend as we have seen in prior years.  Nonetheless,
we believe that the current market conditions will allow us to
continue growing year-on-year organic sales in line with our
stated goal of 8 to 12 percent."

                       About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the  
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 19, 2007, that Moody's Investors Service downgraded Anixter
International Inc.'s corporate family rating to Ba2 from Ba1. In
elated rating action, Moody's lowered the ratings of
Anixter Inc.'s US$200 million guaranteed senior unsecured notes
to Ba1 from Baa3 and Anixter's 3.25% LYON's notes to B1 from
Ba2.  The rating outlook was changed to stable from negative.

Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:

  Anixter:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured debt 'BB-'

  AI:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured notes 'BB+'
    -- Senior unsecured bank credit facility at 'BB+'

Fitch's action affects approximately US$700 million of public
debt securities.  The Rating Outlook is Stable.


AVNET INC: Unit Signs Pan-European Distribution Agreement
---------------------------------------------------------
Avnet Inc.'s subsidiary, SILICA, has entered into an agreement
with Seoul Semiconductor, whereby Avnet will distribute Seoul's
entire line of LEDs and solid state illumination products in
Europe.  The agreement, which takes effect immediately, makes
energy efficient lighting solutions and other LED applications
more readily available to European industrial customers

SILICA's extensive customer base enables Seoul Semiconductor to
significantly extend its reach to potential new customers who
will benefit from Seoul's advanced LED technology, and SILICA's
in-depth technical and commercial support.

Seoul Semiconductor recently introduced a number of highly
innovative LED technologies, amongst them "Acriche", the world's
only semiconductor light source capable of running directly from
household AC power without the need for additional converters.
Acriche includes essentially the brightest single-die white
LEDs, which are expected to replace conventional light sources
such as fluorescent or incandescent lamps.

Both Seoul and SILICA foresee LED technology breakthroughs such
as Acriche to serve as the future lighting source of choice for
commercial/residential applications by portable lighting
manufacturers, architects, manufacturers of TV and computers'
displays, automotive designers and makers of traffic signals,
handsets and signage.

According to Miguel Fernandez, Silica president, "Seoul
Semiconductor's broad range of advanced LED technology will
revolutionise many segments of the lighting industry and is
therefor a valuable addition to our existing portfolio.  SILICA
expects to have a strong emphasis on the Illumination market in
the future and the partnership with Seoul marks a major
development in our product strategy.  We will work with
customers through a pan-European team of dedicated illumination-
focused engineers to ensure that our customers will enjoy not
just a single source of supply, but also the in-depth technical
support that is essential for realising successful product
design within the shortest possible timeframe."

"Avnet globally is the leading distributor in many emerging
illumination sectors and we consider this agreement as a
significant opportunity to bring our LEDs to the market in
Europe.  We selected SILICA as our strategic partner in this
venture for several important reasons," said Yanghee Han,
managing director for Sales and Marketing, Seoul Semiconductor.
"First is their broad reach into many market sectors; second is
that Silica has demonstrated its strengths in terms of demand
creation and engineering services and of course, their extensive
offering of related semiconductors and supply chain services."

                 About Seoul Semiconductor

Seoul Semiconductor is a world-leading, LED Lighting Solution
provider, and recently named in Forbes' and Business Week's
list's as one of the best Asian companies.  According to a
recent report by Strategies Unlimited, SSC is the number one
Korean LED supplier and is one of the top 10 companies in the
world for high brightness LED's.  SSC is expected to become one
of the world's top three LED providers by 2010 and is projected
to reach 1.3 billion dollars in sales. SSC currently has 873
employees, 132 of which are dedicated to research and
development.

                       About SILICA

SILICA, a division of Avnet Electronics Marketing EMEA, is a
highly specialised semiconductor distributor.  SILICA operates
37 branch offices throughout Europe and provides customers with
a broad portfolio of semiconductor products from 23 leading
vendors along with in-depth technical support and the full set
of logistics and value added services.  The company's Web site
is located at http://www.silica.com.About Avnet Electronics  
Marketing Avnet Electronics Marketing is an operating group of
Phoenix-based Avnet, Inc., a Fortune 500 company.  Avnet
Electronics Marketing serves electronic original equipment
manufacturers and electronic manufacturing services providers in
70 countries, distributing electronic components from leading
manufacturers and providing associated design-chain and supply-
chain services. The group's Web site is located at
http://www.em.avnet.com/.

                         About Avnet

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

                       *     *     *

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


BANK MANDIRI: Books IDR2.14-Tril. Net Profit in First-Half 2007
---------------------------------------------------------------
PT Bank Mandiri's first semester 2007 net profit rose 163% to
IDR2.14 trillion from the net profit recorded for same period
last year due to a 38% increase in net interest income from
IDR4.9 trillion to IDR6.7 trillion, The Jakarta Post reports.

According to the report, Vice president Wayan A. Mertayasa said
that the bank's fee-based income also went up 35.5% to
IDR1.8 trillion from IDR1.3 trillion last year, while total
lending during the first half of the year amounted to
IDR116.3 trillion, up 7.9% from IDR107.8 trillion during the
same period last year.

Meanwhile, third-party funds reached IDR206.2 trillion, an
increase of 4.7% from IDR197 trillion last year, the report
says.

The report relates that the bank's net non-performing loans
stood at 3.9% at the end of the first semester, dropping sharply
from 10% during the same period last year, and well within the
5% ceiling set by the central bank.  Mandiri's gross NPL ratio
also declined to 15.3% from 24.9% previously.

Mandiri's total assets as of the end of June 2007 stood at
IDR265 trillion, an increase of 3.8% from the IDR255.3 trillion
as of end-June 2006, the report adds.

                     About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is   
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter- Asia Pacific reported on May 8,
2007, that Moody's Investors Service revised some ratings of
Indonesia's Bank Mandiri as part of the application of the
agency's refined joint default analysis and updated bank
financial strength rating methodologies.  The specific rating
changes are:

   * BFSR is changed to D- from E+.

     -- This action also concludes a review for possible
        upgrade on the BFSR initiated on August 1, 2006.

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

   * Foreign Currency Debt Rating for senior and 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 bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


DIRECTED ELECTRONICS: To Disclose 2007 2Q Results on August 9
-------------------------------------------------------------
Directed Electronics, Inc. will report financial results for the
second quarter and six months ended June 30, 2007 after the
market close on Thursday, August 9, 2007.

The Company also announced that its executive officers will host
a conference call on the same day at 5:00 p.m. Eastern Time.  
The Company will discuss its results, its progress and
performance for the quarter and its outlook for the future.  The
conference call may include forward-looking statements.

To participate in the conference call, investors should dial
800-817-4887 ten minutes prior to the call.  International
callers should dial 913-981-4913.  A telephone replay of the
call will be available through 11:59 p.m. Eastern Time on August
23, 2007 by calling (888) 203-1112 (passcode: 4650823).
International callers should dial (719) 457-0820 and use the
same passcode.

The call will be open to all interested investors through a live
audio Web broadcast via the Internet at http://www.directed.com.
For those who are not available to listen to the live broadcast,
the call will be archived.

                   About Directed Electronics

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

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


GOODYEAR TIRE: Second-Quarter 2007 Sales Up 4% to US$4.9 Billion
----------------------------------------------------------------
The Goodyear Tire & Rubber Company today reported record second
quarter tire business sales of US$4.9 billion, up 4 percent from
last year offsetting softer conditions in several key markets
with a richer product mix.

The sales improvement reflects the strength of Goodyear's new
product engine as well as the performance of the company's three
emerging markets tire businesses, which increased sales 15
percent over 2006.  Each of these three businesses achieved
record quarterly sales.

This growth, along with currency-driven sales gains in the
European Union Tire business, offset a 3 percent decline in
North American Tire sales, primarily due to the company's exit
from certain segments of the private label tire business along
with softer original equipment and commercial replacement
markets.

"Our strong second quarter performance demonstrates successful
execution against our strategies to improve our business and
product mix as well as the early stage benefits of a lower cost
structure," said Robert J. Keegan, chairman and chief executive
officer.

"With the actions we have taken the past four and a half years,
we have created strong platforms for growth going forward," he
said.  "Likewise, our improving balance sheet gives us the
flexibility to increase investments aimed at growing our core
consumer and commercial tire businesses."

Total segment operating income from continuing operations was
US$309 million, up 32 percent from the year-ago period, driven
by significant improvement in North American Tire.  All five of
the company's regional tire businesses achieved higher segment
operating income compared to the second quarter of 2006, with
three setting records.  Improved pricing and product mix of
approximately US$155 million in the second quarter of 2007 more
than offset increased raw material costs of approximately
US$55 million.

Second quarter income from continuing operations was
US$29 million compared to a 2006 loss from continuing operations
of US$33 million.  All per share amounts are diluted.

The 2007 quarter was also impacted by after-tax debt retirement
expenses of US$47 million, rationalization and accelerated
depreciation costs of US$15 million and a tax benefit to correct
deferred taxes in Colombia of US$11 million. The second quarter
of 2006 included US$63 million in after-tax rationalization and
accelerated depreciation costs.

Including discontinued operations, Goodyear had second quarter
net income of US$56 million, compared to US$2 million last year.
All per share amounts are diluted.

See the table at the end of this release for a list of
significant items impacting continuing operations from the 2007
and 2006 quarters.

                        Business Segments

Asia Pacific Tire, Latin American Tire, European Union Tire and
Eastern Europe, Middle East and Africa Tire reported higher
year-over-year sales, with each setting a second quarter record.
Additionally, record sales for any quarter were achieved by Asia
Pacific Tire, Latin American Tire and Eastern Europe, Middle
East and Africa Tire.

All five businesses had higher segment operating income compared
to last year, with Asia Pacific Tire, Latin American Tire and
Eastern Europe, Middle East and Africa Tire setting second
quarter records. Segment operating income for Asia Pacific Tire
was a record for any quarter.

Asia Pacific Tire sales were 14 percent higher than the 2006
period primarily due to improved pricing and product mix and a
favorable impact from currency translation of approximately
US$37 million.

Segment operating income increased 46 percent in the 2007
quarter, primarily due to improved pricing and product mix of
$19 million, which more than offset raw material cost increases
of approximately US$4 million.

                         Conference Call

Goodyear will hold an investor conference call at 10:30 a.m.
today.  Prior to the commencement of the call, the company will
post the financial and other statistical information that will
be presented on its investor relations Web site:
http://investor.goodyear.com.

