TCRAP_Public/070802.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  

            Thursday, August 2, 2007, Vol. 10, No. 151

                            Headlines

A U S T R A L I A

AUSTRALIAN FLORIST: Creditors' Proofs of Debt Due on August 7
DOLSO CONSTRUCTIONS: Members Agree on Voluntary Liquidation
FLIGHT CENTRE: Pacific Equity Deal Fails After E&Y Report
FLIGHT CENTER: Expands FCm Travel Solutions to Middle East
FOOT LOCKER: Kicks Off Plans to Support Business Operations

FOOT LOCKER: Taps Lehman to Explore Strategic Options, WSJ Says
GAINSBOROUGH STUD: Members' General Meeting Slated for August 18
MARCUS FLIMBY: Commences Liquidation Proceedings
MERLOT CONSTRUCTIONS: To Declare Dividend on August 10
ONEIDA LTD: S&P Holds 'B' Corporate Credit Rating

SEA SKIFFS: Sets Members' Final Meeting for August 27
STG PACIFIC: To Declare Interim Dividend on August 24
SYDNEY ROAD: Members and Creditors to Meet on August 17
TIMESAVERS-MINUTES: Placed Under Voluntary Liquidation
YOUNG DISTRICT: To Declare Priority Dividend on Aug. 24


C H I N A   &   H O N G  K O N G

AMERON (HONG KONG): Undergoes Voluntary Liquidation
ANDREW CORP: Posts US$96 Million Net Loss in 2007 Third Quarter
ASAT HOLDINGS: Receives Nasdaq Compliance Letter
BALL CORP: Earns US$105.9 Million in Second Quarter 2007
BALLY TOTAL: Files Voluntary Chapter 11 Petitions

BALLY TOTAL: Chapter 11 Database
BALLY TOTAL: 50 Largest Unsecured Creditors
BALLY TOTAL: Files For Joint Administration of Cases
BALLY TOTAL: Files Motion For Authority to Use Cash Collateral
BALLY TOTAL: Files Motion For US$292MM Morgan Stanley DIP Loan

BOCON INTERNATIONAL: Members to Hold General Meeting on Aug. 29
CHINESE BANK: FC Capital Buys Bad Debts for NT$2.73 Billion
CITIC PACIFIC: To Spin Off Wholly Owned Dah Chong Holdings
GLOBAL ONE: Taps Lee Siu Yin as Liquidator
INH SERVICES: Liquidator to Give Wind-Up Report on August 28

KAM MOON: Contributories to Hold Annual Meeting on Aug. 6
LOYAL BUSINESS: Creditors & Contributories to Meet on August 6
SPIDER TEXTILES: Sets Final Meeting for August 30
SUN WONG: Sets Annual Meeting for August 6
YAT WAH: Court to Hear Wind-Up Petition on Sept. 5

* Rise in Risk Spread to Impede Fund Drives of Weak Banks


I N D I A

GENERAL MOTORS: Earns US$891 Million in Second Quarter 2007
HMT LIMITED: Discloses Three New Appointments to Board
HOUSING URBAN DEV'T: Fitch Affirms BB+ & B Foreign Currency IDRs
ICICI BANK: Shareholders OK Securities Offering Up to INR1.5BB
INDUSTRIAL DEV'T. BANK: Shareholders Agree to INR1.5 Dividend

KDL BIOTECH: Turns Around With INR4.37-Mil. Profit in 1Q FY2008
NAGARJUNA FERTILIZERS: Earns INR71.5 Mil. in Qtr. Ended June 30
ORIENTAL BANK OF COMMERCE: Net Profit Up 48% in 1st Qtr. FY2008
SUN MICROSYSTEMS: Earns US$329 Million in Quarter Ended June 30


I N D O N E S I A

AVNET INC: Enters Agreement for Magirus Group Acquisition
BANK CENTRAL ASIA: Moody's Reviews Ratings for Possible Upgrade
BANK DANAMON: Moody's Reviews Ratings for Possible Upgrade
BANK INTERNASIONAL: Moody's Reviews Ratings for Upgrade
BANK LIPPO: Moody's Places Ratings on Review for Likely Upgrade

BANK MANDIRI: Moody's Reviews Ratings for Possible Upgrade
BANK NEGARA: Moody's Reviews Ratings for Likely Upgrade
BANK NIAGA: Moody's Puts Ratings on Review for Likely Upgrade
BANK PERMATA: Moody's Puts Ratings on Review for Likely Upgrade
BANK RAKYAT: Moody's Puts Ratings for Possible Upgrade

BANK PANIN: Moody's Reviews Ratings for Possible Upgrade
BANK TABUNGAN: Moody's Reviews Ratings for Possible Upgrade
EXCELCOMINDO FINANCE: Moody's Places 'Ba3' Bond Rating on Review
EXCELCOMINDO: Affirms Ba2 Local Currency Corporate Family Rating
INDOSAT: Moody's Reviews Ba3 Bond Rating for Possible Upgrade

PERUSAHAAN LISTRIK: Moody's Reviews 'B1' Ratings for Upgrade
SAMPOERNA: First Half 2007 Net Profit Up 9.5% to IDR2.07 Tril.
* Moody's Puts Indonesia's Ratings on Review for Likely Upgrade


J A P A N

ALL NIPPON: 1st Quarter Profit Surges on Sale of Hotels
BANK OF TOKYO-MITSUBISHI: Decides to Liquidate DC Card Trading
GOODWILL GROUP: Comsn Unveils Plan to Hand Over Nursing Care Ops
SANYO ELECTRIC: Turns Around w/ JPY2.6BB Profit for 1st Quarter
SENSATA TECHNOLOGIES: Moody's Ups B3 Rating on US$450 Mil. Notes


K O R E A

TONG YANG: Completes Issuance of 19,059,520 Common Shares
WOORI TECHNOLOGY: Completes Issuance of 12,744,987 Common Shares
YOUNGCHANG SILUP: Shareholders Sell 754,011 Shares


M A L A Y S I A

AMSTEEL CORP: Bursa Extends Plan Filing Deadline to Oct. 31
FA PENINSULAR: New Plan Filing Deadline Slated for Aug. 31
SETEGAP BERHAD: Bags Golf Resort Dev't Contract for MYR220MM


N E W  Z E A L A N D

ADVANCE FINTUBE: Names Brown and Rodewald as Liquidators
ALLUVIAL HOLDINGS: Shareholders Resolve to Liquidate Business
BERNSTEIN RESEARCH: Fixes August 6 as Last Day to File Claims
FELTEX CARPETS: Liquidator Sues 8 Former Directors for NZ$20MM
GORGE PROPERTIES: Commences Liquidation Proceedings

HAVEN INTERNATIONAL: Taps Sanson and Fisk as Liquidators
KAMU HOLDINGS: Enters Wind-Up Proceedings
KUBIK LTD: Shareholders Pass Resolution to Wind Up Firm
MONEY MANAGERS: Shareholders Opt to Liquidate Business
OREWA HEALTH: Creditors' Proofs of Debt Due on August 4

SPARTACUS PROPERTY: Creditors to Hold Meeting on August 8


P H I L I P P I N E S

CHIQUITA BRANDS: S&P Holds Ratings Under Negative CreditWatch
COVANTA HOLDING: Earns US$37.7 Million in Quarter Ended June 30
IPVG CORP: Sets Aside PHP1 Bil. for Purchase of 3 Call Centers
LODESTAR INVESTMENT: Cyan & Cancorp Sell 35MM Shares to Abacus
MARIWASA MFG: Sells 59,651 Square Meters of Land to Filinvest

MIRANT CORP: Mirant Lovett Requests Confirmation Rehearing
NIHAO MINERAL: OYEZ Takes Up Saprolite's Subscription Commitment
NIHAO MINERAL: Appoints Exec. Director; Changes Business Address
PHIL REALTY: Ready to Emerge from Rehabilitation by 2009
PHIL REALTY: Appoints 11 New Directors for 2007

SAN MIGUEL: Considers Using Solar Power for Manufacturing Plants
SECURITY BANK: Posts PHP658-Mil. Net Income for 2007 2nd Quarter
WENDY'S INTERNATIONAL: Earns US$29.2 Mil. in Qtr. Ended June 30


S I N G A P O R E

AFFYMETRIX INC: Posts US$1.2-Mil. Net Profit for 2nd Qtr. 2007
INNOVATIVE STRUCTURAL: Commences Wind-Up Proceedings
LINDETEVES-JACOBERG: Discloses Changes to Board of Directors
PLANET HOLLYWOOD: Court to Hear Wind-Up Petition on August 17
QUANTUM ENERGY: Court Releases Wind-Up Order


T H A I L A N D

BLOCKBUSTER INC: Reports 2.8% Revenue Decrease in 2nd Qtr. 2007
SIAM CITY BANK: Gov't Pension Fund Acquires 40% Stake in Unit
THAI WAH: Chooses Not to Subscribe to Laguna Resorts' New Shares

     - - - - - - - -

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

AUSTRALIAN FLORIST: Creditors' Proofs of Debt Due on August 7
-------------------------------------------------------------
Australian Florist Sundries Pty Limited is accepting proofs of
debt from its creditors until August 7, 2007.

The company will declare dividend on August 21, 2007.

The company's deed administrator is:

         Robert Moodie
         c/o Rodgers Reidy
         Chartered Accountants
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia

                    About Australian Florist

Australian Florist Sundries Pty Limited, which is also trading
as Boxworks, is a distributor of die-cut paper and board.  The
company is located in Abbotsford, Victoria, Australia.


DOLSO CONSTRUCTIONS: Members Agree on Voluntary Liquidation
-----------------------------------------------------------
At an extraordinary general meeting held on June 29, 2007, the
members of Dolso Constructions Pty Ltd agreed to voluntarily
liquidate the company's business.

Trevor Mark Pogroske and Paul Andrew Billingham were appointed
as the company's liquidators at the creditors' meeting held
later that day.

