TCRAP_Public/070731.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, July 31, 2007, Vol. 10, No. 149

                            Headlines

A U S T R A L I A

BIGA TECHNOLOGY: Members Opt to Shut Down Business
BLUE RIDGE: Undergoes Wind-Up Proceedings
CLAYTON METAL: Sets Final Meeting for August 24
COACH HOUSE: Members Pass Resolution to Liquidate Business
COEUR D'ALENE: Names Stuart Mathews as Palmarejo Project Manager

JOHN WEST: Placed In Administration with AU$9.5-Million Debt
KEZANDER PTY: Members Agree on Voluntary Liquidation
MAROUBRA AUTO: Accepting Proofs of Debt Until August 21
OVERSEAS GAME: Will Declare Priority Dividend on August 8
POLAREX PTY: Taps Graeme Trevor Lean as Liquidator

RODICOSU PTY: Final Meeting Slated for August 24
STOCKTON HILL: Final Meeting Slated for August 13
ZINIFEX LTD: Posts 5% Downslide in Total Production for FY2006


C H I N A   &   H O N G  K O N G

ACXIOM(R) CORP: Posts Net Loss of US$11.5 Million for Q1 2008
ARTWELL PRINTING: Final Meeting Slated for August 27
BALLY TOTAL: Obtain Required Votes for Pre-Packaged Ch. 11 Plan
CITIC RESOURCES: S&P Raises Rating to BB+ After Parent's Upgrade
EUREKA SECURITIES: Liquidator to Give Wind-Up Report on Aug. 31

FIAT SPA: Buys Back 2.09 Million Ordinary Shares
HOMEYET INVESTMENTS: Filing Proofs of Debt Due on August 28
HOTEL MERLIN: Lim Ooi Kong Quits as Liquidator
I-TECH ELECTRONICS: Court to Hear Wind-Up Petition on Sept. 19
JOY CAPITAL: Liquidator Quits Post

LUXTEK LIGHTING: Placed Under Voluntary Wind-Up
MAXWELL ENGINEERING: Subject to Yam Chan's Wind-Up Petition
NAN YANG: Sets Wind-Up Petition Hearing for August 8
TAI YUAN: Shares Held By Largest Shareholder Frozen
TOA TRADING: Sets Final Meeting for August 28


I N D I A

BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid
BPL LIMITED: Net Loss Widens to INR67.8 Mil. in 1st Qtr. FY2008
CANARA BANK: Net Profit Up 26% to INR2.41 Bil. in 1Q FY2008
DECCAN AVIATION: To Buy Stake in Airport-Builder Consortium
DECCAN AVIATION: UB Delays Open Offer for Addt'l 20% Stake

IMAX CORP: March 31 Balance Sheet Upside-Down by US$58.7 Million
TATA STEEL: To Increase Corus Buyout Contribution to US$7.4 Bil.
TATA STEEL: Reports INR12.22-Bil. Net Profit in 1st Qtr. FY2008


I N D O N E S I A

ADES WATERS: Posts IDR5.2-Billion Profit for March 2007 Quarter
BANK RAKYAT: 2Q Net Profit Up 17.43% YoY to IDR2.35 Trillion
DAVOMAS ABADI: To Spend US$125MM for Cocoa Processing Machines
MEDCO ENERGI: To Build Nuclear Power Plant in Indonesia
TELKOMSEL: Bank Indonesia Approves E-Money Products Marketing


J A P A N

FORD MOTOR: Moody's Holds B3 CFR with Negative Outlook
JVC CORP: S&P Affirms Rating After Kenwood Tie-Up Announcement
KINTETSU CORP: Increases Kinsho Stake to 77.7% from 22.6%
MAZDA MOTORS: Domestic Sales Decrease 11% for June 2007
MITSUBISHI MOTORS: Offers INR10,000 Off in Lancer To Boost Sales

XM SATELLITE: 2007 Q2 Net Loss Narrows to US$176 Million


K O R E A

CHOROKBAEM MEDIA: Converts Second Bonds into Shares
DAEGU BANK: Attracts Half of Gov't Subsidy for Waste Project
DAEGU BANK: Posts 2Q 2007 Net Income of KRW87.3 Billion


M A L A Y S I A

AVAYA INC: Earns US$55 Million in Third Quarter Ended June 30
AYER MOLEK: Bursa Gets Injunction to Defer Delisting
INDUSTRIAS METALURGICAS: S&P Assigns B Corporate Credit Rating
KNOLL INC: Moody's Holds Ba3 Rating & Withdraws Other Ratings
MBF CORP: Poor Financial Condition Prompts Securities Delisting

PROTON HOLDINGS: New Sedan Model to Drive Results Back to Black


N E W  Z E A L A N D

BRADRAM EQUITIES: Fixes August 8 as Last Day to File Claims
CJB ENTERPRISES: Fixes August 6 as Last day to File Claims
DBR DEVELOPMENTS: Accepting Proofs of Debt Until August 2
DEVOX SERVICES: Creditors' Meeting Slated for August 8
ELMAR PROJECTS: Court to Hear Wind-Up Petition on Sept. 13

HEMISPHERE INSURANCE: Gets S&P's 'B-' Ratings
JDH INVESTMENTS: Undergoes Liquidation Proceedings
LAMCY HOLDINGS: Creditors' Proofs of Debt Due on August 2
RIVERCITY DECORATORS: Accepting Proofs of Debt Until Sept. 4
SEEC LIMITED: Commences Liquidation Proceedings

TSR DEVELOPMENTS: Shareholders Resolve to Close Business
* Economy Most Vulnerable to House Price & Interest Rate Shocks


P H I L I P P I N E S

BANCO DE ORO-EPCI: To Spend PHP2 Billion in Integration Expenses
BANCO DE ORO-EPCI: Plans to Raise About US$200MM Tier-2 Capital
BANGKO SENTRAL: Considers Scrapping Special Deposit Facility
LODESTAR INVESTMENT: PSE Suspends Trading of Shares Upon Request
NAT'L POWER: PSALM To Pay Debts Using Masinloc Sale Proceeds

PHIL AIRLINES: State-Owned Firms Plan to Block Backdoor Listing
SAN MIGUEL: SEC Recognizes New Beer Brewery Subsidiary
* Presidential Office to Directly Supervise Mining Industry


S I N G A P O R E

ASIA PACIFIC: Sets Members' General Meeting for August 22
AVAGO TECH: Will Reduce 600 Employees in Southeast Asia
GLOBAL EUROP: Court to Hear Wind-Up Petition on August 10
PETROLEO BRASILEIRO: Will Charge Thermo Plant Operators Extra
PETROLEO BRASILEIRO: On Track To Invest Over US$10B This Year

TOKAI AGENCY: Pays First and Final Dividend


T H A I L A N D

DATAMAT PCL: Bankruptcy Court Calls Meeting to Appoint Planner


* BOND PRICING: For the Week 30 July to 03 August 2007

     - - - - - - - -

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

BIGA TECHNOLOGY: Members Opt to Shut Down Business
--------------------------------------------------
During a general meeting held on June 29, 2007, the members of
Biga Technology Pty Ltd agreed to shut down the company's
business and appointed Anthony Schiffmann as liquidator.

The Liquidator can be reached at:

         Anthony Schiffmann
         BDO Kendalls
         Level 18, 300 Queen Street
         Brisbane, Queensland 4000
         Australia

                     About Biga Technology

Biga Technology Pty Ltd, which is also trading as Persoft,
operates computer software stores.  The company is located in
Queensland, Australia.


BLUE RIDGE: Undergoes Wind-Up Proceedings
-----------------------------------------
During a general meeting held on June 29, 2007, the members of
Blue Ridge Hardwoods Distribution Pty Ltd agreed to wind up the
company's operations and appointed Henry Kazar as liquidator.

The Liquidator can be reached at:

         Henry Kazar
         Sims Partners
         Chartered Accountants
         Suite 5, 32 Theisiger Court
         Deakin West ACT 2600
         Australia

                        About Blue Ridge

Blue Ridge Hardwoods Distribution Pty Ltd is a general
contractor of single-family houses.  The company is located in
New South Wales, Australia.


CLAYTON METAL: Sets Final Meeting for August 24
-----------------------------------------------
Clayton Metal Products Pty Ltd will hold a final meeting on
August 24, 2007, at 11:00 a.m.

Hugh Lachlan Mcpharlin, the company's liquidator, will give at
the meeting a report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Hugh Lachlan Mcpharlin
         c/o Edwards Marshall
         Chartered Accountants
         Suite 5, First Floor
         4-8 Angas Street
         Kent Town, South Australia 5067
         Australia

                       About Clayton Metal

Located in South Australia, Australia, Clayton Metal Products
Pty Ltd is an investor relation company.


COACH HOUSE: Members Pass Resolution to Liquidate Business
----------------------------------------------------------
On June 22, 2007, the members of Coach House Motor Inn Pty Ltd
passed a resolution to liquidate the company's business and
appointed Donald Hugh Mckenzie as liquidator.

The Liquidator can be reached at:

         Donald Hugh Mckenzie
         c/o KPMG
         Level 2, 33 George Street
         Launceston, Tasmania 7250
         Australia

                       About Coach House

Coach House Motor Inn Pty Ltd is involved with electrical work.  
The company is located in South Australia, Australia.


COEUR D'ALENE: Names Stuart Mathews as Palmarejo Project Manager
----------------------------------------------------------------
Coeur d'Alene Mines Corporation has appointed Stuart Mathews,
the Technical Director of Coeur Australia who has been assigned
to the Company's South American properties, as interim project
manager for the Palmarejo project in Mexico.  Mr. Mathews would
be named General Manager at Palmarejo once the transaction is
completed in the fourth quarter 2007.

Mr. Mathews will direct the newly established Project
Development Committee at Palmarejo, whose focus is to develop
the Rosario deposit at the project utilizing open pit mining
methods.  The Project Development Committee will complete a pre-
feasibility study by the end of August, which will include a
combined open-pit and underground mine development scenario.

"Stuart's more than 20 years of experience and broad range of
technical skills in exploration, mine geology, resource modeling
and grade control methodology fit perfectly with our objectives
in taking Palmarejo to the next level of development during this
interim period," said Coeur D'Alene's Operations Vice President
Richard Weston.  "Stuart's new role will allow him to make an
easy transition to General Manager of the Palmarejo Project once
the transaction is completed, and the mine moves toward
production."

Mr. Mathews, who has a Master's Degree in Geology from the
University of Canterbury, Christchurch, New Zealand, has worked
in a number of senior geology, project development and
management positions at major mines and mining projects
throughout Australia, New Zealand, South America and Mexico.

Coeur, Bolnisi Gold NL and Palmarejo Silver and Gold Corporation
would begin mailing information to shareholders in September.  
All three companies' shareholder meetings are expected to be
held in October.  Assuming timely completion of the required
regulatory processes and receipt of the required shareholder and
court approvals, the companies expect the transaction to be
completed in the fourth quarter of 2007.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver  
producer, as well as a significant, low-cost producer of gold.  
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                       *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


JOHN WEST: Placed In Administration with AU$9.5-Million Debt
------------------------------------------------------------
Private mortgage broking firm John West & Associates has been
placed in voluntary administration with debts amounting to more
than AU$9.5 million, various reports say.

According to The Advertiser, the Australian Securities and
Investments Commission discovered after an investigation that
John West was operating a managed investment scheme where it
borrowed funds from investors and lent those funds to another
series of investors for commercial purposes.

Pia Akerman of The Australian writes that the ASIC had started
its court proceedings against the South Australian mortgage firm
in March this year, in which it alleges that director Jonathan
Peter West operated an "unregistered and illegal investment
scheme" since May 2003.

The Age says that administrator Austin Taylor of Meertens
Chartered Accountants said it is too early in the administration
process to identify what returns to creditors might be
available.

Meanwhile, Ms. Akerman conveys in her report that the
administrators of John West fear that more than 50 "mum and dad"
investors will receive no significant returns.


KEZANDER PTY: Members Agree on Voluntary Liquidation
----------------------------------------------------
On July 2, 2007, the members of Kezander Pty Ltd had a meeting
and agreed to liquidate the company's business.

