TCRAP_Public/070801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Wednesday, August 1, 2007, Vol. 10, No. 150

                            Headlines

A U S T R A L I A

COLES GROUP: Wesfarmers to Pursue Acquisition Despite Price Drop
FANTASY WINDOWS: Members Resolve to Wind Up Operations
JAMITON PTY: Creditors Decide to Wind Up Firm
KRALJEVO BUILDING: Creditors Pass Resolution to Close Firm
MEGA BRANDS: Weak Leverage Cues Moody's B1 Corp. Family Rating

MONDS PTY: Members Agree on Voluntary Liquidation
N M ROTHSCHILD: Placed Under Voluntary liquidation
ROTHSCHILD NOMINEES: Enters Liquidation Proceedings
SIMPRO PTY: Members to Hold Final Meeting on August 2
THEATRE ADVENTURES: Members' Final Meeting Set for August 22

UBS CORPORATE: Members Opt to Shut Down Business
UBS PRIVATE: Undergoes Voluntary Liquidation


C H I N A   &   H O N G  K O N G

ASIAN PEAK: Sets Wind-Up Petition Hearing for Sept. 19
BALLY TOTAL: Fails to Agree w/ Shareholders on Alternate Plan
BIG STAR: Sets Final Meeting for August 30
CENTURY ASIA: Liquidators Quit Posts
FAR EAST: Members' Final Meeting Slated for August 29

HONG KONG BUS: Lai and Leung Ceases to Act as Liquidators
HOPSON DEVELOPMENT: Sales in 2007 First Half Soars by 15%
KONG SUN: Annual Meetings Scheduled for August 9
MAY & MEIBO: Court to Hear Wind-Up Petition on Sept. 5
MEGA SUNNY: Placed Under Voluntary Liquidation

NG YUAN: Undergoes Liquidation Proceedings
STAR DRAGON: Shareholder Resolves to Liquidate Business
TYSON FOODS: To Continue Operations in China


I N D I A

AMERICAN AXLE: Earns US$34 Million in 2007 Second Quarter
CABLE & WIRELESS: Loses Lawsuit Against Digicel
DUNLOP INDIA: Net Loss in 1st Qtr FY2008 Widens to INR21.9 Mil.
EMCO LTD: Gains INR90 Million in Quarter Ended June 30, 2007
ESSAR OIL: Net Loss Narrows to INR56.7 Mil. in 1st Qtr. FY2008

FERTILIZERS & CHEMICALS: 1QFY2008 Net Loss Widens to INR463 Mil.
HINDUSTAN COPPER: Schedules Annual General Meeting on Aug. 30
HMT LTD: Books INR109-Mil. Net Loss in April-June 2007 Quarter


I N D O N E S I A

CANWEST MEDIAWORKS: Completes US$150MM Stations Sale to Corus
GOLDEN AGRI: Holds US$400MM Convertible Bond Due to Weak Market
HILTON HOTELS: Paying US$0.04 Per Share Dividend on Sept. 21
PERUSAHAAN GAS: Now Uses New Sumatra-Java Gas Pipeline
TELKOM INDONESIA: Second-Quarter Net Profit Up 52% to IDR3.6BB


J A P A N

ALL NIPPON: To Replace Paper with Electronic Ticketing System
DELPHI CORPORATION: IUE-CWA Intends to Terminate Contracts
GAP INC: Appoints Glenn Murphy as Chairman & CEO
MAZDA MOTORS: Local and Overseas June 2007 Production Falls
MITSUBISHI MOTORS: Posts JPY630.8 Billion Net Sales for Q1 FY08


K O R E A

EG GREENTECH: Shareholder Sells Stake to SHIFT Information
E-NET CORPORATION: Converts Fifth Convertible Bonds into Shares
LG TELECOM: Post KRW54-Billion Net Profit for April-June 2007


M A L A Y S I A

ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan
CELESTICA INC: 2nd Qtr. 2007 Revenue Decreases to US$1.9 Billion
SATERAS RESOURCES: Bursa to Delist Securities on August 9
SUREMAX GROUP: Failure to File Reform Plan Cues Delisting


N E W  Z E A L A N D

AARON TRANSPORT: Enters Wind-Up Proceedings
ACAL TRUST: Sets August 7 as Last Day to File Claims
BRIDGECORP LTD: Secured Debentures to Get 25%-74% of Investment
CLEAR CHANNEL: Second Quarter Net Income Rises to US$236 Million
COMFORTPLUS LTD: Court Appoints Murray G. Allott as Liquidator

CORY HUTCHINGS: Enters Wind-Up Proceedings
ICON MINING: Taps Crichton and Horne as Liquidators
PARACELSE LTD: Shareholders Agree on Voluntary Liquidation
PARKER CONSTRUCTION: Accepting Proofs of Debt Until August 6
PC POWER:  Creditors' Proofs of Debt Due on August 23

RESI MORTGAGE: Accepting Proofs of Debt Until August 10
RINTOUL INVESTMENTS: Shareholders Resolve to Close Business


P H I L I P P I N E S

NAT'L POWER: Reports PHP10.64-Bil. Surplus in 1st Quarter Budget
PHIL REALTY: To Issue Common Shares to Creditors at PHP1/Share
RIZAL COMMERCIAL: Posts PHP1.81BB Net Income for First Half 2007


S I N G A P O R E

CHINA FORTUNE: Court Enters Wind-Up Order
CLASSIC INTERNATIONAL: Court Enters Wind-Up Order
ENKAI TRADING: Court Issues Wind-Up Order
FLEXTRONICS INT'L: Earns US$134 Million in First Quarter 2007
LIANG HUAT: Shareholder Reduces Direct Stake by 400,000

PETROLEO BRASILEIRO: Aneel OKs Firm's Control of Cubatao Plant


T H A I L A N D

DAIMLERCHRYSLER: Unit Seeks to Cut Dealer Ranks to Stem Losses
DAIMLERCHRYSLER: Chrysler Offers Lifetime Warranty to Hike Sales


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

COLES GROUP: Wesfarmers to Pursue Acquisition Despite Price Drop
----------------------------------------------------------------
Despite the drop in the price of Coles Group Limited shares,
Wesfarmers Limited still expresses its interest to take over the
company, ABC News reports.

ABC cites Wesfarmers' managing director, Richard Goyder, as
acknowledging the concerns in the market about the merits of the
deals.  However, Mr. Goyder claimed that negotiations on the
structure of the bid are continuing.  He added that Wesfarmers
will "look at things like enabling shareholders to elect to take
more scrip or more cash within the confines of the deal and
we'll talk to Coles on matters like that."

Wesfarmers' share price, according to ABC News, has dropped more
than 15% and Coles almost 12% since the bid was announced at the
beginning of the month.  Under the takeover agreement, the deal
can be revoked if either company's share price drops
considerably for an extended period of time, conveys ABC News.

As reported in the Troubled Company Reporter-Asia Pacific on
July 5, 2007, market analysts said that what is considered to be
Australia's biggest corporate takeover bid might be derailed if
shares for both Coles Group and Wesfarmers Limited continue to
plunge.  According to the TCR-AP report, as of July 3, 2007,
1:00 p.m. AEST, Coles' stock price went down to AU$15.55, while
Wesfarmers slumped more than 6%.

                       About Coles Group

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in   
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


FANTASY WINDOWS: Members Resolve to Wind Up Operations
------------------------------------------------------
The members of Fantasy Windows & Granite Pty Ltd resolved to
voluntarily wind up the company's operations during a general
meeting held on June 30, 2007.

David Clement Pratt and Timothy James Cuming were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                     About Fantasy Windows

Fantasy Windows & Granite Pty Ltd is a manufacturer of metal
doors, sash, and trim.  The company is located in Chipping
Norton, New South Wales, Australia.


JAMITON PTY: Creditors Decide to Wind Up Firm
---------------------------------------------
On July 6, 2007, the creditors of Jamiton Pty Limited decided to
wind up the company's operations and tapped Brian P. Dunphy as
liquidator.

The Liquidator can be reached at:

         Brian P. Dunphy
         Suite 8, Freshwater Village Plaza
         1-3 Moore Road
         Harbord, New South Wales 2096
         Australia

                       About Jamiton Pty

Jamiton Pty Limited, which is also trading as Sydney Chair
Company, operates miscellaneous home-furnishings stores.  The
company is located in Camperdown, New South Wales, Australia.


KRALJEVO BUILDING: Creditors Pass Resolution to Close Firm
----------------------------------------------------------
On July 4, 2007, the members of Kraljevo Building Construction
Company Pty Limited agreed to close the company's business and
A. H. J. Wily was appointed as liquidator.

The Liquidator can be reached at:

         A. H. J. Wily
         c/o Armstrong Wily Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                    About Kraljevo Building

Kraljevo Building Construction Company Pty Ltd is a general
contractor of residential buildings, other than single-family
houses.  The company is located in New South Wales, Australia.


MEGA BRANDS: Weak Leverage Cues Moody's B1 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of MEGA Brands, Inc. to B1 from Ba3 and affirmed the speculative
grade liquidity rating of SGL-3.  The outlook is stable.  This
concludes the review for downgrade initiated on April 19, 2007.

The downgrade was the result of:

   (1) a deterioration in financial metrics that resulted from
       significant additional charges reported in 2006 and the
       first quarter of 2007 primarily related to Magnetix
       product safety issues for the recall, redesign,
       repackaging and restocking of the product as well as
       payments made to settle related consumer litigation; and

   (2) the uncertainties that still exist concerning the Rose
       Art business and its Magnetix brand.

MEGA Brands' B1 rating is based primarily on:

   (1) weak leverage and coverage ratios resulting from the
       debt-financed acquisition of Rose Art in 2005 and the
       recent Magnetix charges; and

   (2) the recent and potential future impact on revenues,
       profitability and operating cash flows due to the issues
       with Magnetix and the Rose Art litigation.

These issues are partially offset by:

   (1) the company's leading market position in a limited
       number of narrow categories and strong second positions
       in larger categories dominated by much larger players;

   (2) a growing product portfolio with some well-known brands
       in attractive categories due in large part to a robust
       R&D program consistently producing innovative products;

   (3) healthy levels of organic growth in most product lines;
       and

   (4) certain long-term benefits expected from the Rose Art
       acquisition including customer, category, and market
       diversification as well as annual integration synergies.

It appears that the Magnetix product issues are now fully scoped
and largely resolved and management has fully reserved for the
Rose Art earn-out litigation.  Moody's notes however, that a
number of uncertainties remain which could result in further
unplanned costs or unfavorable results and these uncertainties
contributed to the downgrade.

Relating to Magnetix, uncertainties include:

   (1) the exposure for one full year of self-insured long-tail
       product liability;

   (2) the ability to recover approximately US$12.5 million in
       litigation settlements from insurance proceeds; and

   (3) the impact of the Magnetix product safety issues on the
       company's brand value and expected revenue growth.

Relating to Rose Art, these include:

   (1) the impact of the loss of the former owners/operators;

   (2) the unresolved litigation related to the US$51 million
       disputed earn-out;

   (3) the ability to realize the synergies and growth planned
       from the acquisition; and

   (4) the risk of higher taxes in the future should there be an
       impairment in the US$300 million of tax-deductible
       goodwill recorded in connection with the acquisition.

Other factors posing a challenge to the company include risks
specific to the toy industry including, changing play patterns
of children, fashion risk of toys, extreme seasonality, and weak
retailer leverage with sales concentrated with a few large
customers.

The application of Moody's global packaged goods rating
methodology yields a B1 rating for MEGA Brands which is the same
level as the current rating.

The stable outlook assumes no further material unplanned costs
or unfavorable results from product safety issues and litigation
and solid operating performance in core brands.  This will be
evident in improving leverage and coverage ratios going forward,
and these expectations are incorporated into the stable outlook.

The Company's speculative grade liquidity rating of SGL-3
reflects the reliance on external sources to fund its operations
and capital expenditures, which is due in part to the highly
seasonal nature of its operational cash flows which will likely
be negative in some quarters over the next 12 months.  The
company's recent tight liquidity has been improved through an
amendment to the terms of its loans which provides immediate
covenant relief as well as a significant increase expected in
availability on the Company's US$120 revolver from an infusion
of US$72 million in equity as of July 25, 2007.  Absent
unexpected costs the company should have sufficient availability
under its revolver to fund its peak seasonal needs in 2007 and
2008 with a reasonable cushion.