The Liquidators can be reached at:

         Trevor Mark Pogroske
         Paul Andrew Billingham
         c/o Grant Thornton
         Chartered Accountants
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia

                   About Dolso Constructions

Dolso Constructions Pty Ltd is involved with nonresidential
construction.  The company is located in Greenacre, New South
Wales, Australia.


FLIGHT CENTRE: Pacific Equity Deal Fails After E&Y Report
---------------------------------------------------------
Australian travel agency Flight Centre Ltd. has abandoned plans
to sell a stake to buyout firm Pacific Equity Partners, the
International Herald Tribune reports.  This is the second time
this year that both companies have failed to complete a deal.

According to the Sydney Morning Herald, the controlling
shareholders of Flight Centre -- led by founder and managing
director Graham Turner -- terminated the deal after the release
of an independent expert's report that valued the business at
AU$300 million to AU$400 million more than the joint bid.

The deal involved plans for Flight Centre to sell its assets
into a venture with the buyout firm in return for AU1.1 billion,
or US$945 million, in cash.  According to SMH, Pacific Equity
was proposing to pay AU$195 million for Flight Centre's stake
and load up the bidding vehicle with AU$960 million of debt.

IHT notes that, under the deal, Flight Centre's shareholders
would have owned 70% and Pacific Equity 30%.  The bid valued the
current listed entity at around AU$17 a share.

The proceeds would have been used to pay cash to existing
investors who did not want to continue holding shares in Flight
Centre.

SMH says that Flight Centre's move stunned Pacific Equity, which
was left perplexed by the timing and the decision by their
partners not to engage in talks to keep the offer alive.

Flight Centre said in a statement that the Pacific Equity deal
was "neither fair nor reasonable," citing the report by Ernst &
Young.  The accounting firm, IHT recounts, estimated Flight
Centre's value at between AU$2 billion dollars and
AU$2.1 billion dollars.

According to SMH, Pacific Equity and its advisers only found out
that Mr. Turner and his fellow founders, who control 57% of
Flight Centre, intended to vote down the deal around 20 minutes
before the company alerted the stockmarket on Tuesday morning.

Egoli News relates that Flight Centre Chairman Bruce Brown said
that while the creation of a leveraged joint venture had the
potential to deliver significant benefits to the company and its
shareholders, it was also a highly complex and costly
transaction, and the value proposition had become considerably
less attractive for shareholders as a clearer picture of the
costs of the transaction emerged.

The company explained that costs and tax considerations in
particular, were now clearly a major concern and if the
transaction had proceeded would, apart from seeing the costs
rise to an unacceptable level, prevent the company from
returning a sufficient proportion of the cash proceeds to meet
the requirements of shareholders, Egoli notes.

Meanwhile, IHT points out, Flight Centre said that its board
will now examine other options for returning cash to
shareholders.


Headquartered at Brisbane, in Queensland, Australia, Flight  
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian    
owned and New Zealand-run independent retail travel group,  
guaranteeing the lowest prices on all airfares.  It had a  
turnover in excess of $3 billion worldwide and 18 years of  
consecutive profits until its shares plunged more than 8%  
following the announcement of its first ever annual profit  
decline.

The company, which in the past has reported spectacular results,
hit the wall in 2004-05 with two profit downgrades.  Flight
Centre announced 2004-05 profit of AU$67.91 million, down 17%
from the previous period.  Embattled Flight Centre then launched
a restructuring drive aimed at saving costs and began working
towards a turnaround in 2005/06 by focusing on ongoing
development of its four main networks.  It has implemented
changes to its customer relations programs, following a
comprehensive review of its other company initiatives.


FLIGHT CENTER: Expands FCm Travel Solutions to Middle East
----------------------------------------------------------
Flight Centre Limited has extended its network of corporate
travel and expense management providers by establishing an FCm
Travel Solutions office in Dubai.  

FCm Travel Solutions, which was established by Flight Centre in
2004, now operates in over 50 countries.  

Flight Centre is also planning to expand the business to three
more major regions including the Asia-Pacific, the UK, Europe,
Middle East and Africa region as well as the Americas.   

"Our presence in Dubai means we are now better placed to meet
the corporate travel needs of local businesses and also the
needs of international clients with commercial interests in this
important commercial hub," said Anthony Grigson, FCm Travel
Solutions' global executive general manager.

"Working with our existing network partner in the Middle East,
our Dubai office will have the capability to manage client needs
across all key areas of this region."

Headquartered at Brisbane, in Queensland, Australia, Flight  
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian    
owned and New Zealand-run independent retail travel group,  
guaranteeing the lowest prices on all airfares.  It had a  
turnover in excess of $3 billion worldwide and 18 years of  
consecutive profits until its shares plunged more than 8%  
following the announcement of its first ever annual profit  
decline.

The company, which in the past has reported spectacular results,
hit the wall in 2004-05 with two profit downgrades.  Flight
Centre announced 2004-05 profit of AU$67.91 million, down 17%
from the previous period.  Embattled Flight Centre then launched
a restructuring drive aimed at saving costs and began working
towards a turnaround in 2005/06 by focusing on ongoing
development of its four main networks.  It has implemented
changes to its customer relations programs, following a
comprehensive review of its other company initiatives.


FOOT LOCKER: Kicks Off Plans to Support Business Operations
-----------------------------------------------------------
Foot Locker Inc. has initiated several steps during the second
quarter that are designed to strengthen its business operations.   
Among those actions are:

  -- Merchandise Inventory Reduced through Aggressive Clearance
     Strategy

  -- Additional U.S. Stores Identified for Potential Early
     Closure

  -- More Aggressive Store Opening Plans Being Developed for
     Foot Locker Europe

  -- Senior Division Management Changes

The company updated its financial forecast for its second
quarter 2007 primarily to reflect the impact of the merchandise
inventory clearance activity.  As a result of that and other
actions, the company currently expects to report a loss in a
range of US$0.17-to-US$0.20 per share.  This range reflects
increased markdowns in the company's U.S. stores of
approximately US$55 million at cost, or approximately US$0.22
per share, versus the same period last year to liquidate slow-
selling merchandise.  The company's estimate for the second
quarter that was provided at the beginning of the period was net
income of US$0.15-to-US$0.20 per share.  The company also
updated its financial forecast for the second quarter to reflect
that its comparable-store sales are expected to decrease 7-to-8
percent.

"During the second quarter, we made the strategic decision to
liquidate slower-selling merchandise in our U.S. stores more
aggressively than we had planned at the beginning of the
quarter, with an objective of improving our inventory position
before the start of the fall season," stated Matthew D. Serra,
Foot Locker, Inc.'s Chairman and Chief Executive Officer.  "The
financial impact of implementing this important strategy was the
primary reason for the projected net loss for the second quarter
of 2007.  We expect our international units will produce a
double-digit division profit increase versus last year's
comparable period."

The company's financial position continued to strengthen during
the second quarter, as its cash position, net of debt, is
expected to increase by approximately US$50 million from the
same time last year.  Merchandise inventory at the end of the
second quarter is expected to be lower than at the same period
last year.  During the first six months of the year, the company
repurchased 2.3 million shares of its common stock for
US$50 million under a three-year US$300 million share repurchase
program.  Additional shares may be purchased this year based on
market conditions and other factors.

Through an extensive review of its store base, the company
identified a number of unproductive domestic stores that it is
pursuing to close over the next several months.  Depending on
the success in negotiating settlements with its landlords, a
total of up to 250 stores will be closed in 2007.  This is
approximately twice the number of stores that the company had
originally planned to close in 2007 and, as a result of this
action, it is expected that the profitability of the company's
U.S. store base will be enhanced, beginning in 2008.

At the same time, the company is in the process of developing
plans to open additional Foot Locker stores more aggressively in
the European and surrounding markets.  During 2008, the company
currently expects to open up to 30 new stores in this region
that will be managed by the Foot Locker Europe management team.

Three key management changes were also announced, effective
Aug. 6, 2007.  Keith Daly, currently President and CEO of Foot
Locker Europe since 2005, was promoted to President and CEO of
Foot Locker U.S. with responsibility for the company's Foot
Locker, Footaction and Kids Foot Locker stores in the U.S.
Mr. Daly will be replaced by Dick Johnson, who has been
President and CEO of Footlocker.com since 2003.  An executive
search is currently being conducted to identify a suitable
candidate to replace Mr. Johnson.  Dowe Tillema was promoted to
Executive Vice President of Footlocker.com and will continue in
his role as Chief Financial Officer of this division.

The company also confirmed that it had retained Lehman Brothers
as an advisor to work with the company to evaluate strategic
alternatives, including inquiries received from private equity
firms.

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and  
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services said its
ratings, including the 'BB+' corporate credit rating, on New
York City-based specialty footwear retailer Foot Locker Inc.
remain on CreditWatch with negative implications.  This rating
action follows the announcement that Genesco (BB-/Watch
Developing/--) accepted an offer from The Finish Line Inc. for
US$1.53 billion (US$54.50 per share) on June 18, 2007.  Foot
Locker made two bids for Genesco earlier this year, but they
were subsequently rejected after Genesco's board concluded the
proposals were not in the best interest of its shareholders.


FOOT LOCKER: Taps Lehman to Explore Strategic Options, WSJ Says
---------------------------------------------------------------
Foot Locker Inc. has retained Lehman Brothers Holdings Inc. to
advise it in strategic alternatives, including inquiries from
private-equity firms, The Wall Street Journal said on its Web
site yesterday.

The company, WSJ says, plans to reduce its U.S. inventory, close
more U.S. stores than expected and increase its presence in
Europe.

"Having taken a closer look, we realize it's something we should
do now to enhance our business," a company spokesman was cited
by WSJ as saying.

                      Failed Genesco Bid

In June 2007, in light of Genesco Inc.'s rejection of its
acquisition proposal, Foot Locker disclosed that it was no
longer pursuing its proposal.

The company confirmed that it had made a proposal to Genesco to
acquire all of the outstanding common stock of Genesco for
$51 per share.