Peter Hillig was appointed as liquidator.

The Liquidator can be reached at:

         Peter Hillig
         Chartered Accountant
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                       About Kezander Pty

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


MAROUBRA AUTO: Accepting Proofs of Debt Until August 21
-------------------------------------------------------
Maroubra Auto Electrical Services Pty Limited, which is in
liquidation, is receiving proofs of debt from its creditors
until August 21, 2007.

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

The company's liquidators are:

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

                       About Maroubra Auto

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


OVERSEAS GAME: Will Declare Priority Dividend on August 8
---------------------------------------------------------
Overseas Game Meat Export Pty Ltd, which is in liquidation, will
declare a priority dividend on August 8, 2007.

Creditors must file their claims today, July 31, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

         Robert Hutson
         KordaMentha (Queensland)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999

                      About Overseas Game

Overseas Game Meat Export Pty Ltd is a distributor of meats and
meat products.  The company is located in Queensland, Australia.


POLAREX PTY: Taps Graeme Trevor Lean as Liquidator
--------------------------------------------------
The members of Polarex Pty Ltd met on June 27, 2007, and agreed
to voluntarily liquidate the company's business.

Graeme Trevor Lean was appointed as liquidator.

The Liquidator can be reached at:

         Graeme Trevor Lean
         G. T. Lean & Associates
         424 Fitzgerald Street
         North Perth, Western Australia 6006
         Australia

                       About Polarex Pty

Polarex Pty Ltd provides airport terminal services.  The company
is located in Western Australia, Australia.


RODICOSU PTY: Final Meeting Slated for August 24
------------------------------------------------
A final meeting will be held for the members of Rodicosu Pty Ltd
on August 24, 2007, at 12:00 noon.

Hugh Lachlan Mcpharlin, the company's liquidator, will give at
the meeting a report about the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

         Hugh Lachlan Mcpharlin
         c/o Edwards Marshall
         Chartered Accountants
         Suite 5, First Floor
         4-8 Angas Street
         Kent Town, South Australia 5067
         Australia

                       About Rodicosu Pty

Rodicosu Pty Ltd provides educational services.  The company is
located in South Australia, Australia.


STOCKTON HILL: Final Meeting Slated for August 13
-------------------------------------------------
The members of Stockton Hill Mines Ltd will hold a final meeting
on August 13, 2007, at 4:30 p.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Jonathan Mcleod
         McLeod & Partners
         Level 3, 380 Queen Street
         Brisbane, Queensland
         Australia

                       About Stockton Hill

Located in Queensland, Australia, Stockton Hill Mines Ltd is an
investor relation company.


ZINIFEX LTD: Posts 5% Downslide in Total Production for FY2006
--------------------------------------------------------------
Zinifex Limited released its financial result for the fiscal
year ending June 30, 2007, revealing a production loss of 5% or
1,488,850 tonnes as compared with the previous fiscal year's
1,575,129 tonnes.

Overall zinc production for last year's financial year totaled
635,079 tonnes, a 3% boost from last year's 614,564 tonnes.   

Total lead production for FY2006 slumped 18% to 207,460 tonnes
from 253,693 tonnes which according to a company statement is a
result of lower lead grades in ore.

                     Fourth Quarter Results

Fourth quarter production for fiscal year 2006 totaled 398,666
tonnes, as compared with the same period as last year's 396,612,
a slight increase of 0.52%.

Zinc production for the fourth quarter increased to 158,102
tonnes compared to fourth quarter production of FY2005 which
totaled 155, 010 tonnes.

Lead production for the fourth quarter of FY06 decreased to
64,123 tonnes, from the same period last year of 67,547 tonnes.

Consistent with their strategy, Zinifex is increasing its
commitment to exploration and development.  The company
anticipates that expenditure 2008 financial year will rise to
AU$100 million on the Dugald River feasibility study, further
extending the resources at Rosebery, Izok Lake and High Lake and
increased exploration activity globally.

A comprehensive financial result for the fiscal year 2006 can be
viewed for free at: http://ResearchArchives.com/t/s?21eb

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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

ACXIOM(R) CORP: Posts Net Loss of US$11.5 Million for Q1 2008
-------------------------------------------------------------
Acxiom(R) Corporation reported financial results for the first
quarter of fiscal 2008 ended June 30, 2007.

Details of Acxiom's first-quarter performance include:

Revenue of US$338.2 million, up 0.4% from US$336.7 million in
the first quarter a year ago.  

Income from operations of US$4.1 million, an 88.6% decrease
compared to US$36.3 million in the first quarter last year.

Net loss of US$11.5 million, compared to net earnings of US$17.8
million in the first quarter of fiscal 2007.

Unusual items that added US$20.6 million in expenses in the
quarter includes cost related to the pending transaction with
Silver Lake and ValueAct Capital of US$15.1 million, which are
non-deductible for tax purposes, and US$5.5 million
predominantly related to the write-off of certain long-term
assets related to an amended contract with an information
technology outsourcing client.  

Operating cash flow of US$39.1 million and negative free cash
flow available to equity of US$9.8 million.  

                 New Organizational Alignment

Acxiom in fiscal 2008 implemented a new organizational alignment
with three operating divisions. First-quarter revenue by
division was:

Services Division:

Revenue for the quarter was US$181 million, up 4% compared to
the first quarter a year ago.

Information Products Division:

Revenue for the quarter was US$96.7 million, a 2% increase over
the same quarter last year.

Infrastructure Management Division:

Revenue for the quarter was US$113.5 million, down 6% from the
same quarter last year.

                    First Quarter Recognition

Computerworld magazine again named Acxiom one of the 100 Best
Places to Work in Information Technology, the fourth time in the
last six years the company has received the honor.

Wells Fargo & Company named Acxiom the winner of the "First
Choice" award as part of its Vendor Recognition Program.  Acxiom
was one of four business partners that Wells Fargo's Technology
Information Group recognized during its annual vendor summit in
April.

Charles D. Morgan, Acxiom's company leader and chairman of the
board stated, "We remain focused on operating results while we
advance the acquisition process with Silver Lake and ValueAct
Capital.  We continue to believe that successfully completing
this deal is in the best interests of Acxiom and its
constituents."

                          About Acxiom

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

                          *     *     *

Acxiom Corp. carries Moody's Investor Services' 'Ba2' long-term
corporate family rating and 'Ba3' probability of default rating.

The company's long-term foreign and local credit is rated 'BB'
by Standard and Poor's.


ARTWELL PRINTING: Final Meeting Slated for August 27
----------------------------------------------------
The members of Artwell Printing Factory Limited will have their
final meeting on August 27, 2007, at 9:30 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held in Rooms 1902-2 of Park-In Commercial
Centre at 56 Dundas Street in Kowloon.


BALLY TOTAL: Obtain Required Votes for Pre-Packaged Ch. 11 Plan
---------------------------------------------------------------
Bally Total Fitness Holding Corp. disclosed Friday that it
received the requisite number of votes in favor of its pre-
packaged chapter 11 plan, Reuters reports.

With the receipt of the required votes, the company is expected
to file its pre-packaged chapter 11 plan with the U.S.
Bankruptcy Court for the Southern District of New York.

                        Treatment of Claims

As reported in the Troubled Company Reporter on June 29, 2007,
under the company's pre-packaged chapter 11 plan, these claims
are expected a 100% recovery:

     * Administrative Claims, estimated at US$24,704,600;
     * Priority Tax Claims, estimated at US$17,904,440;
     * Non-Tax Priority Claims, estimated at US$25,265,635;
     * Other Secured Claims, estimated at US$15,040,312;
     * Unimpaired Unsecured Claims, estimated at US$107,222,660;
       and
     * Lenders Claims, estimated at US$262,400,000.

Holders of Senior Notes, with claims estimated at
US$235,000,000, on the effective date, will receive the
Prepetition Senior Notes Indenture Amendment Fee and the New
Senior Second Lien Notes, which alter their contractual rights
as set forth in the New Senior Second Lien Notes Indenture.

Holders of Prepetition Senior Subordinated Notes, owed an
estimated US$323,041,667, and Holders of Rejection Claims
against Bally Total will receive:

    (a) New Subordinated Notes with a principal amount equal to
        24.8% of the amount of such Allowed Claim,

    (b) New Junior Subordinated Notes with a principal amount
        equal to 21.7% of the amount of such Allowed Claim,

    (c) 0.00093 shares of New Common Stock per US$1.00 of
        Allowed Claim and

    (d) Rights to purchase Rights Offering Senior Subordinated
        Notes with a principal amount equal to 27.9% of the
        Amount of such Allowed Claim.

Holders of Rejection Claims against any of Bally's affiliates,
at the company's option, will receive either:

    (a) cash in an amount equal to the amount of the Claim,

    (b) other less favorable treatment to which the Holder and
        the Debtors agree or

    (c) quarterly installments over a 5 year period equal to the
        amount of the Claim plus interest at 12-3/8% per annum.

Holders of Subordinated Claims will receive nothing under the
plan.

On the Effective Date, the Old Equity Interests of Bally will be
canceled and the Holders will receive no distribution.

The Reorganized Debtors will retain the Interests they hold in
Affiliate Debtors.

A full-text copy of the Pre-Packaged Chapter 11 Plan and
Disclosure Statement may be viewed for free at:

               http://ResearchArchives.com/t/s?214a

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally offers a
unique platform for distribution of a wide range of products and
services targeted to active, fitness-conscious adult consumers.


CITIC RESOURCES: S&P Raises Rating to BB+ After Parent's Upgrade
----------------------------------------------------------------
Standard & Poor's Ratings Services had raised the corporate
credit rating on CITIC Resources Holdings Ltd. to 'BB+' from
'BB'.  The outlook is stable.

CRH was upgraded after the ratings on its parent, CITIC Group,
were raised to 'BBB-/A-3' from 'BB+/B' and the outlook revised
to positive.  CITIC Group was upgraded following the
reassessment of the group's business strategy and a review of
the financial profile of its non-financial services operations.
At the same time, Standard & Poor's also raised the issue rating
on US$1 billion seven-year-term senior unsecured notes issued by
CITIC Resources Finance (2007) Ltd. to 'BB+' from 'BB'.  CRH
fully and unconditionally guarantees the notes.  All the ratings
were removed from CreditWatch, where they had been placed with
positive implications on May 15, 2007.

"The rating on CRH reflects the company's standalone credit
profile and the benefits it derives from being strategically
important to the wider CITIC Group.  At this time, the rating is
a notch lower than that on CITIC Group, as CRH is not yet a core
part of the conglomerate," said Standard & Poor's credit analyst
Lawrence Lu.

CRH is an investment holding company in Hong Kong with a diverse
business portfolio in the natural resources and energy
industries.  The company is exposed to cyclical businesses,
including aluminum smelting, mining, import and export of
commodities, and crude oil production.  It has limited
experience in upstream oil operations, as a new entrant, and a
concentration of reserves and production in Kazakhstan.  These
oil business sensitivities are counterbalanced by the company's
medium-sized proven reserves base of 363.8 million barrels and
long reserve life of about 24 years in Kazakhstan.  Operating
risks in the country's oil sector will be tempered by its
potential project partnership with JSC National Company
KazMunaiGas.

Following the bond issue, CRH successfully raised about
HKD450 million by placing new shares to Temasek Holdings Pte.
Ltd. (AAA/Stable/--), which is now the company's second largest
shareholder with an 11.23% interest.  In addition, CRH spent
about HK$689 million to increase its holdings in Macarthur Coal
Ltd. to 19.99% from 11.62%, and is now the second largest
shareholder.


EUREKA SECURITIES: Liquidator to Give Wind-Up Report on Aug. 31
---------------------------------------------------------------
A meeting will be held for the members of Eureka Securities
Limited on August 31, 2007, at 3:30 p.m., in Room A, 19th Floor
of Tung Hip Commercial Building at 248 Des Voeux Road in
Central, Hong Kong.

Shom Chun Po, the company's liquidator, will give at the meeting
a report about the company's wind-up proceedings and property
disposal.