Participating in the conference call with Keegan will be Richard
J. Kramer, president, North American Tire and chief financial
officer, and Darren R. Wells, senior vice president, finance and
strategy.

Shareholders, members of the media and other interested persons
may access the conference call on the Web site or via telephone
by calling (706) 634-5954 before 10:25 a.m. A taped replay of
the conference call will be available at 3 p.m. by calling (706)
634-4556. The call replay will also remain available on the Web
site.

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

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

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

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

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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


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

BOSTON SCIENTIFIC: Mulling Sale of Fluid Management Business
------------------------------------------------------------
Boston Scientific Corporation has intended to explore the sale
of its fluid management business as part of the company's
ongoing review of its portfolio of assets.  The Boston
Scientific fluid management business, formerly North American
Medical Instruments Corp., produces a range of products used to
manage fluid and measure pressure during angiography and
angioplasty procedures.  A sale would be expected to include the
business as well as the Company's facilities in Glens Falls, New
York and Tullamore, Ireland.

"As we have previously announced, we are conducting a
comprehensive review of our non-strategic assets in an effort to
focus resources on our core businesses and improve our financial
strength," said Paul LaViolette, Chief Operating Officer of
Boston Scientific.  "One result of this review has been the
initiation of a process to explore the sale of our fluid
management business.  This is a very strong business with market
leadership, and we believe it has tremendous potential with the
focused attention and resources of external ownership.  We are
in the early stages of discussions with several potential
acquirers, and we expect the process to take a number of
months."

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the TCR-Europe on July 26, 2007, Moody's
Investors Service downgraded the credit ratings of
Boston Scientific Corporation.  The company's senior unsecured
debt rating was downgraded to Ba2 from Baa3 and its short term
debt rating was downgraded to Not Prime from Prime-3.

At the same time, Moody's assigned a Ba1 Corporate Family Rating
to the company.  The rating outlook is negative.  This concludes
Moody's rating review that was initiated on May 9, 2007.


DAIEI INC: Sumitomo Mitsui Wins 31.8% Stake in OMC Card
-------------------------------------------------------
Sumitomo Mitsui Financial Group Inc. has won the right to
acquire 31.8% stake in Daiei Inc.'s credit card unit, OMC Card
Inc., Yasuhiko Seki writes for AFX News, citing the Nikkei
Business Daily.

According to the report, SMFG will pay more than JPY70 billion
for the stake.  With this new development, SMFG will become OMC
Card's largest shareholder.

The proceeds of the stake sale, Mr. Seki notes, will be used by
Daiei to repay interest-bearing debt.

Daiei's interest will drop to around 20% from 52% with the
latest acquisition of its credit card unit, relates Mr. Seki.

                        About Daiei Inc.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.  
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


FORD MOTOR: Bidders for Units to Begin Due Diligence in August
--------------------------------------------------------------
Ford Motor Company plans to let prospective bidders begin due
diligence on its Jaguar and Land Rover brands next month, adding
that it was pleased with the expressions of interest it had
received in the brands, and in the "strength and quality" of the
interested parties, as its efforts to sell the two brands
continue to progress, The Financial Times reports.

Ford CEO Alan Mulally told the Financial Times that the company
remains "open to different options," including retaining a
minority stake in both operations.  He stressed, however, that
he prefers a joint sale as both brands were so highly
integrated.

Mr. Mulally also confirmed that Ford was "conducting a strategic
review of Volvo," the Swedish carmaker, which could be sold
separately from the other luxury brands.  The chief executive
said Volvo had generated significant interest among potential
bidders but Ford has not yet appointed financial advisers,
although he expects that the company will reach a decision by
year-end, FT notes.

According to the report, bidders that include private equity
groups Ripplewood Holdings, One Equity Partners, TPG Capital,
and Cerberus Capital Management, as well as India's Tata Motors
and Mahindra & Mahindra submitted indicative offers for Land
Rover and Jaguar last week.  Ford has hired Goldman Sachs, HSBC
and Morgan Stanley to act as advisors.

The carmaker's advisors have contacted at least six buyout
groups that expressed preliminary interest in Ford's UK luxury
marques.  They are expected to get access to financial and
operational data, FT states, citing people close to the sale as
its source.

Ford is expected to ask for binding offers by September, with
the aim of completing the sale by the end of the year, FT
suggests.

                      About Ford Motor Co.

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

Ford also has operations in Japan.

                          *     *     *

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

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


FORD MOTOR: Earns US$750-Million Net Profit in Second Quarter
-------------------------------------------------------------
Ford Motor Company reported a net profit of US$750 million for
the second quarter of 2007, compared with a net loss of
US$317 million in the second quarter of 2006.

Ford's second-quarter revenue was US$44.2 billion, up from
US$41.9 billion a year ago.  The increase primarily reflected
currency exchange, mix and net pricing improvements, partially
offset by lower volume.

Ford's second-quarter profit from continuing operations,
excluding special items, was 13 cents per share, or
US$258 million, compared with a loss of 6 cents per share, or
US$118 million, in the same period a year ago.

Special items -- which primarily reflected the sale of Aston
Martin and the recognition of previously deferred gains on
certain hedges at Jaguar and Land Rover -- increased pre-tax
results by US$443 million in the second quarter.

With regard to Jaguar and Land Rover, the company confirmed it
is currently exploring in greater detail the potential sale of
the combined business and is in discussions with selected
parties who have expressed interest.  The company also is
conducting a strategic review of Volvo that likely will conclude
prior to year-end.

"We continue to focus on the four priorities of our plan --
restructuring the business to operate profitably, accelerating
the development of new products that our customers want and
value, funding our plan and improving our balance sheet, and
working even more effectively together as one global Ford team,
leveraging our assets," said Ford President and CEO Alan
Mulally.  "Our team is very encouraged by the significant
progress we are making.  We recognize the challenges that lie
ahead and remain fully committed to delivering our plan."

                        Automotive Sector

On a pre-tax basis, worldwide Automotive sector profits in the
second quarter were US$378 million.  This compares with a pre-
tax loss of US$716 million during the same period a year ago.  
The improvements were more than explained by favorable net
pricing and cost reductions, partially offset by unfavorable
currency exchange.

Vehicle wholesales in the second quarter were 1,773,000, down
from 1,806,000 a year ago.  Worldwide Automotive revenue for the
second quarter was US$40.1 billion, up from US$37.8 billion in
the same period last year.  The increase primarily reflected
currency exchange, mix and net pricing improvements, partially
offset by lower volume.

Automotive gross cash, which includes cash and cash equivalents,
net marketable securities, loaned securities and short-term VEBA
assets, was US$37.4 billion at June 30, 2007, up from
US$35.2 billion at the end of the first quarter.

Ford North America: In the second quarter, Ford North America
reported a pre-tax loss of US$279 million, compared with a pre-
tax loss of US$789 million a year ago.  The improvement
primarily reflected favorable net pricing and cost reductions,
partially offset by lower volume net of mix.  Revenue was
US$18.8 billion, down from US$19.1 billion for the same period a
year ago.

Ford South America: Ford South America reported a second-quarter
pre-tax profit of US$255 million, compared with a pre-tax profit
of US$99 million a year ago.  The improvement was primarily
explained by favorable net pricing and volume.  Second quarter
revenue improved to US$1.8 billion from US$1.3 billion in 2006.

Ford Europe: Ford Europe's second-quarter pre-tax profit was
US$262 million, compared with a pre-tax profit of US$185 million
during the same period in 2006.  The improvement was more than
explained by favorable net pricing and higher volumes, partially
offset by higher manufacturing costs, primarily to support
increased volumes.  During the second quarter of 2007, Ford
Europe's revenue was US$9.2 billion, compared with
US$7.5 billion during the second quarter of 2006.

Premier Automotive Group: PAG reported a pre-tax profit of
US$140 million for the second quarter, compared with a pre-tax
loss of US$162 million for the same period in 2006.  All PAG
brands improved compared with the same period in 2006.  The
improvement was more than explained by favorable cost
performance across all brands, including the non-recurrence of
adverse 2006 adjustments to warranty accruals.  Favorable net
pricing was more than offset by the effect of the continued
weakening of the U.S. dollar against key European currencies.  
Second-quarter 2007 revenue was US$8.4 billion, compared with
US$7.8 billion a year ago.

Ford Asia Pacific and Africa:  For the second quarter, Ford Asia
Pacific and Africa reported a pre-tax profit of US$26 million,
compared with a pre-tax profit of US$4 million a year ago.  The
improvement reflected strong cost performance, including
restructuring savings, and improved results in China.  These
factors were partially offset by lower volume and adverse mix,
more than explained by Australia and Taiwan, and unfavorable
currency exchange.  Revenue was US$1.7 billion for the second
quarter of 2007, compared with US$1.8 billion in 2006.

Mazda: For the second quarter, Ford earned US$81 million from
its investment in Mazda and associated operations, compared with
US$32 million during the same period a year ago.

Other Automotive: Second-quarter results included a pre-tax loss
of US$107 million, compared with a loss of US$85 million a year
ago.  The year-over-year decline was more than explained by
higher interest expense associated with financing actions taken
in the fourth quarter of 2006.  This was partially offset by
increased interest income.

                   Financial Services Sector

For the second quarter, the Financial Services sector earned a
pre-tax profit of US$105 million, compared with a pre-tax profit
of US$425 million a year ago.

Ford Motor Credit Company:  Ford Motor Credit Company reported
net income of US$62 million in the second quarter of 2007, down
US$242 million from earnings of US$304 million a year earlier.  
On a pre-tax basis from continuing operations, Ford Motor Credit
earned US$112 million in the second quarter compared with US$435
million in the previous year.  The decrease in earnings
primarily reflected higher borrowing costs, lower credit loss
reserve reductions, higher depreciation expense for leased
vehicles and higher net losses related to market valuation
adjustments from derivatives.  Lower expenses, primarily
reflecting improved operating costs, were a partial offset.

In the second quarters of 2007 and 2006, pre-tax earnings were
US$428 million and US$667 million, excluding the net losses
related to market valuation adjustments from derivatives, which
were US$316 million and US$232 million, respectively.

Ford expects Ford Motor Credit to earn on a pre-tax basis
US$1.3 billion to US$1.4 billion this year, excluding the impact
of gains and losses related to market valuation adjustments from
derivatives, up from the previous estimate of US$1.2 billion.

                      About Ford Motor Co.

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

Ford also has operations in Japan.

                          *     *     *

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

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


MICRON TECHNOLOGY: Gordon Smith Resigns as Director
---------------------------------------------------
Director Gordon C. Smith has resigned from Micron Technology,
Inc.'s board of directors for personal reasons.