In consultation with its financial advisor, Goldman Sachs & Co.,
the Board of Directors of Genesco considered the proposal and,
following a thorough review, unanimously rejected the proposal
having concluded that it was not in the best interests of
Genesco's shareholders.

The Board of Directors of Genesco invited Foot Locker to
participate in the company's process on the same terms as other
interested parties to date, but Foot Locker has declined to do
so.

                       S&P Takes Action

The failed Genesco Bid prompted Standard & Poor's Ratings
Services to retain its negative creditwatch on Foot Locker's
ratings including the company's 'BB+' corporate credit rating.

"The CreditWatch listing continues to reflect Standard & Poor's
concern that the range of matters for which Evercore Partners
was hired in 2006 could include shareholder-friendly initiatives
that could potentially weaken protection measures for
bondholders if there are changes in the company's financial
policy," said Standard & Poor's credit analyst David Kuntz.

                         About Genesco Inc.

Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE:GCO)
-- http://www.genesco.com/-- retails branded footwear, licensed  
and branded headwear, and wholesaler of branded footwear.  As of
June 9, 2006, it operated a total of 1,773 stores: 1,755 stores
throughout the United States and Puerto Rico, and 18 stores in
Canada.

                         About Foot Locker
     
Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.


GAINSBOROUGH STUD: Members' General Meeting Slated for August 18
----------------------------------------------------------------
A general meeting will be held for the members of Gainsborough
Stud (Australia) Pty Ltd on August 18, 2007, at 10:30 a.m.

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

The company's liquidator is:

         R. W. Whitton
         c/o Lawler Partners
         Charter Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000

                    About Gainsborough Stud

Gainsborough Stud (Australia) Pty Limited operates mining metal
ores.  The company is located in Sydney, New South Wales,
Australia.


MARCUS FLIMBY: Commences Liquidation Proceedings
------------------------------------------------
On July 3, 2007, the members and creditors of Marcus Flimby Pty
Limited had a meeting and agreed to voluntarily liquidate the
company's business.

The company's liquidator is:

         Danny Vrkic
         c/o Jirsch Sutherland & Co
         PO Box 573, Wollongong, New South Wales 2500
         Australia

                      About Marcus Flimby

Marcus Flimby Pty Limited, which is also trading as Thomas
Building & Landscaping, is a manufacturer of farm and garden
machineries.  The company is located in Hazelbrook, New South
Wales, Australia.


MERLOT CONSTRUCTIONS: To Declare Dividend on August 10
------------------------------------------------------
Merlot Constructions Pty Limited, which is in voluntary
liquidation, will declare dividend on August 10, 2007.

Creditors who cannot file their claims by August 9, 2007, will
be excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         P. Ngan
         c/o Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                   About Merlot Constructions

Merlot Constructions Pty Limited is a general contractor of
nonresidential buildings.  The company is located in Baulkham
Hills, New South Wales, Australia.


ONEIDA LTD: S&P Holds 'B' Corporate Credit Rating
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Oneida, New York-based Oneida, Ltd.  At the
same time, Standard & Poor's withdrew the 'B+' and '2' recovery
ratings on Oneida's proposed senior secured bank loan due 2014.
    
"This action follows the company's announcement that the deal
had been terminated due to market conditions," said Standard &
Poor's credit analyst Bea Chiem.
    
The outlook is negative.
    
The ratings reflect Oneida's high leverage, aggressive financial
policy, weak operating history, and vulnerability to changes in
consumer preference and potential declines in the foodservice
and/or leisure industries.  Leverage following the canceled
refinancing and proposed leveraged dividend remains high in the
4x area.  S&P expect the company to continue to pursue a more
aggressive financial policy over the near to intermediate term
and remain concerned with the company's ability to improve
operating margins and cash flow.

Headquartered in Oneida, New York, Oneida, Ltd. is a leading
marketer and distributor of tableware products, including
metalware, dinnerware, glassware and other tabletop accessories.
The company's key operations are in North America, U.K., Mexico,
Australia, and revenue is estimated to be about US$350 million.


SEA SKIFFS: Sets Members' Final Meeting for August 27
-----------------------------------------------------
A final meeting will be held for the members of Sea Skiffs Pty
Ltd on August 27, 2007, at 10:00 a.m., in PKF, Suite 301, Level
3, 304-318 Kingsway in Caringbah, New South Wales, Australia.

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

                        About Sea Skiffs

Sea Skiffs Pty Ltd is involved with manufacturing industries.  
The company is located in New South Wales, Australia.


STG PACIFIC: To Declare Interim Dividend on August 24
-----------------------------------------------------
STG Pacific Pty Ltd, which is in liquidation, will declare an
interim dividend on August 24, 2007.

Creditors who can file their claims by August 8, 2007, will be
included from sharing in the company's dividend distribution.

The company's liquidator is:

         C. Wykes
         Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000

                        About STG Pacific

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


SYDNEY ROAD: Members and Creditors to Meet on August 17
-------------------------------------------------------
The members and creditors of Sydney Road Services Pty Limited
will meet on August 17, 2007, at 10:00 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         P. Ngan
         Ngan & Co
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                       About Sydney Road

Sydney Road Services Pty Limited provides business services.  
The company is located in Seven Hills, New South Wales,
Australia.


TIMESAVERS-MINUTES: Placed Under Voluntary Liquidation
------------------------------------------------------
On June 29, 2007, the members of Timesavers-Minutes Matter Pty
Ltd met and resolved to voluntarily liquidate the company's
business.

Nicholas Crouch of Crouch Insolvency was appointed as
liquidator.

The Liquidator can be reached at:

         Nicholas Crouch
         c/o Crouch Insolvency, Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                    About Timesavers-Minutes

Timesavers-Minutes Matter Pty Ltd, which is also trading as
Suncoast Brodie Lighthouse, operates miscellaneous
homefurnishings stores.  The company is located in Buderim,
Queensland, Australia.


YOUNG DISTRICT: To Declare Priority Dividend on Aug. 24
-------------------------------------------------------
Young District Producers' Co-Operative Society Limited, which is
subject to a deed of company arrangement, will declare dividend
for priority creditors on August 24, 2007.

The company is accepting proofs of debt from its creditors until
August 8, 2007.

The company's deed administrator is:

         S. J. Parbery
         C. C. Hill
         MLC Centre, Level 46
         19 Martin Place, Sydney, New South Wales 2000
         Australia

                      About Young District

Young District Producers' Co-Operative Society Ltd is a
distributor of dried and dehydrated fruits, vegetables and soup
mixes.  The company is located in Young, New South Wales,
Australia.


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

AMERON (HONG KONG): Undergoes Voluntary Liquidation
---------------------------------------------------
On July 19, 2007, a special resolution was passed to voluntarily
wind up the company's operations.

Rainier Hok Chung Lam and John James Toohey were appointed as
liquidators.

The Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         Prince's Building, 22nd Floor
         Central
         Hong Kong


ANDREW CORP: Posts US$96 Million Net Loss in 2007 Third Quarter
---------------------------------------------------------------
Andrew Corporation reported total sales of US$546 million for
the third quarter fiscal 2007, compared to US$551 million in the
prior year third quarter.  Wireless Infrastructure sales were
US$523 million, compared to US$524 million in the prior year
third quarter, due to ongoing challenges in the North American
market, which were partially offset by strong growth in emerging
markets.

On a GAAP basis, the company reported a net loss of US$96
million, or US$0.61 per share for the third quarter, including
US$0.72 per share of significant items, compared to net income
of US$7 million, or US$0.04 per share, including US$0.05 per
share of significant items in the prior year third quarter.   
Excluding significant items, non-GAAP earnings were US$0.11 per
share for the third quarter, compared to US$0.09 per share for
the prior year third quarter.

"Andrew continued to benefit from record sales growth in several
emerging markets such as India, however, demand in the North
American market remained sluggish during our third quarter due
to ongoing weaker spending from a key operator and an original
equipment manufacturer (OEM) customer in this region," said
Ralph Faison, president and chief executive officer, Andrew
Corporation.  "Consistent with our comments throughout fiscal
2007, we have seen a reduction in sales from these two key
customers, and year-to-date, sales to these customers decreased
by approximately US$200 million year over year.  However, we are
confident that we have maintained our market position with these
customers and anticipate that they will increase their level of
spending in future periods.  Overall, we are pleased with the
sequential improvement in sales in the quarter, and our book-to-
bill as we entered our fourth quarter was positive."

Due to the significant losses generated by the Base Station
Subsystems segment in the first six months of fiscal 2007, the
company had previously determined that an indicator of goodwill
impairment existed as of March 31, 2007.  Based on the
completion of required "step-two" impairment testing, the
company recognized a non-cash goodwill impairment loss of US$108
million during the quarter.  The Base Station Subsystems segment
had approximately US$412 million of goodwill as of March 31,
2007.

"Our results in Base Station Subsystems have been significantly
impacted by customer consolidation over the past several
quarters," said Mr. Faison.  "While we believe that our customer
relationships and product technology in this segment will help
deliver sustainable improvement in future quarters, due to the
amount of recorded goodwill, recognizing an impairment loss was
required upon completion of our analysis.  We continue to strive
to generate an adequate return from all of our product lines and
anticipate that the pending transaction with CommScope will
provide further opportunity to continue to rationalize our
overall product portfolio."

                Third Quarter Financial Summary

Wireless Infrastructure sales decreased slightly to US$523
million from US$524 million due to weaker sales of certain base
station components, which was partially offset by strong demand
for antenna and cable products, the implementation of price
increases on cable products and a favorable foreign exchange
impact.

Total orders of US$568 million decreased 6% from the prior year
third quarter due mainly to a reduction in orders for active
products, which was partially offset by an increase in orders
for antenna and cable products.  Orders were down in North
America, partially offset by strong orders in Asia Pacific and
Latin America.  Ending backlog was US$312 million compared to
US$367 million in the prior year third quarter.