These ratings were downgraded:

   * MEGA Brands, Inc.

   -- Corporate Family Rating to B1 from Ba3;

   -- Probability of Default to B2 from B1;

   -- US$120 million 5-year revolving credit facility maturing
      July 2010 to Ba3 (LGD2, 26%) from Ba2 (LGD2, 24%); and

   -- US$40 million, 5-year term loan A facility to Ba3 (LGD-2,
      26%) from Ba2 (LGD2, 24%).

   * MEGA Brands Finco

   -- US$260 million 7-year term loan B facility to Ba3 (LGD2,
      26%) from Ba2 (LGD2, 24%).

Based in Montreal, Canada, MEGA Brands Inc. --
http://www.megabrands.com/ -- (TSE:MB) is a distributor of  
construction toys, games & puzzles, arts & crafts and
stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


MONDS PTY: Members Agree on Voluntary Liquidation
-------------------------------------------------
Monds Pty Limited went into liquidation through a special
resolution passed on July 5, 2007.

David Clement Pratt and Timothy James Cuming were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                        About Monds Pty

Located in Sydney, New South Wales, Australia, Monds Pty Limited
is an investor relation company.


N M ROTHSCHILD: Placed Under Voluntary liquidation
--------------------------------------------------
On June 25, 2007, the members of N M Rothschild Australia
Services Pty Limited had a meeting and agreed to voluntarily
liquidate the company's business.

The company's liquidators are:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                      About N M Rothschild

N M Rothschild Australia Services Pty Limited operates
investment offices.  The company is located in Sydney, New South
Wales, Australia.


ROTHSCHILD NOMINEES: Enters Liquidation Proceedings
---------------------------------------------------
The members of Rothschild Nominees Pty Ltd met on June 25, 2007,
and agreed to liquidate the company's business.

Timothy James Cuming and David Clement Pratt were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                   About Rothschild Nominees

Rothschild Nominees Pty Ltd is in the business of trusts.  The
company is located in Sydney, New South Wales, Australia.


SIMPRO PTY: Members to Hold Final Meeting on August 2
-----------------------------------------------------
The members of Simpro Pty Limited will have their final meeting
on August 2, 2007, at 10:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Nathan William Samuel Lea
         c/o HLB Mann Judd
         Level 19, 207 Kent Street
         Sydney, New South Wales 2000
         Australia

                        About Simpro Pty

Located in Kogarah, New South Wales, Australia, Simpro Pty
Limited is an investor relation company.


THEATRE ADVENTURES: Members' Final Meeting Set for August 22
------------------------------------------------------------
A final meeting will be held for the members of Theatre
Adventures Pty Ltd on August 22, 2007, at 10:00 a.m.

At the meeting, Gary E. Fifer, the company's liquidator, will
give a report about the company's wind-up proceedings and
property disposal.

Mr. Fifer can be reached at:

         Gary E. Fifer
         c/o Gary E. Fifer & Associates
         19 Northcote Street, Haberfield 2045
         Australia

                    About Theatre Adventures

Theatre Adventures Pty Ltd, which is also trading as Organise
Pandemonium, provides management services.  The company is
located in New South Wales, Australia.


UBS CORPORATE: Members Opt to Shut Down Business
------------------------------------------------
During a general meeting held on July 5, 2007, the members of
UBS Corporate Finance Australia Pty Ltd agreed to close down the
company's business.

David Clement Pratt and Timothy James Cuming were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                      About UBS Corporate

UBS Corporate Finance Australia Pty Ltd provides business
services.  The company is located in Sydney, New South Wales,
Australia.


UBS PRIVATE: Undergoes Voluntary Liquidation
--------------------------------------------
On July 5, 2007, the members of UBS Private Clients Australia
Holdings No.1 Pty Ltd decided to voluntarily liquidate the
company's business.

The company's liquidators are:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                       About UBS Private

UBS Private Clients Australia Holdings No 1 Pty Ltd operates
miscellaneous business credit institution.  The company is
located in Melbourne, Victoria, Australia.


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

ASIAN PEAK: Sets Wind-Up Petition Hearing for Sept. 19
------------------------------------------------------
A petition to wind up the operations of Asian Peak Limited will
be heard before the High Court of Hong Kong on Sept. 19, 2007,
at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the wind-up petition
against the company 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


BALLY TOTAL: Fails to Agree w/ Shareholders on Alternate Plan
-------------------------------------------------------------
Bally Total Fitness Holding Corp. was unable to reach an
agreement on an alternative restructuring plan proposed by a
group of shareholders, Reuters reports.

As reported in the Troubled Company Reporter on July 9, 2007,
the company received a letter from current shareholders
Liberation Investments, L.P., Liberation Investments, Ltd.,
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger
Capital Partners Special Situations Fund L.P., which proposes an
alternate chapter 11 plan of reorganization for the company.

The company further said that it was in discussions with these
shareholders and, subject to the execution of confidentiality
agreements, will provide due diligence access to these
shareholders for the purposes of their proposal being further
refined and proposed definitive documentation being provided to
the Board for review and consideration.  The shareholders agreed
to complete their due diligence by July 20, 2007.

The company has already received the required number of votes
favoring its pre-packaged chapter 11 plan.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is  
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China, the United Kingdom, 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.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BIG STAR: Sets Final Meeting for August 30
------------------------------------------
A final meeting will be held for the members of Big Star
International (Asia) Limited on August 30, 2007, at 10:00 a.m.
on 905 Silvercord, Tower 2 at 30 Canton Road, Tsimshatsui in
Kowloon, Hong Kong.

James T. Fulton and Cordelia Tang, the company's liquidators,
will give at the meeting, a report about the company's wind-up
proceedings and property disposal.



CENTURY ASIA: Liquidators Quit Posts
------------------------------------
On July 20, 2007, Kennic Lai Hang Lui and Leung Mun Yee Ruby
quit as the liquidators of Century Asia Enterprises Limited.

The former Liquidators can be reached at:

         Kennic Lai Hang Lui
         Leung Mun Yee Ruby
         Kennic L.H. Lui & Co.
         Ho Lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street, Central
         Hong Kong


FAR EAST: Members' Final Meeting Slated for August 29
-----------------------------------------------------
The members of Far East & Sino Company Limited will have their
final meeting on August 29, 2007, at 3:00 p.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Yuen Shu Tong
         Malaysia Building, 3rd Floor
         50 Gloucester Road
         Wanchai, Hong Kong


HONG KONG BUS: Lai and Leung Ceases to Act as Liquidators
---------------------------------------------------------
Kennic Lai Hang Lui and Leung Mun Yee Ruby ceased to act as
liquidators of Hong Kong Bus Company Limited on July 20, 2007.

The former Liquidators can be reached at:

         Kennic Lai Hang Lui
         Leung Mun Yee Ruby
         Kennic L.H. Lui & Co.
         Ho Lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street, Central
         Hong Kong


HOPSON DEVELOPMENT: Sales in 2007 First Half Soars by 15%
---------------------------------------------------------
Hopson Development Holdings' value of sales in the first half of
2007 increased by 15%, The Standard reports, citing the
company's chief financial officer, Tam Lai-ling.

According to Mr. Tam, Hopson raked in CNY4.6 billion in
apartment sales in the first six months of this year when there
were no new projects coming on stream.  The average transaction
price surged 30% to CNY10,500 per square meter.

Mr. Tam also revealed to The Standard that another 800,000
square meters of housing will be released in the second half,
where the company is targeting presales of CNY11 billion this
year.

Victor Cheung of The Standard also relates that monetary
tightening has not affected the company's sales, but if pre-
sales were to be forbidden, cashflow would slow.

Moreover, the company's shareholders also secured shareholder
consent to buy an 80% stake in a CNY6 billion project from its
major shareholder Chu Mang-yee.

On June 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Hopson will invest HK$6 billion for an 80% stake
in a Beijing project owned by chairman Chu Mang-yee.

Hopson plans to finance the deal through cash installments and
by issuing new shares, the TCR-AP said.  It will raise
HK$4 billion, representing 66.67% of the total price, in a share
placement.  Each share will be offered at HK$21.95.

After the purchase, Hopson will hold an 80% stake in the
project, while Believe Best will own the rest.  Believe Best,
wholly owned company by Mr. Chu purchased the company for CNY1
billion (HK$1.02 billion).  The title to the site is held by
Beijing and its transfer hinges on payment of a CNY840 million
premium.  To date, only CNY220 million has been paid.

Meanwhile, consultancy CB Richard Ellis told the paper that by
his estimates, capital values of prime apartments in Beijing
climbed 2.4% to CNY23,173 per sqm, while villas increased 4.5%
to CNY22,600 per sqm in the second half.


Hopson Development Company Holdings Limited (Hopson) is one of
the largest property developers in China. Its principal
businesses are residential developments in 4 major cities --
Guangzhou, Beijing, Shanghai and Tianjin -- and their
surrounding areas.

On June 25, 2007, Moody's Investors Service affirmed its Ba2
corporate family and senior unsecured ratings of Hopson
Development Holdings Limited.  The outlook remains stable.

Fitch Ratings on July 9, 2007, also affirmed Hopson Development
Holdings Limited's Long-term foreign currency Issuer Default
Rating (IDR) and senior unsecured rating at 'BB'.  The Outlook
remains Stable.


KONG SUN: Annual Meetings Scheduled for August 9
------------------------------------------------
The members and creditors of Kong Sun Engineering & Construction
Company Limited will have their annual meeting on August 9,
2007, at 2:00 p.m. and 2:30 p.m. respectively, at the 7th Floor
of Allied Kajima Building at 138 Gloucester Road in Wanchai,
Hong Kong.

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


MAY & MEIBO: Court to Hear Wind-Up Petition on Sept. 5
------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of May & Meibo Transportation Limited on Sept. 5,
2007, at 9:30 a.m.

The petition was filed by Wong Shu Wai on July 4, 2007.

Wong Shu's solicitor is:

         Gary K.W. Tam & Co.
         Bank of America Tower
         Suite 2909B, 29th Floor
         No. 12 Harcourt Road
         Central, Hong Kong


MEGA SUNNY: Placed Under Voluntary Liquidation
----------------------------------------------
On July 13, 2007, the sole shareholder of Mega Sunny Limited
passed a resolution to voluntarily wind up the company's
operations and appointed Poon Ka Lee, Barry, as liquidator.

The Liquidator can be reached at:

         Poon Ka Lee, Barry
         1607, ING Tower
         308 Des Voeux Road, Central
         Hong Kong


NG YUAN: Undergoes Liquidation Proceedings
------------------------------------------
At an extraordinary general meeting held on July 20, 2007, the
members of Ng Yuan Limited decided to voluntarily liquidate the
company's business.

Chan Kim Chee and Chiu Fan Wa were appointed as liquidators.

The Liquidators can be reached at:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre, Tower 1
         18 Harcourt Road
         Hong Kong


STAR DRAGON: Shareholder Resolves to Liquidate Business
-------------------------------------------------------
On July 13,2007, the shareholder of Star Dragon Properties
Limited passed a resolution to liquidate the company's business
and tapped Poon Ka Lee, Barry, as liquidator.

The Liquidator can be reached at:

         Poon Ka Lee, Barry
         1607, ING Tower
         308 Des Voeux Road, Central
         Hong Kong


TYSON FOODS: To Continue Operations in China
--------------------------------------------
Tyson Foods Inc will continue to do business in China, while
noting that it was working with both United States and Chinese
government to get the tainted food matter resolved.

According to reports, the company's chief executive officer,
Richard Bond, spoke highly of the business in China on a
conference call, saying: "They are an excellent trading
partner."

Mr. Bond, however, gave no details about trade with China other
than to say that Tyson had achieved growing exports of chicken
leg quarters to China, as well as other Asian countries, reports
relate.

The Troubled Company Reporter-Asia Pacific reported on July 17,
2007, that China's General Administration of Quality
Supervision, Inspection and Quarantine has suspended the import
of meat products from seven U.S. companies, including Tyson
Foods Inc.