Mr. Smith served two terms on Micron Technology's board from
February 1982 through February 1984 and from September 1990 to
the present.  Mr. Smith is Chairperson and Chief Executive
Officer of SFG, L.L.C., a holding company for ranch operations
and other investments.

"I've had a tremendous experience with the company during my 19
years on the Board," said Mr. Smith.  "I have enjoyed the
opportunity to work with fellow Board members and the Micron
team.  The semiconductor business is a challenging, competitive
business, and I wish the best for Micron as they continue to
pursue success in this industry."

Robert E. Switz, Chairperson of the Governance Committee of the
Micron Technology's Board of Directors, commented, "Speaking on
behalf of the Board of Directors, we wish to thank Gordon for
his many years of service to Micron.  Gordon has been associated
with Micron since 1982 and has participated in the company's
growth from a small semiconductor memory company to a globally
competitive leader in semiconductor technology and innovation.
We wish Gordon well in his future endeavors."

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)  
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's US$1.1 billion convertible senior notes due 2014.


MITSUBISHI MOTORS: To Build New Thai Plant to Meet Int'l Demand
---------------------------------------------------------------
Mitsubishi Motors Corporation may build a new factory in
Thailand to meet demands from customers in Europe and other
overseas markets, reports Naoko Fujimura of Bloomberg News.

Bloomberg cites Mitsubishi spokesman Masahiro Matsumara as
saying that the company, which already operates two plants in
Thailand, is looking at sites for a new Thai plant and will also
introduce a new sport-utility vehicle based on its Triton pickup
truck next year in the country.

Mitsubishi's plants in Thailand has the capacity to build
200,000 vehicles a year and is able to export 80% of its
production, Mr. Fujimara says.


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

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

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

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


SANYO ELECTRIC: To Sell Mobile Phone Handset Sales Unit
-------------------------------------------------------
Sanyo Electric Co., Ltd., plans to sell its cellular phone
handset sales unit, Telecom Sanyo Co., through an auction and
intends to withdraw from the business, Yasuhiko Seki of AFX News
reports, citing the Nikkei Business Daily.

The purchase price, writes Mr. Seki, is expected to reach up to
JPY10 billion.  

Sanyo, which operates 60 stores throughout Japan, will withdraw
from the telecommunication industry to focus on its core
operations such as rechargeable batteries and commercial air
conditioning equipment, Mr. Seki notes.

Telepark Corp., NEC Mobiling Ltd., and Marubeni Telecom Co. are
expected to join the bidding of the Telecom Sanyo, Mr. Seki
points out.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

On May 23, 2006, Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on SANYO Electric Co. Ltd.  At the same time, the
ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


XEROX CORP: Total Revenue Increases 6% in Second Quarter 2007
-------------------------------------------------------------
Xerox Corporation reported second-quarter 2007 earnings per
share of 28 cents.  Total revenue of US$4.2 billion grew 6% in
the second quarter 2007, compared to the same quarter in 2006.  
Post-sale and financing revenue -- Xerox's annuity streams that
represent more than 70% of total revenue -- increased 7%.  Both
total revenue and post-sale revenue included a currency benefit
of two percentage points as well as the benefit from Xerox's
acquisition of Global Imaging Systems, which was completed in
early May.

"Our results in the second quarter reflect the strategic
importance of annuity and acquisitions flowing through to boost
revenue and strengthen our position in the marketplace," said
Xerox Chairperson and Chief Executive Officer Anne M. Mulcahy.  
"With the Global Imaging team now on board, we've increased our
reach to U.S. small and mid-size businesses by 50%.  At the same
time, our investment in delivering the industry's broadest
portfolio of color technology is paying off with the annuity
from our color business increasing 16%.  And, Xerox's global
relationships with large customers are contributing to annuity
growth from our consulting and managed services business."

Ms. Mulcahy commented, "We are consistent in managing the
business effectively -- generating steady operational cash flow
and containing costs while competing aggressively and expanding
earnings to deliver value for shareholders.  As a result, we
delivered solid results in the first half of the year and are
raising earnings expectations for the full year."

A fundamental measure of Xerox's business is increasing the
number of Xerox systems installed in customers' workplaces.  
This install activity generates sales of supplies and services
that are expected to drive gains in post-sale revenue.  During
the second quarter, install activity increased 54% for the
company's color multifunction devices that print, copy, fax and
scan.  In addition, activity grew for color production systems
as more commercial printers and graphic arts customers installed
Xerox digital presses to meet their clients' demand for
personalization, book publishing and promotional marketing
materials.

Price declines and the mix of products sold continued to put
pressure on equipment sales revenue.  Xerox reported a 3%
increase in equipment sales revenue, which includes a two-point
benefit from currency.

Since the beginning of the year, Xerox has introduced 28 new
products, 10 of which are color devices, doubling the 14 total
product launches in 2006.  More than two-thirds of Xerox's
equipment sales revenue comes from products launched in the past
two years.

Revenue from color grew 12% in the second quarter and now
represents 38% of Xerox's total revenue, up four points from the
second quarter of 2006.  Xerox color presses produce the highest
volume of pages in the industry and last year more than 30
billion color pages were printed on Xerox technology.  In the
second quarter, the number of color pages grew 30%, and now
represent 12% of total pages, up three points from the prior
year.  Color performance excludes Global Imaging Systems.

Xerox services help businesses simplify work processes, manage
office technology and in-house print shops, digitize paper
files, create digital archives and much more.  Through
multiyear, multimillion dollar contracts, the company's document
management services generated more than US$1.6 billion in
annuity revenue in the first half of the year, an 8% increase in
post-sale revenue from services.  Xerox recently signed its
largest services contract to date, finalizing a seven-year deal
with the United Kingdom's Department for Work and Pensions for a
Xerox-led group to serve as the department's primary supplier of
print and related services, supporting more than 2,000 DWP
offices across the U.K.

Xerox's production business provides commercial printers and
document-intensive industries with high-speed digital printing
and services that enable on-demand, personalized printing.  
Total production revenue increased 2% in the second quarter
including a four-point currency benefit.  Installs of production
black-and-white systems declined 7% with initial demand for the
newly launched Xerox Nuvera EA and Xerox Nuvera 288 systems and
continuous feed systems only partially offsetting declines in
higher-end production printing.  Production color installs grew
4% reflecting strong activity for the Xerox iGen3 Digital
Production Press and DocuColor 5000 and 8000 systems.

The company's acquisition of Global Imaging Systems gives Xerox
access to about 200,000 new customers and adds 1,400 sales
people to expand Xerox's footprint in the SMB market.  Sales
from Global Imaging supported second-quarter growth in Xerox's
office business, which provides document technology and services
for businesses of any size.  Total office revenue was up 5% in
the second quarter including a two-point benefit from currency.  
Installs of the company's office black-and-white systems
increased 7% primarily due to a 9% increase in activity for
Xerox's mid-range line of multifunction devices.  Installs for
office color multifunction devices grew 54% in the quarter.

Gross margins were 40.3%, a less than one point decline from
second quarter of 2006.  Selling, administrative and general
expenses were 25.7% of revenue, about the same as the prior
year.  Xerox generated operating cash flow of US$388 million in
the second quarter and closed the quarter with US$870 million in
cash and short-term investments.

Since launching its stock buyback program in October 2005, the
company to date has repurchased about 117 million shares,
totaling US$1.8 billion of its US$2.5-billion program.

Xerox expects third-quarter 2007 earnings in the range of 24 to
26 cents per share.  The company increased its range of earnings
expectations for full-year 2007 to US$1.16 to US$1.18.


Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,  
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Fitch Ratings has affirmed Xerox Corp.'s and its
subsidiary's ratings:

  Xerox Corp.

    -- Trust preferred securities at 'BB';
    -- Issuer Default Rating at 'BBB-';
    -- Unsecured credit facility at 'BBB-'; and
    -- Senior unsecured debt at 'BBB-'.

  Xerox Credit Corp.

    -- Issuer Default Rating at 'BBB-'; and
    -- Senior unsecured debt at 'BBB-'.

As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Standard & Poor's Ratings Services placed its
ratings on Xerox Corp., including the 'BB+' corporate credit
rating, on CreditWatch with positive implications.  The
CreditWatch placement reflects the company's announcement that
it has reached an agreement in principle to acquire Global
Imaging Systems Inc. for approximately US$1.5 billion in cash.


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

BOWATER INC: Names Proposed Executives of AbitibiBowater
--------------------------------------------------------
Abitibi-Consolidated Inc. and Bowater Incorporated disclosed the
proposed executive team to lead AbitibiBowater Inc., pending
approval of the proposed combination and appointment by the
board of AbitibiBowater.

John W. Weaver, currently president and chief executive officer
of Abitibi-Consolidated, will be executive chairman of the new
company, responsible for all corporate functions.  David J.
Paterson, currently chairman, president and chief executive
officer of Bowater, will serve as president and chief executive
officer of AbitibiBowater, with primary responsibility for
operations and sales.

"We're creating a stronger global leader better able to succeed
in a competitive market, and this is the team that will lead
that effort," Mr. Weaver said.  "Our first priority is to
deliver at least US$250 million in synergies, which will create
significant value for investors.  We are confident that this
executive team will deliver on the synergy commitment."

"We've chosen a talented group of seasoned professionals with
diverse and impressive backgrounds to lead the new company.  
This team will work across the organization to engage all
employees, collectively building a successful future," Mr.
Paterson added.  "The team will work in partnership with our
customers to ensure a dependable source for a range of forest
products and best-in-class customer service.  Furthermore, we
believe the new executive team of a larger combined company will
create significant value for our investors.  We expect to have
enhanced financial flexibility, increased cash flow and a better
opportunity to unlock future value."

AbitibiBowater will be organized into four primary businesses:
North American Newsprint, International, Commercial Printing and
Coated Papers, and Wood Products.  Each business will have
bottom-line responsibility for all aspects of operations and
sales.

In addition to Messrs. Weaver and Paterson, AbitibiBowater's
executive team is expected to include nine executives namely:

   * Alain Grandmont, senior vice president, Commercial Printing
     and Coated Papers Business.  Mr. Grandmont is currently
     senior vice president, Commercial Printing Papers, for
     Abitibi-Consolidated.

   * William G. Harvey, senior vice president and chief
     financial officer.  Mr. Harvey is currently Bowater's
     executive vice president and chief financial officer.