The company completed its transition from the Orland Park
facility to its new Joliet, Illinois cable facility during the
quarter.  Approximately US$5 million of relocation and start-up
costs were incurred during the quarter, which reduced gross
margin by approximately 90 basis points.  The total Joliet
relocation and start-up costs in the second and third quarters
were below the company's previous forecast by approximately US$3
million due to lower unabsorbed overhead than was originally
expected.  Gross margin was 20.7% in the third quarter.
Excluding these costs, non-GAAP gross margin was 21.6%, compared
to 22.1% in the prior year third quarter, primarily as a result
of a less favorable product line and geographic sales mix
significantly impacted by a year-to-date reduction of
approximately US$200 million in revenues from two key North
American customers.

Operating loss for the quarter was US$85.7 million, or (15.7)%
of sales, compared to operating income of US$18.0 million, or
3.3% of sales in the prior year third quarter.  Excluding
significant items, non-GAAP operating income for the quarter was
US$28.0 million, or 5.1% of sales, compared to US$27.6 million,
or 5.0% of sales, in the prior year third quarter.

Research and development expenses were US$29.0 million, or 5.3%
of sales, in the third quarter, compared to US$28.4 million, or
5.2% of sales, in the prior year third quarter.  Sales and
administrative expenses decreased to US$60.9 million, or 11.1%
of sales, in the third quarter, compared to US$65.6 million, or
11.9% of sales, in the prior year third quarter.  Sales and
administrative expenses decreased in absolute dollars and as a
percentage of sales due mainly to the company's sale of its
broadband cable business in April 2007, lower provisions for bad
debts and reduced incentive compensation.

Intangible amortization decreased to US$4.6 million in the third
quarter, compared to US$4.7 million in the prior year third
quarter and other expenses decreased to US$3.2 million in the
third quarter, compared to US$3.8 million in the prior year
third quarter.

Gain on sale of assets increased to US$6.0 million, compared to
US$0.3 million in the prior year third quarter due primarily to
a real estate transaction and a gain on the company's sale of
its broadband cable business to Andes Industries in April 2007.

The reported tax provision for the third quarter was US$6.8
million.  The tax provision for the third quarter was
unfavorably impacted by losses in the U.S. and Italy for which
the company cannot record current tax benefits.  Although the
company continues to experience losses in the U.S. and Italy,
there was a more favorable mix of earnings and losses by taxing
jurisdiction during the third quarter compared to the first half
of fiscal 2007.  The reported tax provision for the prior year
third quarter was US$7.3 million.

Average shares outstanding decreased to approximately 156
million from approximately 160 million in the prior year third
quarter primarily due to shares that have been repurchased by
the company.  The company has repurchased 4.4 million shares
over the last twelve months.

                      Goodwill Impairment

As a result of the significant losses generated by Base Station
Subsystems in the first six months of fiscal 2007, the company
determined that a potential indicator of impairment had occurred
and an interim test for impairment was required.  The company
performed "step one" of the goodwill impairment test, in
accordance with Statement of Financial Accounting Standards 142,
on this reporting unit as of March 31, 2007.  Based on that
test, the company determined that the fair value of the
reporting unit was less than the carrying value of its net
assets.  The company has completed "step two" of the impairment
test and has recognized a non-cash impairment loss of US$108
million in the third quarter to write down the carrying value of
goodwill.

             Balance Sheet & Cash Flow Highlights

Cash flow from operations was US$12.2 million in the third
quarter, compared to US$24.5 million in the prior year third
quarter.  Accounts receivable were US$552 million and days'
sales outstanding (DSOs) were 89 days at June 30, 2007, compared
to US$512 million and 90 days at March 31, 2007.  Inventories
were US$389 million and inventory turns were 4.5x at June 30,
2007, compared to US$398 million and 4.0x at March 31, 2007.   
Inventories decreased and inventory turns improved compared to
the prior quarter due partially to increased sales and the
completed relocation of the company's Orland Park, Illinois
facility to Joliet, Illinois.

Capital expenditures decreased to US$14.4 million in the third
quarter compared to US$17.7 million in the prior year third
quarter primarily due to the completion of two significant cable
and antenna facility moves during fiscal 2007.

Cash and cash equivalents were US$119 million at June 30, 2007,
compared to US$127 million at March 31, 2007.  Cash and cash
equivalents decreased from the prior quarter due mainly to the
reduction of approximately US$16 million in outstanding debt.

Total debt outstanding and debt to capital were US$351 million
and 19.6% at June 30, 2007, compared to US$366 million and 19.5%
at March 31, 2007.

                   Fiscal 2007 Sales Outlook

Due to the pending acquisition of Andrew by CommScope, Inc.
(NYSE:CTV), which was announced on June 27, 2007, the company is
providing the following sales guidance, but will not be
providing any other guidance.  Accordingly, previous estimates
of future financial or operational performance should be
considered obsolete.

Sales are now anticipated to range from US$2.15 billion to
US$2.20 billion for fiscal 2007, compared to the previous
guidance of US$2.20 billion to US$2.30 billion.  The revised
sales guidance is primarily due to anticipated continuation of
reduced spending by two key customers, compared to previous
expectations, in the fourth quarter.

                     About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                       *    *    *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on Aug. 10,
2006.


ASAT HOLDINGS: Receives Nasdaq Compliance Letter
------------------------------------------------
ASAT Holdings Limited, a global provider of semiconductor
package design, assembly and test services, received on July 30,
2007, a letter from the Nasdaq Staff stating that for the prior
30 consecutive business days, the bid price of the company's
American Depositary Shares had closed below the minimum US$1.00
per ADS requirement for continued inclusion on the Nasdaq
Capital Market as set forth in Nasdaq Marketplace Rule
4310(c)(4).

Therefore, in accordance with Marketplace Rule 4310(c)(8)(D),
the Company is being provided with 180 calendar days, until
January 28, 2008, to regain compliance with the Rule.  If at any
time before January 28, 2008, the bid price of the Company's
ADSs closes at US$1.00 per ADS or more for a minimum of 10
consecutive business days, the Nasdaq Staff will provide written
notification that the Company complies with the Rule.

If compliance with the Rule cannot be demonstrated by January
28, 2008, the Nasdaq Staff will determine whether the Company
meets the initial listing criteria for the Nasdaq Capital
Market, other than the bid price requirement.  If the Company
meets the initial listing criteria, the Nasdaq Staff will notify
the Company that it has been granted an additional 180 calendar
day period to regain compliance with the Rule.  If the Company
is not eligible for an additional compliance period, the Nasdaq
Staff will provide written notification that the Company's ADSs
will be delisted, and, at that time, the Company may appeal the
Nasdaq Staff's determination to delist to a Listing
Qualifications Panel.


ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.

ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and
flip chip.  ASAT was the first company to develop moisture
sensitive level one capability on standard leaded products.  The
Company has operations in the United States, Asia and Europe.  
Its Asian presence is in Hong Kong and China.

Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.


BALL CORP: Earns US$105.9 Million in Second Quarter 2007
--------------------------------------------------------
Ball Corporation reported second quarter earnings of US$105.9
million on sales of US$2.03 billion, compared to US$129.8
million in 2006 when second quarter results included a US$45.2
million after-tax gain for property insurance recovery from a
fire in a manufacturing facility in Germany.

For the first six months of 2007, Ball's earnings were US$187.1
million on sales of US$3.73 billion.  First half 2006 results,
which included the property insurance gain, were earnings of
US$174.2 million on sales of US$3.21 billion.

During the fourth quarter of 2006, Ball changed its method of
inventory accounting for certain inventories from the last-in,
first-out method to the first-in, first-out method.  Results for
2006 have been adjusted to reflect the accounting change.

"Operating earnings for both the second quarter and the first
half were up compared to a year ago," said R. David Hoover,
chairman, president and chief executive officer.  "Operating
earnings in all business segments except plastic packaging,
Americas, were ahead of last year through the first six months."

                      Operation Highlights

Earnings for the quarter in the metal beverage packaging,
Americas, segment were US$82.6 million on sales of US$816.7
million.

The metal food and household products packaging, Americas,
segment second quarter results were earnings of US$11.1 million
on sales of US$284 million, compared to US$4.8 million on sales
of US$295.2 million in 2006.

Earnings in the plastic packaging, Americas, segment for the
second quarter of 2007 were US$7.1 million on sales of
US$198.7 million, compared to US$8.8 million on sales of
US$197.5 million in 2006.

Earnings in the aerospace and technologies segment were
US$15.6 million on sales of US$194.1 million during the second
quarter of 2007, compared to US$8.3 million on sales of
US$175.4 million in the same period a year ago.

                            Outlook

Raymond J. Seabrook, executive vice president and chief
financial officer, said it now appears the company's planned
fourth quarter payment into its North American pension funds
will be smaller than earlier anticipated.

"Because of good pension asset performance, we believe the
amount needed to fund the North American pension plans to the
95% level will be in the range of US$45 million, or
US$27 million after-tax, rather than the US$70 million we
initially estimated," Mr. Seabrook said.

"We have been focused on free cash flow, as can be seen from our
results through the first half, and we now expect adjusted full-
year free cash flow to be at least US$400 million," Mr. Seabrook
said.  "The higher free cash flow estimate includes a forecast
of US$300 million for capital spending, net of insurance
recoveries. The increase in the capital spending estimate is
related in part to 2008 capacity additions for Europe, where we
are essentially sold out this year and next."

"The first six months of 2007 were the best half-year in Ball
Corporation's 127-year history in terms of sales and earnings,"
Hoover said.  "In recent years our second half performance
typically has been better than our first half, but this year we
do not expect that will be the case, though our overall outlook
remains positive.

"We will continue business integration activities to improve
our metal food and household products packaging segment.  We
expect both the metal food and household products packaging and
the plastic packaging segments to be much better in the second
half," Hoover said.  "We have several beverage can growth
opportunities internationally.  Our aerospace and technologies
segment has had a stellar first half of 2007, and the long-term
outlook for that segment is positive.

"We are working hard on the opportunities and challenges in
2007, and when the year is over, we believe that it will be
viewed as another excellent year for Ball Corporation," Mr.
Hoover said.