According to the report, the meat products were banned after it
was found that the main ingredients of some Chinese delicacies
such as pig ears and chicken feet, which are imported from the
U.S., contained salmonella, feed additives and veterinary drugs.

A Tyson spokeswoman assured that the company was already
investigating the tainted chicken claim by China's quality
watchdog, sources say.  "We will work with the U.S. and Chinese
governments to get this matter resolved," the spokeswoman was
quoted by the U.S. media as saying.


Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of  
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.

On Sept. 27, 2006, the Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service took a number of rating
actions in relation to Tyson, including the assignment of a Ba1
rating to the company's:

   -- US$1 billion senior unsecured bank credit facility; and

   -- US$345 million senior unsecured bank term loan for its
      Lakeside Farms Industries Ltd. subsidiary, under a full
      Tyson Foods, Inc. guarantee.


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

AMERICAN AXLE: Earns US$34 Million in 2007 Second Quarter
---------------------------------------------------------
American Axle & Manufacturing Holdings Inc. reported sales and
earnings for the second quarter of 2007.

Second Quarter 2007 highlights:

  -- Second quarter sales of US$916.5 million

  -- 3% year-over-year decline in total production volumes as
     compared to the second quarter of 2006

  -- Content-per-vehicle of US$1,318, approximately 8% higher
     than the prior year

  -- Gross profit of US$113.1 million, or 12.3% of sales

  -- Operating income of US$58.9 million, or 6.4% of sales

  -- Net earnings of US$34.0 million or US$0.64 per share

  -- Net cash provided by operating activities of US$224.8
     million

  -- Increased 2008 - 2012 new business backlog to
     approximately US$1.2 billion

AAM's earnings in the second quarter of 2007 were US$34.0
million or US$0.64 per share.  This compares to earnings of
US$20.4 million or US$0.40 per share in the second quarter of
2006.

AAM's earnings in the second quarter of 2007 reflect the impact
of special charges and other non-recurring operating costs of
US$7.0 million, or US$0.11 per share, primarily related to
incremental attrition program activity.  AAM's second quarter
earnings in 2007 also reflect the impact of an additional US$5.5
million charge, or US$.09 per share, for the write-off of
unamortized debt issuance costs and other costs related to the
prepayment of the US$250 million term loan due 2010.

AAM's earnings in the second quarter of 2006 included a one-time
non-cash charge of US$2.4 million, or approximately US$.03 per
share, to write off unamortized debt issuance costs related to
the cash conversion of approximately US$128.4 million of AAM's
Senior Convertible Notes due in 2024.

AAM's earnings in the second quarter of 2006 also reflect the
impact of an unfavorable tax adjustment of US$2.6 million, or
US$.05 per share, related to the settlement of foreign
jurisdiction tax liabilities.

"Through the first half of 2007, AAM is on track to achieve its
annual objectives for sales growth, margin expansion and free
cash flow generation," said AAM's Co-Founder, Chairman of the
Board & CEO Richard E. Dauch.  "Our solid operating performance
and strong cash flow in the second quarter of 2007 reflects
AAM's continuing emphasis on productivity gains, process
efficiencies and structural cost reductions.  We will continue
to focus on these and other initiatives as part of our long-term
strategic commitment to achieving sustainable global cost
competitiveness."

Net sales in the second quarter of 2007 were US$916.5 million as
compared to US$874.6 million in the second quarter of 2006.  
Customer production volumes for the full-size truck and SUV
programs AAM currently supports for GM and The Chrysler Group
were approximately the same as compared to the prior year.  AAM
estimates that customer production volumes for its mid-sized
truck and SUV programs were down 18% in the quarter on a year-
over-year basis.  Non-GM sales represented approximately 24% of
AAM's total sales in the second quarter of 2007.

AAM's content-per-vehicle is measured by the dollar value of its
product sales supporting GM's North American truck and SUV
platforms and The Chrysler Group's heavy duty Dodge Ram pickup
trucks.  In the second quarter of 2007, AAM's content-per-
vehicle increased approximately 8% to US$1,318 as compared to
US$1,216 in the second quarter of 2006.

Gross margin in the second quarter of 2007 was 12.3% as compared
to 10.3% in the second quarter of 2006.  Operating income was
US$58.9 million or 6.4% of sales in the quarter as compared to
US$40.5 million or 4.6% of sales in the second quarter of 2006.  
AAM's improved gross margin and operating income performance in
the second quarter of 2007 primarily reflects the impact of
higher sales, productivity gains and structural cost reductions
resulting from the special attrition program and other ongoing
restructuring actions.

Net sales in the first half of 2007 were US$1.7 billion,
approximately the same as the first half of 2006.  Gross margin
was 11.5% in the first half of 2007 as compared to 9.0% for the
first half of 2006.  Operating income for the first half of 2007
was US$94.8 million or 5.5% of sales as compared to
US$55.5 million or 3.2% of sales for the first half of 2006.

AAM's SG&A spending in the second quarter of 2007 was
US$54.2 million as compared to US$49.4 million in the second
quarter of 2006.  In the first half of 2007, AAM's SG&A spending
was US$103.1 million or 6.0% of sales as compared to US$97.9
million or 5.7% of sales in the first half of 2006.  This year-
over-year increase in AAM's SG&A expense was primarily
attributable to higher profit sharing accruals and higher stock-
based compensation expense due to increased profitability and
stock price appreciation.  AAM's R&D spending in the first half
of 2007 was approximately US$39.7 million as compared to US$40.1
million in the first half of 2006.

AAM defines free cash flow to be net cash provided by (or used
in) operating activities less capital expenditures and dividends
paid.  Net cash provided by operating activities in the first
half of 2007 was US$234.6 million as compared to US$99.7 million
in the first half of 2006.  Capital spending in the first half
of 2007 was down US$80.5 million on a year-over-year basis to
US$75.5 million.  Reflecting the impact of this activity and
dividend payments of US$15.8 million, AAM's free cash flow of
US$143.3 million in the first half of 2007 represents an
improvement of US$215.1 million as compared to the first half of
2006.

              2008-2012 New Business Backlog

AAM has increased its backlog of new and incremental
business by approximately US$400 million to an estimated
US$1.2 billion for programs launching in 2008 through 2012.

AAM measures its backlog of new and incremental business (new
business backlog) by the estimated annual sales value of
agreements with its customers to provide axles or other
driveline or drivetrain products for future product programs, as
well as incremental content or volume awards on existing
programs including customer requested engineering changes.  
AAM's new business backlog may be impacted by various
assumptions such as production volume estimates, changes in
program launch timing and fluctuation in foreign currency
exchange rates.

AAM's new business backlog reflects the company's successful
efforts to expand its product portfolio by adding all-wheel
drive applications for passenger cars and crossover vehicles,
expanded electronics integration and new drivetrain components
such as transfer cases and power transfer units.

Other highlights of AAM's US$1.2 billion new business backlog
include:

  -- Approximately 75% of the new business backlog has been
     sourced to AAM's non-U.S. facilities.  These awards will
     accelerate the expansion of AAM's low cost, high quality,
     and highly flexible manufacturing facilities in
     Guanajuato, Mexico; Changshu, China; Araucaria, Brazil;
     and Olawa, Poland.  These awards may also lead to the
     construction of new facilities in other foreign markets.

  -- Approximately half of the new business backlog relates to
     awards supporting rear-wheel-drive and all-wheel-drive
     passenger car and crossover vehicle applications.  These
     awards relate to programs to be launched by four different
     customers launching in at least four major regional
     markets.

  -- AAM will launch approximately two-thirds of the new
     business backlog in the 2008, 2009 and 2010 calendar
     years.  The balance of the backlog will launch in 2011 and
     2012.

  -- AAM has earned its first award from a major European-based
     global OEM to supply rear axles for a new global vehicle
     program.

  -- AAM has earned its first award from Chery Automobile Co.,
     Ltd. to produce rear-drive modules (RDM) for a 2009 model
     year crossover vehicle.

"AAM's world-class quality, warranty, delivery and launch
performance, and advanced technology are major differentiators
in today's global automotive supply market," said American Axle
& Manufacturing Co-Founder, Chairman of the Board & CEO, Richard
E. Dauch.  "The continued expansion of AAM's new business
backlog is evidence that we are successfully delivering on our
long-term strategic goals of expanding our product portfolio,
served markets, customer base and global manufacturing
footprint.  We are especially pleased with the growth in our
backlog of orders from new customers in fast-growing global
markets."

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL)
-- http://www.aam.com/--  and its wholly-owned subsidiary,
American Axle & Manufacturing, Inc. manufactures, engineers,
designs and validates driveline and drivetrain systems and
related components and modules, chassis systems and metal-formed
products for light trucks, sport utility vehicles and passenger
cars.  In addition to locations in the United States (in
Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg,
Mexico, Poland, South Korea and the United Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Standard & Poor's Ratings Services assigned its
'BB' rating to American Axle & Manufacturing Inc.'s proposed
US$250 million senior unsecured term loan due 2012.  The parent
company, American Axle & Manufacturing Holdings Inc., is the
guarantor.  Proceeds are expected to be used to repay existing
debt.


CABLE & WIRELESS: Loses Lawsuit Against Digicel
-------------------------------------------------
Cay Compass News Online reports that Cable & Wireless has lost a
lawsuit against Digicel.

Cay Compass relates that Chief Justice Anthony Smellie of the
Grand Court of the Cayman Islands rejected Cable & Wireless'
attempts to challenge a December 2006 decision of the
Information and Communications Technology Authority.  The
company was fined.

According to Cay Compass, Cable & Wireless was seeking to
challenge the Mobile Termination Rate agreement it has with
Digicel.  

Cay Compass notes that the ICTA rejected Cable & Wireless'
request for determination of various matters relating to the
MTR.  The company sought to judicially review this decision of
ICTA and made an "ex-parte application to the Grand Court in
February 2007.  Leave was granted to Cable & Wireless at the ex-
parte stage by the Justice Smellie."  The leave allowed the
company to challenge ICTA's decision through the courts.

The report says that the ICTA and Digicel "issued summonses,"
asking the court to cancel the leave granted to Cable &
Wireless.  The ICTA and Digicel claimed that Cable & Wireless
failed "to make full disclosure of material information to the
court at the ex-parte stage."  They also said that Cable &
Wireless lacked a credible case to seek to challenge the ICTA
decision.  They accused the company of delay in seeking judicial
review on matters that date back to July 2004.

Digicel Cayman Chief Executive Officer John D. Buckley said in a
press release, "Digicel is very pleased that the Grand Court has
ruled in favor of Digicel and the Authority and has rejected
C&W's [Cable & Wireless] application which sought to challenge
an agreement freely entered into between Digicel and C&W in July
2004 and one that C&W have relied on to their own ends on
numerous occasions subsequently."

Cay Compass says that the court ruled that Cable & Wireless
failed in material disclosure and it had no "arguable case."  
The court also determined that Cable & Wireless was guilty of
delay as maintained by ICTA and Digicel.

Cable & Wireless said in a press release, "We are disappointed
with the decision made by the court and believe it is not in the
best interest of our landline and mobile customers who will
continue to pay the high prices and interconnection rates
advocated by Digicel.  We believe in giving customers the best
possible deal and we will continue to look for avenues to
address this matter."

Cable and Wireless will continue to seek ways to challenge an
ICTA decision that was upheld in Grand Court, Cay Compass
states.

                      About Cable & Wireless

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

                          *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


DUNLOP INDIA: Net Loss in 1st Qtr FY2008 Widens to INR21.9 Mil.
---------------------------------------------------------------
Dunlop India Limited posted a net loss of INR21.9 million in the
first quarter ended June 30, 2007, ten times the INR2.1-million
loss booked in the same quarter a year earlier.

Revenues slightly decreased from the INR9.9 million in the three
months ended June 30, 2006, to INR9.4 million in the April-June
2007 quarter.  Expenditures, also decreased from INR11 million
to INR10.3 million in the latest quarter under review, which
includes:

   Staff Cost: INR5.90 million
   Rent: INR0.90 million
   Fuel, Light & Water: INR0.10 million
   Other Expenditure: INR3.40 million

The company noted in the financial results filed with the Bombay
Stock Exchange that subsequent to change in management, the
company has started a major refurbishment, repair and
maintenance work at both its plants at Ambattur and Sahaganj so
as to restore full capacity at its plants.  So far, about 50 mt
per day capacities have been restored at each of the plants and
trial productions have already commenced at both the plants.  
The company has incurred Refurbishment and Pre-operative
Expenditure of INR167 million (net of revenue of INR40.60
million) during the three months period, which will be
capitalized over fixed assets on attaining full capacity
production.