   * Yves Laflamme, senior vice president, Wood Products
     Business.  Mr. Laflamme is currently Abitibi-Consolidated's
     senior vice president, Woodlands and Sawmills.

   * Jon Melkerson, senior vice president, business and
     corporate development - inclusive of the growing Recycling
     and Energy  businesses, well as marketing, strategic
     planning and manufacturing excellence.  Mr. Melkerson is
     currently Abitibi-Consolidated's vice president,
     international newsprint sales.

   * Pierre Rougeau, senior vice president, North American
     Newsprint Business.  Mr. Rougeau is currently Abitibi-
     Consolidated's senior vice president, corporate development
     and chief financial officer.

   * W. Eric Streed, senior vice president for supply chain,
     comprised of information technology, customer service,
     logistics and procurement.  Mr. Streed is currently  
     Bowater's executive vice president, operations and process
     improvement.

   * Thor Thorsteinson, senior vice president, international
     business - inclusive of international newsprint and pulp.
     Mr.  Thorsteinson is currently Abitibi-Consolidated's
     senior vice president, newsprint.

   * Jacques P. Vachon, senior vice president, corporate affairs
     and chief legal officer, will have responsibility for
     overseeing the combined company's Legal, communications &
     government affairs, internal audit and environment &
     sustainability functions. Mr. Vachon currently holds a
     similar position within Abitibi-Consolidated.

   * James T. Wright, Senior Vice President, Human Resources.  
     Mr. Wright currently holds similar responsibilities at
     Bowater.  The Institutional Shareholder Services Inc. and
     Glass Lewis & Co., two independent proxy advisory firms,
     have recommended that Abitibi-Consolidated shareholders and
     Bowater stockholders vote in favor of the proposed
     combination.

AbitibiBowater will own or operate 32 pulp and paper facilities
and 35 wood product facilities located mainly in Eastern Canada
and the Southeastern U.S.

                  About Abitibi-Consolidated Inc.

Headquartered in Montreal, Quebec, Abitibi-Consolidated Inc.
(NYSE: ABY, TSX: A) -- http://www.abitibiconsolidated.com/--  
supplies newsprint and commercial printing papers and produces
wood products, serving clients in some 70 countries from its 45
operating facilities.  Abitibi-Consolidated is one of the
recyclers of newspapers and magazines in North America.

                     About Bowater Incorporated

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint       
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on Jun 21, 2007,
that Standard & Poor's Ratings Services lowered its ratings on
Greenville, South Carolina-based Bowater Inc., including its
corporate credit rating, to 'B' from 'B+'.  The outlook is
negative.

On March 29, 2007, Moody's Investors Service downgraded Bowater
Incorporated's long-term debt ratings by one notch and
downgraded the company's corporate family rating to B2 from B1,
and its senior unsecured notes to B3 from B2.  At the same time,
Moody's affirmed Bowater's SGL-2 speculative grade liquidity
rating.  Bowater has announced a plan to merge with Abitibi-
Consolidated Inc. that is expected to close in third quarter of
this year.  In light of continued uncertainty, primarily with
respect to the structural status of individual bond issues at
each company vis-a-vis the other and a yet-to-be arranged
operating credit facility, and the associated potential that
ratings for unsecured instruments may need to be revised as a
consequence of the pending merger, the ratings outlook remains
unchanged as developing.  Moody's does not expect the merger to
cause a revision to the B2 CFR.

On June 27, 2006, Fitch Ratings assigned a 'BB' rating to
Bowater, Inc.'s senior secured bank debt.  The company's issuer
default ratings, 'BB-' and senior unsecured bond ratings, 'BB-',
remain unchanged.  The Rating Outlook remains Stable.

Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB.  The trend
remains Negative.


BOWATER: CCB Clears Proposed Merger with Abitibi-Consolidated
-------------------------------------------------------------
The Canadian Competition Bureau has informed Abitibi-
Consolidated Inc. and Bowater Incorporated that it will not
contest their proposed combination.

"We are very pleased the Bureau, after an extensive review, has
decided to allow the combination to proceed without challenge,"
John W. Weaver, President and Chief Executive Officer of
Abitibi-Consolidated, said.

"We appreciate the way the Bureau handled this process and are
very pleased to have received this critical approval for the
combination," David J. Paterson, Chairman, President and Chief
Executive Officer of Bowater added.

The combined company, which will be called AbitibiBowater Inc.
will produce a wide-range of newsprint, commercial printing
papers, market pulp and wood products.  It will be the eighth
largest pulp and paper manufacturer in the world.  
AbitibiBowater will own or operate 32 pulp and paper facilities
and 35 wood products facilities located in the United States,
Canada, the United Kingdom and South Korea.  It will also be
among the world's largest recyclers of newspapers and magazines,
and a global leader in sustainable forest management through
independent third-party certification.

                 About Abitibi-Consolidated Inc.

Headquartered in Montreal, Quebec, Abitibi-Consolidated Inc.
(NYSE: ABY, TSX: A) -- http://www.abitibiconsolidated.com/--      
supplies newsprint and commercial printing papers and produces
wood products, serving clients in some 70 countries from its 45
operating facilities.  Abitibi-Consolidated is one of the
recyclers of newspapers and magazines in North America.  

                   About Bowater Incorporated

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint       
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on Jun 21, 2007,
that Standard & Poor's Ratings Services lowered its ratings on
Greenville, South Carolina-based Bowater Inc., including its
corporate credit rating, to 'B' from 'B+'.  The outlook is
negative.

On March 29, 2007, Moody's Investors Service downgraded Bowater
Incorporated's long-term debt ratings by one notch and
downgraded the company's corporate family rating to B2 from B1,
and its senior unsecured notes to B3 from B2.  At the same time,
Moody's affirmed Bowater's SGL-2 speculative grade liquidity
rating.  Bowater has announced a plan to merge with Abitibi-
Consolidated Inc. that is expected to close in third quarter of
this year.  In light of continued uncertainty, primarily with
respect to the structural status of individual bond issues at
each company vis-a-vis the other and a yet-to-be arranged
operating credit facility, and the associated potential that
ratings for unsecured instruments may need to be revised as a
consequence of the pending merger, the ratings outlook remains
unchanged as developing.  Moody's does not expect the merger to
cause a revision to the B2 CFR.

On June 27, 2006, Fitch Ratings assigned a 'BB' rating to
Bowater, Inc.'s senior secured bank debt.  The company's issuer
default ratings, 'BB-' and senior unsecured bond ratings, 'BB-',
remain unchanged.  The Rating Outlook remains Stable.

Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB.  The trend
remains Negative.


HYNIX SEMICONDUCTOR: 2Q Profit Drops 36% on Lower Chip Prices
-------------------------------------------------------------
Hynix Semiconductor Inc.'s second-quarter profit fell 36% to
KRW209 billion, from KRW324.4 billion a year earlier, after a
glut drove down prices of computer chips, Bloomberg News
reports.

According to Bloomberg, the company's sales, excluding overseas
affiliates, rose 23% to KRW1.94 trillion.

Kevin Cho of Bloomberg News says that Hynix joins Samsung
Electronics Co., Micron Technology Inc. and Powerchip
Semiconductor Corp. in reporting lower earnings after increased
production led to oversupply.

Earnings may rebound in the second half as prices jumped 24%
this month on speculation computer makers such as Hewlett-
Packard Co. will raise orders before the beginning of the U.S.
school year in September and Christmas, the report points out.

Bloomberg adds that operating profit for the period fell 87% to
KRW42 billion.

                    About Hynix Semiconductor

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

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

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

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

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

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


MAGNACHIP SEMICONDUCTOR: Revenues Up 28% for 2nd Qtr. to July 07
----------------------------------------------------------------
MagnaChip Semiconductor disclosed results for the second quarter
ended July 1, 2007.  Sang Park, Chairman and CEO of MagnaChip
Semiconductor, commented, "The second quarter came in better
than our guidance, with revenues rising 28% from the first
quarter.  This improvement is the result of design wins,
enhanced new product development, and strong operational
execution, all of which contributed to achievement of share
gains at current and new customer accounts.  We remain focused
on growth and making 2007 the year of MagnaChip's recovery, as
we focus on bringing high-quality display solutions, imaging
solutions, and foundry services to the market faster."

Revenue for the three months ended July 1, 2007 was US$194.1
million, compared to US$197.6 million in the second quarter of
2006.  Gross margin was US$27.8 million or 14.3% of revenue for
the quarter ended July 1, 2007, compared to US$ 20.3 million or
10.3% of revenue for the second quarter of 2006.

Operating expenses were US$70.1 million in the current quarter.
This included US$13.4 million in special charges, which were
composed of US$12.1 million in restructuring and impairment
charges for the company's oldest wafer fabrication facility and
a US$1.3 million legal settlement.  Excluding special charges,
operating expenses for the second quarter of 2007 were
US$56.8 million or 29.3% of revenue, compared to US$56.0 million
or 28.3% of revenue for the second quarter of 2006.

Operating loss was US$42.4 million during the quarter.  
Excluding the special charges, the operating loss for the second
quarter of 2007 was US$29.0 million compared to US$35.7 million
before special charges in the prior year's second quarter.

Net interest expense for the second quarter of 2007 was
US$15.0 million, compared to $14.4 million in the second quarter
of 2006.  Net loss for the three months ended July 1, 2007 was
US$45.3 million.  Excluding special charges, the loss was
US$31.9 million, compared to a net loss of US$38.4 million
excluding special charges in the prior year second quarter.

Robert Krakauer, President and CFO of MagnaChip Semiconductor,
said, "Our new product development and operational execution
continue to improve.  All three of our business segments showed
significant growth quarter over quarter.  As we drive for
profitability, we are continuing our efforts to increase our
productivity, including both rationalization of older
facilities and upgrade of our 8 inch wafer capacity and process
technology to support new customer design wins."

                             Outlook

The Company expects revenue for the third quarter ending
September 30, 2007, to be flat compared to the second quarter of
2007.  Revenue is expected to rise again significantly in the
fourth quarter of 2007, as design wins hit large scale
production volume and seasonal holiday demand increases.

                  About MagnaChip Semiconductor

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

MagnaChip also has operations in Korea.

                          *     *     *

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

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

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

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

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


NOVELIS INC: Will Invest US$9 Million in Oswego Plant
-----------------------------------------------------
Novelis Inc. is investing approximately US$9 Million in its
Oswego, NY, plant to increase production of aluminum sheet
ingot, the starter stock for the rolling process.  The
investment will include the installation of an aluminum melting
furnace with industry-leading technology that will provide
increased energy efficiency and reduced cycle time.  The new
ingot production will be brought on line within 12 months.