FIAT SPA: Buys Back 2.09 Million Ordinary Shares
------------------------------------------------
Within the frame of the buy back program announced on April 5,
2007, Fiat S.p.A. purchased 2.085 million Fiat ordinary shares
at the average price of EUR21.999 including fees on July 25.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 13.166 million for
a total invested amount of EUR277.2 million.

                     Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                       About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Asia-Pacific in Australia, China, India, Japan,
and Singapore.  Its European operations are found in Austria,
Belgium, Czech Republic, Denmark, France, Germany, Greece,
Hungary, Ireland, Lithuania, Netherlands, Poland, Portugal,
Romania, Russia and Spain.  Its Latin-American operations are
found in Brazil and Argentina.

                          *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service changed the outlook on Fiat SpA's Ba3
Corporate Family Rating to positive from stable and affirmed the
long-term senior unsecured ratings as well as the short-term
non-Prime rating.


HOMEYET INVESTMENTS: Filing Proofs of Debt Due on August 28
-----------------------------------------------------------
The creditors of Homeyet Investments Limited are required to
file their proofs of debt by August 28, 2007, to be included in
the company's dividend distribution.

The company went into liquidation on July 27, 2007.

The company's liquidator is:

         Lam Chit Wing
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong


HOTEL MERLIN: Lim Ooi Kong Quits as Liquidator
----------------------------------------------
On July 23, 2007, Lim Ooi Kong quit as the liquidator of Hotel
Merlin (Hong Kong) Limited.

The former Liquidator can be reached at:

         Lim Ooi Kong
         c/o Suite 301, Dina House
         11 Duddell Street, Central
         Hong Kong


I-TECH ELECTRONICS: Court to Hear Wind-Up Petition on Sept. 19
--------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of I-Tech Electronics Limited on Sept. 19, 2007, at
9:30 a.m.

The petition was filed by Bank of China (Hong Kong) Limited on
July 9, 2007.

Bank of China's solicitor is:

         Gallant Y.T. Ho & Co.
         Jardine House, 5th Floor
         No.1 Connaught Place, Central
         Hong Kong


JOY CAPITAL: Liquidator Quits Post
----------------------------------
On July 23, 2007, Chan Sek Kwan Rays ceased to act as liquidator
of Joy Capital Trading Limited.

The former Liquidator can be reached at:

         Chan Sek Kwan Rays
         Seabright Plaza
         Unit F, 12th Floor
         9-23 Shell Street, North Point
         Hong Kong


LUXTEK LIGHTING: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on July 19, 2007, a
special resolution was passed to voluntarily wind up the
company's operations.

The company's liquidator is:

         Kan Ping Kee
         Neich Tower
         Units A & B, 15th Floor
         128 Gloucester Road, Wanchai
         Hong Kong


MAXWELL ENGINEERING: Subject to Yam Chan's Wind-Up Petition
-----------------------------------------------------------
On July 12, 2007, Yam Chan Ming filed a petition to wind up the
operations of Maxwell Engineering Limited.

The petition will be heard before the High Court of Hong Kong on
Sept. 19, 2007, at 9:30 a.m.

Yam Chan's solicitor is:

         Messrs. W. S. Szeto & Lee
         Fung House, 20th Floor
         19-20 Connaught Road, Central
         Hong Kong


NAN YANG: Sets Wind-Up Petition Hearing for August 8
----------------------------------------------------
A petition to wind up the operations of Nan Yang Visual Display
(HK) Limited will be heard before the High Court of Hong Kong on
August 8, 2007, at 9:30 a.m.

Choi For Kui filed the wind-up petition on May 8, 2007.

Choi For's solicitor is:

         Messrs. Chak & Associates
         Diamond Exchange Building, 11th Floor
         8-10 Duddell Street, Central
         Hong Kong


TAI YUAN: Shares Held By Largest Shareholder Frozen
---------------------------------------------------
Tai Yuan Tianlong Group Co., Ltd, announced that its 27,219,400
shares, representing a 18.82% stake and held by its largest
shareholder, have been frozen from July 20, 2007, to July 19,
2008.

                          *     *     *

Taiyuan, China-based Tai Yuan Tianlong Group Co., Ltd. is
principally engaged in the manufacture and sale of digital
versatile disc (DVD) players, amplifiers, speakers and other
consumer electronics, as well as the wholesaling and retailing
of various merchandise. The company has four major
subsidiaries/associates.

The Troubled Company Reporter-Asia Pacific reported on
February 16, 2007, that the company has a capital deficiency of
US$87.63 million, on total assets of US$13.47 million.


TOA TRADING: Sets Final Meeting for August 28
---------------------------------------------
The members of Toa Trading Company Limited will have their final
meeting on August 28, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held at No. 107, Soi Charoensuk at Sukhumvit
63 Road, North Klongton, Klontoey in Bangkok 10110, Thailand.


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

BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid
---------------------------------------------------------
William H. Waltrip, the chairman of a special committee of the
Board of Directors of Bausch & Lomb Incorporated, sent a letter
Tuesday asking Advanced Medical Optics to revise its offer to
buy Bausch & Lomb.

In July 2007, Advanced Medical proposed to acquire 100% of the
outstanding shares of Bausch & Lomb in a merger in which Bausch
& Lomb's shareholders would receive, per share of Bausch & Lomb
stock, US$45.00 in cash and US$30.00 in AMO stock.

In his letter, Mr. Waltrip noted that "without further
assurances as to value and certainty of consummation and, in
particular, without concrete, credible evidence that holders of
a significant percentage of the outstanding AMO shares would
affirmatively support the proposed acquisition of Bausch & Lomb
by AMO, the Special Committee and the Board intend to revoke
AMO's designation as an excluded party under [a merger agreement
with] Warburg Pincus."

Mr. Waltrip also emphasized that any proposed increase in the
fee that would be payable by AMO in the event the transaction
did not close due to failure to obtain AMO shareholder approval
should be accompanied by an opinion of counsel that such fee is
legally payable in light of the known opposition of at least one
significant shareholder to the proposed transaction.

Bausch & Lomb is expecting additional information from AMO no
later than 12:00 p.m., Eastern time, today, July 27, 2007.

                      Warburg Pincus Deal

In May 2007, Bausch & Lomb entered into a definitive merger
agreement with Warburg Pincus, pursuant to which Warburg Pincus
agreed to acquire 100% of the outstanding shares of Bausch &
Lomb for US$65.00 per share in cash.

Pursuant to the Warburg Pincus merger agreement, AMO has been
designated as an "excluded party," thus permitting Bausch &
Lomb, subject to certain conditions, to continue negotiating
with AMO with respect to the AMO proposal despite the end of the
"go shop" period, so long as AMO remains an "excluded party."

                        FTC Approval

Reuters said in a July 10, 2007 report that affiliates of
Warburg Pincus have received U.S. antitrust approval to acquire
Bausch & Lomb.

Citing the U.S. Federal Trade Commission, Reuters said antitrust
authorities completed their review of the deal without taking
any action to block it.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely  result in a multiple-notch downgrade, including an
Issuer Default Rating of no higher than 'BB-'.


BPL LIMITED: Net Loss Widens to INR67.8 Mil. in 1st Qtr. FY2008
---------------------------------------------------------------
BPL Limited reported a net loss of INR67.8 million in the first
quarter of FY2008 ended June 30, 2007, almost six times the
INR12-million loss booked in the same quarter last fiscal year.  
The widening of the loss is brought about by, among others, rise
in expenditures despite decreased revenues.

For the April-June 2007 quarter, BPL reported total income of
INR260.6 million, a 16% decrease from the INR302.8 million
gained last year.  Operating expenditures rose from INR251.3
million in the June 2006 quarter to INR269.1 million in the
latest quarter under review, hence the company incurred an
operating loss of INR8.5 million.

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

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

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

Last year, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 16, 2007, BPL's auditors noted in its limited review
report that the company defaulted on the payment of interest to
a consortium of lenders.  According to the auditors, BPL's
overdue interest as of Dec. 31, 2006, totaled INR1,044 lakhs.


CANARA BANK: Net Profit Up 26% to INR2.41 Bil. in 1Q FY2008
-----------------------------------------------------------
Canara Bank's net profit for the first quarter ended June 30,
2007, rose 26% to INR2.41 billion from the INR1.91 billion in
the same quarter last year.

The improved bottom line resulted from increased revenues.  The
bank's total income jumped from INR27.71 billion in the first
quarter in FY2006-07, to INR37.6 billion in the April-June 2007
quarter.  With higher revenues, came higher expenses.  
Expenditures increased to INR31.48 billion in the first quarter
of FY2007-08, 44% more than that incurred in the same quarter in
2006.

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

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

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com -- provides services to a diverse    
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


DECCAN AVIATION: To Buy Stake in Airport-Builder Consortium
-----------------------------------------------------------
Deccan Aviation is planning to pick up a stake in a four-member
consortium that will build low-cost airports in India, Meera
Vankipuram of the Business Standard reports.

The charter aviation company is in the final stages of forming
the consortium, Deccan Executive Chairman Captain G. R. Gopinath
told the Business Standard, adding that the other three members,
without naming them, are corporate entities with interests in
infrastructure.

A low-cost airport can be built for under INR40 crore with
smaller terminal buildings and without frills, the daily quotes
Captain Gopinath as saying.  The focus will be on building
world-class runways, he added.


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

The Troubled Company Reporter-Asia Pacific reported on July 27,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million.


DECCAN AVIATION: UB Delays Open Offer for Addt'l 20% Stake
----------------------------------------------------------
UB Group said its open offer for picking up an additional 20%
stake in Deccan Aviation Ltd has been delayed as it is awaiting
Securities and Exchange Board of India's nod, the Press Trust of
India reports.

As stated in a regulatory filing with the Bombay Stock Exchange,
"Observations in terms of Regulation 18(2) of the SEBI (SAST)
Regulations are yet to be received from SEBI and are awaited."

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

As reported by the Troubled Company Reporter-Asia Pacific on
July 23, 2007, UB Group has raised INR550 crore as debt
financing for its stake buy in Deccan Aviation.  According to
the Economic Times, UB has tied up debt financing from
IDFC and HDFC Bank for over INR400 crore.  IL&FS is believed to
have pumped in the remaining INR150 crore.

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

The Troubled Company Reporter-Asia Pacific reported on July 27,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million


IMAX CORP: March 31 Balance Sheet Upside-Down by US$58.7 Million
----------------------------------------------------------------
IMAX Corporation completed its restatement of financial results
covering 2002 through 2005, and will file its Form 10-K for
fiscal 2006 ended December 31, and Form 10-Q for the first
quarter of fiscal 2007 ended March 31.

At March 31, 2007, the company's balance sheet showed total
assets of US$217.9 million, total liabilities of
US$276.6 million, and total stockholders' deficit of
US$58.7 million.

At Dec. 31, 2006, the company had total assets of
US$227 million, total liabilities of US$279.2 million, and total
stockholders' deficit of US$52.1 million.

                       Financial Results

The company recorded a net loss of US$4.9 million for the first
quarter of fiscal 2007, compared to a restated net loss of
US$3.7 million for the first quarter of fiscal 2006.  Net loss
for the fiscal year 2006 was US$16.9 million, compared to a net
income of US$7.8 million for the fiscal year 2005.

For the three months ended March 31, 2007, the company's total
revenues were US$27.2 million, as compared to US$23.3 million
reported for the prior year period.  Systems revenue was
US$13.1 million versus US$12.8 million in the prior year period.  
The company recognized revenue on 5 theatre systems which
qualified as either sales or sales-type leases in the first
quarter of 2007, compared to 5 in 2006.

For the first quarter of 2007, film revenues were
US$9.1 million, as compared to US$6 million in the first quarter
of 2006.  This included IMAX DMR(TM) revenues of US$4.6 million,
compared to US$1.1 million in 2006.  Theatre operations revenue
was US$4.5 million in the first quarter of 2007, compared to
US$3.7 million in the first quarter of 2006.

The company's cash and short term investments position was
US$27.4 million as of March 31, 2007, compared to
US$27.2 million as of Dec. 31, 2006.