The networth of the company (excluding Revaluation Reserve) was
INR2.47 billion as of June 30, 2007, and negative at INR3.12
billion as of June 30, 2006.

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?21f0

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.

As reported in the TCR-AP's "Large Companies with Insolvent
Balance Sheets" column on May 18, 2007, the company registered
an equity deficit of US$65.30 million.


EMCO LTD: Gains INR90 Million in Quarter Ended June 30, 2007
------------------------------------------------------------
Emco Ltd.'s net profit rose to INR90.07 million in the three
months ended June 30, 2007, from the INR74.94-million profit it
recorded in the same quarter last year.

The improved bottom line could be attributed to increased
revenues -- from the INR1.11 billion in the first quarter in
FY2006-07, to the latest quarter's INR1.54 billion.  With the
increased revenues, expenditures also climbed to INR1.34 billion
in the April-June 2007 quarter from the INR957 million incurred
in the corresponding period in 2006.

In the April-June 2007 quarter, the company recorded interest
charges totaling INR46.68 million, and depreciation of INR17.27
million.

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

              http://ResearchArchives.com/t/s?21f2

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters; automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions; and high-end metering solutions like
trivector meters.  It also offers energy and revenue management
solutions.  Through its Projects Division, Emco offers turnkey
solutions from concept to commissioning for electrical
substation projects.  It also undertakes entire industrial
electrification work from designing to execution.  Emco offers
information technology solutions for power distribution
management.  Through its International Division, EMCO offers
transformers and energy meters conforming to international
specifications.

As of May 23, 2007, Emco's senior unsecured debt carries Credit
Analysis and Research Limited's BB rating.  The rating agency
downgraded the rating from A to BB on April 1, 2004, citing the
high level of debtors and increased collection period, which
resulted in cash flow problems and delays in payment of interest
on negotiable certificate of deposits, and increase in overall
gearing of the company.


ESSAR OIL: Net Loss Narrows to INR56.7 Mil. in 1st Qtr. FY2008
--------------------------------------------------------------
Essar Oil Limited posted a net loss of INR56.7 million in the
first quarter ended June 30, 2007, an improvement compared to
the INR269.9-million loss suffered in the same quarter last
year.

The improved bottom line is brought about by soaring revenues,
which rose from INR416.6 million in the first quarter of FY2007
to INR1.98 billion in the latest quarter under review.  The
company recorded operating expenditures totaling INR2.02 billion
in the April-June 2007 quarter, bringing an operating loss of
INR40.4 million.

In the latest quarter under review, the company booked interest
charges aggregating INR11.7 million, depreciation of INR2.9
million and taxes of INR1.7 million.

During the quarter, the construction work on balance units of
its refinery project continued, the company noted in the latest
financial results it filed with the Bombay Stock Exchange. The
expenses and income of the trial run of some of the units are
treated as part of the company's Expenditure During Construction
for ultimate capitalization as per the Guidance Note on
Treatment of Expenditure during Construction period issued by
the Institute of Chartered Accountants of India.

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

               http://ResearchArchives.com/t/s?21f5

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

                          *     *     *

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

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


FERTILIZERS & CHEMICALS: 1QFY2008 Net Loss Widens to INR463 Mil.
----------------------------------------------------------------
Fertilizers & Chemicals Travancore Ltd widened its net loss to
INR463.6 million in the three months ended June 30, 2007, from
the INR307.5 million recorded in that same period last year.

Net sales in the April-June 2007 declined 26% to INR3.27 billion
while expenditures dropped by 20% to INR3.49 billion resulting
in an operating loss of INR198.1 million.  The company recorded
interest charges of INR141.3 million and depreciation of
INR463.6 million in the latest quarter under review.

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?21f6

Pursuant to audited results for the year ended March 31, 2007,
the company incurred a net loss of INR1.25 billion on revenues
of INR14.9 billion.

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
Company operates solely in the domestic market.

The company, which had been making profits for over a decade,
started reporting losses from 1998-99 onwards due to the steep
rise in cost of raw materials like naphtha, benzene, sulphur and
rock phosphate.  There were also uneconomic realization from
sales and the company had to stop production because of a
liquidity crunch.  In 2004, the company was referred to the
Board for Industrial and Financial Reconstruction as a
potentially sick Unit.  The company's revamp program helped the
company later to come out of the purview of BIFR but unexpected
increase in the raw material prices much above the levels taken
for Board for Reconstruction of Public Sector Enterprises
projections has again seriously affected the performance of the
company.  Hence, the company anticipates its turn around by
2006-07 will be delayed.


HINDUSTAN COPPER: Schedules Annual General Meeting on Aug. 30
-------------------------------------------------------------
Hindustan Copper Ltd will hold its annual general meeting on
Aug. 30, 2007, according to a regulatory filing with the Bombay
Stock Exchange.

In that regard, the company informs BSE that its Register of
Members & Share Transfer Books of will be closed from Aug. 27 to
Aug. 30 (both days inclusive).

Based in Kolkata, India, Hindustan Copper Limited --  
http://www.hindustancopper.com/-- is an undertaking of the      
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


HMT LTD: Books INR109-Mil. Net Loss in April-June 2007 Quarter
--------------------------------------------------------------
HMT Limited posted a net loss of INR109.10 million for the
quarter ended June 30, 2007, a step up compared with the net
loss of INR129.50 million for the quarter ended June 30, 2006.

Total income increased from INR225.40 million for the first
quarter in FY2007 to INR260.60 million, which includes net sales
of INR234.9 million, in the first quarter of FY2008.
The company's expenditures in the April-June 2007 quarter
increased 2% to INR347 million, hence the company incurred an
operating loss of INR86.4 million.  

The company's 1Q FY2008 financials, showed extraordinary items
of INR(5.4) million and prior period items of INR(3.9) million.  
Extraordinary items indicates VRS Compensation written off, the
company says.

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

                http://ResearchArchives.com/t/s?21f8

HMT Limited -- http://www.hmtindia.com/-- is a public sector
engineering conglomerate.  The company retains the Tractor's
Business, which develops tractors ranging from 25 horsepower to
75 horsepower.  It has an installed capacity of 18,000 tractors
for manufacturing and assembly operations.  The company has
three tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

Credit Analysis and Research Limited downgraded HMT's long-term
bond issue of INR310 crore to CARE BB(SO) on Feb. 18, 2005.
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


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

CANWEST MEDIAWORKS: Completes US$150MM Stations Sale to Corus
-------------------------------------------------------------
CanWest MediaWorks Inc. has completed the sale of its two
existing radio stations in Canada -- 99.1 Cool FM in Winnipeg,
Manitoba and 91.5 The Beat FM in Kitchener Ontario -- to Corus
Entertainment for an aggregate cash price of approximately
US$15 million.

The Troubled Company Reporter - Asia Pacific reported on Oct 13,
2006, that CanWest MediaWorks entered into an agreement with
Corus for the sale of its two existing radio stations in Canada
for US$15 million, subject to certain customary price
adjustments based on the stations' financial position at the
completion date.  The completion was conditioned on Corus'
obtaining CRTC and any other necessary regulatory approvals.

                  About CanWest MediaWorks Inc.

CanWest MediaWorks Inc. -- http://www.canwestmediaworks.com/--   
is  a wholly owned subsidiary of CanWest Global Communications
Corp, Canada's largest media company.  In addition to owning the
Global Television Network, CanWest is Canada's largest publisher
of daily newspapers, and also owns, operates and/or holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, Web sites and radio
networks in Indonesia, Canada, New Zealand, Australia,
Singapore, Malaysia, Turkey, the United States and the United
Kingdom.

                          *     *     *

The Troubled Company Reporter - Asia pacific reported on Jul 06,
2007, that Moody's Investors Service affirmed all ratings of
CanWest MediaWorks Inc.

Ratings Affirmed:

CanWest MediaWorks Inc:

-- corporate family rating at B1

-- probability of default rating at B1

-- US$760 million senior subordinated notes, due 2012 at B3,
    LGD 5, 89%

-- Speculative grade liquidity rating at SGL-2

On Jan 23, 2007, The Troubled Company Reporter - Asia Pacific
reported that Dominion Bond Rating Service changed the ratings
of CanWest MediaWorks Inc.'s issuer rating at BB and senior
subordinated notes rating at B (high) to Under Review with
Developing Implications from Under Review with Negative
Implications following the company's announcement that it
intends to acquire Alliance Atlantis Communications Inc. for
approximately US$2.3 billion through a new acquisition company
in conjunction with GS Capital Partners, a private equity
affiliate of Goldman Sachs & Co.


GOLDEN AGRI: Holds US$400MM Convertible Bond Due to Weak Market
---------------------------------------------------------------
Golden Agri-Resources Ltd. puts estimated US$400-million
convertible bond on hold due to the spectacular falls in major
equity markets last week, which was followed by an unconvincing
recovery, Finance Asia reports.

According to the report, this is the company's second delay when
the deal was pushed back, with pricing expected to occur on
August 6.  Golden Agri appointed Citi and BNP Paribas Peregrine
as global co-coordinators and gave UBS a joint book role.

The co-coordinators are hoping that they can go ahead with the
deal soon, which would be the last chance to issue before August
15, when the company's quarterly results will be disclosed.  The
Singapore corporate governance regulations advise companies not
to raise capital in the two weeks leading up an earnings
announcement, the report notes.

The report points out that after the company discloses its
quarterly results, another delay might set in because of the
need to incorporate the new figures in the sales document.

The background to the postponement is the volatility in the
equity and the debt markets -- with equity being finally dragged
down by the impact of the turbulent credit markets, Financeasia
says.  With the macro volatility, advisors finally suggested a
US$300-400 million five-year convertible bond yielding 6%-7%
with a conversion premium of 25%-30%, along with multiple resets
on the conversion price, the report adds.

Golden Agri was supposed to use the cash for PT Sinar Mas Agro
Resources and Technology share acquisition, as well as funding
its plans and working capital needs.  The company's plan may
still go ahead since the company is 'far from being cash
strapped', which is not a surprised, given the favorable trend
in palm oil prices, the report notes.

                About Golden Agri-Resources

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

The Troubled Company Reporter - Asia Pacific reported on
Jul. 25, 2007, that Moody's Investors Service has affirmed
Golden Agri-Resources Ltd's Ba3 corporate family rating.  At the
same time, Moody's has assigned Aa3.id national scale corporate
family rating to GAR.   The ratings outlook is stable.


HILTON HOTELS: Paying US$0.04 Per Share Dividend on Sept. 21
------------------------------------------------------------
Hilton Hotels Corporation has declared a dividend of US$0.04 per
share, payable in cash on Sept. 21, 2007.  The dividend is
payable to stockholders of record at the close of business on
Sept. 7, 2007.

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

                          *     *     *

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

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

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


PERUSAHAAN GAS: Now Uses New Sumatra-Java Gas Pipeline
------------------------------------------------------
PT Perusahaan Gas Negara has started using its new pipeline
linking the islands of Sumatra and Java, Antara News reports.

According to the report, PGN Corporate Secretary Widyatmiko
Bapang said that the new pipeline, which it began using July 29,
2007, would increase the volume of gas that it takes from the
province of South Sumatra for its distribution network in the
province of West Java to around 150-177 million standard cubic
feet per day in August from 60 million at present, citing
Thomson Financial.

Mr. Bapang also said that the gas would be distributed to 160
buyers here and in the towns of Bekasi, Karawang and Bogor, the
report adds.