This investment is part of Novelis' ongoing program to secure
long-term, low-cost sheet ingot supply for its operations.

"This announcement follows the recent acquisition of Novelis by
Hindalco Industries Limited and demonstrates our new owner's
strategic commitment to our business," said Kevin Greenawalt,
President of Novelis North America.  "Our customers will benefit
as we become ever more flexible in meeting their requirements
for high-value aluminum products, such as those produced with
our Novelis Fusion(TM) technology."  

Buddy Stemple, Vice President, Specialty Products for Novelis
North America, said: "The investment will unlock capacity in our
existing ingot casting operations, and will improve our ability
to switch between alloy types and manage our product mix.  It
will reduce production bottlenecks and help accelerate delivery
times to our customers."

The Oswego plant is Novelis' largest wholly owned aluminum
fabrication facility.  Equipped for aluminum recycling and
remelting, ingot casting, and hot and cold rolling, the plant
generates premium aluminum sheet products used by the
automotive, appliance, beverage can, building and construction,
commercial transportation and industrial markets.  The plant
currently employs approximately 700 people.  

                      About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional     
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Jun 26, 2007,
that Standard & Poor's Ratings Services assigned its 'BB' debt
rating, with a recovery rating of '2', to Novelis Inc.'s US$860
million secured term loan due 2014.  The '2' recovery rating
indicates an expectation of substantial (70%-90%) recovery in
the event of default.  Proceeds from the borrowings will be used
to refinance existing bank loans, which are being repaid in the
wake of the company's acquisition by Hindalco Industries Ltd.

The long-term corporate credit rating on Novelis is 'BB-'.  The
outlook is negative.  After giving effect to the proposed
refinancing, the company will have about US$2.9 billion of pro
forma fully adjusted debt at March 31, 2007.


On Feb. 16, 2007, Fitch Ratings placed the Issuer Default
Ratings or IDR of 'B' for Novelis Inc. and its subsidiary
Novelis Corp. on Rating Watch Negative. The company's senior
secured bank debt ratings and senior unsecured debt ratings that
were affirmed are:

Novelis Inc.

  -- Senior secured revolver and term loan at 'BB/
     Recovery Rating (RR) 1'; and

  -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

  -- Senior secured revolver and term loan B at 'BB/RR1'.


NOVELIS INC: Fitch Puts Neg. Outlook on B Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating for
Novelis, Inc. and Novelis, Corp. at 'B' and assigned a Negative
Rating Outlook.  The company's previous senior secured bank debt
ratings have been withdrawn.  Ratings for the new credit
facility of 'BB' were assigned and the senior unsecured debt
ratings have been affirmed as:

Novelis, Inc.

-- IDR 'B';
-- Senior secured asset-based revolver 'BB/RR1';
-- Senior secured term loan B 'BB/RR1';
-- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

-- IDR 'B';
-- Senior secured asset-based revolver 'BB/RR1';
-- Senior secured term loan B 'BB/RR1'.

The Rating Outlook is Negative.  Approximately US$2.4 billion of
debt is affected by the ratings.

The ratings action resolves Fitch's Rating Watch Negative for
Novelis.  Novelis' ratings were placed on Rating Watch Negative
following the company's announcement that it had reached an
agreement to be acquired by Hindalco Industries Limited.  The
transaction has been completed, and total debt currently
outstanding at Novelis is substantially similar to the amount
outstanding pre-transaction.  Fitch notes that given the
expiration of the change-of-control offer for the senior
unsecured notes, the notes no longer benefit from the credit
protection offered by the change-of-control provision, and
therefore carry greater credit risk, although the ratings on the
notes remain unchanged.  Novelis made the requisite change-of-
control offer for the notes at 101% of par, and US$841,000 of
the notes were tendered.

The Negative Outlook reflects the adverse impact of contractual
price ceilings on Novelis' financial performance over the past
several quarters, which is likely to continue through at least
the first half of 2007.  Improved financial performance stemming
from a reduction or elimination of the price ceilings over the
next few quarters could contribute to a review of the Outlook.
Fitch also has concerns about the permanent financing
structure of the Special Purpose Vehicle (SPV) Hindalco created
in Canada to fund the purchase of Novelis' equity, and how the
SPV's debt will be serviced.  Although certain of the notes'
covenants (such as a restricted payments test) limit the extent
of potential withdrawals by the parent, Fitch believes credit
risk is present due to the potential for this or similar such
actions.  Fitch recognizes the resolution of several internal
control issues, key leadership vacancies and other concerns
associated with the company's public filing status that had
previously contributed to the Negative Outlook.

Novelis' current ratings are supported by the company's leading
market position, strong and flexible asset base, emphasis on
innovation and value-added applications, and solid cash-
generating potential.  Ratings concerns focus on high leverage,
inflexible contract pricing with some customers, near-term cash
flow constraints, high and volatile aluminum prices and some
remaining material weaknesses in internal controls.  While
Novelis is strategically important to Hindalco, Fitch does  
not expect to link Novelis' ratings to Hindalco's ratings if
Hindalco is assigned an international rating in the future.
Fitch believes the credit linkages between Novelis and Hindalco
are weak to moderate due to a low level of expected operational
integration, a lack of formal credit support, and restrictions
on upstream dividends.  The different jurisdictions of the two
companies also support separate ratings.  These factors outweigh
Hindalco's ownership of Novelis and the presence of several
Hindalco representatives on Novelis' Board of Directors.  A
factor that could change Fitch's position on linkages between
the two companies is the final financing structure of the SPV
Hindalco created in Canada to fund the purchase of Novelis'
equity.  The SPV is currently funded with US$3.0 billion of bank
facilities with terms of 18 months.

Fitch rates the debt of Hindalco Industries Ltd. 'AAA (ind)' on
a national ratings basis in India.  The ratings have been placed
on Rating Watch with Negative implications.  Fitch expects to
resolve the Rating Watch as Hindalco's financing details are
further finalized.  Hindalco's current ratings denote the best
credit risk relative to all other issuers or issues in the
country.  This rating is therefore not directly comparable
to the North American ratings on Novelis.

                        About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional     
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.


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

KNOLL INC: Moody's Withdraws Ba3 Rating on $500 Million Facility
----------------------------------------------------------------
Moody's Investors Service withdrew the Ba3 ratings on Knoll's
US$500 million senior secured credit facility, which is
comprised of a revolver and a term loan term loan, following the
refinancing of the facility with an unrated US$500 million
revolving credit facility.

At the same time, Moody's affirmed the company's Ba3 corporate
family rating, but withdrew the B1 probability of default rating
and LGD assessments as these ratings/assessments are only
applicable for speculative grade companies that have rated debt.
The rating outlook is stable.

Knoll's Ba3 rating reflects its strong brand name, diversified
customer, industry leading margins, and distributor base, and a
good market position in its core office systems business with
more than a 15% market share.  The rating further reflects
Knoll's long-standing reputation for product quality and
design/innovation.  The rating also reflects Moody's expectation
of the continuation of favorable demand trends, although the
growth rate is expected to be slower than the last few years.  
The ratings are constrained by its modest top line, which is
about two-thirds of the median for similarly rated companies, by
the cyclical and competitive nature of the industry and by high
raw material prices.

This rating was affirmed:

    -- Corporate family rating at Ba3;

These ratings/assessments were withdrawn:

    -- Senior secured revolver at Ba2 (LGD 2, 27%);
    -- Senior secured term loan at Ba2 (LGD 2, 27%);
    -- Probability of default rating at B1.

Knoll is a leading designer, manufacturer and distributor of a
comprehensive portfolio of branded office furniture products,
textiles and accessories.  Revenue for the LTM ended March 2007
approximated US$1 billion.


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

ANGEL DEBT: Enters Liquidation Proceedings
------------------------------------------
Angel Debt Services Ltd. started to liquidate its business on
June 28, 2007.

Creditors who were not able to file their claims on before
July 26, 2007, will be excluded from sharing in the company's
dividend distribution.

The company's liquidator is:

         Henry David Levin
         c/o PPB McCallum Petterson
         Level 11, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


BAR BRANDS: Enters Wind-Up Proceedings
--------------------------------------
Iain Andrew Nellies and Paul William Gerrard Jenkins were tapped
as liquidators of Bar Brands Ltd. on June 28, 2007.

The company went into liquidation on that same day.

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


BIODIESEL EQUIPMENT: Taps Shephard and Dunphy as Liquidators
------------------------------------------------------------
On June 11, 2007, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of BioDiesel Equipment Ltd.

The Liquidators can be reached at:

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


BRCB LTD: Accepting Proofs of Debt Until August 5
-------------------------------------------------
BRCB Ltd., which is in liquidation, is accepting proofs of debt
from its creditors until August 5, 2007.

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

The company's liquidator is:

         Raymond G. Burgess
         PO Box 82100, Auckland
         New Zealand
         Telephone:(09) 576 7806
         Facsimile:(09) 576 7263


BUILD NELSON: Court to Hear Wind-Up Petition on August 2
--------------------------------------------------------
The High Court of Nelson will hear a petition to wind up the
operations of Build Nelson Ltd. on August 2, 2007, at 10:00 a.m.

Overview Holdings (No12) Limited filed the wind-up petition
against company on June 12, 2007.

Overview Holdings' solicitor is:

         R. D. Symns
         154 Tahunanui Drive, Nelson
         New Zealand


CSOFT BUSINESS: Commences Liquidation Proceedings
-------------------------------------------------
On June 28, 2007, Richard Dale Agnew and Vivian Fatupaito were
appointed as liquidators of CSoft Business Software 2006
Limited.

The Liquidators fixed Sept. 28, 2007, as the last day for its
creditors to file their claims.

The Liquidators can be reached at:

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


DRI (2006) LTD: Fixes August 3 as Last Day to File Claims
---------------------------------------------------------
DRI (2006) Ltd., which is in liquidation, requires its creditors
to file their claims by August 3, 2007.

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

The company's liquidator is:

         Daran Nair
         280 Great South Road
         Greenlane, Auckland
         New Zealand
         Telephone:(09) 522 5182
         Facsimile:(09) 522 5183
         E-mail: daran@nair.co.nz


DUGALD DEVELOPMENTS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Christchurch entered an order on June 25,
2007, to wind up the operations of New Dugald Developments Ltd.

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

The Liquidators can be reached at:

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


ELMAR PROJECTS: Wind-Up Petition Hearing Set for Sept. 13
---------------------------------------------------------
A petition to wind up the operations of Elmar Projects Ltd. will
be heard before the High Court of Auckland on Sept. 13, 2007, at
10:45 a.m.