For the year ended Dec. 31, 2006, the company's total revenues
were US$129.3 million, as compared to US$135.3 million reported
for the prior year.  Systems revenue was US$72.1 million versus
US$88.6 million in the prior year, a decrease due principally to
a reduction in settlement revenue for 2006.  The company
recognized revenue on 30 theatre systems which qualified as
either sales or sales-type leases in fiscal 2006, versus 30 in
2005, as restated.

For fiscal 2006, film revenues were US$36.3 million, as compared
to US$26 million in fiscal 2005.  This included IMAX DMR
revenues of US$14.6 million, compared to US$8.9 million in 2005,
an increase of 65%.  Theatre operations revenue decreased to
US$16.9 million in 2006 from US$17.5 million in 2005.  Other
revenue was US$4 million in fiscal 2006, compared to
US$3.2 million in fiscal 2005.

During the fourth quarter of fiscal 2006, the company recorded a
write-down of US$3.2 million related primarily to inventories,
property, plant and equipment and accounts receivable.  It also
recorded a deferred tax valuation allowance of US$6.2 million,
which equates to approximately US$0.15 per share, during the
fourth quarter of fiscal 2006.  This tax write down relates to
the company's current assessment that the ultimate utilization
of certain tax assets previously recorded on the balance sheet
may not be realized within a two-year period.

A full-text copy of the company's first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?21bc

A full-text copy of the company's fiscal 2007 report is
available for free at http://ResearchArchives.com/t/s?21bd

                     Management's Comments

IMAX Co-Chief Executive Officers Richard L. Gelfond and Bradley
J. Wechsler stated, "We are pleased to complete our restatement
and [file] our 10-K and 10-Q [on July 20, 2007].  In recent
months we have been working very closely with the regulators,
our auditors, counsel, Audit Committee and Board to manage this
process, and are happy to be moving ahead unencumbered by the
overhang of delayed filings.  Most recently, we carefully
evaluated our accounting practices in light of comments received
from the staffs of the U.S. Securities and Exchange Commission
and Ontario Securities Commission, and, during the course of our
interaction with these regulators, decided that we should revise
our accounting policy as it relates to revenue recognition of
theatre systems.  The SEC and OSC inquiries remain ongoing.  As
for our performance to date in 2007, we are pleased to have had
19 signings completed in the first half of the year.

In addition, our joint venture initiative is being positively
received by exhibitors due principally to the strength of our
film slate and the strong financial performance of the JV's that
have been installed to date.

While the Company navigated several challenges in fiscal 2006,
we believe IMAX is now well positioned to expand our worldwide
network and generate greater recurring revenues.  Many of the
events that impacted the Company in fiscal 2006 are now behind
us, and several compelling growth opportunities lie ahead."

                        Joint Venture

In 2007 to date, IMAX has signed joint venture agreements for
five theatres: a two-theatre joint venture agreement with Regal
Cinemas in the first quarter and three-theatre deal with Muvico
Theaters in the second quarter.  Three of those five theatres
have since opened and have experienced strong early results, and
numerous discussions are ongoing both domestically and abroad.

During the first quarter, the company signed agreements for
13 IMAX(R) theatre systems, two of which were joint venture
arrangements and three of which were subject to certain
conditions.  The company recognized revenue on four theatre
systems in the first quarter and recognized one additional sale
of an existing system.  The company signed agreements for six
theatre systems in the second quarter of fiscal 2007.

"We are delighted with the ongoing strength of our film slate,
which has now featured five consecutive well-received films:
Happy Feet, Night at the Museum, 300, Spider-Man 3 and last
week's release of Harry Potter and the Order of the Phoenix,
with the finale in unparalleled IMAX(R) 3D.  For the last
several years, we have discussed the impact of the growing
theatre network on our film and other recurring revenues.  The
performance of Harry Potter 5, as well as our other recent
releases, is demonstrating the power of the expanded network.  
In its first week, Harry Potter and the Order of the Phoenix
grossed US$11.6 million on 126 IMAX screens, compared to a first
week of US$5.5 million on 75 IMAX screens for Harry Potter and
the Goblet of Fire in 2005.  These increasingly strong results
not only impact our film revenues, but also our joint venture
arrangements, owned & operated theatre performance and ongoing
network royalties.  We have said that the network economics as
the number of global IMAX theatres expands are going to be
increasingly impressive, and this is strong evidence that this
is already happening.  With our terrific film slate, the
positive initial response to our joint venture initiative, and
the company on track to introduce our new digital platform in
late 2008 to mid-2009, we believe IMAX will see even greater
enhanced network growth, improved network economics and
increased recurring revenues going forward," concluded Messrs.
Gelfond and Wechsler.

                   About IMAX Corporation

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 STEEL: To Increase Corus Buyout Contribution to US$7.4 Bil.
----------------------------------------------------------------
Tata Steel Ltd has disclosed that its board of directors, at its
meeting held on July 30, 2007, approved the increased
contribution of the company or Tata Steel Asia Ltd in the
acquisition of Corus Group Ltd, UK.

Recently, Tata Steel, through its wholly-owned subsidiary, Tata
Steel Asia Holdings Pte Ltd, completed the acquisition of Corus
Group Limited of U.K. at a total cost of about US$13 billion.   
At the board meeting on July 30, it was decided to increase the
contribution from Tata Steel/Tata Steel Asia Holdings Pte Ltd.
from US$6.7 billion to about US$7.4 billion.

According to the company, the increase will essentially be
covered by increasing the amount of the Rights Issue of 2%
Convertible Preference Shares from INR4,350 crore up to about
INR6,000 crore.  The other detailed terms of this issue will be
finalized closer to the time of the issue.  The Rights Issue of
Equity Shares will remain the same i.e. in the ratio of 1:5 at a
price of INR300 per share.

Apart from the funds raised through equity capital in the last
12 months and the proposed Rights Issue of Equity Shares and
Convertible Preference Shares and long-term debt already raised
by the company, the balance of the funds required would be
raised through appropriately structured issues in the foreign
markets within the amounts approved by the shareholders at the
Annual General Meeting held on July 5, 2006, and the approval
sought at the forthcoming Annual General Meeting scheduled on
Aug. 29, 2007.  The overall objective of the financing package
would be to raise the required resources in the most cost-
effective manner for Tata Steel/Tata Steel Asia Holdings and
well within the ability of the Tata Steel Group to service the
total investment.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro    
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As previously reported on the Troubled Company Reporter - Asia
Pacific, Standard & Poor's Ratings Services, on July 10, 2007,
lowered its corporate credit rating on Tata Steel to 'BB' from
'BBB.'  The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.


TATA STEEL: Reports INR12.22-Bil. Net Profit in 1st Qtr. FY2008
---------------------------------------------------------------
Tata Steel Limited posted a net profit of INR12.22 billion for
the quarter ended June 30, 2007, a 28% improvement from the
INR9534.10-million profit gained in the same quarter of the
previous fiscal year.

Total income (net of excise) improved from INR39.77 billion for
the quarter ended June 30, 2006, to INR43.44 billion for the
latest quarter under review.  Expenditures increased by 7% to
INR24.98 billion in the April-June 2007 quarter.

In the latest quarter under review, the company recorded
interest charges totaling INR799.9 million, depreciation of
INR2.11 billion, and taxes of INR6.80 billion.  The company also
booked in that three-month period extraordinary items of INR3.48
billion, which includes:

   Employee Separation Compensation: INR545.80 million

   Contribution for Sports Infrastructure: INR1.50 billion

   Exchange Loss: INR(5.53) billion

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

    http://www.tatasteel.com/investorrelations/Q1-FY0708.asp

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro    
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Standard & Poor's Ratings Services, on July 10, 2007,
lowered its corporate credit rating on Tata Steel to 'BB' from
'BBB.'  The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.


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

ADES WATERS: Posts IDR5.2-Billion Profit for March 2007 Quarter
---------------------------------------------------------------
PT Ades Waters Indonesia Tbk disclosed its financial results for
the three months ended March 31, 2007.

Ades Waters's sales for the period from January to March 2007
increased to IDR32.244 billion from IDR30.961 billion recorded
during the same period in 2006.

The company disclosed a gross profit of IDR5.259 billion for the
March 2007 quarter, higher compared to the IDR759 million
reported for the same period last year.

The company's balance sheet as of March 31, 2007 showed
illiquidity with current assets totaling IDR47.268 billion and
current liabilities totaling IDR442.953 billion.  The balance
sheet also showed total assets of IDR223.250 billion and total
liabilities of IDR465.469 billion, which resulted to a
shareholder's deficit of IDR242.246 billion.

Ades Waters Indonesia's financial report for the year ending
Dec. 31, 2006, is available for free at:

             http://bankrupt.com/misc/ADES_WATERS.pdf

                     About Ades Waters

Headquartered in Jakarta, Indonesia, PT Ades Waters Indonesia
Tbk is a water bottling and distribution company.

Ades Waters' balance sheet as of March 31, 2007, showed total
assets of IDR223.250 billion and total liabilities of
IDR465.469 billion, resulting to a shareholder's deficit of
IDR242.246 billion.


BANK RAKYAT: 2Q Net Profit Up 17.43% YoY to IDR2.35 Trillion
------------------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk's 2007 second quarter net
profit rose 17.43% to IDR2.358 trillion from the figure reported
for the same period last year, Antara News reports.  The rise
was driven by interest income, which grew by 10.61% to IDR11.28
trillion from IDR10.198 trillion in the same period last year.

The report relates that Sofyan Basir, the bank's president
director, said that Bank Rakyat's total net interest income in
the April-June 2007 period increased by 21.56% to
IDR8.127 trillion from IDR6.686 trillion in the same period in
2006.

As of June 30, 2007, the bank's total assets reached
IDR168.124 trillion, up by 24.39% from the same period last year
when the figure stood at IDR135.155 trillion.

                   About Bank Rakyat Indonesia

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise   
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
December 31, 2005, the bank had one branch office in Cayman
Islands and two representative offices in New York and Hong
Kong, respectively.

                          *     *     *

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

The specific ratings changes are:

   * BFSR is changed to D+ from D-

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

   * Global Local Currency Deposit Ratings assigned are
     Baa2/Prime-3

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

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

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

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk's:

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

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.

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


DAVOMAS ABADI: To Spend US$125MM for Cocoa Processing Machines
--------------------------------------------------------------
PT Davomas Abadi Tbk plans to spend up to US$125 million to buy
new cocoa processing machines and equipment, Reuters reports.

According to the report, the company will seek up to
US$97.70 million in guaranteed loans to finance the purchase.

It is expected that the machines will be fully operational in
the third quarter of 2008, the report adds.

                       About Davomas Abadi

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

The Troubled Company Reporter-Asia Pacific reported on Dec. 15,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
rating onIndonesia's PT Davomas Abadi Tbk.  The outlook
is stable.  At the same time, it assigned its 'B+' rating on the
proposed US$25 million long-term senior secured bonds to be
issued by Davomas International Finance Co. Ltd., a special
purpose financing vehicle wholly owned by Davomas.

Moody's Investors Service affirmed PT Davomas Abadi Tbk's stable
'B2' corporate family rating and the 'B2' foreign currency
rating of Davomas International Finance Company Pte Limited's
IDR1.13-trillion senior secured notes due in 2011.  Moody's
affirmed the rating after the Company had completed its notes
issuances and subsequent repayments of its outstanding debts.


MEDCO ENERGI: To Build Nuclear Power Plant in Indonesia
-------------------------------------------------------
PT Medco Energi Internasional Tbk signed a memorandum of
understanding with Korea Hydro and Nuclear Power Co. Ltd. to
build a nuclear power plant, Reuters reports, citing Asia Pulse.

According to the report, the nuclear power plant will be built
in a peninsula in Central Java, Indonesia.

Medco Energi expects the project to cost around US$4 billion.  
The company will provide 30% of the funds needed, the report
adds.

                       About Medco Energi

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


TELKOMSEL: Bank Indonesia Approves E-Money Products Marketing
-------------------------------------------------------------
PT Telekomunikasi Selular Indonesia can now market its E-Money
products after Bank Sentral Republik Indonesia gave the company
permission, Antara News reports.