                         About Ball Corp.

Headquartered in Broomfield, Colorado, Ball Corporation
(NYSE:BLL) -- http://www.ball.com/-- is a supplier of high  
quality  metal and plastic packaging products and owns Ball
Aerospace & Technologies Corp., which develops sensors,
spacecraft, systems and components for government and commercial
customers.  The company employs 15,500 people worldwide.  The
company employs 15,500 people worldwide including Argentina,
Hong Kong, China, France, Germany, and the United Kingdom.

                          *     *     *

As of July 30, 2007, the company holds Moody's Ba1 long-term
corporate family rating, bank loan debt, senior unsecured debt,
and probability of default rating.  The outlook is stable.

Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB+ with a stable outlook.

Fitch also rates the company's bank loan debt at BB+ and long-
term issuer default rating and senior unsecured debt at BB.  The
outlook is stable.


BALLY TOTAL: Files Voluntary Chapter 11 Petitions
-------------------------------------------------
Bally Total Fitness Holding Corporation and 42 of its affiliates
has filed for voluntary Chapter 11 petitions on July 31, 2007,
to restructure their operations, improve operating results and
profitability, and restructure their balance sheet to reduce
indebtedness and cash interest expenses.

At the same time, Bally filed a joint prepackaged plan of
reorganization and accompanying disclosure statement.

The Plan of Reorganization, if consummated, will achieve a
consensual de-leveraging of Bally's balance sheet and permit the
Company to become a private company upon emergence from
bankruptcy.

The Plan includes, among other things, these key terms:

   * Bally will obtain a new US$292,000,000 senior secured
     credit facility.

   * Each holder of Prepetition Senior Notes would receive their
     pro rata share of new senior notes in the principal amount
     of US$247,337,500 with an interest rate of 12-3/8%.  On the
     effective date of the Plan, holders of the Senior Notes
     would receive a fee equal to 2% of the face value of their
     notes.  

     The Prepetition Senior Notes Indenture would be amended to,
     among other things, relax certain covenants and provide the
     Prepetition Senior Noteholders with a "silent" second
     lien on substantially all of the Company's assets.

   * Holders of Prepetition Senior Subordinated Notes would
     receive, in exchange for their claims:

        (i) New Subordinated Notes representing approximately
            24.8% of their claims,

       (ii) New Junior Subordinated Notes representing
            approximately 21.7% of their claims, and

      (iii) shares of stock representing, in the aggregate, 100%
            of the equity in reorganized Bally, subject to
            reduction for common stock to be issued to holders
            of certain other allowed claims.

     The New Subordinated Notes and New Junior Subordinated
     Notes would mature five years and nine months after the
     effective date of the Plan and would bear interest payable
     annually at 13 5/8% per annum if paid in kind or 12% per
     annum if paid in cash, at the option of the Company,
     subject to a toggle covenant based on specified cash EBITDA
     and minimum liquidity thresholds.

   * Holders of Senior Subordinated Notes would receive non-
     detachable rights to participate in a rights offering of
     Rights Offering Senior Subordinated Notes in the principal
     amount equal to roughly 27.9% of their claims, or
     US$90,000,000 in the aggregate.

     The Rights Offering Senior Subordinated Notes would rank
     senior to the New Subordinated Notes and New Junior
     Subordinated Notes but otherwise have the same terms.
     Holders of certain other claims against Bally will be given
     the opportunity to participate in the rights offering,
     which, if exercised, would generate incremental proceeds
     beyond the US$90,000,000 to be funded by electing Senior
     Subordinated Noteholders.

   * On June 27, 2007, Bally entered into a Subscription and
     Backstop Purchase Agreement with certain holders of its
     Senior Subordinated Notes, who have agreed to subscribe for
     their pro rata share of Rights Offering Senior Subordinated
     Notes and to purchase any Rights Offering Senior
     Subordinated Notes not subscribed for.  Bally will pay a
     fee to each backstop provider equal to 4% of its backstop
     commitment, subject to a rebate of approximately 80% of
     that amount if the Plan is consummated.

   * Bally expects to continue normal club operations during the
     restructuring process.  The Plan contemplates the payment
     in full of claims held by trade creditors in accordance
     with existing business terms.  

   * All existing equity would be canceled for no consideration.

Full-text copies of Bally's Plan and Plan-related Documents are
available for free at http://bankrupt.com/bally

                  Alternative Harbinger Proposal

On July 4, 2007, Harbinger Capital Partners Master Fund I, Ltd.,
Harbinger Capital Partners Special Situations Fund, L.P.,
Liberation Investments, L.P. and Liberation Investments, Ltd.
presented Bally with an alternative Chapter 11 restructuring
term sheet.

The parties engaged in extensive discussions, but ultimately
were unable to agree on terms for the Harbinger Capital
Documents.  In Bally's opinion, the final proposal made by
Harbinger Capital contained material conditions precedent to
closing as compared to those contained in the existing Plan and
related Plan documents, including a financing contingency, an
expanded scope of representations, warranties and operating
covenants and a broader "material adverse change" condition, as
well as a requirement that the Backstop Parties agree to support
the Harbinger Capital proposal.

Bally Total Fitness reported US$408,546,205 in total assets and
US$1,825,941,546 in total liabilities, on a consolidated basis,
as of June 30, 2007, according to papers filed in Bankruptcy
Court.

                    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.


BALLY TOTAL: Chapter 11 Database
--------------------------------
Bally Total Fitness' Chapter 11 Database

Debtor entities filing separate chapter 11 petitions:

   Entity                                            Case No.
   ------                                            --------
   Bally Total Fitness of Greater New York, Inc.     07-12395
   Bally Total Fitness Holding Corporation           07-12396
   Bally Total Fitness of Connecticut Coast, Inc.    07-12397
   BTF Cincinnati Corporation                        07-12398
   BTF Europe Corporation                            07-12399
   Bally Total Fitness of Connecticut Valley, Inc.   07-12400
   BTF Indianapolis Corporation                      07-12401
   BTF Minneapolis Corporation                       07-12402
   Bally Total Fitness of Colorado, Inc.             07-12403
   BTF/CFI, Inc.                                     07-12404
   Bally Total Fitness of California, Inc.           07-12405
   BTFCC, Inc.                                       07-12406
   BTFF Corporation                                  07-12407
   Bally Total Fitness International, Inc.           07-12408
   Greater Philly No. 1 Holding Company              07-12409
   Bally Total Fitness Franchising, Inc.             07-12410
   Greater Philly No. 2 Holding Company              07-12411
   Health & Tennis Corporation of New York           07-12412
   Bally Total Fitness Corporation                   07-12413
   Bally Sports Clubs, Inc.                          07-12414
   Holiday Health Clubs of the East Coast, Inc.      07-12415
   Bally ARA Corporation                             07-12416
   Holiday/Southeast Holding Corp.                   07-12417
   Bally Fitness Franchising, Inc.                   07-12418
   Bally Franchise RSC, Inc.                         07-12419
   Jack LaLanne Holding Corp.                        07-12420
   Bally Franchising Holdings, Inc.                  07-12421
   New Fitness Holding Co., Inc.                     07-12422
   Nycon Holding Co., Inc.                           07-12423
   Bally Real Estate I LLC                           07-12424
   Rhode Island Holding Company                      07-12425
   Bally REFS West Hartford, LLC                     07-12426
   Tidelands Holiday Health Clubs, Inc.              07-12427
   U.S. Health, Inc.                                 07-12428
   Bally Total Fitness of the Southeast, Inc.        07-12429
   Bally Total Fitness of the Midwest, Inc.          07-12430
   Bally Total Fitness of Toledo, Inc.               07-12431
   Bally Total Fitness of Minnesota, Inc.            07-12432
   Bally Total Fitness of Rhode Island, Inc.         07-12433
   Bally Total Fitness of Upstate New York, Inc.     07-12434
   Bally Total Fitness of Philadelphia, Inc.         07-12435
   Bally Total Fitness of the Mid-Atlantic, Inc.     07-12436
   Bally Total Fitness of Missouri, Inc.             07-12437

Chapter 11 Petition Date:  July 31, 2007      

Bankruptcy Court:    United States Bankruptcy Court
                     Southern District of New York
                     One Bowling Green
                     New York, New York 10004
                     Tel: (212) 688-2870

Bankruptcy Judge:    To be assigned  

Debtors' Lead
Bankruptcy Counsel:  David S. Heller, Esq.
                     Richard A. Levy, Esq.
                     Keith A. Simon, Esq.
                     Latham & Watkins LLP
                     5800 Sears Tower
                     233 S Wacker Dr.
                     Chicago, Illinois 60606
                     Tel: (312) 876-7700
                     Fax: (312) 993-9767

                     -- and --

                     Henry P. Baer, Jr., Esq.  
                     Joseph Furst, III, Esq.
                     John W. Weiss, Esq.
                     Latham & Watkins LLP
                     885 Third Avenue, Suite 1000
                     New York, New York 10022
                     Tel: (212) 906-1200
                     Fax: (212) 751-4864

Debtors'
Special Counsel:     Linda K. Myers, Esq.
                     Kirkland & Ellis
                     200 East Randolph Drive
                     Chicago, Illinois 60601

Debtors'
Management
Consultants:         AlixPartners

Debtors'
Financial
& Tax
Advisors:            Deloitte Financial Advisory Services LLP

Debtors'
Financial
Advisors:            Tatum, LLC


Debtors'
Investment Banker:   Jefferies & Company

Debtors' Notice,
Claims and
Balloting Agent:     Kurtzman Carson Consultants LLC
                     1180 Avenue of the Americas
                     Suite 1400
                     New York, New York 10036
                     Tel: (866) 381-9100
                     Fax: (310) 823-9133

Prepetition
Agent's Counsel:     Kenneth S. Ziman, Esq.
                     Elisha D. Graff, Esq.
                     J.T. Knight, Esq.
                     Simpson Thacher & Bartlett LLP
                     425 Lexington Avenue
                     New York, New York 10017

Prepetition
Noteholders
Committee's
Counsel:             Daniel H. Golden, Esq.
                     David H. Botter, Esq.
                     Akin Gump Strauss Hauer & Feld LLP
                     590 Madison Avenue
                     New York, New York 10022

Prepetition
Noteholders
Committee's
Financial Advisor:  Houlihan Lokey Howard & Zukin Capital, Inc.