Carters, a division of Carter Holt Harvey Limited, filed the
wind-up petition against the company, on June 5, 2007.

Carters' solicitor is:

         Edmund Lawler
         Edmund Lawler & Associates
         PO Box 25931, St Heliers
         Auckland
         New Zealand


FAST FORWARD: Subject to Richmond Brook's Wind-Up Petition
----------------------------------------------------------
On May 12, 2007, Richmond Brook Station Limited filed a petition
to wind up the operations of Fast Forward TVR Ltd.

The petition will be heard before the High Court of Christchurch
on July 30, 2007, at 10:00 a.m.

Richmond Brook's solicitor is:

         Radich Dwyer
         Temple Chambers, 76 High Street
         PO Box 646
         New Zealand


FPM BUILDING: Fixes Sept. 28 as Last Day to File Claims
-------------------------------------------------------
FPM Building Ltd., which is liquidation, requires its creditors
to file their proofs of debt by Sept. 28, 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:

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


G & M BUILDERS: Creditors' Proofs of Debt Due on July 31
--------------------------------------------------------
The High Court of Christchurch appointed Stephen John Tubbs and
Warren Michael Johnstone as liquidators of G & M Builders Ltd.

Messrs. Tubbs and Johnstone require the company's creditors to
file their claims by July 31, 2007, to be included in the
company's dividend distribution.

The Liquidators can be reached at:

         Stephen John Tubbs
         Warren Michael Johnstone
         c/o BDO Spicers
         Spicer House, Level 6
         148 Victoria Street, Christchurch
         New Zealand
         Telephone:(03) 379 5155
         Facsimile:(03) 353 5526
         e-mail: michelle.bennett@chc.bdospicers.com


HAVEN PARK: Shareholders Resolve to Liquidate Business
------------------------------------------------------
On July 5, 2007, the shareholders of Haven Park Trading Co Ltd.
passed a resolution to voluntarily wind up the company's
operations.

Creditors who cannot file their claims today, July 30, 2007,
will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         Peter John Kendall
         PO Box 33070, Takapuna
         North Shore City 0740
         New Zealand
         Telephone:(09) 486 8370
         Facsimile:(09) 489 3091


NATURE COAST: Taps Shephard and Dunphy as Liquidators
-----------------------------------------------------
On June 21, 2007, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators of Nature Coast Graphic
Design Ltd.

The Liquidators can be reached at:

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


MEREWEATHER ENTERPRISES: Taps Official Assignee as Liquidator
-------------------------------------------------------------
The Official Assignee was appointed as liquidator of Mereweather
Enterprises Ltd on June 21, 2007.

The Official Assignee can be reached at:

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


PALM PACIFIC: Names Gary Hitchcock as Liquidator
------------------------------------------------
Gary Hitchcock was appointed as liquidator of Palm Pacific
Holdings Ltd. on June 15, 2007.

The Liquidator can be reached at:

         Gary Noel Hitchcock
         c/o WHK Gosling Chapman Limited
         PO Box 544, Auckland
         New Zealand
         Telephone:(09) 303 2485


SWEEPING & SCRUBBING: Placed Under Members' Voluntary Wind-Up
-------------------------------------------------------------
Sweeping & Scrubbing Solutions Ltd. entered liquidation
proceedings on July 3, 2007.

Grant Robert Graham and Brendon James Gibson were appointed as
liquidators.

The Liquidators can be reached at:

         Grant Robert Graham
         Brendon James Gibson
         c/o Ferrier Hodgson & Co
         Level 16, Tower Centre
         45 Queen Street
         PO Box 982, Auckland
         New Zealand
         Telephone:(09) 307 7865
         Facsimile:(09) 377 7794


THE FRESH FLOWER: Names Finnigan and Whittfield as Liquidators
--------------------------------------------------------------
On June 26, 2007, the shareholders of The Fresh Flower Company
Limited appointed Peri Micaela Finnigan and John Trevor
Whittfield as the company's liquidators.

Creditors are required to file their claims by August 10, 2007,
to be included in the company's dividend distribution.

The Liquidators can be reached at:

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


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

BANCO DE ORO-EPCI: Reports PHP3.18-Bil. Net Income for 1st Half
---------------------------------------------------------------
Banco de Oro-EPCI Inc. reported a consolidated net income of
PHP3.18 billion in the first half of 2007, a 25% year-on-year
increase from the PHP2.5-billion income recorded for the first
half of 2006.

According to a statement with the Philippine Stock Exchange, the
increase is the result of growth in both net interest income and
non-interest income.

During the six months period ended June 30, 2007, the group
earned net interest income of PHP10.96 billion, a growth of 19%
year-on-year as interest margins improved despite a slight
growth in earning assets.  Non-interest income for the first
half of 2007 is also 48% higher year-on-year, at PHP9.05 billion
this year from the PHP6.1 billion last year.  Because of this,
the group's pre-provision operating profit increased by 30%
year-on-year to PHP20 billion.

The group's operating expenses for the first half of 2007 rose
22% yearly due to the deployment of additional manpower for
UOBP's former branches, expansion in business volumes and one-
time costs from the merger approval.

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

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

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

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

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

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


BANCO DE ORO-EPCI: To Issue 31 Mil. New Shares to Int'l Finance
---------------------------------------------------------------
Banco de Oro-EPCI Inc.'s Board of Directors has approved the
issuance of new common shares to International Finance Corp.
during a meeting held on Thursday last week.

According to a disclosure with the Philippine Stock Exchange,
the bank will issue 31,403,592 new shares to IFC in accordance
with the convertible loan agreement between BDO and IFC in 2002.

The Board also approved the declaration of a PHP0.80 cash
dividend per common share of BDO.  

Both approvals are still subject to the Bangko Sentral ng
Pilipinas' approval.

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

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

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

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

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

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


BANKARD INC: Appoints Rafael Reyes as COO and EVP
-------------------------------------------------
Rafael Andres R. Reyes will be Bankard Inc.'s new chief
operating officer and executive vice president effective on
August 2.

Bankard's Board of Directors approved Mr. Reyes' appointment
during a meeting held on July 26.

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard reported a net loss of PHP597.6 million for the year
ended December 31, 2006, which translated to a loss per share of
PHP1.92, the bank said in it annual financials filed with the
Philippine Stock Exchange.  The bank also had a net loss of
PHP422.4 million for the year ended December 31, 2005.


IPVG CORP: Elects Board of Directors & Board Committees for 2007
----------------------------------------------------------------
IPVG Corp. elected 11 members of its Board of Directors, and
appointed the members of its Board Committees during the annual
shareholders' meeting held on July 26.

These individuals were elected as directors:

    * Jaime C. Gonzalez
    * Jaime Enrique Y. Gonzalez
    * Srinivas Polishetty
    * Marco Antonio Y. Santos
    * Christopher Cox
    * Roger Stone
    * Carlos Dominguez
    * Eduardo Martin T. Lichauco
    * Kevin Belmonte
    * Rene R. Fuentes        (Independent Director)
    * Juan Victor Tanjuatco  (Independent Director)

These directors were elected as officers during the
organizational meeting held immediately after the annual
shareholders' meeting:

    * Jaime C. Gonzalez         -- Chairman of the Board

    * Marco Antonio Y. Santos   -- Deputy Chairman

    * Roger Stone               -- Deputy Chairman

    * Jaime Enrique Y. Gonzalez -- President

    * Srinivas Polishetty       -- Treasurer

    * Emmanuel L. Jalandoni     -- Corporate Information
                                   Officer/Chief Finance Officer

    * Maria Eleonor A. Santiago -- Corporate Secretary/
                                   Compliance Officer/ Alternate
                                   CIO

    * Shiela Quien - Feliciano  -- Asst. Corporate Secretary

    * Shelah Mae W. Famador     -- Asst. Corporate Secretary

The Board also designated these members of the various Board
committees:

    COMPENSATION/ESOP COMMITTEE
    * Jaime C. Gonzalez          -- Chairman
    * Jaime Enrique Y. Gonzalez  
    * Juan Victor Tanjuatco      
    * Roger Stone

    AUDIT COMMITTEE
    * Jaime C. Gonzalez          -- Chairman
    * Srinivas Polishetty
    * Rene Fuentes
    * Roger Stone

    EXECUTIVE COMMITTEE
    * Jaime C. Gonzalez          -- Chairman
    * Jaime Enrique Y. Gonzalez
    * Roger Stone
    * Emmanuel L. Jalandoni

    NOMINATION COMMITTEE
    * Jaime C. Gonzalez          -- Chairman
    * Jaime Enrique Y. Gonzalez
    * Rene Fuentes
    * Roger Stone

KPMG Manabat San Agustin & Co. (formerly KPMG Laya Mananghaya)
was re-elected as the Company's external auditor.

                       About IPVG Corp.

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.


IPVG CORP: To Extend 23.552 Million Common Shares to Employees
--------------------------------------------------------------
IPVG Corp. will extend 23,552,038 shares of common stock to
eligible and qualified employees under its 2005 stock option
plan.

During the annual stockholders' meeting held on July 26, the
company's board of directors approved the 3rd tranche of stock
options under the plan.  The determination of the actual
participants of the 3rd tranche shall be made by the Company's
Stock Option Committee, pursuant to the Plan.


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.


NAT'L POWER: Seeks Interested Suppliers of Diesel Fuel Oil
----------------------------------------------------------
National Power Corp. is seeking interested suppliers of fuel oil
for its power stations and barges, the Philippine Star reports.
A bidding is scheduled for next month until December this year.

Pre-bid conference will be held on August 3, the Star says, and
bidding will start on August 15.

According to the article, NAPOCOR seeks to purchase nearly
PHP21 billion worth of diesel and fuel oil.

Napocor has been receiving criticisms for failure to anticipate
delays in coal shipments to one of its independent power
producers.  The delay is pointed to as one of the major factors
in the rotating blackouts on July 25, the article relates.

For its part, NAPOCOR told the Philippine Star that its plants'
capacities were strained by an unexpected rise in power demand
on Wednesday last week.  The power firm was forced to cut power
supply to distributors because of the strain in its plants.

Low water level at major dams also caused its hydroelectric
plants' low output, the firm added.

Sources told the Star that NAPOCOR might encounter fuel supply
problems if it fails to improve its procurement processes.

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

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the company to report its foreign exchange losses.

The Troubled Company Reporter-Asia Pacific reported on April 5,
2006, that for 2005, National Power posted a PHP16-million
profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.