The report relates that Dyah NK Makhijani, central bank
director, said that the license for the marketing has been
issued after considering Telkomsel's capability to issue the
products.  Besides performance, Telkomsel also has more than two
years' experience in providing pre-paid and post-paid cellular
telephone services.

Ms. Makhijani hopes that the use of E-Money would change cash to
non-cash transactions, so that the circulation of cash money
would be reduced to economize on the printing of bills, Antara
notes.

The report explains that an E-Money card is similar to a credit
card which can be used for transactions such as paying toll road
fees and restaurant bills and other expenses.

                         About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/  
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.    


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

FORD MOTOR: Moody's Holds B3 CFR with Negative Outlook
------------------------------------------------------
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, the company continues to face significant competitive
and financial challenges, and the rating agency expects that
Ford's credit metrics and rate of cash consumption will likely
remain consistent with no higher than a B3 corporate family
rating level into 2008.

Ford's corporate family rating is currently a B3 with a negative
outlook.  The rating is pressured by the shift in consumer
preference from high margin trucks and SUVs, and by the need for
a new 2007 UAW contract that provides meaningful relief from
high health care costs and burdensome work rules.

The most daunting long-term challenge facing Ford will be
building the profitability of its car and crossover models, and
reducing its overdependence on trucks and SUVs to generate
earnings. Although lowering its cost structure, including
healthcare costs, is an important element of this profit
rebuilding initiative, the most critical and most difficult
challenge for both Ford and the other domestic OEMs, will be
convincing consumers that they will receive adequate value if
they pay higher prices for their cars and crossover vehicles.

"Domestic OEM's have a cost disadvantage of about US$1,000 per
vehicle relative to Japanese transplants due to health care
costs.  However, the differential between what consumers are
willing to pay for a US car or crossover compared with a
similarly equipped Japanese vehicle is significantly greater,"
said Bruce Clark, senior vice president with Moody's.

Ford and the other domestic OEMs may be able to reach a health
care buy-down agreement with the UAW that is structurally
similar to that reached by Goodyear, and thereby narrow the
US$1,000 per vehicle health care cost disadvantage.  Moody's
believes that Ford may have the resources necessary to fund a
material health care buy-down, and thereafter maintain the
liquidity necessary to cover the US$15 to US$16 billion
operating cash consumption that the company expects will occur
through 2008.

This liquidity includes US$37 billion in cash and short-term
VEBA balances, US$13 billion in availability under a committed
credit facility, and any proceeds that would be raised by the
potential sale of the Jaguar, Land Rover and Volvo operations.  
However, if a constructive health care agreement were reached by
Ford and the other domestic OEMs, the company will still have to
contend with a significant pricing differential versus its
Japanese competitors.

Mr. Clark said, "In terms of overall quality, performance, and
safety, the Ford Fusion is pretty competitive with vehicles like
the Camry, Accord and Altima.  However, after taking all
incentives and rebates into consideration, consumers are willing
to pay in the neighborhood of US$4,000 more for one of these
vehicles that for a Fusion.  Put another way, Ford has to charge
US$4,000 less than the competition to get consumers to buy one
of its best vehicles, and the differential is much wider for
other cars in the Ford line up."

In contrast, Ford does not face the same type of endemic pricing
disadvantage in the truck and SUV segments.  In these vehicle
categories, consumers perceive Ford as being able to deliver
good value for which they are willing to pay.  But, as Clark
pointed out, "The problem is that consumers are moving away from
these vehicle segments."

Moody's believes that Ford continues to make solid progress in
improving the quality and value proposition of its cars and
crossovers relative to those of Japanese manufacturers.  
However, Mr. Clark said that, "Not only does Ford have to
continue delivering better quality vehicles, it has to convince
consumers to pay up for them.  Convincing consumers to do this
will take time and it will also require the design of vehicles
that make a strong and appealing visual statement." According to
Mr. Clark, "GM and Chrysler face similar challenges."

Until the profitability base of vehicles other than trucks and
SUVs becomes more substantive, Ford's intermediate-term cash
flow will remain negative and the company will have to maintain
the liquidity necessary to cover this outflow.

Ford Motor Company, a leading global automotive manufacturer, is
headquartered in Dearborn, Michigan.  It also has operations in
Japan.


JVC CORP: S&P Affirms Rating After Kenwood Tie-Up Announcement
--------------------------------------------------------------
Standard & Poor's Rating Services today affirmed its 'BBB-'
long-term corporate credit and senior unsecured debt ratings and
'A-3' short-term corporate credit rating on Victor Co. of Japan
Ltd. following JVC and Kenwood Corp.'s announced plans for a
capital tie-up.  Both companies are aiming to consolidate their
businesses in fiscal 2008 (ended March 31, 2009).  The outlook
on the rating is negative.

Although JVC will fall outside Matsushita Electric Industrial
Co. Ltd.'s (AA-/Stable/A-1+) scope of consolidation following
the capital tie-up, there is low likelihood that there will be a
major negative impact on JVC's credit quality.  On the other
hand, the current rating and its outlook incorporate Standard &
Poor's lack of optimism regarding the company's progress in
business restructuring amid the persisting severe operating
environment.

In August 2007, JVC will allocate JPY35 billion in new shares to
Kenwood and investment company SPARX Group Co.  From this,
Matsushita's stake in JVC will decrease to 36.8% from the
current 52.4%, making JVC an equity method affiliate outside of
the scope of consolidation of the Matsushita group.  As a
result, the capital ties between Matsushita and JVC will weaken.  
However, this has already been incorporated to a degree into the
current credit rating on JVC.  Moreover, there is little
immediate likelihood that the weakening of ties will negatively
impact the credit rating on JVC, as Matsushita is to remain
JVC's top shareholder for the time being, and the company has
clearly stated its policy to assist in stabilizing JVC's
business performance until it is able to confirm that the
consolidation is effectively underway.  Also, the capital
increase from Kenwood and the SPARX Group will likely underpin
the company's capital base as JVC undertakes corporate
restructuring under severe operating conditions.

The key factor in Standard & Poor's credit rating assessment is
the progress of JVC's business restructuring.  The company has
been undertaking measures to improve its product development
processes and manufacturing systems.  However, in the first
quarter (April to June) of fiscal 2007, JVC's performance
continued to deteriorate.  The outlook on the company's fiscal
2007 operating profit was revised downward to JPY8.1 billion
from JPY15 billion due to persisting price decreases and smaller
sales in the company's core consumer electronics business as
seen in its flat panel TV division.  JVC plans to accelerate the
strengthening of marketing activities and product
competitiveness in its core business, and also plans to increase
personnel cost reductions.  The company is expected to
collaborate with Kenwood and utilize Kenwood's expertise prior
to business consolidation.  Still, it is expected to take quite
a while before JVC is able to rebuild its operating base, and
before benefits from its collaboration with Kenwood emerge.

Going forward, if JVC's performance does not improve according
to plan, and this leads to heightened concerns over Matsushita's
support stance and the company's relationship with its financial
institutions; or if concerns increase over a deterioration in
JVC's financial base from a further decrease in its cash
generating capabilities or from additional restructuring costs,
the rating on the company will be lowered.  Conversely, Standard
& Poor's will consider revising the outlook to stable if a
stronger business franchise through business restructuring can
be expected.  However, as the company's ties to Matsushita,
which were previously incorporated into the company's credit
rating, gradually weaken, the likelihood for an upward revision
of the outlook is limited.  

Ratings List

Ratings Affirmed

Victor Co. of Japan Ltd. (JVC Corp.)
Corporate Credit Rating                BBB-/Negative/A-3  
Senior Unsecured
  Local Currency                        BBB-

                       About JVC Corp.

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

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


KINTETSU CORP: Increases Kinsho Stake to 77.7% from 22.6%
---------------------------------------------------------
Kintetsu Corporation last week increased its stake in Kinsho
Store from 22.6% to 77.7%, reports CNN Money.

Reportedly, the 55.1% acquisition cost JPY4.60 billion.

Kinsho Store is an owner and operator of supermarkets, writes
CNN.

Kintetsu Corporation -- http://www.kintetsu.jp/-- is a Japan-
based company that is engaged in five business segments. The
Transportation segment is engaged in the railway, passenger
vehicle, taxi, autotruck, airfreight and marine businesses. The
Leisure Service segment is involved in the hotel, restaurant,
Japanese-style hotel, travel agency, advertising agency,
amusement park and theme park businesses, as well as sports
center ad facility management, movie theater operations and
building maintenance services. The Distribution segment is
engaged in the department store business, the retail business
and the automobile sale and repair business. The Real Estate
segment is involved in the real estate business. The Others
segment is engaged in the manufacturing, construction,
construction consulting, telecommunications, wired television
broadcasting, insurance and information processing businesses.  
Headquartered in Osaka, the Company has 115 subsidiaries and 19
associated companies.

Currently, Kintetsu Corp. still holds the 'B' short term local
issuer default rating and 'BB+' long term local issuer default
rating of Fitch Ratings.


MAZDA MOTORS: Domestic Sales Decrease 11% for June 2007
-------------------------------------------------------
Mazda Motor Corporation declared an 11% decrease in domestic
sales for its autos and a 0.9% increase in its overseas sales
for the month of June.

The passenger cars contributed to the most number of unit
domestic sales for the month of June, which totaled 17,343
units.  If compared with the same period last year, domestic
unit sales for 2007 went down 8%, due to a decrease in sales of
commercial vehicles and the Mazda MPV.

However, this year's MX-5s were abundant, selling about 449
units, up from 63.9% year-on-year.

Mazda's registered vehicle market share for June was 5.5%, down
0.2 points over the same month in 2006, with a 2.9% market share
of the micro-mini segment (up 0.2 points) and a 4.6% total
market share (down 0.1 points over June 2006).

Overseas sales slightly rose to 0.9% or an equivalent of 61,921
units with North America contributing 23,416 units of the total
international sales.  Europe sales follows closely at 23,607
units.

The new Mazda3 is the most bought car internationally with a
total of 33,988 units sold.

                       About Mazda Motors

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

                          *     *     *

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

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

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


MITSUBISHI MOTORS: Offers INR10,000 Off in Lancer To Boost Sales
----------------------------------------------------------------
Mitsubishi Motors Corporation said last week that in a bid to
halt downfall in sales during the monsoon period in India, it
would offer an INR10,000 discount on all models of its sedan
Lancer in a bid, reports The Economic Times.

According to the article, the Tokyo-based automobile company,
after a discount of INR10,000, will sell Lancer in the range of
INR6.44 lakh to INR7.49 lakh.  A company spokesperson revealed
that the price range otherwise is INR6.54 lakh to INR7.59 lakh.

With the discount offer, Mitsubishi expects to see festival
season sales increase in Kerala, India, where harvest festival
Onam will be celebrated next month, says The Economic Times.


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

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

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

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


XM SATELLITE: 2007 Q2 Net Loss Narrows to US$176 Million
--------------------------------------------------------
XM Satellite Radio Holdings Inc. reported revenue for the three-
month period ended June 30, 2007, increased 22% year over year
to US$277 million compared to US$228 million in the 2006 second
quarter.

The company's 2007 second quarter net loss narrowed to
US$176 million, representing a 23% improvement compared to the
2006 second quarter net loss of US$229 million.

The company said that it ended the 2007 second quarter with more
than 8.25 million subscribers compared to 6.90 million
subscribers in the prior year period.

As of June 30, 2007, the company had US$275 million in cash
compared to US$218 million at the end of Dec. 31, 2006.  As of
June 30, 2007, the company had full availability of its US$400
million credit facilities resulting in total available liquidity
of US$675 million.

"During the second quarter, XM's revenue grew and losses
narrowed. XM added more automotive gross subscriber additions
than during any quarter in the company's history," said Hugh
Panero, chief executive officer, XM Satellite Radio.  "XM's
partners include the nation's largest and fastest-growing
automakers and XM is well positioned for this segment to provide
sustained subscriber growth as production of XM-equipped
vehicles ramps up for the 2008 model year and beyond."

"The regulatory review process for our merger with Sirius
Satellite Radio continues to move ahead.  We look forward to
continuing to work with the Federal Communications Commission
and with the Department of Justice to further demonstrate that
this merger is in the public interest and should be approved. We
anticipate the merger will close in late 2007."