U.S. Trustee:       Diana G. Adams
                    United States Trustee for Region 2
                    U.S. Department of Justice
                    Office of the United States Trustee
                    33 Whitehall Street, 21st Floor
                    New York, NY 10004-2111        
                    Tel: (212) 510-0500
                    Fax: (212) 668-2255

                    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.


BALLY TOTAL: 50 Largest Unsecured Creditors
-------------------------------------------
Entity                      Nature of Claim      Claim Amount
------                      ---------------      ------------
HSBC Bank USA, N.A.         9 7/8% Series B&D    US$321,618,229
Corporate Trust and         Senior Subordinated
Loan Agency                       Notes
Indenture Trustee                 
Robert Conrad
452 Fifth Avenue
New York, NY 10018-2706

U.S. Bank N.A.              10 1/2% Senior       US$246,309,375
Indenture Trustee           Unsubordinated
Patricia J. Kapsch             Notes
Assistant Vice President
60 Livingston Avenue
St. Paul, MN 55107
Tel: (651) 495-3960

Harry Schwartz              Professional Fees      US$2,096,649
10859 Emerald Coast
Parkway West, Unit #4-404
Destin, FL 32550
  
El Segundo Plaza, L.P.      Trade Debt             US$1,179,318
11101 Lakewood Boulevard
Downey, CA 90241

Grupo Gallegos              Trade Debt               US$846,312
Julie Beall
401 East Ocean Boulevard
6th Floor
Long Beach, CA 90802
Tel: (562) 256-3600

Vornado Forest Plaza, LLC   Trade Debt               US$705,833
c/o Skyline Mgt. Corp.
600 Old Country Rd,
Suite 425 Garden City,
NY 11530

750 Sunrise Associates      Trade Debt               US$640,556
c/o Allan Kozich
1220 Northeast 4th Avenue
Fort Lauderdale, FL 33304

The Morris Rochlin          Trade Debt               US$621,866
Trust UAD 3/3/94
613 Rue Du Lac
West Bloomfield, MI 48323

Jenner & Block LLP          Professional Fees        US$618,377
Jody Lucey
330 North Wabash Avenue
Chicago, IL 60611
Tel: (312) 222-9350

Rancon Realty Fund V        Trade Debt               US$600,087
Subsidiary LLC
P.O. Box 6022
Hicksville, NY 11802-6022

David Mandelbaum            Professional Fees        US$500,000
80 Main Street
West Orange, NJ 07052-5497

Cuyahoga County             Trade Debt               US$491,244
Real Estate Tax
James Rokakis
P.O. Box 94547
Cleveland, OH 44101-4547

California Personal         Trade Debt               US$421,984
Property Tax
P.O. Box 54027
Los Angeles, CA 90054-0027

119 Sixty Street LLC        Trade Debt               US$393,005
3611 North Kedzie Avenue
Chicago, IL 60618

TXU Energy                  Trade Debt               US$380,429
P.O. Box 660161
Dallas, TX 75266-0161

S&T Investments -           Trade Debt               US$376,144
Clearwater Partnership
c/o Boulder Venture
2226 State Road 580
Clearwater, FL 33763

Ozburn-Hessey Logistics     Trade Debt               US$367,707
Vivian Harris
P.O. Box 692192
Cincinnati, OH 45269-2192
Tel: (615) 880-4865

AT&T Corporation            Trade Debt               US$363,525
Opus Billing Department
P.O. Box 198401
Atlanta, GA 30384-8401
Tel: (800) 262-3589

H.E.C. Holding Company      Trade Debt               US$357,338
c/o Jay Stahler
50 Schrieffer
P.O. Box 1526
South Hackensack, NJ 7606

Bluemound Office Company    Trade Debt               US$347,917
c/o Dennis Klein
16985 West Bluemound Road
Brookfield, WI 53005

R.H. Construction and       Trade Debt               US$347,312
Dal-Tile
11720 Warfield
San Antonio, TX 78216

Starcom Worldwide Inc.      Trade Debt               US$341,278
Division of
Leo Burnett USA, Inc.
12076 Collections Center
Chicago, IL 60693

State of Texas              Trade Debt               US$325,000
Department of Licensing
and Regulation
P.O. Box  12157
Austin, TX 78711
Tel: (512) 463-5522

Standard Funding Corp.      Trade Debt               US$310,386
P.O. Box 9011
Syosset, NY 11791
Tel: (516) 364-0200

Conedison Solutions         Trade Debt               US$309,347
Jaf Station
P.O. Box 1702
New York, NY 10116-1702

Commonwealth Edison         Trade Debt               US$283,295
Bill Payment Center
Chicago, IL 60668

Woolbright Coral            Trade Debt               US$281,271
Springs II, LLC
c/o American Realty
Investors
598 Riverside Drive
Coral Springs, FL 33071

BMS Realty Company          Trade Debt               US$276,722
100 Cedar Avenue
Hewlett Bay Park, NY 11557

California SUI Tax          Trade Debt               US$276,344
Employment Development
P.O. Box 82604
Sacramento, CA 94230-6204

Bowne of Chicago            Trade Debt               US$248,100
P.O. Box 71857
Chicago, IL 60694-1857

Cook County Real Estate Tax Trade Debt               US$238,719
Cook County Collector
P.O. Box 641547
Chicago, IL 60664-1547

Michigan State Tax          Trade Debt               US$230,000
P.O. Box 79001
Detroit, MI 48279-1176

Florida Sales Tax           Trade Debt               US$219,497
5050 W. Tennessee St.
Tallahassee, FL 32399-6586

Texas Sales Tax             Trade Debt               US$216,866
Texas Controller's Office
111 E 17th St.
Austin, TX 78774-0100

Ernst & Young LLP           Trade Debt               US$209,100
Sears Tower, 233
South Wacker Drive
Chicago, IL 60606

Federal Taxes -             Trade Debt               US$204,374
Internal Revenue Service
P.O. Box 15083
Atlanta, GA 30348-5083

Southern California         Trade Debt               US$203,442
Edison Co.
P.O. Box 600
Rosemead, CA 91771

Orlando Partnership         Trade Debt               US$198,376
2226 State Road 580
Clearwater, FL 33763-1126

California Workmans Comp.   Trade Debt               US$189,387
Barlocker Insurance Co.
1330 S. Bascom Ave.
San Jose, CA 95218

Qwest                       Trade Debt               US$187,929
P.O. Box 91155
Seattle, WA 98111-9255

Ohio Workmans Compensation  Trade Debt               US$181,006
BWC State Insurance
Fund Corp
BWC State Insurance
Fund Corp Processing Dept
Columbus, OH 43271-0821

Sentry Insurance            Trade Debt               US$180,216
P .O. Box 88372
Milwaukee, WI 53288-0372

Washington Sales Tax        Trade Debt               US$179,308
WA Department of Revenue
P.O. Box 34052
Seattle, WA 98124-1052

W.W. Grainger Inc.          Trade Debt               US$177,982
Rob Rooney
Dept C-Pay-28F
Palatine, IL 60038-0002
Tel: (404) 496-9994

Pacific Gas & Electric Co.  Trade Debt               US$157,317
P.O. Box 997300
Sacramento, CA 95899-7300

The Analysis Group          Trade Debt               US$157,025
111 Huntington Ave
Boston, MA 02199

Verizon - Northwest         Trade Debt               US$153,965
P.O. Box 17577
Baltimore, MD 21297-0513

DTE Energy                  Trade Debt               US$152,820
P.O. Box 2859
Detroit, MI 48260-0001

Randolph Investment, LLC    Trade Debt               US$151,084
P.O. Box 149
Clayton, OH 45315

FPL                         Trade Debt               US$144,552
P.O. Box 997300
Sacramento, CA 95899-7300

                    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.


BALLY TOTAL: Files For Joint Administration of Cases
----------------------------------------------------
Pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy
Procedure, the Debtors ask the Court to authorize the joint
administration of their Chapter 11 cases under Case No. 07-12395
assigned to Bally Total Fitness of Greater New York, Inc.

Rule 1015(b) provides that if two or more petitions are pending
in the same court by or against a debtor and its affiliate, the
court may order a joint administration of the cases.

Don R. Kornstein, interim chairman and chief restructuring
officer of Bally Total Fitness Holding Corporation, says that by
jointly administering the Chapter 11 Cases:

   * the Debtors will be able to reduce fees and costs resulting
     from the administration of their cases, and ease the
     onerous administrative burden of having to file multiple
     and duplicative documents;

   * the Court will be relieved of the burden of entering
     duplicative orders and maintaining duplicative files; and

   * supervision of the administrative aspects of the Chapter 11
     cases by the Office of the United States Trustee will be
     simplified.

Mr. Kornstein says the rights of the Debtors' creditors will not
be adversely affected by the joint administration of the Chapter
11 cases because the Debtors request only administrative, not
substantive, consolidation of the estates.  Accordingly, all of
the Debtors' creditors will benefit from the reduced costs as a
result of the joint administration.

The Debtors propose that all pleadings and papers filed in their
cases will be captioned:

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
_______________________________________
In re:                                 ) Chapter 11
                                       )
  BALLY TOTAL FITNESS OF GREATER NEW   ) Case No. 07-12395
  YORK, INC., et al.                   )
                                       )
                     Debtors.          ) Jointly Administered
                                       )
_______________________________________

The Debtors ask the Court to include docket entries in each of
their Chapter 11 cases stating that the docket in Case No. 07-
12395 should be consulted for all matters affecting the their
cases.