                   About Perusahaan Gas

Headquartered in Jakarta, Indonesia, -- http://www.pgn.co.id/--    
is a gas and energy company that is comprised of two core
businesses: distribution and transmission.  For distribution,
PGN signs long-term supply agreements with upstream operators,
which give the company scheduled and reliable gas volumes and
fixed gas prices.  These volumes are subsequently sold to
commercial and industrial customers under gas sales agreements.  
Under these agreements, sales volumes are take-or-pay and the
gas pricing is fixed and in US dollar.  On the transmission
business, PGN ships gas on behalf of the upstream suppliers
under a fixed US dollar tariff with ship-or-pay volumes
agreements.   The company is 59.4% owned by the Government of
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


TELKOM INDONESIA: Second-Quarter Net Profit Up 52% to IDR3.6BB
--------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk's net profit in the April-June
2007 period increased 51.9% to IDR3.58 trillion from IDR2.36
trillion a year ago, while revenue rose 25.5% to IDR15.28
trillion, Reuters reports.

According to Harry Suhartono of Reuters, the firm only released
first-half data.

The company's revenue from its mobile phone operations climbed
by nearly 18% in the second quarter to IDR5.82 trillion compared
last year, the report says.

For the full year, analysts expect the firm to post a net profit
of IDR13.64 trillion and revenue of nearly IDR62 trillion, the
report adds.

                     About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long      
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


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

ALL NIPPON: To Replace Paper with Electronic Ticketing System
-------------------------------------------------------------
All Nippon Airways Co., Limited, will shift to an all electronic
ticketing system and stop issuing paper tickets for domestic
flights by the end of the year, The Yomiuri Shimbun reports,
citing sources.

The new system, according to the report, will require passengers
to place an airline card or mobile phone fitted with an
integrated circuit chip containing payment and reservation
information over a reader located at boarding gates.  Passengers
without such a phone or card will receive a flight information
sheet imprinted with a barcode at airports and other locations
that can be scanned by the same readers at boarding gates.

ANA said that the costs of the non-contact readers also are said
to be lower for the airline than that of the existing terminals
at boarding gates, reports the paper.

According to the sources, this new system will be put to test at
Matsuyama Airport from Sept. 4 and introduce it at airports
across the country from October.

                          About All Nippon

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline    
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The Troubled Company Reporter-Asia Pacific reported on June 28,
2007, that Standard & Poor's Ratings Services raised to 'BB+'
from 'BB' its long-term corporate credit and senior unsecured
debt ratings on All Nippon Airways Co. Ltd. due to the company
generating more stable profits backed by its operational
competitiveness, and the faster-than-expected improvement in its
financial profile.  The outlook on the long-term corporate
credit rating is stable.


DELPHI CORPORATION: IUE-CWA Intends to Terminate Contracts
----------------------------------------------------------
The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers Division of the Communications
Workers of America notified Delphi Corp. of its intent to
terminate its local and national contracts with the auto parts
maker in a July 18, 2007 letter.  The action comes as talks over
a new national agreement have dragged on concerning key issues,
including job security, wages, and benefits.

"Delphi has not delivered proposals that meet our members'
needs," said IUE-CWA President Jim Clark.  "From the start we
have stated that IUE-CWA members want both their jobs and
dignity intact at the end of the process.  We are tired of
spinning our wheels in negotiations while Delphi falls short of
these basic demands."

The termination notice is the first step toward a national
strike by the IUE-CWA at Delphi.  Under the terms of the
national agreement, the notice allows the locals to strike
effective 12:01 a.m. on Oct. 13, 2007.

"There is still much time to change our course," said IUE-CWA
Automotive Conference Board Chairman Willie Thorpe.  "But we
cannot sit back and be unprepared.  In our estimation, given the
current state of talks, a strike is a real possibility and we
need to act accordingly."

As part of the termination notice, IUE-CWA also revoked its
permission for Delphi to continue to use temporary employees in
IUE-CWA represented facilities.

"The union had allowed temporary workers as a goodwill gesture
as long as talks toward an acceptable contract were progressing.  
Hopefully with this action progress may improve," explained
Mr. Clark.

According to the IUE-CWA, Delphi has the option of reducing
production output or hiring the workers as permanent.  In most
cases, the cut-off takes place in two weeks.

The IUE-CWA represents more than 2,000 Delphi workers.

                    About Delphi Corp.

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

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

(Delphi Corporation Bankruptcy News, Issue No. 77; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or     
215/945-7000).


GAP INC: Appoints Glenn Murphy as Chairman & CEO
------------------------------------------------
Gap Inc.'s board of directors has appointed Glenn Murphy to
serve as chairman and chief executive officer of the company.  
Mr. Murphy, 45, has more than 20 years of retail experience
across three distinct retail sectors, and has demonstrated the
ability to consistently drive both top and bottom line results.

Most recently, Mr. Murphy served for six years as chairman and
CEO of Shoppers Drug Mart, the largest drug store chain in
Canada.  He led the company through an unprecedented period of
growth and shareholder returns during which revenues increased
22 consecutive quarters year-over-year and its earnings per
share doubled.

"I'm thrilled with this opportunity to lead Gap Inc. given
the company's iconic stature and heritage of innovation and
creativity," said Mr. Murphy.  "Alongside some of the most
talented people in the apparel industry, we'll work to
reestablish each brand's leadership position and set the
company along a path of sustained earnings performance."

Underscoring his commitment and belief in the long-term
potential of the company, Mr. Murphy has stated his intention to
purchase 150,000 shares of Gap Inc. common stock in the next few
weeks.  He is expected to start with the company in the next
week pending receipt of his U.S. work authorization.

Mr. Murphy succeeds Robert J. Fisher, the current chairman of
the board of directors who has served as interim CEO since
January of this year.  Mr. Fisher will continue to serve on the
board.

"Glenn is known for being a decisive leader with great retail
instincts who understands his customers," said Mr. Fisher.  "He
has revitalized major retail brands by offering new products and
significantly improving the store experience.  He's well
qualified to return Gap Inc. to the level of sustained
performance we all expect."

During his more than 20 years of experience in retail, Mr.
Murphy successfully reinvigorated retail brands in the areas of
food, health and beauty, and books.  Most recently, at Shoppers
Drug Mart, he differentiated the brand with new products and
better service, and grew the company's market capitalization
from about CDN3 billion to over CDN10 billion following its
public offering.  He left the company in March of this year,
after guiding the transition to his successor, to pursue other
international opportunities.

Prior to this success, Mr. Murphy held several positions at
Loblaw Companies Ltd., the leading retail and wholesale food
company in Canada.  He drove substantial improvements at the
company in the face of competition from big box retailers and
led the integration of a significant acquisition into Loblaw's
portfolio.  He also served as president and CEO of Chapters, a
major book retailer in Canada with separate retail, online and
distribution businesses.

A committee of Gap Inc.'s board of directors oversaw the search
for a new CEO.  The search committee was led by independent Gap
Inc. director Adrian Bellamy, chairman of The Body Shop
International plc and Reckitt Benckiser plc.  The committee also
included Donald G. Fisher, Gap Inc.'s founder and chairman
emeritus; Domenico De Sole, former president and chief executive
officer, Gucci Group NV; and Bob L. Martin, the board's lead
independent director and a former Wal-Mart Stores, Inc.
executive.

"The search committee undertook a rigorous process and when we
met Glenn the entire board unanimously agreed that we'd found
the right leader for our company," said Mr. Bellamy.  "His
proven retail skills and demonstrated financial results
complement the strong brand leaders we have running our core
businesses.  We are confident he will prove to be a very
successful leader of our management team in the years ahead."

"On behalf of the board, I also want to thank Bob Fisher for his
tireless dedication and leadership during his six-month tenure
as interim CEO," said Mr. Bellamy.  "Under Bob's direction, Gap
Inc. has made important progress on the long-term changes needed
to improve the business."

A significant portion of Mr. Murphy's compensation will require
sustained improvements in the company's performance.  The
primary cash components of Mr. Murphy's compensation, pursuant
to his employment agreement dated July 25, 2007, include: an
annual salary of US$1.5 million; a sign-on bonus of US$1.0
million; a pro-rated target bonus for 2007; and annual
performance-based bonuses targeted at 150 percent of annual
salary.  The primary equity components of his compensation
include four million stock options, half of which will carry a
premium price; and a target award of one million performance
shares that is dependent on the company's improved earnings over
time.  The company intends that these will be the only equity
grants for Mr. Murphy over the next three years.

The company estimates that Mr. Murphy's fiscal 2008 compensation
at target performance, as calculated for proxy statement
purposes, will be about US$12 million.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an  
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  The Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


MAZDA MOTORS: Local and Overseas June 2007 Production Falls
-----------------------------------------------------------
Mazda Motors Corporation posted its production output for the
month of June 2007 with decrease in both domestic and overseas
sectors.

Domestic total production slumped 3.3% from 85,103 to 82,288
units.  Passenger cars production went down to 78,283 from
79,356 units, while commercial vehicles unit output slumped
30.3% to 4,005 units from 5,747 units.

According to the Hiroshima-based auto manufacturer, the domestic
downfall was mainly due to reduced production volumes of
commercial vehicles and the Mazda6, despite its abundant
production of the Mazda3, which has gone up to 25.6% year-on-
year.

Overseas total production output for the month of June 2007 also
fell from 24,374 to 19,821 units.  Passenger cars production
descended to 14,337 from the same period last year's 17,900.  
Commercial vehicles output plummeted to 5,484 units from 6,474
units.

Reduced production of the Mazda6 and Mazda2, among other models
led to the result of the declining overseas production despite
the increase of production of the Mazda3.

                        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: Posts JPY630.8 Billion Net Sales for Q1 FY08
---------------------------------------------------------------
Mitsubishi Motors reports that consolidated net sales in the
first quarter of fiscal 2007 (April 1 through June 30, 2007)
increased by JPY146.9 billion to JPY630.8 billion -- a 30%-plus
increase over the same period last fiscal year
(JPY483.9 billion).  The gain stems principally from the
increased revenue coming from higher sales volume and from
favorable yen exchange rates.

Operating and ordinary income were both in the black.  
Mitsubishi Motors posted an operating profit of JPY6.0 billion,
an improvement of JPY12.8 billion from the same period last
fiscal year.  Factors contributing to this improvement include
increased volume and favorable changes in the model mix, and the
weaker yen which offset higher marketing and overhead costs due
to increased advertising and publicity outlays in North America
related to new-vehicle introduction.  The company posted an
ordinary profit of JPY2.6 billion, a year-on-year gain of
JPY14.8 billion.

Mitsubishi Motors reported a net loss of JPY8.2 billion for the
period, a year-on-year improvement of JPY6.9 billion. This gain
was made despite the company booking a one-time charge for
reorganization costs stemming from the integration of its
domestic consolidated sales companies that was completed on July
1, 2007 and despite an increase in income taxes.

                          Sales Volume

Global retail market unit sales of vehicles in the first quarter
of fiscal 2007 totaled 334,000 vehicles, a 14% increase of
41,000 on the 293,000 sold in the same period in fiscal 2006.

In Japan MMC sold 46,000 vehicles, an 11% drop of 6,000 compared
to the same period last year.  In a domestic market that
continues to fail to show signs of recovery, the increase in
registered vehicle sales sparked by the introduction of the
Delica D:5 was not sufficient to offset a decline in minicar
sales.
      
In North America, the company sold 52,000 vehicles, a 22%
increase of 10,000 over the same period last year.  The increase
was driven principally the launch of the new Lancer which had
its global launch in the region in March 2007, following the
Outlander SUV launched in November 2006.
      
In Europe, Mitsubishi Motors sold 80,000 vehicles, a 12%
increase of 9,000 driven by continued robust sales in Russia and
a doubling of sales in the Ukraine.
      
In Asia and other regions, MMC sold 156,000 vehicles, a 22%
increase of 28,000 over the same period last fiscal year.  This
growth stemmed from reasons including: higher unit sales of
Mitsubishi brand models in China; the market recovery in
Indonesia and other nations in the ASEAN block; and continued
firm sales in Latin America, the Middle East and Africa.

                        FY2007 Forecasts

Mitsubishi Motors leaves the fiscal 2007 first-half and full-
year forecasts announced on April 26, 2007 unchanged at this
time.

                     About Mitsubishi Motors

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.


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

EG GREENTECH: Shareholder Sells Stake to SHIFT Information
----------------------------------------------------------
EG Greentech Co. Ltd.'s largest shareholder Kim Sung Woo has
signed a contract with SHIFT Information & Communication Co,
Ltd, Reuters reports.

According to the report, Mr. Woo will sell 700,000 shares of the
company, worth KRW 7,000,000,000.