Panero continued, "XM announced earlier this week that I will
step down as chief executive officer in August after nearly a
decade with the company. XM will be in great hands with Nate
Davis as President and Interim CEO.  Nate has been an
outstanding addition to the senior management team and I am
confident he will carry XM to the next level of success."

The 2007 second quarter adjusted operating loss of US$47 million
includes US$4 million in expenses related to the company's
pending merger with Sirius Satellite Radio.

A full-text copy of XM Satellite's 2007 Second Quarter Results
is available for free at: http://ResearchArchives.com/t/s?21da

                       About XM Satellite

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) - http://www.xmradio.com/-- is a wholly owned  
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2006 lineup includes more than 170 digital channels of choice
from coast to coast: the most commercial-free music channels,
plus premier sports, talk, comedy, children's and entertainment
programming; and 21 channels of the most advanced traffic and
weather information.  XM has broadcast facilities in New York
and Nashville, and additional offices in Boca Raton, Florida;
Southfield, Michigan; and Yokohama, Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 22, 2007,
Standard & Poor's Ratings Services placed all its ratings,
including the 'CCC+' corporate credit rating, on XM Satellite
Radio Holdings Inc. and XM Satellite Radio Inc., which are
analyzed on a consolidated basis, on CreditWatch with positive
implications, following the company's definitive agreement to an
all-stock "merger of equals" with Sirius Satellite Radio Inc.

Moody's Investors Service affirmed these existing debt ratings
of XM Satellite Radio Holdings, Inc.: Caa1 corporate family
rating and Caa1 probability-of-default rating; and XM Satellite
Radio, Inc.: B1 secured revolver rating and Caa1 senior floating
rate notes rating.


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

CHOROKBAEM MEDIA: Converts Second Bonds into Shares
---------------------------------------------------
Chorokbaem Media Co., Ltd., disclosed that KRW938,800,000 worth
of its second bonds have been converted into 1,331,631 shares,
at the conversion price of KRW705 per share of convertible bond,
Reuters Key Developments reports.

The report relates that the total number of the company's
outstanding common shares is now 64,552,544.

The new shares will be listed on August 3, 2007, the report
adds.

                      About Chorokbaem Media

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

The Troubled Company Reporter-Asia Pacific reported that Korea
Investors Service gave the company's unregistered US$8 million
convertible bonds a 'B' rating on Feb. 16, 2007.


DAEGU BANK: Attracts Half of Gov't Subsidy for Waste Project
-----------------------------------------------------------
Daegu Bank has succeeded in attracting half of the government
subsidy of KRW300 billion for building the nuclear waste
repository at Gyeongju.

The rest of the subsidy is scheduled to be deposited with Daegu
Bank in 2008.  With about one third of its core deposit made up
of public funds provided by local governments, Daegu Bank plans
to increase deposit base to boost the net interest margin which
tops the list of the management priority in the second half of
year 2007.

                        About Daegu Bank

Daegu Bank -- http://www.dgb.co.kr/index.jsp-- provides various   
services such as commercial banking, foreign exchange,
certificate of deposits, securities trading, and trust accounts.  
The bank operates its business primarily in Daegu area.

                          *     *     *

Moody's Investors Service gave Daegu Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.


DAEGU BANK: Posts 2Q 2007 Net Income of KRW87.3 Billion
-------------------------------------------------------
Daegu Bank posted a net income of KRW87.3 billion for the second
quarter 2007.  The net income is far above the market consensus
of KRW66.3 billion.

The main catalysts behind the stronger than expected results
were:

  * successful NIM protection,

  * steady strong increase in the non-interest income, and

  * further improvements in the asset quality

In terms of ROE and ROA, the results were up to 26.8% and 1.6%
respectively.

                        About Daegu Bank

Daegu Bank -- http://www.dgb.co.kr/index.jsp-- provides various   
services such as commercial banking, foreign exchange,
certificate of deposits, securities trading, and trust accounts.  
The bank operates its business primarily in Daegu area.

                          *     *     *

Moody's Investors Service gave Daegu Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.


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

AVAYA INC: Earns US$55 Million in Third Quarter Ended June 30
-------------------------------------------------------------
Avaya Inc. reported net income of US$55 million for the third
fiscal quarter of 2007.  In the third fiscal quarter of 2006,
the company reported net income of US$44 million.

Avaya's third fiscal quarter 2007 revenues decreased 1.6% to
US$1.3 billion, over revenue for the same period last year.
Sales of products declined 1.6%, rental and managed services
revenues declined 7.1%, and services revenues were flat.  
Foreign exchange benefited revenues by approximately US$30
million, primarily in Europe.  U.S. revenues declined 8%.  EMEA
revenues were relatively flat, with growth outside of Germany
offset by declines within Germany.  Asia Pacific revenues grew
by 33%.  Revenues in the Americas, non-U.S., grew by 11%, driven
by performance in Latin America.

The company's total gross margin was 46.8% for the third fiscal
quarter of 2007 compared to 45.3% in the prior year.

Selling, general and administrative expense and research and
development expense were both lower compared to the prior year,
contributing to the year-over-year income improvement.

The company reported operating income for the third fiscal
quarter of 2007 of US$70 million.  In the third fiscal quarter
of 2006, the company reported operating income of US$28 million.

Avaya's effective tax rate was 31.3% for the third quarter of
fiscal 2007.

Avaya generated US$202 million in operating cash flow during the
third fiscal quarter of 2007 compared to US$181 million in the
third fiscal quarter of 2006.  Avaya's cash balance at the end
of the third quarter of fiscal 2007 was US$1.1 billion, compared
with US$899 million as of Sept. 30, 2006.

                Fiscal 2007 Year-To-Date Results

For the first nine months of fiscal 2007, the company earned net
income of US$183 million, compared to net income of US$153
million for the first nine months of fiscal 2006.  Operating
income for the first nine months of fiscal 2007 was US$241
million compared to US$188 million for the first nine months of
fiscal 2006.  Revenues for the first nine months of fiscal 2007
were US$3.9 billion, compared to US$3.784 billion last year.
Operating cash flow for the first nine months of fiscal 2007 was
US$424 million compared to US$456 million last year.

At June 30, 2007, the company reported total assets of US$5.5
billion, total liabilities of US$3.1 billion, and total
stockholders' equity of US$2.4 billion.

                          About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and  
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.


AYER MOLEK: Bursa Gets Injunction to Defer Delisting
----------------------------------------------------
The Bursa Malaysia Securities Bhd deferred the delisting of the
securities of The Ayer Molek Rubber Company Bhd after the bourse
received an injunction from the court to stop the delisting
procedure.

According to the bourse's statement, the minority shareholders
of the company obtained the court ruling on July 23, 2007.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that the Bursa Securities decided to remove the securities
of the company from its list on July 24, 2007.  The bourse
decided to delist and remove the securities of the company after
it failed to file its reform plan for approval to relevant
authorities on May 31, 2007.

In addition, the bourse said that its decision to delist the
securities of the company was also due to its failure to comply
with the minimum issued and paid-up capital of MYR60 million as
required of a company listed on the Main Board of Bursa
Securities.


Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s,
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.


INDUSTRIAS METALURGICAS: S&P Assigns B Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Argentina-based Industrias Metalurgicas
Pescarmona S.A.I.C. y F..  The outlook is stable.

At the same time, S&P assigned its 'B' rating to the company's
upcoming issuance for up to US$250 million in 10-year amortizing
notes.  Proceeds from the notes are expected to be used mainly
to refinance a great portion of the company's outstanding debt
(US$310 million as of April 30, 2007), and to a lesser extent
the company's capital expenditures and working capital needs for
2007.

"The rating on IMPSA reflects the company's relatively high
leverage and its exposure to the volatility inherent in the
capital goods market and to the fluctuations of the economic
activity in the main countries where IMPSA operates," said
Standard & Poor's credit analyst Ezequiel Gomez.

"The rating also incorporates the significant concentration of
the company's backlog in a small number of large-scale
projects."

Those factors are partially mitigated by the expected
improvement in IMPSA's financial profile as a result of the
company's sizable backlog and significant extension of its debt
maturity profile, once the refinancing process is closed.  
IMPSA's adequate competitive position in the hydropower
generation turbines business and the crane manufacturing
industry, as well as its good geographic diversification, are
also reflected in the ratings.

IMPSA is engaged in providing equipment mainly for hydroelectric
power generation and other renewable energies such as wind power
projects.  The company is also engaged in manufacturing and sale
of port crane systems, as well as wire harnesses in MERCOSUR,
and also offers waste collection and disposal services in
Argentina and Colombia.

The stable outlook reflects our expectations regarding the
appropriate completion of IMPSA's current main projects
underway, which would contribute to rating stability, as well as
the continuity of an adequate backlog from here onward.  The
ratings could be raised in case higher-than-expected growth
is recorded in backlog and income, which would allow a
significant improvement in credit metrics.  The rating could be
pressured, however, as long as difficulties and significant
delays appear in the execution of projects, which could lead to
a substantial reduction in revenues.

Pescarmona Group of Companies is a multinational group with
presence in different business areas such as hydro electrical
power generation and equipment, wind power generation and
equipment, port systems, automobile parts, control systems,
environmental services and insurance, among others.  PGC employs
more than 6,000 people and operates in 27 countries in the five
continents, including Malaysia.


KNOLL INC: Moody's Holds Ba3 Rating & Withdraws Other Ratings
-------------------------------------------------------------
Moody's Investors Service withdrew the Ba3 ratings on Knoll
Inc.'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.

The rating was affirmed:

  -- Corporate family rating at Ba3;

These ratings/assessments were withdrawn:

  -- Senior secured revolver at Ba2 (LGD2, 27%);
  -- Senior secured term loan at Ba2 (LGD2, 27%);
  -- Probability of default rating at B1.

Based in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL) -
- http://www.knoll.com/-- designs and manufactures branded  
office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal, Singapore, among others.


MBF CORP: Poor Financial Condition Prompts Securities Delisting
---------------------------------------------------------------
The securities of MBF Corporation Bhd will be delisted and
removed on August 6, 2007, from the official list of the Bursa
Malaysia Securities Bhd due to the company's poor financial
condition and level of operations.

According to the bourse, the financial condition and level of
operations of MBF failed to warrant continued trading and/or
listing on the Official List.

On May 4, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Securities Commission had rejected the
company's reform plan proposals.

The Commission, in a letter addressed to the company, gave three
reasons as to why it decided to reject the proposals:

    (i) The under performance in the timeshare and hotel
        services segment, which is expected to be the main
        revenue and profit contributor to the MBf Corp group;

   (ii) The reliance on the results of an associate company, QBE
        Insurance (Malaysia) Berhad, of which the Company does
        not exert control, as a main income contributor; and

  (iii) Concerns on the cash flow position from its operating
        activities and hence the Company's ability to fulfill
        its debt obligations and continue to operate as a going
        concern moving forward.

The company's reform plan proposals include, among others:

    * Proposed Share Capital Reduction and Share
      Consolidation;

    * Proposed RCSLS Conversion Price Adjustment;

    * Proposed Rights Issue

    * Proposed Amendments to the Memorandum and Articles of
      Association; and

    * Proposed Share Capital Reduction and Share Consolidation.


Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.   
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


PROTON HOLDINGS: New Sedan Model to Drive Results Back to Black
---------------------------------------------------------------
Proton Holdings Bhd expects to return to the black for financial
year ending March 31, 2008, from the expected brisk sales of its
latest sedan to be launched in August, Asia Pulse reports,
citing the company's managing director, Syed Zainal Abidin.  

According to Mr. Abidin, the new car is Proton's "pride and
joy," and said that "this car will make a difference, we will be
back in the black despite a tough first quarter," the report
relates.

Asia Pulse, quoting Mr. Abidin, notes that a significant portion
of Proton's pre-tax losses of MYR619.866 million
(US$179.2 million) in Financial Year 2007 was a "legacy issue
rather than operational losses."  "Our journey (towards
profitability) will start when the sedan is launched," the
managing director told the news agency.

"It is much more roomy and spacious.  It is the right car at the
right price and launched at the right time before the Hari Raya
holidays," Mr. Abidin described the new sedan.