Moreover, in the event that they are required to file reports,
the Debtors seek the Court's authority to file monthly operating
reports required by the Operating Guidelines and Financial
Reporting Requirements promulgated by the U.S. Trustee, on a
consolidated basis, if the Debtors determine, after consultation
with the U.S. Trustee, that consolidated reports would (i)
further result to administrative economy and efficiency without
prejudice to any party-in-interest, and (ii) accurately reflect
their consolidated business operations and financial affairs.

                    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.


BALLY TOTAL: Files Motion For Authority to Use Cash Collateral
--------------------------------------------------------------
Prior to the Petition Date, Bally Total Fitness Holding
Corporation borrowed money under an Amended and Restated Credit
Agreement dated October 16, 2006, arranged by JPMorgan Chase
Bank, N.A., as administrative agent for the lending parties, and
Morgan Stanley Senior Funding, Inc., as syndication agent.  As
of the Petition Date, the principal amount of the Debtors'
Prepetition Obligations was roughly US$284,000,000.

Under a Guarantee and Collateral Agreement, dated November 18,
1997, as amended, the Debtors granted JPMorgan for the benefit
of the Lenders, perfected, valid and enforceable first priority
liens and security interests on substantially all of their
assets to secure their obligations under the Prepetition Credit
Agreement.

According to Don R. Kornstein, Bally's interim chairman and
chief restructuring officer, the company is too highly
leveraged.

As of May 31, 2007, the Debtors' total consolidated debt,
excluding trade debt, was more than US$812,641,000:

                                       Amount Outstanding
                                       ------------------
   Prepetition Credit Agreement           US$284,000,000

   10-1/2% Senior Notes Due 2011          US$235,000,000

   9-7/8% Series B Senior Subordinated    US$300,000,000
     Notes and 9-7/8% Series D Senior
     Subordinated Notes due 2007

   Various capital leases                   US$8,520,000

   Other secured debt                       US$6,500,000

For the next 30 days following the Petition Date, the Debtors
estimate cash receipts and disbursements, net cash gain or loss,
and obligations and receivables expected to accrue but remain
unpaid, other than professional fees, on a consolidated basis,
to be:

                                        Estimated Amount
                                        ----------------
   Cash Receipts                           US$67,551,000
   Cash Disbursements                      US$62,873,000
   Net Cash Gain (Loss)                     US$4,678,000
   Unpaid Obligations                    US$57,538,00030
   Unpaid Receivables                   Not Applicable

The Debtors also expect to incur these expenses during the next
30 days:

                                        Estimated Amount
                                        ----------------
   Payroll to Employees                    US$22,200,000

   Payroll to Directors, Officers             US$860,000
     Stockholders and Partners

   Financial Consultants
     AlixPartners LLP                         US$375,000
     Jefferies & Company                      US$205,000
     Deloitte Financial Advisory              US$500,000
       Services LLP
     Deloitte Tax LLP                         US$250,000
     Tatum, LLC                                US$27,300

Mr. Kornstein says the Debtors require access to their cash and
the proceeds of existing accounts receivable to operate their
businesses and preserve their value as going concerns.  Without
immediate access to cash collateral, the Debtors' business
operations would grind to an almost immediate halt, which would
seriously jeopardize, and may destroy, the going concern value
of the Debtors' businesses, Mr. Kornstein explains.  Immediate
access to cash collateral will enable the Debtors to operate in
the ordinary course on a postpetition basis, Mr. Kornstein adds.

By this motion, the Debtors seek the Court's authority to use
the Prepetition Lenders' Cash Collateral and to provide adequate
protection to the Lenders in connection with the use of Cash
Collateral.

The Debtors also seek permission to use the Cash Collateral on
an interim basis pending final approval of their request.

Mr. Kornstein notes that the Debtors and JPMorgan have reached
an agreement regarding the Debtors' use of Cash Collateral
during the period from the date of entry of an interim order
until the earliest to occur of:

   (a) September 14, 2007;

   (b) consummation of a refinancing with proceeds sufficient to
       repay the Prepetition Obligations, any unpaid adequate
       protection obligations and any other unpaid amounts owing
       under the Interim Order in full; or

   (c) upon written notice by JPMorgan to the Debtors after the
       occurrence and continuance of any Event of Default.

                    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.


BALLY TOTAL: Files Motion For US$292MM Morgan Stanley DIP Loan
--------------------------------------------------------------
Don R. Kornstein, interim chairman and chief restructuring
officer of Bally Total Fitness Holding Corporation, relates that
the Debtors' reorganization efforts hinge on obtaining access to
postpetition and exit financing.  The Debtors, Mr. Kornstein
explains, require additional additional funds for working
capital necessary to allow them to, among other things, continue
operating their businesses in the ordinary course of business
during the Chapter 11 cases.

"[T]he Debtors must instill their employees, vendors, service
providers and members with confidence in the Debtors' ability to
seamlessly transition their business to chapter 11, operate
normally in that environment and ultimately to reorganize in a
successful and expedient manner," Mr. Kornstein says.

Beginning in June 2007, the Debtors and Morgan Stanley Senior
Funding, Inc., commenced negotiation of a proposed postpetition
facility to be entered into among Bally Total Fitness Holding,
as borrower, the other Debtors, as guarantors, Morgan Stanley or
one of its affiliates, as lead arranger and sole bookrunner, and
as administrative agent and collateral agent.

Morgan Stanley agreed to arrange a US$292,000,000 DIP facility
comprised of a US$50,000,000 revolving facility and a
US$242,000,000 term loan facility.

The Debtors decided to pursue the Morgan Stanley financing
proposal after undertaking a rigorous process under which they
solicited proposals from several well-known financial
institutions.  According to Mr. Kornstein, the Morgan Stanley
DIP Facility was particularly attractive to the Debtors because
it enables them to enter into an exit financing facility upon
consummation of their plan of reorganization in an identical
amount, with identical pricing, with no additional fees
whatsoever.  The revolver under the exit facility would have up
to a five-year term and the term loans up to a six-year term,
Mr. Kornstein says.

By this motion, the Debtors seek the Court's authority to obtain
postpetition secured financing from Morgan Stanley.

Pursuant to a Superpriority Secured Debtor-in-Possession
Financing Agreement among the parties, the DIP loan proceeds
will be used to:

   (a) repay obligations owed to the Debtors' prepetition
       secured lenders under their US$284,000,000 Amended and
       Restated Credit Agreement dated October 16, 2006, with
       JPMorgan Chase Bank, N.A., as administrative agent for
       the lenders party, and Morgan Stanley, as syndication
       agent; and

   (b) fund the Debtors' working capital and general corporate
       needs in Chapter 11.

The DIP Facility will terminate on the earlier of:

   (i) March 31, 2008;

  (ii) the effective date of a plan of reorganization in the
       Debtors' cases; and

(iii) the date on which the acceleration of the loans and the
       termination of the commitments in accordance with the
       DIP Facility occurs.

The Debtors' obligations under the DIP Facility will be:

   -- entitled to super-priority claim status in the Chapter 11
      cases;

   -- secured by a perfected first priority lien on all
      unencumbered property and assets of the Debtors;

   -- secured by a perfected junior lien on all property and
      assets of the Borrower that are subject to valid and
      perfected liens in existence on the Petition Date; and

   -- secured by perfected senior priming liens on all property
      and assets of the Debtors that secure obligations under
      the Prepetition Credit Facility, senior to the liens
      securing the Prepetition Credit Facility to the extent not
      repaid, and any liens that are junior to those liens.

The DIP Liens, however, are subject to a carve-out for:

   (a) United States Trustee fees payable pursuant to 28 U.S.C.
       Section 1930;

   (b) fees of the Clerk of the Bankruptcy Court;

   (c) fees of a Chapter 7 trustee of up to US$350,000 if a
       chapter 7 trustee is appointed; and

   (d) the payment of allowed and unpaid professional fees and
       disbursements incurred by the Debtors, the ad hoc
       committee of prepetition senior noteholders and
       prepetition senior subordinated noteholders, and any
       statutory committees appointed in the Chapter 11 cases.

Advances outstanding under the Revolving Credit Facility will
bear interest, at the Borrower's option, at either (a) the Base
Rate plus 100 basis points per annum or (b) at the LIBOR Rate
plus 200 basis points per annum.

Advances outstanding under the Term Loan Facility will bear
interest, at the Borrower's option, at either (a) the Base Rate
plus 325 basis points per annum or (b) at the LIBOR Rate plus
425 basis points per annum.  The Term Loan Facility will also be
subject to original issue discount of 1.5% -- that is, in
addition to the interest and fees and the fees set forth in a
Fee Letter, US$3,630,000 of the proceeds of the Term Loan
Facility will be paid to the Lenders.

The Debtors also seek the Court's permission to pay a variety of
fees to Morgan Stanley:

   1. a letter of credit fee under the Revolving Credit Facility
      payable quarterly at a rate of 200 basis points per annum
      times the amount of all outstanding letters of credit,
      minus a fronting fee;

   2. a letter of credit issuance fee -- plus bank issuance
      charges -- equal to 25 basis points of the face amount of
      all letters of credit;

   3. an Unused Revolving Credit Facility Fee of 0.50% times an
      amount equal to the difference between (a) US$50,000,000
      and (b) the sum of the amount of outstanding advances plus
      letters of credit issued under the Revolving Credit
      Facility;

   4. additional fees set forth in a Fee Letter dated June 29,
      2007, which is filed with the Court under seal.

During the continuance of an Event of Default, all obligations
will bear interest at the otherwise applicable rate plus 200
basis points per annum.

                    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.


BOCON INTERNATIONAL: Members to Hold General Meeting on Aug. 29
---------------------------------------------------------------
The members of Bocon International Limited will have their final
meeting on August 29, 2007, at 2:00 p.m., to hear 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


CHINESE BANK: FC Capital Buys Bad Debts for NT$2.73 Billion
-----------------------------------------------------------
Malaysia's FC Capital Management won an auction to take on bad
debts from Taiwan's failed lender, The Chinese Bank, for
NT$2.73 billion (US$83 million), Reuters reports, citing
Taiwan's top financial regulator.