As a result, SHIFT Information & Communication will have a 3.7%
hold on the company.

                     About EG Greentech

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--  
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment.  Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
June 8, 2007, that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


E-NET CORPORATION: Converts Fifth Convertible Bonds into Shares
---------------------------------------------------------------
E-Net Corporation's fifth bonds, worth KRW2,551,500,000 have
been converted for 2,896,140 shares, Reuters reports.

According to the report, the conversion price of the bond is
KRW881 per share.

The total number of the company's outstanding common shares is
now 52,550,907, the report notes.

Reuters adds that the new shares will be listed on August 6,
2007.

                      About E-Net Corporation

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of   
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter - Asia Pacific reported on March
16, 2007 that Korea Ratings gave E-Net Corporation's fifth
unregistered/unsecured overseas convertible bonds issuance of
US$10 million with warrants a 'B-' rating with a stable outlook
on March 6, 2007.

On March 2, 2007 that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


LG TELECOM: Post KRW54-Billion Net Profit for April-June 2007
-------------------------------------------------------------
LG Telecom Ltd. posted a KRW54-billion net profit in the April-
June 2007 period, compared with KRW196-billion loss in 2006,
Yonhap News reports.  The turnaround is attributed to increased
sales.

According to the report, company sales increased 17.8% to
KRW1.16 trillion over the cited period, and operating income
fell 11.2 percent to KRW84 billion.

Compared with the previous quarter, the company's earnings fell
18.4%, however, due to increased marketing costs and ballooned
subsidies to lure more customers, the report relates.

The company posted a loss in 2006 after writing off investments
in new services that allow faster downloads of music and video,
called "third-generation", the report says.

LG Telecom spent 257 billion won on marketing in the second
quarter, up 41.7 percent from a year earlier.  The number of
subscribers to its services reached 7.45 million as of the end
of June, an increase of 240,000 in the April-June period, it
said.

                      About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'

On March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  The outlook on the
rating is stable.


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

ARMSTRONG WORLD: Shareholders Approve AHI Dissolution Plan
----------------------------------------------------------
The Board of Directors of Armstrong Holdings, Inc., the former
parent company of Armstrong World Industries, Inc., has directed
management to proceed with the company's Plan of Dissolution,
Distribution and Winding Up, approved by a vote of shareholders
at a special meeting on July 18, 2007.

More than 95% of the votes cast were in favor of the Plan.  The
results of the vote were:

    * In Favor: 18,230,373
    * Against: 765,210
    * Abstain: 185,726

Following these actions, the Board elected Walter Gangl and John
Rigas as directors to replace Messrs. Sellers and Stead, who
resigned effective the close of that meeting.  The new directors
with Mr. Lockhart, who remains as chairman, will oversee
implementation of the Plan of Dissolution.

Messrs. Gangl and Rigas are also officers of the company
(Assistant Secretary and Secretary, respectively) and of
Armstrong World Industries, Inc.  There is no arrangement or
understanding between them or any other person concerning their
selection or service as directors.

Upon this change in the Board's composition, the Board as a
whole will act as the audit committee to the extent necessary
prior to the company's dissolution.

The timetable for dissolution depends on a variety of factors
outside the company's control including receipt of necessary tax
clearance.  The company hopes to be able to file Articles of
Dissolution and distribute its net assets to shareholders as
soon as the fourth quarter of this year.

The company's assets consist of approximately US$27 million in
cash.  AHI has no operations and no employees.  There are 40.55
million AHI shares outstanding.

The costs of the company's governance and dissolution are being
paid by AWI as provided for in AWI's Chapter 11 Plan of
Reorganization.

Other provisions of the AWI Chapter 11 Plan affecting the
company include:
   
   -- AHI and its directors and officers have protection from
      liability for asbestos liabilities of AWI as specified in
      that Plan.

   -- AWI assumed obligations to indemnify certain directors and
      officers of AHI who served during the course of AWI's
      Chapter 11 case for their service.

   -- All existing equity compensation plans of AHI (which had
      previously been used to compensate employees of AWI and
      its subsidiaries) were terminated.

   -- AHI and its officers, directors, employees and agents
      received the benefit of certain exculpation provisions.

As previously reported in the TCR-Europe on Feb. 28, 2007, AHI
and AWI have reached a settlement on all inter-company claim and
tax issues.

The settlement, if approved by the U.S. Bankruptcy Court for the
District of Delaware, calls for AWI to pay AHI US$20 million in
cash, and gives AHI an allowed claim under AWI's confirmed Plan
of Reorganization of US$8.5 million.

                        About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and  
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.  

The company has manufacturing facilities in Australia, China,
Malaysia, Austria, Sweden, the United Kingdom, France, Germany,
Spain and Switzerland.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).
StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                          *     *     *

As reported in the TCR-Europe on March 13, 2007, Standard &
Poor's Ratings Service revised its outlook to developing from
stable for Armstrong World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster,
Pennsylvania-based company.

In October 2006, Moody's Investors Service assigned a Ba2 rating
on Armstrong World Industries, Inc.'s new credit facility and a
Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


CELESTICA INC: 2nd Qtr. 2007 Revenue Decreases to US$1.9 Billion
----------------------------------------------------------------
Celestica Inc. reported revenue of US$1.9 billion, down 13% from
US$2.2 billion in the second quarter of 2006.  Net earnings for
the second quarter were US$24.9 million, compared to net loss of
US$30.3 million for the same period last year.  Included in net
earnings for the quarter are the impacts of a US$32 million net
deferred tax recovery related primarily to the tax benefit of
previous years' write-down of restructured Canadian operations
and restructuring charges of US$2.5 million.  For the same
period in 2006, restructuring charges were US$20 million.

Adjusted net earnings for the quarter were US$4.9 million,
compared to adjusted net earnings of US$29.1 million for the
same period last year.  These results compare with the company's
guidance for the second quarter, announced on April 25, 2007, of
revenue in the range of US$1.85 billion to US$2.05 billion.

For the six months ended June 30, 2007, revenue was US$3.8
billion, compared to US$4.2 billion for the same period in 2006.   
Net loss was US$9.4 million, compared to net loss of US$47.7
million last year. Adjusted net loss for the first half of 2007
were US$4.2 million, compared to adjusted net earnings of
US$46.5 million for the same period in 2006.

As of June 30, 2007, the company's balance sheet showed US$4.7
billion in total assets, US$2.6 billion in total liabilities,
and US$2.6 billion in total stockholders' equity.

"Our second quarter results demonstrate the steady progress we
are making as a result of the turnaround plans implemented
earlier this year," said Craig Muhlhauser, president and chief
executive officer, Celestica.  "Revenue is trending upwards,
working capital performance is improving and we continue to make
operational improvements in North America and Europe.  Our
operating profit is still at the early stages of recovery and we
expect to continue to build on the improvements made to date."

                          Outlook

For the third quarter ending Sept. 30, 2007, the company expects
revenue will be in the range of US$2 billion to US$2.2 billion.

                      About Celestica

Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--
provides innovative electronics manufacturing services.  Through
its global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets.  Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service downgraded Celestica Inc.'s corporate
family rating to B1 from Ba3 and the senior subordinated note
ratings to B3 from B2.  Simultaneously, Moody's lowered the
company's speculative grade liquidity rating to SGL-2 from
SGL-1.


SATERAS RESOURCES: Bursa to Delist Securities on August 9
---------------------------------------------------------
The Bursa Malaysia Securities Bhd will delist and remove the
securities of Sateras Resources (Malaysia) Bhd from its official
list at 9:00 a.m. on August 9, 2007.

According to the bourse, the delisting was decided as the
company does not have adequate level of financial condition to
warrant continued trading on the Official List of Bursa
Securities.

Bursa Securities had earlier announced that the securities of
the company would be de-listed and removed on March 21, 2007.  
However, on March 20, 2007, Bursa Securities received an appeal
from the company against its previous decision.  Accordingly,
the bourse honored the appeal and deferred the delisting.


Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.  At Dec. 31, 2006, the company's
balance sheet showed total assets of MYR160.66 million and total
liabilities amounting to MYR267.83 million.


SUREMAX GROUP: Failure to File Reform Plan Cues Delisting
---------------------------------------------------------
The securities of Suremax Group Bhd will be delisted and removed
from the official list of the Bursa Malaysia Securities Bhd on
August 8, 2007.

Bursa Securities announced on June 1, 2007, its decision to
delist the securities of the company after it failed to comply
with the extended timeframe granted by Bursa Securities until
May 31, 2007, to submit its regularization plan to the
Securities Commission and other relevant authorities for
approval.

Suremax appealed the earlier decision of the bourse and the
delisting was deferred pending the decision of the appeal.

In an update, the bourse said: "After having considered all the
facts and circumstances of the matter, Bursa Securities has
resolved that the appeal by the company be disallowed and that
the securities of the company be delisted as the Company does
not have an adequate level of financial condition to warrant
continued listing on the Official List of Bursa Securities."


Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad
engaged in property development, construction, trading in
construction materials,and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

                         Going Concern

On May 16, 2006, the Troubled Company Reporter-Asia Pacific
reported that Suremax's audited financial statements for the
year ended August 31, 2005, contained the company's auditors'
modified opinion with emphasis on its ability to continue as a
going concern.  Furthermore, the TCR-AP added that based on the
company's six-month period accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.

Accordingly, Suremax become an affected listed issuer of the
Bursa Securities' Amended Practice Note 17 category, and is
therefore required to implement a plan to regularize its
financial condition.


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

AARON TRANSPORT: Enters Wind-Up Proceedings
-------------------------------------------
Aaron Transport Ltd. entered wind-up proceedings on June 29,
2007.

The creditors of the company are advised to file their claims by
July 29, 2007, or be excluded from sharing in the company's
dividend distribution.

The company's liquidator is:

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


ACAL TRUST: Sets August 7 as Last Day to File Claims
----------------------------------------------------
On July 4, 2007, the shareholders of Acal Trust Company Ltd.
passed a resolution to liquidate the company's business and
appointed Neville Petrie Fagerlund as liquidator.

Mr. Fagerlund is accepting proofs of debt from the company's
creditors until August 7, 2007.

The Liquidator can be reached at:

         Neville Petrie Fagerlund
         c/o HFK Limited
         PO Box 5071, Papanui
         Christchurch
         New Zealand
         Telephone:(03) 352 9189


BRIDGECORP LTD: Secured Debentures to Get 25%-74% of Investment
---------------------------------------------------------------
The receivers of Bridgecorp Ltd estimated that the company's
secured debentures could recover 25% to 74% of their original
investment from the company's assets.

The wide range reflects the fact that Bridgecorp has loans and
accounts receivables totaling NZ$157.1 million on a number of
offshore developments, John Waller and Colin McCloy of
PricewaterhouseCoopers explained in a statement informing
investors of the bad news.

Investors, however, are unlikely to receive any money for the
next six months, and not in a lump sum but rather as loans are
recovered, ShareChat News says.

The receivers also updated the investors of the financial
standing of the Bridgecorp and related entities BFSL 2007
Limited, BNL 2007 Limited, B2B Brokers Limited, Monice
Properties Limited and Bridgecorp Capital Limited.

After their appointment, the receivers have restructured the
management of the companies.  The services of executive
directors and general manager have not been retained, and a new
management structure involving the remaining staff has been
appointed.  The receivers has also retained specialist property
and legal advisers to assist with their analysis.

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

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


CLEAR CHANNEL: Second Quarter Net Income Rises to US$236 Million
----------------------------------------------------------------
Clear Channel Communications Inc. reported revenues of US$1.8
billion in the second quarter ended June 30, 2007, an increase
of 5% from the US$1.7 billion reported for the second quarter of
2006.  Included in the company's revenue is a US$29.0 million
increase due to movements in foreign exchange; excluding the
effects of these movements in foreign exchange, revenue growth
would have been 4%.

Clear Channel's operating expenses increased 6% to US$1.1
billion during the second quarter of 2007 compared to 2006.  
Included in the company's 2007 expenses is a US$24.3 million
increase due to movements in foreign exchange; excluding the
effects of these movements in foreign exchange, growth in
expenses would have been 3%.