                          *     *     *

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

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

The TCR-AP reported that on Oct. 25, 2006, Fitch Ratings
assigned a rating of 'BB' to the US$500 million fixed-rate notes
issued by National Power Corporation in the Philippines.


WARNER MUSIC: S&P Says BB- Rating Still Under Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings for
Warner Music Group, including the 'BB-' corporate credit rating,
remain on CreditWatch with negative implications.  The ratings
have been on CreditWatch because of S&P's concern about the
company's interest in EMI Group PLC.  S&P still see uncertainty
surrounding management's alternate strategies following WMG's
statement that it will not submit a competing bid for EMI.
     
In addition, year-over-year revenue and EBITDA decreased by
roughly 2% and 8%, respectively, in the company's second fiscal
quarter ended March 31, 2007.  Declines in recorded music
revenue and EBITDA, which reflect tough release comparisons from
the previous year and continued physical sale declines, were
partially offset by gains in publishing.  Debt to EBITDA was
roughly 5.1x, which is somewhat weak for the rating.  S&P expect
the company's third fiscal quarter (ended June 30, 2007) to be
relatively flat, with easier release comparisons coming in the
fiscal fourth quarter.

                   About Warner Music Group

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


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

CALDWELL ARTS: Proofs of Debt Due on August 28
----------------------------------------------
Caldwell Arts Pte Ltd, which is in voluntary liquidation, is
accepting proofs of debt from its creditors until August 28,
2007.

The company's liquidators are:

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


PETROLEO BRASILEIRO: Filing Appeal to Regulator's BRL1.30B Fine
---------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA said in a
statement that it will appeal the hydrocarbons regulator Agencia
Nacional do Petroleo's BRL1.30-billion special participations
fines for the firm's activities in the Campos basin's Marlim
field.

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Agencia Nacional director Nelson Martins said
that the agency determined that Petroleo Brasileiro must pay
BRL1.30 billion for its special participation government
contribution after the firm miscalculated the amount to be paid.  
According to Mr. Martins, the payment refers to Petroleo
Brasileiro's 1998 to 2002 operations at the Marlim field in the
Campos basin.  The firm made incorrect deductions to the amount
it should have paid back then.  Mr. Martins said that Agencia
Nacional will charge interest on the BRL1.30-billion amount
Petroleo Brasileiro must pay to the mines and energy and
environment ministries and Brazilian cities and states close to
the oil and gas blocks.

Petroleo Brasileiro told BNamericas that the regulator's
decision "brings a lot of uncertainty in judicial terms" to the
company and to all oil firms that have been investing and
contributing to the Brazilian oil sector.

The fine could hurt Petroleo Brasileiro.  The firm lacks
provisions in its balance sheet to pay the amount imposed by the
regulator, Brazilian brokerage Ativa market analyst Monica
Araujo said in a report.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate      Ratings
  -------------           ------        ----      -------
  April  1, 2008      US$400,000,000    9%         BB+
  July   2, 2013      US$750,000,000    9.125%     BB+
  Sept. 15, 2014      US$650,000,000    7.75%      BB+
  Dec.  10, 2018      US$750,000,000    8.375%     BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


SPECTRUM BRANDS: Global Operations President K. Biller to Retire
----------------------------------------------------------------
Kenneth V. Biller, President of Global Operations of Spectrum
Brands, Inc., disclosed his retirement from the company
effective Sept. 30, 2007.  Mr. Biller's responsibilities will be
assumed by other members of Spectrum's senior management team.

"Ken is completing a distinguished 35 year career with Spectrum
Brands during which he was integral to the company's growth from
a locally owned Midwestern battery manufacturer to a global,
multi- brand consumer products company," Kent Hussey, Chief
Executive Officer, said.  "His expertise and leadership were
instrumental to the successful integration of our acquisitions,
and he most recently spearheaded the consolidation of Spectrum
Brands' Global Operations division into our Global Batteries &
Personal Care, Home & Garden and Global Pet Supplies business
units.  Throughout his years at the company, Ken has been a
relentless advocate of quality, efficiency and superior
technology, and a mentor to many of our senior managers.  We
wish Ken all the best in his well- earned retirement."

Mr. Biller, 59, joined Rayovac Corporation in 1972 and held a
series of management positions in technology and manufacturing
operations.  He was appointed Senior Vice President of
Operations in 1998 and a year later was named Executive Vice
President of Operations.  In 2005 he became President of Global
Operations, with responsibility for nearly 6000 employees around
the globe. His many accomplishments include the integration and
consolidation of technology, manufacturing and supply chain
operations acquired along with VARTA AG in Germany in 2002,
Remington Products LLC in 2003, Brazilian battery manufacturer
Microlite S.A. and Ningbo Baowang China Battery Company in 2004,
and United Industries and Tetra GmbH in 2005.

Mr. Biller currently serves on the Dean's Advisory Board for the
University of Wisconsin's School of Business and in recent years
has served as a member of the Advisory Board for the University
of Wisconsin Operations and Technology Management program.  He
holds a Bachelor of Science in chemical engineering and a
Masters of Business Administration from the University of
Wisconsin.

                     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.


STATS CHIPPAC: Fitch Lifts Corporate Credit Rating to BB+
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on STATS ChipPAC Ltd. to 'BB+' from 'BB'.  The outlook is
stable.  The issue rating on the senior unsecured debt has also
been raised to 'BB+' from 'BB'.  The ratings have been removed
from CreditWatch, where they were placed with positive
implications on March 2, 2007.

The rating upgrade reflects the likely improvement in the
financial flexibility of the company and its access to resources
after Temasek Holdings Pte. Ltd. (AAA/Stable/--) emerged as the
majority shareholder.

"Standard & Poor's expects Temasek would provide financial
support if STATS ChipPAC faces a liquidity crunch or is in need
of additional capital funding for its business," said Standard &
Poor's credit analyst Wee Lee Cheng.  "In addition, the rating
on STATS ChipPAC factors in the company's role in developing
Singapore into a semiconductor hub and hence, potential support
from the Singapore government."

Temasek had announced on March 1, 2007, a voluntary conditional
cash offer for the remaining shares in STATS ChipPAC and its
US$115 million convertible notes due 2008 and US$150 million
2.5% convertible notes due 2008.  This acquisition is made via
Temasek's subsidiary, Singapore Technologies Semiconductors Pte.
Ltd.  On May 18, 2007, Temasek closed the offer and increased
its stake in STATS ChipPAC to 83.1%.

"Although STATS ChipPAC's 11.5% year-on-year revenue decline for
second-quarter 2007 was due to weaker orders from some large
customers, mainly in the communications segment, the consumer
and multi-applications sector grew about 32% year-on-year for
second-quarter 2007," added Mr. Cheng.

The semiconductor assembly and testing services market is
strongly correlated to the semiconductor industry, which is
highly cyclical and competitive.  This results in low
predictability in STATS ChipPAC's future cash flows.  In
addition, the company needs to continually invest in new plants
and technology to remain among the industry leaders.

STATS ChipPAC has a relatively moderate capital structure and
EBITDA coverage compared with its peers.  Although disciplined
capital expenditure is expected to improve the company's free
operating cash flow to breakeven level for 2007, such controls
may not be sustainable without affecting turnover,
profitability, and competitiveness.

In 2006, STATS ChipPAC's top five and top 10 customers generated
at least 43% and 65% of total revenue, respectively.  Loss of
orders from one of these customers could have a major impact on
cash flow.

"STATS ChipPAC is a leader in mixed-signal testing and advanced
packaging technology and its customer and geographical reach has
been strengthened by the ChipPAC merger in 2004," Mr. Cheng
said.  The company continues to grow its advanced technology
product line to 56% of total revenue in 2006 and first-half
2007, from 41% in 2004.  Standard & Poor's expects the company
to maintain this competitive edge over the medium term.
"Estimated medium-term global sales growth of about 12% annually
in the SATS market is expected to outpace that of the total
semiconductor industry, estimated at 6%, due to the increasing
outsourcing trend," noted Mr. Cheng.

                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers  
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands and United Kingdom.


VENTURE ENGINEERING: Proofs of Debt Due on August 10
----------------------------------------------------
Venture Engineering Pte. Ltd. requires its creditors to file
their proofs of debt by August 10, 2007.

The company's liquidator is:

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


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

ARVINMERITOR INC: To Close Ontario Assembly Operations
------------------------------------------------------
ArvinMeritor Inc. would close its Commercial Vehicle Systems
assembly operation in St. Thomas, Ontario, Canada, by Nov. 23,
2007.
    
The closure is part of restructuring actions in North America
and Europe which the company expects to affect 13 plants and
2,800 employees, resulting in an estimated annual run rate
savings of US$130-US$140 million by 2012.
    
The facility in St. Thomas employs 17 people, and serves as an
assembly site of the company's drivelines. Operations based in
St. Thomas will be transferred to ArvinMeritor's facility in
Laurinburg, North Carolina.
    
Employees were advised of the closure today during a meeting at
the facility.  ArvinMeritor will offer outplacement support and
severance and benefits packages to affected employees.
    
"Actions like these are never easy, but are necessary because of
the highly competitive nature of the motor vehicle industry,"
Wayne Watson, general manager, Operations, North America, said.
"The company must have a global manufacturing footprint that
optimizes capacity, reduces costs, and creates the greatest
level of customer service."

"The closure of St. Thomas is in no way a reflection of our fine
workforce," Brad Ducharme, site manager at the St. Thomas
facility said.  Our employees are talented and highly skilled
individuals who have worked hard to support our customers."

                      About ArvinMeritor Inc.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier USUS$8.8
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 28, 2007,
Moody's Investors Service has upgraded ArvinMeritor's senior
secured bank debt rating to Baa3, LGD2, 13% from Ba1, LGD2, 20%
and affirmed the company's Corporate Family Rating of Ba3,
Speculative Grade Liquidity rating of SGL-2, and stable outlook.


ARVINMERITOR INC: Partners with Chery to Design Chassis Systems
---------------------------------------------------------------
ArvinMeritor Inc. and Chery Form Chassis Systems have entered
into a joint venture partnership to design and manufacture
chassis systems and components.  

The new joint venture, ArvinMeritor Chassis Systems Wuhu Co.,
will evolve to a US$150-million full-systems chassis supplier by
2010.  Production of shocks and struts will begin as early as
2008.