About 2,000 cars would have been manufactured by the launch
date, the report reveals.

The car will available in both manual and auto and is the most
competitively-priced for a 1,600 cc car as its indicative price
ranges from MYR45,000 to MYR55,000.

Mr. Abidin also told the paper that the company invested some
MYR110 million in the new car compared with the
MYR500-MYR600 million for Gen.2, with the big reduction in
investment due to carryover or commonality.


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

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

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

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


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

BRADRAM EQUITIES: Fixes August 8 as Last Day to File Claims
-----------------------------------------------------------
Bradram Equities Ltd. requires its creditors to file their
claims by August 8, 2007.

The company started to liquidate its business on June 28, 2007.

The company's liquidators are:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         PO Box 101993, North Shore
         North Shore City 0745
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


CJB ENTERPRISES: Fixes August 6 as Last day to File Claims
----------------------------------------------------------
On July 5, 2007, the High Court appointed David Donald Crichton
and Keiran Anne Horne as the liquidators of CJB Enterprises Ltd.

The Liquidators require the company's creditors to file their
claims by August 6, 2007.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


DBR DEVELOPMENTS: Accepting Proofs of Debt Until August 2
---------------------------------------------------------
DBR Developments Limited is accepting proofs of debt from its
creditors until August 2, 2007.

The company entered wind-up proceedings on June 29, 2007.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         c/o Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         Telephone:(09) 309 0463


DEVOX SERVICES: Creditors' Meeting Slated for August 8
------------------------------------------------------
Devox Services Ltd. will hold a meeting for its creditors on
August 8, 2007, at 12:00 noon in the offices of Gerry Rea
Associates on the 7th Floor of The Southern Cross Building
Society Building at 59 High Street, Auckland.

At the meeting, the creditors will be asked to:

   -- receive an update on the progress of the liquidation;

   -- consider whether to appoint any other nominee as
      liquidator;

   -- consider whether to appoint a liquidation committee; and

   -- consider whether to pass resolutions setting out any other
      views of creditors.

The company also fixed August 6, 2007, as the last day for
creditors to file their claims.

The company's liquidator is:

         P. G. Sargison
         c/o Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


ELMAR PROJECTS: Court to Hear Wind-Up Petition on Sept. 13
----------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Elmar Projects Ltd. 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
         c/o Edmund Lawler & Associates
         PO Box 25931, St Heliers
         Auckland
         New Zealand


HEMISPHERE INSURANCE: Gets S&P's 'B-' Ratings
---------------------------------------------
Standard & Poor's Ratings Services assigned on July 30, 2007,
its 'B-' insurer financial strength and counterparty credit
ratings to New Zealand-based start-up non-life insurer
Hemisphere Insurance Co. Ltd.  The outlook is stable.

Although Hemisphere is a near start-up, the ratings benefit from
management's historical underwriting expertise in its target
Australia and New Zealand (N.Z.) markets, and the company's good
relationship with external parties and reasonable reinsurance
coverage from its Philippines-based reinsurer National
Reinsurance Corp. of the Philippines.  These factors are
expected to support the insurer's ability to build a good
prospective competitive position.  The ratings are currently
moderated by Hemisphere's very small capital base, some
information risk, and limited financial flexibility.

Hemisphere has operated for almost two years providing
liability, property, casualty, and contingency insurance
policies to a client base in Australia that is largely
overlooked by traditional participants.  The company writes
business in Australia, and is expected to expand into New
Zealand, while 90% of the shareholders -- including the CEO, a
N.Z. national -- are based in the Philippines.  A supporting
rating factor during its start-up phase is the insurer's
decision to outsource its underwriting function to World
Insurance Network (WIN; unrated), which has expertise in
assessing risks of the target markets.

"Hemisphere's very small absolute capital base is a key rating
sensitivity," Standard & Poor's credit analyst Derryl D'silva
said.  "Furthermore, since the insurer's reinsurance program now
includes a higher retention level than the company's capital
base, the program does not offer a high level of protection to
the capital base.  Future business growth may also increase
pressure on capital, given that target segments are more
challenging to underwrite than traditional insurance business."

To reduce some pressure on the capital base, the insurer seeks
to maintain a prudent level of reserves by pricing appropriately
for risk.  Moreover, management's intentions to increase its
absolute capital base in the short term, in part through
additional investors, could support Hemisphere's ability to
build a sustainable financial profile.

Although a rating change is not expected in the short term, the
ratings could be raised if the company substantially increases
its paid-up capital to a level that is more consistent with a
higher rating, coupled with more sustained evidence of operating
profitability and reserve adequacy.

Conversely, the ratings could be lowered if the company
experienced extreme volatility in its earnings, and if its
financial resources were insufficient to meet any outstanding
claims in full.


JDH INVESTMENTS: Undergoes Liquidation Proceedings
--------------------------------------------------
On July 3, 2007, it was resolved through a special resolution to
liquidate the business of JDH Investments Ltd.

Creditors are required to file their claims by August 6, 2007,
to be included in the company's dividend distribution.

The company's liquidator is:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6104


LAMCY HOLDINGS: Creditors' Proofs of Debt Due on August 2
---------------------------------------------------------
LAMCY Holdings Limited went into liquidation on June 29, 2007,
through a special resolution passed on that day.

Creditors must file their claims by August 2, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         c/o Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         Telephone:(09) 309 0463


RIVERCITY DECORATORS: Accepting Proofs of Debt Until Sept. 4
------------------------------------------------------------
Rivercity Decorators Ltd., which is in liquidation, requires its
creditors to file their claims by Sept. 4, 2007.

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

The company's liquidator is:

         Craig Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7238
         Facsimile:(04) 462 7492


SEEC LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
On June 29, 2007, the shareholders of SEEC Limited passed a
resolution to liquidate the company's business.

Kevin David Pitfield and Gareth Russel Hoole, the company's
liquidators, require the company's creditors to file their
claims by August 2, 2007.

The Liquidators can be reached at:

         Kevin David Pitfield
         Gareth Russel Hoole
         c/o Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         Telephone:(09) 309 0463


TSR DEVELOPMENTS: Shareholders Resolve to Close Business
--------------------------------------------------------
The shareholders of TSR Developments Ltd passed a resolution on
June 29, 2007, to liquidate the company's business.

The company requires its creditors to file their claims by
August 2, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         c/o Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         Telephone:(09) 309 0463


* Economy Most Vulnerable to House Price & Interest Rate Shocks
---------------------------------------------------------------
Fitch Ratings said in a special report published on July 30,
2007, that the economy of New Zealand and those of the United
Kingdom, Denmark exhibit the greatest macroeconomic
vulnerability to a combination of weakening property prices and
rising interest rates.

"Given record levels of household debt, rising interest rates
and after several years of strong house price inflation in many
countries, Fitch has assessed a range of indicators of household
balance sheet vulnerabilities and house price valuation
measures," said Brian Coulton, Head of Global Economics &
Europe, in Fitch's Sovereign team.  "For overall vulnerability,
New Zealand ranks first, Denmark second and the UK third as the
most exposed countries.  Japan, Germany and Italy are the least
vulnerable."

Fitch has ranked countries by the degree of estimated house
price overvaluation and household balance sheet exposure to
interest rate risk, compiling an overall index of vulnerability
for 16 advanced industrialised economies.  A range of financial
indicators have been used to estimate these exposures, discussed
in detail in the report.

On the house price front, France is the most exposed country to
housing overvaluation, followed by the UK, Denmark and New
Zealand, which all exhibit the highest (i.e. most vulnerable)
rankings, reflecting rapid house price growth including relative
to incomes and rents.  The US, Spain and, to a lesser extent,
Ireland, show lower risk on this front although housing supply
dynamics -- not captured in the exercise -- undoubtedly play an
important role in current and prospective house price movements.

With regard to balance sheet exposure, the Nordic countries and
Australia and New Zealand have the highest ranks.  Norway is the
most exposed to household debt vulnerability followed by New
Zealand, Australia, Denmark, Finland and then Sweden.  However,
on this score, the UK fares somewhat better thanks to lower debt
and interest service ratios and overall household net worth.
France also scores much better on balance sheet risk, sharply
reducing its overall vulnerability.

Again, the US and Spain fare relatively well but this may be
misleading to the extent that both countries currently have high
overall household debt service ratios (i.e. including interest
and principal repayments), an indicator that has not been
captured in the study due to data limitations.  Moreover, both
Spain and the US have arguably experienced the largest interest
rate "shocks" among countries in the sample as real policy rates
have moved rapidly into positive territory in the last couple of
years.

The full report, "House Prices and Household Debt - Where are
the Risks?" is available on the agency's public Web site,
http://www.fitchratings.com


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

BANCO DE ORO-EPCI: To Spend PHP2 Billion in Integration Expenses
----------------------------------------------------------------
Banco de Oro-EPCI Inc. sees PHP1 billion in expenses this year
and another PHP1 billion in 2008 in order to complete the
integration with Equitable PCI Inc., Business World reports.

According to Business World, during the bank's annual
stockholders' meeting held on July 27, BDO-EPCI President and
Chief Executive Officer Nestor V. Tan said that the integration
process still has a lot more components, but that it is the
bank's priority "to complete [them] as soon as possible."  The
bank needs to integrate branches, including people, change of
supplies, forms and equipment, and certain leases need to be
terminated, he added.

"We're now being conservative about how much we use for our
expenses," Mr. Tan said.

The bank also needs to take care of deals with insurance firms,
since BDO and Equitable PCI banks have exclusivity contracts
with separate firms, the report notes.  BDO is party to an
exclusive contract with Generali Pilipinas, while EPCI is allied
with the Philippine American Life and General Insurance Co., the
report explains.  

"We have to choose only one. . .otherwise, we're facing
potential legal issues," Mr. Tan said.  "We're working out
something amicable," he added.

In a separate interview, Philamlife President and CEO Jose L.
Cuisia Jr. said that BDO could retain both banks' deals and
continue with the contracts.  He did not say what Philamlife
would do if the bank reneges on its contract.

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banko 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: Plans to Raise About US$200MM Tier-2 Capital
---------------------------------------------------------------
Banco de Oro-EPCI Inc. plans to raise US$150 million to
US$200 million in tier-two capital later this year, or early
2008, BDO President Nestor Tan told the Philippine Daily
Inquirer.

Mr. Tan said the bank's current capital of PHP56 billion is
already adequate, but with its growth target for 2007, the bank
seeks to have a cushion to support its risk assets.

BDO is expecting its 2007 net profit to rise to PHP7.05 billion
from PHP6.4 billion last year, Mr. Tan added.  He cites
increased lending as a factor for the expected growth, saying
that "[they] are looking at low to mid-teens loan growth this
year."

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banko 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.


BANGKO SENTRAL: Considers Scrapping Special Deposit Facility
------------------------------------------------------------
The Bangko Sentral ng Pilipinas is considering taking off the
special deposit account facility in favor of the reverse
repurchase rate as its system for taking off excess liquidity,
Deputy Governor Diwa C. Guinigundo told the Philippine Star.

Comparing both facilities, Mr. Guinigundo said that the SDA's
maturities are more flexible, whereas banks will have to depend
on government securities under the RRP system.  Even if the
BSP's government securities are insufficient, banks can still
avail of the SDA window, which offers higher interest rates and
longer tenors than RRPs.

The BSP may have to decide on the fate of the SDA placements if
data shows that the central bank has already fixed the amount of
excess liquidity in the system, Mr. Guinigundo concluded.


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

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

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

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


LODESTAR INVESTMENT: PSE Suspends Trading of Shares Upon Request
----------------------------------------------------------------
The Philippine Stock Exchange has suspended the trading of
Lodestar Investment Holdings Corp.'s shares effective yesterday,
and will remain suspended until further notice.

The suspension is made upon the company's request in a letter
dated July 27 to the president of the PSE.  The company said in
its request that its major shareholders advised it of a possible
sale of their shares to another party.


Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991. On 03 October 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

As of Dec. 31, 2006, Lodestar had a capital deficiency of
PHP598,853.  With virtually no operations, the company didn't
report any profit and loss statements for the year.