Clear Channel's income before discontinued operations increased
21% to US$208.7 million, as compared to US$172.6 million for the
same period in 2006.  The company's diluted earnings before
discontinued operations per share increased 24% to US$0.42,
compared to US$0.34 for the same period in 2006.  Clear
Channel's net income increased 19% to US$236.0 million in the
second quarter 2007 as compared to US$197.5 million in the
second quarter of 2006 and diluted earnings per share increased
23% to US$0.48, compared to US$0.39 for the same period in 2006.

The company's OIBDAN was US$636.8 million in the second quarter
of 2007, a 6% increase from 2006.  The company defines OIBDAN as
net income adjusted to exclude non-cash compensation expense and
the following line items presented in its Statement of
Operations:

  -- Discontinued operations, Minority interest, net of tax;
  -- Income tax benefit (expense);
  -- Other income (expense) - net;
  -- Equity in earnings of nonconsolidated affiliates;
  -- Interest expense;
  -- Gain on disposition of assets - net; and,
  -- D&A.

Mark P. Mays, Chief Executive Officer of Clear Channel
Communications, commented, "Our second quarter radio revenues
were ahead of the industry, while our outdoor unit continued to
post solid growth.  We continue to make progress in
strengthening our diverse portfolio of out-of-home media
properties.  Our focus remains on transitioning our assets to
meet the shifting demands of our audiences, as well as our
advertisers by offering compelling content, expanding our
distribution capabilities and investing in our brands."

                   Proposed Merger Transaction

On May 17, 2007, the company amended its agreement to be
acquired by a group of private equity funds led by Bain Capital
Partners, LLC and Thomas H. Lee Partners, L.P. to provide for an
increase to US$39.20 per share in the price shareholders will
receive in cash for each share of common stock they hold.  As an
alternative to receiving the US$39.20 per share cash
consideration, the company's unaffiliated shareholders will be
offered the opportunity, on a purely voluntary basis, to
exchange some or all of their shares of common stock on a one-
for-one basis for shares of Class A common stock in the new
corporation formed by the private equity group to acquire the
company.  In addition, each shareholder will be entitled to
receive additional per share consideration (as described in the
merger agreement), if the merger closes after Jan. 1, 2008.  The
stock election is subject to both individual and aggregate caps.  
The maximum number of shares of Class A common stock of the new
corporation that may be issued in the merger is approximately
30.6 million.  If all these shares are issued, they will
represent approximately 30 percent of the outstanding voting
securities of the new corporation immediately following the
closing of the merger.

The merger is subject to shareholder approval, antitrust
clearances, FCC approval and other customary closing conditions.  
The company's shareholders of record as of 5:00 p.m. Eastern
Daylight Savings Time on July 27, 2007, will be entitled to vote
on the merger at a special meeting.  The date and time of the
special meeting has not yet been set.

                  Cash Dividend on Common Stock

The company's Board of Directors declared a quarterly cash
dividend of US$0.1875 per share on its Common Stock.  The
dividend is payable on October 15, 2007 to shareholders of
record at the close of business on September 30, 2007.

                  Third Quarter & 2007 Outlook

Due to the proposed merger transaction and the company not
hosting a teleconference to discuss financial and operating
results, the company is providing the following information
regarding its current information related to 2007 operating
results.

Pacing information presented below reflects revenues booked at a
specific date versus the comparable date in the prior period and
may or may not reflect the actual revenue growth at the end of
the period.  The company's revenue pacing information includes
an adjustment to prior periods to include all acquisitions and
exclude all divestitures in both periods presented for
comparative purposes.  All pacing metrics exclude the effects of
foreign exchange movements.  Except where expressly identified,
the company's operating expense forecasts are on a reportable
basis excluding non-cash compensation expense, i.e. there is not
an adjustment for acquisitions, divestitures or the effects of
foreign exchange movements.

As of July 26, 2007, revenues for the Radio division are pacing
down 1.5% for the third quarter of 2007 as compared to the third
quarter of 2006, and are pacing down 0.2% for the full year of
2007 as compared to the full year of 2006.  As of the last week
in July, the Radio division has historically experienced
revenues booked of approximately 80% of the actual revenues
recorded for the third quarter and approximately 80% of the
actual revenues recorded for the full year.  The company's Radio
division currently forecasts total operating expense growth to
be flat for the full year 2007 as compared to the full year
2006.

Also as of July 26, 2007, revenues in the Outdoor division are
pacing up 10.6% overall.  The Americas outdoor segment is below
and the International outdoor segment above the 10.6% pacing for
the third quarter 2007 as compared to the third quarter of 2006.  
For the full year 2007 versus the full year 2006, Outdoor
division revenues are pacing up 7.2% with both the Americas and
International pacing at approximately that level.  As of the
last week in July, the Outdoor division has historically
experienced revenues booked of approximately 80% of the actual
revenues recorded for the third quarter and approximately 80% of
the actual revenues recorded for the full year.

For the full year 2007 as compared to the full year 2006,
current company forecasts show low double-digit growth in total
operating expenses for the Outdoor division.  Excluding the
effects of movements in foreign exchange, which management
currently forecasts at an US$85 to US$90 million increase for
the full year 2007 and excluding Interspace's (acquired by the
company on July 1, 2006) operating expenses of US$20.2 million
for the first six months of 2007, operating expense growth is
currently forecasted to be in the mid single-digits for 2007 as
compared to 2006.

For the consolidated company, current management forecasts show
corporate expenses of US$180 million to US$190 million for the
full year 2007, excluding costs associated with the pending
merger transaction.  Non-cash compensation expense (i.e. FAS
No. 123R : share-based payments) are currently projected to be
in the range of US$40 million to US$45 million for the full year
of 2007, excluding any compensation expense associated with
future option or share grants that may or may not occur in 2007
and excluding any non-cash compensation expense directly
associated with the pending merger transaction.

The company currently forecasts overall capital expenditures for
2007 of US$325 million to US$350 million, excluding any capital
expenditures associated with new contract wins the Company may
have during 2007.

Income tax expense as a percent of "Income before income taxes,
minority interest and discontinued operations" is currently
projected to be approximately 41%.  Current income tax expense
as a percent of "Income before income taxes, minority interest
and discontinued operations" is currently expected to be 25% to
30%.  These percentages do not include any tax expense or
benefit related to the pending merger transaction, the announced
divestitures of the Company's television stations and certain of
its radio stations or other capital gain transactions, or the
effects of any resolution of governmental examinations.

                      About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                       *     *     *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


COMFORTPLUS LTD: Court Appoints Murray G. Allott as Liquidator
--------------------------------------------------------------
The High Court of Dunedin appointed Murray G. Allott as the
liquidator of Comfortplus Ltd. on June 28, 2007.

The Liquidator can be reached at:

         Murray G. Allott
         111 Bealey Avenue
         Christchurch 8013
         New Zealand
         Telephone:(03) 365 1028
         Facsimile:(03) 365 6400
         e-mail: murray@profitco.co.nz


CORY HUTCHINGS: Enters Wind-Up Proceedings
------------------------------------------
The shareholders of Cory Hutchings Enterprises Ltd. resolved to
liquidate the company's business on July 3, 2007, through a
special resolution passed on that day.

The company's liquidator is:

         Bruce Carlaw Richards
         c/o Staples Rodway Taranaki Limited
         109-113 Powderham Street
         New Plymouth
         New Zealand
         Telephone:(06) 758 0956
         Facsimile:(06) 757 5081


ICON MINING: Taps Crichton and Horne as Liquidators
---------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of Icon Mining Company Ltd. on July 5, 2007.

The liquidators are accepting proofs of debt from the company's
creditors until August 6, 2007.

The Liquidators can be reached at:

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


PARACELSE LTD: Shareholders Agree on Voluntary Liquidation
----------------------------------------------------------
On July 4, 2007, the shareholders of Paracelse Ltd. passed a
resolution to voluntarily liquidate the company's business.

Creditors are required to file their claims by August 7, 2007,
to be included in the company's dividend distribution.

The company's liquidator is:

         Neville Petrie Fagerlund
         c/o HFK Limited
         PO Box 5071, Papanui
         Christchurch
         New Zealand
         Telephone:(03) 352 9189


PARKER CONSTRUCTION: Accepting Proofs of Debt Until August 6
------------------------------------------------------------
Parker Construction Management (NZ) Ltd., which is in
liquidation, is accepting proofs of debt from its creditors
until August 6, 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:

         Jeffrey Philip Meltzer
         Lloyd James Hayward
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


PC POWER:  Creditors' Proofs of Debt Due on August 23
-----------------------------------------------------
PC Power (Wairau Park) Ltd commenced a liquidation of its
business on July 3, 2007, and Daran Nair was appointed as
liquidator.

Creditors must file their claims by August 23, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

         Daran Nair
         280 Great South Road
         Greenlane, Auckland
         New Zealand
         PO Box 74322, Market Road
         Auckland
         New Zealand
         Telephone:(09) 522 5182
         Facsimile:(09) 522 5183
         e-mail: daran@nair.co.nz


RESI MORTGAGE: Accepting Proofs of Debt Until August 10
-------------------------------------------------------
On July 6, 2007, a special resolution was passed to liquidate
the business of RESI Mortgage Corporation Ltd.

Accordingly, creditors are required to file their proofs of debt
by August 10, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Grant Duncan Raynor
         c/o MGI Wilson Eliott Limited
         Chartered Accountants
         Fidelity House, Level 2
         81 Carlton Gore Road
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 377 1362
         Facsimile:(09) 307 2740


RINTOUL INVESTMENTS: Shareholders Resolve to Close Business
-----------------------------------------------------------
The shareholders of Rintoul Investments Ltd. resolved to close
the company's business on June 30, 2007, and appointed Andrew
James Stewart as liquidator.

The Liquidator can be reached at:

         Andrew James Stewart
         Morrison Kent House, Level 19
         105 The Terrace, Wellington
         New Zealand
         Telephone:(04) 472 0020
         Facsimile:(04) 472 7017


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

NAT'L POWER: Reports PHP10.64-Bil. Surplus in 1st Quarter Budget
----------------------------------------------------------------
The National Power Corp. has reported a PHP10.64-billion budget
surplus for the first quarter of the year, the Department of
Finance told the Philippine Daily Inquirer.

NAPOCOR is one of the 14 government-owned or controlled
corporations that were monitored by the DOF.

According to the article, the DOF's report showed that, aside
from NAPOCOR, two other state firms posted budget surpluses for
the first three months of 2007.  The National Transmission Corp.
posted a surplus of PHP4.539 billion, and the National Food
Authority reported that it has a surplus of PHP2.5 billion in
its budget.

Collective net budget surplus for the 14 GOCCs reached
PHP19.9 billion for the quarter, the report relates.  DOF
officials attributed the firms' performance to their efforts to
improve resources management and expenditure discipline, it
added.

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 REALTY: To Issue Common Shares to Creditors at PHP1/Share
--------------------------------------------------------------
Philippine Realty and Holdings Corp.'s stockholders approved the
issuance to creditors of the company's common shares with par
value of PHP1 per share for the conversion of loans payable into
equity.

The stockholders approved the conversion during the annual
stockholders meeting held on Tuesday.

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

The objectives of the rehabilitation plan are:

    1. to pay all of Philippine Realty's creditors in a fair and
       just manner;

    2. to complete and deliver the Andrea Skyline Condominium
       units to its existing buyers; and

    3. to protect the investments of the shareholders,
       particularly the small public investors, by keeping the
       business viable and profitable.

At December 31, 2006, the parent company's total debts stood
at PHP829.49 million.


RIZAL COMMERCIAL: Posts PHP1.81BB Net Income for First Half 2007
----------------------------------------------------------------
RCBC, the country's fourth largest capitalized private universal
bank, registered a consolidated net income of P1.81 Billion in
the first six months of 2007, a 245% growth over the
PHP524-million net income posted a year ago.

The bank's sterling performance was pushed by its core
businesses evidenced by a PHP904 million or 26% jump in its Net
Interest Income of P4.44 billion vis-a-vis the PHP3.54 billion
recorded in the previous year's comparable period.  This
increase can be attributed to positive growth in interest
earning assets and low cost funds, as well as to the decrease in
Non-Performing Assets and an increase in the collection of
interest income from Past Due accounts.  Other Operating income
increased by 93% from PHP 1.38 billion in the first half of
2006, to PHP2.67 billion in 2007 because of higher trading
gains, commissions and fees and income from equity investments.  