"ArvinMeritor's alliance with Chery is a great example of the
company attaining strategic growth from three key focus areas;
increasing business with Asian customers, expanding in emerging
markets, and growing our light vehicle chassis business," said
Phil Martens, president of ArvinMeritor's Light Vehicle Systems
business group.  "This new business, which is quickly ramping
up, comes on the heels of several other new Chery contracts with
ArvinMeritor for its door systems technologies.  We're honored
that Chery continues to choose us as its technology partner,"
continued Mr. Martens.  "We see these contracts as the first
steps of many long-term opportunities for both companies."

"As the automotive footprint continues to evolve, ArvinMeritor
is well positioned to participate in Asia's explosive growth
through its global partnerships and manufacturing network,
including today's announcement with Chery," said Rakesh Sachdev,
president of ArvinMeritor's Asia Pacific operation.  "The new
chassis systems joint venture plant in Wuhu will be one of
several China-based facilities ArvinMeritor is adding to its
network over the next 18 months in support of new business with
customers in the region."

                      About ArvinMeritor Inc.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier USUS$8.8
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007.
Dominion Bond Rating Service assigned a rating of BB (low) to
the USUS$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  DBRS says the trend is stable.

As reported on on Feb. 6, 2007, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

   -- Corporate Family Rating to Ba3 from Ba2

   -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
      LGD-2, 18%

   -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
      LGD-4, 64%

   -- Probability of Default to Ba3 from Ba2

   -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
      LGD-4, 64%

Arvin Capital I

   -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

   -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
      LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

   -- Speculative Grade Liquidity rating, SGL-2


DAIMLERCHRYSLER: Banks to Pool Money to Raise Buyout Financing
--------------------------------------------------------------
Bankers for DaimlerChrysler AG's Chrysler Group deferred a
US$12 billion sale of debt to investors as part of a buyout
severing Chrysler from its German parent, The Wall Street
Journal reports.

According to WSJ, rather than fund the operations of the
newly independent auto maker with money raised from loans,
as planned, the underwriters of the deal -- five banks led
by J.P. Morgan Chase & Co. -- will have to provide much of
the money themselves, at least until the market settles
down.

The New York Times relates that executives at the automaker's
parent company said the financing problem will not affect
the purchase of the Chrysler Group by the private equity firm
Cerberus Capital Management, which signed to buy an 80% stake in
the U.S. Arm.


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.


FEDERAL-MOGUL: Earns US$4 Mil. in Second Quarter Ended June 30
--------------------------------------------------------------
Federal-Mogul reported net income of US$4,000,000 for the
quarter ended June 30, 2007, compared to a net loss of
US$17,000,000 for the second quarter of 2006.  

For the six months ended June 30, 2007, the company reported net
income of US$9,000,000, compared to a net loss of US$85,000,000
for the comparable period of 2006.  These results reflect an
8% increase in sales, improved gross margin and reduced selling,
general and administrative expenses.

Federal-Mogul reported net sales of US$1,763,000,000 for the
quarter ended June 30, 2007, an increase of US$131,000,000, or
8%, compared to the second quarter of 2006.  The most
significant factors impacting sales were increased volumes of
US$77,000,000 and favorable foreign currency of US$56,000,000.  
For the six-month period ended June 30, 2007, net sales
increased by US$248,000,000 to US$3,480,000,000, of which
US$119,000,000 is due to increased volumes, US$51,000,000 is due
to the May 2006 acquisition of Federal-Mogul Goetze India and
US$116,000,000 is due to favorable foreign currency.  These
favorable impacts were partially offset by customer pricing.

Gross margin for the three and six months ended June 30, 2007,
increased by US$18,000,000 and US$41,000,000, respectively, over
the comparable periods of 2006.  Improvements in gross margin
resulted from a combination of the October 2006 settlement of
the U.K. pension plans, productivity in excess of labor and
benefits inflation, increased volumes, and favorable foreign
currency.   These favorable impacts were partially offset by
increased raw materials costs and customer pricing.

Selling, general and administrative expense for the three and
six months ended June 30, 2007, improved by US$5,000,000 and
US$26,000,000, respectively, when compared to the comparable
periods of 2006.  Reductions in SG&A resulted from a combination
of cost reduction actions in excess of labor and benefits
inflation, and the settlement of the U.K. pension plans.  These
favorable impacts were partially offset by increased SG&A from
the acquisition of FMG and adverse foreign currency.

Federal-Mogul reported income before income taxes for the three-
month period ended June 30, 2007, of US$25,000,000, an
improvement of US$13,000,000 over the comparable period of 2006.  
For the six month period ended June 30, 2007, the company's
income before income taxes improved by US$88,000,000 compared to
the same period of 2006, largely derived from the US$67,000,000
of improvements in gross margin and selling, general and
administrative expenses, and US$30,000,000 in reduced impairment
and restructuring charges.

Management believes that Operational EBITDA most closely
approximates the cash flow associated with the operational
earnings of the company and uses Operational EBITDA to measure
the performance of its operations.  Operational EBITDA is
defined to include discontinued operations and exclude
impairment charges, Chapter 11 and U.K. Administration expenses,
restructuring costs, income tax expense, interest expense,
depreciation and amortization.

The company reported Operational EBITDA for the three and six
months ended June 30, 2007, of US$212,000,000 and
US$412,000,000, respectively, representing improvements of
US$37,000,000 and US$92,000,000, respectively, over the
comparable periods of 2006.  This improvement is largely due to
the improvements reported within gross margin and reduced SG&A
expenses.  A reconciliation of Operational EBITDA to the
company's earnings before income taxes for the three months
ended June 30, 2007, has been provided.

Combining cash provided from operating activities with cash used
by investing activities, the company generated positive cash
inflows of US$79,000,000 for the six months ended June 30, 2007,
compared with US$30,000,000 for the comparable period of 2006.

"Federal-Mogul remains fully committed to exiting from Chapter
11, while wholly dedicated to our strategy for sustainable
global profitable growth, providing our valued customers with
service excellence, quality products, leading technology and
innovation at competitive cost," said chairman, president and
chief executive officer Jose Maria Alapont.  "The results
achieved during the first half of 2007 reflect the company's
commitment to consistently improve our operational performance."

                       About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which include Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.  
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing on that plan began on
June 18, 2007, and is expected to conclude on Oct. 1, 2007.  
(Federal-Mogul Bankruptcy News, Issue No. 144; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


POWER-P PCL: Has Until August 27 to Submit Amended Financials
-------------------------------------------------------------
The Securities and Exchange Commission has directed Power-P PCL
to submit amended financial statements on or before August 27,
2007.

According to a company disclosure with the Stock Exchange of
Thailand, the SEC has directed the company to correct these
items in its statements for the periods ended June 30, 2006, and
September 30, 2006, and for the year 2006 to ensure that they
are in compliance with generally accepted accounting principles:

   * Revenue recognition in the financial statement for the
     year 2007

   * POWER has not yet appointed auditors for a special audit,
     and the auditor also clarified that audit scope was
     limited by management.

   * Joint venture has not recorded any loss from the project
     delay.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of  
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.  

The company is currently undergoing debt restructuring.  
Moreover, the company carries the Stock Exchange of Thailand's
SP -- or suspension -- sign for its failure to submit its
financial statements as of March 31, 2007.


TMB BANK: DBS' 2Q Income Plunges Due to Continued Investment
------------------------------------------------------------
DBS Group Holdings Ltd. told the Bangkok Post on Saturday that
quarterly profit fell 7% in the second quarter of 2007 due to an
impairment charge of SGD159 million for its continued investment
in TMB Bank PCL.

The group, a majority shareholder of TMB at 16.1%, reported a
net income of SGD560 million for the quarter ended June 30,
2007, as compared with the Singaporean SGD603 million in the
same period last year.

The bank said in a statement with the Singapore Exchange "to
reflect current market valuation for the investment."


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

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

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

On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.  
The TCR-AP also reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.  


TMB BANK: Forges THB3.8BB Credit Facility Deal With Areeya Dev't
----------------------------------------------------------------
TMB Bank PCL and Areeya Development has recently entered into a
THB3.8-billion credit facility for two large A Space condominium
projects and two medium-size housing estates in the Navamin and
Suthisarn areas, an article by The Nation reports.

Under the agreement, as mortgage provider, TMB Bank will finance
up to 95% depending on the buyer's credit standing.


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

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

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

On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.  
The TCR-AP also reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.  


TMB BANK: ING Group Eyes Investment; Expects to Ink Deal by Sept
----------------------------------------------------------------
Holland-based ING Group is currently negotiating with TMB Bank
PCL for a strategic investment with the bank, The Nation
reports, citing Reuters.

Bank sources told Reuters that the deal is expected to be
concluded by September.

However, according to the report, the investment is still
subject to the approval by the Finance Ministry, one of the
bank's major shareholders.


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

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

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

On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.  
The TCR-AP also reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.


TRUE MOVE: US$225 Million Bond Closes At 10.375% Coupon Value
-------------------------------------------------------------
True Move PCL's seven-year US$225 million bond closed Tuesday
with a coupon of 10.375%, a cash price of 98.797 and a yield of
10.625%, Finance Asia reports.

The deal was priced through the company's sole bookrunner,
Deutsche Bank, and was subscribed two times.

The transaction marks the second time the company ventured into
the international bond market.  In December 2006, it issued a
US$465-million seven-year deal via Citi and Deutsche Bank.  

According to the article, bankers have quoted True's existing
2013s as a suitable comparable, as these were trading at 102/103
bid/offer last Wednesday.  The company's new bonds traded up to
99.5/100.5 on Wednesday, the article relates.

Bankers said this is a significant achievement, in light of
diminished liquidity caused by current market volatility.  One
investor told Finance Asia that he was surprised at the bonds'
performance, because they were having doubts about the political
situation in Thailand.

Finance Asia reports that the bond's proceeds will go to True
Move's near-term obligations with some banks.  These were to be
met intially by an amortising syndicated loans, which the bank
had hired DBS Bank to arrange.  However, DBS failed to syndicate
the loan.


True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2006, Standard & Poor's Ratings Services assigned its
BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating, which was assigned to it on June 5,
2007 and affirmed on July 23, 2007.  The outlook is negative.

S&P also assigned on July 23, 2007 a 'B' rating on the company's
proposed senior unsecured notes due 2014.

Moreover on Dec. 20, 2006, the TCR-AP reported that Moody's
Investors Services affirmed its B1 corporate family rating for
True Move Company Limited and its B2 senior unsecured long-term
debt ratings for True Move's US$465 million Notes issue, due
2013, and removed all ratings from their provisional status.





                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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                 *** End of Transmission ***