NAT'L POWER: PSALM To Pay Debts Using Masinloc Sale Proceeds
------------------------------------------------------------
The Power Sector Assets and Liabilities Corp. will settle a
portion of National Power Corp.'s debts later this year using
the 40% or US$368.8-million upfront payment by the Masinloc
Power Producers Co. Ltd., PSALM President Jose Ibazeta told the
Philippine Star.

MMPC is a consortium led by Singaporean firm AES Corp. that won
the bidding for the Masinloc coal-fired power plant.

The law provides that proceeds from the privatization of Napocor
power plants will be used to retire Napocor loans estimated at
US$6 billion as of end-2006.

Under the bidding rules, MPPC will pay the upfront cash payment
after all the deliverables including administrative obligations,
permits and issuances have been reviewed and validated.

According to the article, PSALM expects to complete
documentation of the Masinloc sale within the next three to four
months.


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 TCR-AP 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.

On October 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.


PHIL AIRLINES: State-Owned Firms Plan to Block Backdoor Listing
---------------------------------------------------------------
State-owned companies are planning to block Philippine Airlines
Inc.'s planned backdoor listing in order to compel Lucio Tan to
purchase their shares in the airline for PHP5 each, the Manila
Standard reports.

These firms, which include the Development Bank of the
Philippines, Land Bank of the Philippines and the Government
Service Insurance System, hold shares in PAL that were acquired
by a PHP5 per share put option.  The Manila Standard's sources
have indicated that these firms seek to exercise their put
option as compensation for their exposure in helping the airline
recover from poor finances.  The exercise would have allowed
these state companies to earn about PHP2 billion, the source
added.

However, the source did not specify on how these firms plan to
stop the backdoor listing.


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

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

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

According to a TCR-AP report on July 24, 2007, Philippine
Airlines Inc. is considering emerging from its rehabilitation
after it brought down its foreign debts to US$953 million as of
March 31, 2007, from the initial US$2.3 billion upon entering
rehab in June 1999.


SAN MIGUEL: SEC Recognizes New Beer Brewery Subsidiary
------------------------------------------------------
The Securities and Exchange Commission has issued a certificate
of incorporation to San Miguel Brewery Inc. on July 26 in
preparation for its public listing as a subsidiary of San Miguel
Corp., the Philippine Daily Inquirer says.

According to the article, San Miguel Brewery will have an
initial capital of PHP100 million in 1 million shares,
PHP24.95 million or 249,500 shares of which were subscribed by
SMC.  It will engage in the manufacture of malt-based beer.

Board members and incorporators of San Miguel Brewery include
SMC President Ramon Ang, CFO Ferdinand Constantino, Corporate
Secretary Francis Jardeleza, Virgilio Jacinto and Joseph Pineda.


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

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

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


* Presidential Office to Directly Supervise Mining Industry
-----------------------------------------------------------
President Gloria Macapagal-Arroyo has ordered the transfer of
the supervision of the mining industry from the Department of
Environment and Natural Resources to the Office of the
President, according to a Philippine Information Agency press
release.

The President's directive was contained in Executive Order 636
dated July 18.

"In order to closely monitor and oversee the efficient and
effective implementation of the country's utilization and
development of its mineral resources, there is a need to
transfer the Philippine Mining Development Corporation from the
Department of Environment and Natural Resources to the Office of
the President," EO 636 said.

The order also stated: "All issuances, rules and regulations or
parts thereof which are inconsistent with this EO are hereby
revoked, amended, or modified accordingly."

Before the issuance of EO 636, the Philippine Mining Development
Corporation, formerly the Natural Resources Mining Development
Corporation, under the DENR, exercised supervision over the
mining sector.

The Arroyo administration has stressed that environmental laws
would not be compromised in the development of the country's
mineral resources.

The PMDC is a government-owned and controlled corporation with
the primarily task of exploring, developing, mining, smelting
and producing, transporting, storing, distributing, exchanging,
selling, disposing, importing, exporting, trading and the
promotion of gold, silver, copper, iron and all kinds of mineral
deposits and substances.

Mining activities, already on the uptrend, are expected to
further increase next year with more foreign direct investments
flowing into the country.

This year alone, some of the world's biggest mining players have
invested a total of US$500 million in the Philippines mining
sector.

These mining firms include:

   -- Atlas Consolidated Mining and Development Corp., which
      contributed US$100 million;

   -- the joint venture of Oceana Gold Ltd of New Zealand and
      Climax Arino Mining Co. of Australia with US$100 million;
      And

   -- the Coral Bay Nickel Corp., with US$100 million to expand
      its Rio Tuba operations in Palawan.

Responsible mining has been touted by the Arroyo administration
as the key to sustainable economic growth.  The Philippines is
the world's fifth in mineral resources.

The local mining industry suffered a slump in the 1970s when
metal prices in the world market dived.  But with the new surge
in the price of metals, the Philippines mining industry is well-
positioned to cash in on the price hikes.

                          *     *     *

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

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

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


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

ASIA PACIFIC: Sets Members' General Meeting for August 22
---------------------------------------------------------
Asia Pacific Paper Converting Co Pte Ltd, which is voluntary
liquidation, will hold a meeting for its members on August 22,
2007, at 10:30 a.m., at 1 North Bridge Road #13-03 in High
Street Centre, Singapore 179094.

Tay Joo Soon, the company's liquidator, will give at the meeting
a report about the company's wind-up proceedings and property
disposal.


AVAGO TECH: Will Reduce 600 Employees in Southeast Asia
-------------------------------------------------------
Avago Technologies said it will reduce its workforce in
Southeast Asia by approximately 600 employees.  At the same
time, the company will resume its manufacturing outsourcing
program.  Accordingly, the company expects to record a cash
charge of approximately US$6 million to US$8 million during its
third fiscal quarter, ending July 31, 2007.

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--  
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service revised these ratings
for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on
      2013,from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due
      on 2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


GLOBAL EUROP: Court to Hear Wind-Up Petition on August 10
---------------------------------------------------------
A petition to wind up the operations of Global Europ (Asia) Pte
Limited will be heard before the High Court of Singapore on
August 10, 2007, at 10:00 a.m.

The petition was filed by Asialinx Pte Ltd on July 12, 2007.

Asialinx Pte's solicitor is:

         Kishan & V. Suria Partnership
         133 New Bridge Road
         #16-07 Chinatown Point
         Singapore 059413


PETROLEO BRASILEIRO: Will Charge Thermo Plant Operators Extra
-------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that it will charge some thermo plant operators an
extra of US$1.90 per one million British thermal unit to import
liquefied natural gas.

Business News Americas relates that the fee will be implemented
on plants selling power in auctions for delivery in 2010.

Liquefied natural gas imports are uncertain, while thermo needs
are constant, BNamericas notes, citing Petroleo Brasileiro.  The
fee replaces the penalties the firm would face if it fails to
supply the plants.

As reported in the Troubled Company Reporter-Latin America on
July 27, 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 said 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.

Petroleo Brasileiro told BNamericas that it will give preferred
rights to thermo plants.  "The company is committed to deliver
the gas whenever the plants need it."

Petroleo Brasileiro said it has been negotiating the sale of
natural gas with several suppliers for delivery in 2010,
BNamericas states.

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.


PETROLEO BRASILEIRO: On Track To Invest Over US$10B This Year
-------------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it is "on track" to invest over US$10
billion throughout 2007, an increase of nearly 70% from the
US$5.9 billion it invested last year.

Business News Americas relates that "the increased investment is
in line with the Plan Siembra Petrolera goal of producing 5.8
million barrels a day by 2012."

Petroleos de Venezuela told BNamericas that it produced some 3.3
million barrels per day in June 2007.  However, OPEC said the
firm's output that month was 2.36 million barrels a day.

Petroleos de Venezuela disclosed this month that it will spend
about US$3.5 billion on new drilling rigs, BNamericas notes.  
Reports say it will launch an international tender for the
acquisition of the rigs.

Petroleos de Venezuela said in a statement that it has
transferred US$15.3 billion to the Venezuelan state.  The amount
accounts for 79% of the total US$19.3 billion called for in this
year's budget.

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

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


TOKAI AGENCY: Pays First and Final Dividend
-------------------------------------------
Tokai Agency Singapore Pte Ltd. paid the first and final
dividend to its creditors on July 24, 2007.

The company paid 46.9692% to all received claims.

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
===============

DATAMAT PCL: Bankruptcy Court Calls Meeting to Appoint Planner
--------------------------------------------------------------
The Central Bankruptcy Court has canceled its decision issued on
June 12, 2007, appointing Datamat PCL as the planner for its own
business reorganization.

On July 24, the Central Bankruptcy Court issued the cancellation
order after New Habour Ville Co. Ltd. objected to the company's
appointment as planner, and nominated CJ Morgan Co. Ltd. as the
new planner.

Accordingly, the Court ordered the official receiver to call a
meeting of creditors to vote for a new planner of the company's
reorganization.


Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers, provides  
computer technology services, and maintains computer and
software system.  It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

The company is currently categorized under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.

Datamat was ordered by the Central Bankruptcy Court on Aug. 11,
2005, to rehabilitate its business.  Advance Planner Co., Ltd,
was then appointed as Datamat's plan administrator on October
12, 2005.  

Datamat, in an October 18, 2006, filing with the Stock Exchange
of Thailand, disclosed that the Bankruptcy Court has ordered the
cancellation of the company's rehabilitation plan due to
disagreements among the parties involved.

On June 12, 2006, Datamat disclosed that the Court has ordered
it to undergo business rehabilitation, and that it has been
appointed as planner for its own rehabilitation.


* BOND PRICING: For the Week 30 July to 03 August 2007
------------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.80
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.10
Arrow Energy NL               10.000%  03/31/08     AUD     2.75
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.25
Becton Property Group          9.500%  06/30/10     AUD     0.90
BIL Finance Ltd                8.000%  10/15/07     NZD    10.00
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.75
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.50
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.23
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.12
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.85
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.42
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.30
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.75
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.20
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.49
Geon Group                    11.750%  10/15/09     NZD    10.00
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.25
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.60
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    15.00
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.75
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.16
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Nuplex Industries Limited      9.300%  09/15/07     NZD     9.50
Primelife Corporation         10.000%  01/31/08     AUD     1.00
Salomon SB Aust                4.250%  02/01/09     USD     7.09
Software of Excellence         7.000%  08/09/07     NZD     2.56
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  09/15/07     NZD     9.60
TrustPower Ltd                 8.300%  12/15/08     NZD     8.90
TrustPower Ltd                 8.500%  09/15/12     NZD     9.00
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.29
Ample Zone Bhd                 9.300%  01/27/12     MYR    68.92
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.87
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.72
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.30
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.56
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.67
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     1.01
Equine Capital                 3.000%  08/26/08     MYR     2.91
Greatpac Holdings              2.000%  12/11/08     MYR     0.16
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.47
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Bhd                      8.000%  04/19/09     MYR     0.75
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.48
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.52
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.05
Kumpulan Jetson                5.000%  11/27/12     MYR     0.59
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.75
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.75
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.75
Lebuhraya Kajang Bhd           5.850%  06/12/18     MYR    69.31
Lebuhraya Kajang Bhd           2.000%  06/12/19     MYR    72.48
Lebuhraya Kajang Bhd           2.000%  06/12/20     MYR    69.31
Media Prima Bhd                2.000%  07/18/08     MYR     1.83
Mithril Bhd                    8.000%  04/05/09     MYR     0.26
Mithril Bhd                    3.000%  04/05/12     MYR     0.62
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.78
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.25
Pelikan International          3.000%  04/08/10     MYR     1.50
Pelikan International          3.000%  04/08/10     MYR     1.50
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.89
Ramunia Holdings               1.000%  12/20/07     MYR     1.09
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.90
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.90
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.26
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.31
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.63
Southern Steel                 5.500%  07/31/08     MYR     1.81
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.05
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.70
TRC Synergy Berhad             5.000%  01/20/12     MYR     2.03
Wah Seong Corp.                3.000%  05/21/12     MYR     5.25
WCT Land Bhd                   3.000%  08/02/09     MYR     3.80
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.01




                            *********


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-
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