During the same period, RCBC subsidiaries also scored major
gains, which had recently been showing their own strong
performance in terms of profitability.  These subsidiaries
include: RCBC Capital, which has reportedly exceeded its full
year target; RCBC Savings Bank, which recorded healthy growths
in its Auto and Housing loan portfolios that helped push net
income to PHP360 Million in the first semester of 2007, a 8.8%
jump year-on-year; the credit card business under the Bankard
brand, with significantly improved billings of 8% from 2006
levels and has been continuously shedding its delinquency ratio
closer to single digit levels; RCBC Securities, and RCBC Forex.

The first six months of the year also saw the bank doing well in
reducing its non-performing asset portfolio, with Income from
Asset Disposals and Leases more than doubling from last year's
PHP90 million to PHP182 million.  The 102% income increase was
generated mostly from auction and direct sales and leases of the
bank's foreclosed retail properties.  Focused restructuring and
collection efforts on non-performing loans also led to a
significant reduction in the bank's NPL ratio from 10.8% in June
last year to 6.0% this year.  The bank's PHP1.81 billion net
income for the period is already net of the PHP989 million it
set aside as provisions for doubtful accounts and contingencies.

"Our performance in the first half of the year, further
strengthens RCBC's capital base, which should effectively put it
on very solid ground. This is truly an affirmation that our
repositioning strategy for the bank is now beginning to bear
fruit," said RCBC President and Chief Executive Officer Lorenzo
V. Tan.  RCBC's aggressive business expansion in the first half
of 2007 was notable in both the asset and liability sides.  The
bank's loan portfolio grew by 23% during the period to PHP90.4
billion as of end-June 2007 from the P73.5 billion level as of
June 30, 2006.

Deposits, on the other hand, swelled by more than PHP13 billion
year-on-year from June 2006's PHP143.7 billion to the first half
of 2007's PHP156.7 billion.  Consolidated total resources as of
June 30, 2007 stood at PHP222.8 billion, an increase of 11.6%
over the PHP199.7 billion recorded at the end of the first half
of 2006.  The bank's income growth had resulted in an annualized
return-on-average equity of 14.87% from just 3.9% in the same
period last year.  

Capital adequacy ratio, on consolidated basis, likewise improved
significantly from 14.2% a year ago to 27.8% as of June 30,
2007.  This resulted from structural and operational
improvements started in 2006, which included a series of capital
raising initiatives such as the Hybrid Tier I and preferred
shares issue.  This was capped by the successful follow on
public offer of RCBC shares, which raised for the bank some
PHP5.6 billion in fresh capital.

                          About RCBC

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

                          *     *     *

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

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

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

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


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

CHINA FORTUNE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on July 18, 2007,
to wind up the operations of China Fortune Investment
Corporation Pte Ltd.

Poh Tiong Choon Holdings (Pte) Ltd filed the wind-up petition
against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


CLASSIC INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
Classic International M & E Engineering Pte Ltd started to
liquidate its business on July 13, 2007, through an order by the
High Court of Singapore.

Daikin Airconditioning (Singapore) Pte Ltd filed the wind-up
petition against the company.

Classic International's solicitor is:

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


ENKAI TRADING: Court Issues Wind-Up Order
-----------------------------------------
On July 20, 2007, the High Court of Singapore released an order
to wind up the operations of Enkai Trading Pte Ltd.

The petition was filed by DBS Bank Ltd.

Enkai Trading's solicitor is:

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


FLEXTRONICS INT'L: Earns US$134 Million in First Quarter 2007
-------------------------------------------------------------
Flextronics International Ltd. reported that net sales for the
first quarter ended June 29, 2007, were US$5.2 billion, which
represents an increase of US$1.1 billion, or 27%, over the year
ago quarter.  For the first quarter ended June 29, 2007,
adjusted net income increased 29% over the year ago quarter to
US$134 million, compared to US$104 million in the year ago
quarter.

GAAP net income increased 26% to US$107 million, or US$0.17 per
diluted share, for the first quarter ended June 29, 2007,
compared to US$85 million, or US$0.14 per diluted share, in the
year ago quarter.

"We continue to maintain a strong financial position with US$770
million in cash, no short term debt maturities, and a record low
debt to capital leverage ratio of 19%," said Flextronics CEO
Mike McNamara.  "We decreased our inventory balance by US$47
million sequentially and increased our sequential inventory
turns from 6.9 to 7.7 times.  We remain intensely focused on
generating a higher return on capital while growing our
business, as evidenced by our 40 basis point increase in return
on invested capital from the year ago quarter."

"We continue to lead the industry with a cash conversion cycle
of 13 days, which resulted in our operations generating positive
cash flow of US$145 million for the quarter.  Even though
revenues grew 27%, we still generated US$73 million of free cash
flow," Mr. McNamara added.

"I am very proud of the dedication and hard work of our
employees and management across the globe in making this a very
successful quarter for Flextronics.  I remain confident that our
organization will continue to execute on our normal day-to-day
operations and customer service requirements as we work through
the integration planning associated with our previously
announced acquisition of Solectron," Mr. McNamara concluded.

                           Guidance

For the second quarter ending September 28, 2007, revenue is
expected to grow approximately 10-20% on a year-over-year basis
to a range of approximately US$5.3 billion to US$5.6 billion and
adjusted (non-GAAP) EPS is expected to grow 10-20% on a year-
over-year basis to a range of US$0.22-US$0.24 per share.

The Company reiterated its 2008 fiscal year expectations, with
revenue expected to grow 10-15% on a year-over-year basis to a
range of US$20.7 billion to US$21.7 billion and adjusted (non-
GAAP) EPS is expected to grow 15-20% on a year-over-year basis
to a range of US$0.92-US$0.96 per share.  The fiscal year 2008
guidance excludes any impact from the Solectron acquisition.

Quarterly GAAP earnings are expected to be lower than the
guidance provided herein by approximately US$0.04 per diluted
share per quarter reflecting quarterly intangible amortization
and stock-based compensation expense.

                 Update on Solectron Acquisition

As reported in the Troubled Company Reporter-Europe on June 6,
2007, Flextronics and Solectron Corporation have entered into
a definitive agreement for Flextronics to acquire Solectron
under a US$3.6 billion deal, creating the most diversified and
premier global provider of advanced design and vertically
integrated electronics manufacturing services.

"While we have received U.S. antitrust clearance, we have not
yet received all outstanding regulatory approvals," Flextronics
CFO Thomas J. Smach stated.  "Assuming no complications in the
remaining approvals required we now feel as though we could
close the transaction in October."

"Our integration planning has been further developed since the
announcement and we are now reducing the estimated time to
achieve at least US$200 million of annualized after-tax
synergies from 18-24 months to 12-18 months," Mr. Smach added.

                        About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- provides  
complete design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Its network of
facilities is located in over 30 countries worldwide including,
Finland, Hungary, Sweden and the United Kingdom.

                           *    *    *

The TCR-Europe revealed on June 6, 2007, that  Moody's Investors
Service placed the ratings of Flextronics International Limited
(Ba1 CFR) on review for possible downgrade and the B3 notes
ratings for Solectron Corporation on review for possible
upgrade, following the companies' announcement on June 4, 2007,
that they have entered into a definitive agreement for
Flextronics to acquire Solectron for approximately US$3.6
billion.

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and 'BB-' subordinated debt ratings on Singapore-based
Flextronics International Ltd. on CreditWatch with negative
implications.  

Fitch has placed Flextronics' ratings on Rating Watch Negative:

    -- Issuer Default Rating at 'BB+';
    -- Senior Unsecured credit facility at 'BB+';
    -- Senior subordinated notes at 'BB';

Fitch's action affects approximately US$1.5 billion of total
debt.


LIANG HUAT: Shareholder Reduces Direct Stake by 400,000
-------------------------------------------------------
Tan Cheng Nguan, a substantial shareholder of Liang Huat
Aluminium Limited reduced his direct holdings in the company by
400,000 shares.

Previously, Mr. Tan held 414,080 direct shares with 0.04% issued
share capital.  Presently, Mr. Tan holds 14,080 direct shares.  
Mr. Tan still holds 267,388,320 deemed shares with 24.08% issued
share capital.

The reduction of Mr. Tan's shares was due to sales initiated by
financial institution to meet obligation.

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

As of Dec. 31, 2006, the company's balance sheet showed total
assets of SGD0.84 million and SGD138.78 million in total
liabilities, which leaves a shareholders' equity deficit of
SGD137.93 million.


PETROLEO BRASILEIRO: Aneel OKs Firm's Control of Cubatao Plant
--------------------------------------------------------------
Brazilian power regulator Aneel said in a statement that it has
allowed the country's state oil firm Petroleo Brasileiro SA to
take control of the 250-megawatt Cubatao gas-fired plant.

Business News Americas relates that the plant will begin
producing by October 2007.  It was previously owned by special
purposes company Baixada Santista Energia, which was controlled
by Petroleo Brasileiro.  

Petroleo Brasileiro will transfer control of the plant to lessen
costs and for accounting purposes, Aneel told BNamericas.  The
regulator said it also allowed Petroleo Brasileiro to boost the
number of substations in the plant from one to two.

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.


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

DAIMLERCHRYSLER: Unit Seeks to Cut Dealer Ranks to Stem Losses
--------------------------------------------------------------
Chrysler Group has warned some of its weakest dealers that it
may try to shut them down if they can't generate more sales in
the next six months, a sign that the auto maker is stepping up
efforts to cull its network of retail outlets, Neal E. Boudette
writes for The Wall Street Journal.

Cerberus Capital Management LP, which is completing its deal to
buy a controlling stake in Chrysler from DaimlerChrysler AG, had
previously held talks with Chrysler executives and some of
Chrysler's top dealers to discuss the need to slash dealer ranks
in order to stem the unit's losses in North America, WSJ states.

Auto makers seldom get their way when trying to terminate
dealers' franchise agreements for poor sales performance as they
often wind up in court, where state laws guarantee franchisees
many protections against manufacturers, Mr. Boudette observes.

Chrysler, General Motors Corp. and Ford Motor Co. has been
slowly reducing the number of stores in its sales network in a
bid to be more competitive.  GM has about 6,900 dealers, Ford
has 4,200 and Chrysler 3,700.  Holding U.S. market shares of
about 23%, 16% and 14%, respectively, that amounts to about 300
dealers per one point of U.S. market share held by GM, about 280
a point for Ford and 270 for Chrysler, WSJ relates.

By comparison, Toyota Motor Corp. has about 1,400 dealers, and
its 16% market share gives it about 90 for each market-share
point, the report says.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Chrysler Offers Lifetime Warranty to Hike Sales
----------------------------------------------------------------
Chrysler Group has extended its powertrain warranty from the
three-year/36,000-mile Basic Limited Warranty to a new Lifetime
Powertrain Warranty.  The new Chrysler Lifetime Powertrain
Warranty applies to most new Chrysler, Jeep and Dodge vehicles
purchased from dealer inventory and delivered on or after
July 26, 2007.

The Lifetime Powertrain Warranty covers the cost of all parts
and labor needed to repair covered powertrain components --
engine, transmission and drive system.  The new powertrain
warranty is limited to the first registered owner or retail
lessee.  Customers should contact dealers for details on vehicle
selection.

"This new Chrysler Lifetime Powertrain Warranty is a statement
of confidence to our customers to the reliability of their
powertrain.  It's peace-of-mind reassurance for as long as they
own the vehicle," said Steven Landry, Chrysler Group's executive
vice president for North America, Sales and Marketing, Service
and Parts.

To continue warranty coverage, the owner must have a powertrain
inspection performed by an authorized Chrysler, Jeep or Dodge
dealer once every five years.  This inspection will be performed
at no charge.  The inspection must be made within 60 days of
each 5-year anniversary of the warranty start date of the
vehicle.  


"The new Chrysler Lifetime Powertrain Warranty underscores our
focus on quality and customer satisfaction.  It demonstrates our
commitment to customers and the confidence we have in our
ability to produce quality, reliable and durable vehicles.  
That's why we put 'lifetime' on it," Mr. Landry added.

                      About the Company

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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





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

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