According to the report, FC Capital's Taiwan branch outbid four
unidentified rivals in buying Chinese Bank's NT$7.66 billion of
non-performing loans.

Chinese Bank was delisted from the Taiwan stock exchange earlier
this year.

Chinese Bank had been taken over by the government after some
units of its parent group Rebar Group filed for bankruptcy,
Reuters relates.


Headquartered in Taiwan, The Chinese Bank is a subsidiary of
financially troubled Rebar Asia Pacific Group.

Taiwan Ratings Corp. lowered its counterparty credit ratings on
The Chinese Bank to SD (selective default) from twB-.  The bank
is currently under regulatory supervision.

The downgrade follows The Chinese Bank's recent default on
interest payments of several outstanding subordinated debentures
(total outstanding value of NT$806 million) issued after July
2005.  The subordinated debt obligations are not under
regulatory protection.

The Chinese Bank has been placed under regulatory supervision
since January 2007.  The regulator has assisted the bank to
serve most of its obligations, especially deposits, which
amounted to NT$177 billion or 95% of its total liabilities at
the end of December 2006.

An obligor is rated 'SD' (selective default) when it has failed
to pay one or more of its financial obligations (rated or
unrated).  An 'SD' rating is assigned when Taiwan Ratings
believes that the obligor has selectively defaulted on a
specific issue or class of obligations but it will continue to
meet its payment obligations on other issues or classes of
obligations in a timely manner.


CITIC PACIFIC: To Spin Off Wholly Owned Dah Chong Holdings
----------------------------------------------------------
CITIC Pacific Ltd's wholly owned unit, Dah Chong Hong Holdings
Ltd., has taken a key step toward listing on the Hong Kong
bourse, submitting an advance booking form for an application to
list, Reuters reports.

According to the company's statement with the Hong Kong Stock
Exchange, the proposed spin-off will involve the sale of
existing shares and new shares of the unit, which is engaged in
the motor vehicle and food commodity distribution businesses.

BNP Paribas Capital will be the unit's listing sponsor, the
statement said.

The proposed spin-off is still subject to shareholders' approval
and the proceeds from the share sale would be used to fund
future business development, Reuters relates.  The company gave
no further listing details.

Dah Chong Hong operations include motor vehicle sales and
vehicle-related services, as well as sales of food and consumer
products and the provision of logistics services.


Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.   
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


GLOBAL ONE: Taps Lee Siu Yin as Liquidator
------------------------------------------
At an extraordinary general meeting held on July 23, 2007, a
special resolution was passed to voluntarily liquidate Global
One Enterprises Limited.  Lee Siu Yin was then appointed as
liquidator.

The Liquidator can be reached at:

         Lee Siu Yin
         Henan Building, Room 1102, 11th Floor
         90 Jaffe Road, Wanchai
         Hong Kong


INH SERVICES: Liquidator to Give Wind-Up Report on August 28
------------------------------------------------------------
A final meeting will be held for the members and creditors of
INH Services (HK) Limited on August 28, 2007, at 10:00 a.m. and
10:30 a.m., on the 20th Floor of Prince's Building at 10 Chater
Road in Central, Hong Kong.

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


KAM MOON: Contributories to Hold Annual Meeting on Aug. 6
---------------------------------------------------------
The contributories of Kam Moon Tong Restaurant will have their
annual meeting on August 6, 2007, at 5:00 p.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held on Unit 301, 3rd Floor of Malaysia
Building at 50 Gloucester Road in Wanchai, Hong Kong.


LOYAL BUSINESS: Creditors & Contributories to Meet on August 6
--------------------------------------------------------------
The contributories and creditors of Loyal Business Limited will
have their annual meeting on August 6, 2007, at 6:00 p.m. and
6:15 p.m., respectively, to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on Unit 301, 3rd Floor of Malaysia
Building at 50 Gloucester Road in Wanchai, Hong Kong.


SPIDER TEXTILES: Sets Final Meeting for August 30
-------------------------------------------------
Spider Textiles Limited will hold a final general meeting on
August 30, 2007, at 10:30 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The meeting will be held on Level 28 of Three Pacific Place at 1
Queen's Road East, Hong Kong.


SUN WONG: Sets Annual Meeting for August 6
------------------------------------------
Sun Wong Seafood Hotpot Restaurant will hold an annual meeting
for its contributories and creditors on August 6, 2007, at 6:00
p.m. and 6:15 p.m., respectively, on Unit 301, 3rd Floor of
Malaysia Building at 50 Gloucester Road in Wanchai, Hong Kong.

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


YAT WAH: Court to Hear Wind-Up Petition on Sept. 5
--------------------------------------------------
A petition to wind up the operations of Yat Wah R.M.C.
Geotechnology Company Limited will be heard before the High
Court of Hong Kong on Sept. 5, 2007, at 9:30 a.m.

Pang Hung Po presented the wind-up petition against the company
on June 29, 2007.


* Rise in Risk Spread to Impede Fund Drives of Weak Banks
---------------------------------------------------------
The debt-raising capacity of Taiwan banks should gradually
diverge in the second half of 2007 because of rising risk
awareness in the debenture market.  That's according to a report
titled "Financial Institutions Rev Up Taiwan's Debt Markets,"
published today by Taiwan Ratings Corp., a subsidiary of
Standard & Poor's Ratings Services.

"The collapse of the Rebar Asia Pacific Group and concerns that
the regulator may take over more weak banks led the market to
increasingly favor more creditworthy institutions in the first
half of 2007," said credit analyst Eunice Fan.  "Risk premiums
on debenture issues are therefore likely to widen among domestic
banks, which in turn will affect their debt-raising capacity and
funding costs."

After a quiet start, debt issuance by Taiwan's financial
institutions is likely to rev up over the remainder of 2007.
Banks have largely been absent from the market since 2006, when
they aggressively issued subordinated debentures to enhance
their capitalization before the implementation of Basel II. But
now they're likely to return to boost their capital bases and
lock in lower long-term funding costs ahead of possible interest
rate hikes.

"Financial holding companies have had little need to raise new
debt this year, given the dearth of major M&A activity in
Taiwan's financial services sector, and that situation isn't
likely to change anytime soon," said Ms. Fan.


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

GENERAL MOTORS: Earns US$891 Million in Second Quarter 2007
-----------------------------------------------------------
General Motors Corp. has released its preliminary financial
results for the 2007 second quarter, marked by record automotive
revenue driven by strong sales in key growth markets, improved
net income, and solid operating cash flow.

GM reported net income of US$891 million for the second quarter
of 2007, an improvement of US$4.3 billion compared with a
reported net loss of US$3.4 billion in the year-ago quarter.

The results for the second quarter 2007 included US$520 million
in net special items, including US$374 million in charges
associated with GM's support of the bankruptcy and
reorganization of Delphi and various GM North America  
restructuring-related charges.

GM posted 2007 second-quarter adjusted net income, excluding
special items, of US$1.4 billion compared to US$1.1 billion in
the year-ago quarter.

"We again saw improved results in sales, income and cash flow
this quarter, driven by the continued successful implementation
of our business strategies," said GM Chairman and CEO Rick
Wagoner.  "In particular, our heavy commitment to key growth
markets around the world really paid off in strong growth and
earnings.  In North America we continue to make progress with
our focus on great new products, a disciplined sales and
marketing strategy, and structural cost reduction, although
profitability remains close to break even."

                    GM Automotive Operations

GM's global automotive net income from continuing operations
totaled US$764 million on an adjusted basis in the second
quarter of 2007 (reported net income from continuing operations
of US$618 million), compared to an adjusted net income of
US$367 million (reported net loss from continuing operations of
US$3.48 billion) in the second quarter 2006.  Results for GM's
automotive operations, specifically GMNA, exclude Allison
Transmission which is now classified as a discontinued operation
and an asset held for sale, pending the close of the previously-
announced sale transaction.

GM's global sales volume surpassed 2.4 million units in the
second quarter, up marginally from the same quarter a year ago.  
Global market share was down slightly at 13.3 percent, compared
to 13.7 percent in the year-ago period, driven by a softer U.S.
market, a reduction in fleet sales, and a disciplined incentive
strategy.  GM market share outside of North America increased to
9.4 percent in the second quarter 2007, compared to 9.2 percent
in the second quarter 2006.

GMNA had adjusted net income from continuing operations of
US$78 million in the second quarter 2007 (reported net loss from
continuing operations of US$39 million), compared to adjusted
net loss of US$94 million from continuing operations (reported
net loss from continuing operations of US$3.95 billion) in the
second quarter 2006.  The net income improvements reflect
favorable mix and reduced structural costs.  These savings were
partially offset by lower volume, favorable policy and warranty
adjustments in the prior-year period and unfavorable foreign
exchange.

"It's true that our North America team has made huge
improvements, and we appreciate everyone's hard work.  But our
current earnings clearly demonstrate we've got more to do,"
Mr. Wagoner said.

"We remain focused on growing revenue in North America by
introducing great new cars and trucks, and enhancing our
revitalized sales and marketing strategy.  At the same time, we
must continue to address our key areas of cost disadvantage such
as healthcare.  Going forward, we need to generate adequate
profitability and cash flow to fund new product and key
technology investments, like bio-fuel and hybrid-powered
vehicles, to better position our business for sustainable
growth." Mr. Wagoner added.

GM Europe posted adjusted net income of US$236 million for the
quarter (reported net income of US$217 million), compared to
US$143 million in the second quarter of 2006 (reported net loss
of US$39 million).  The results mark the best quarterly
performance for GME since the second quarter of 1996.  The
improved earnings were driven by favorable pricing, combined
with solid structural cost performance associated with the
region's ongoing restructuring.

Despite industry pressures in Germany, Europe's largest vehicle
market, GME set a quarterly sales record of 574,000 units, up
five percent over the second quarter 2006.  The new Opel Corsa
small car and the Chevrolet Captiva compact SUV continued to
perform especially well.  In addition, GME's multi-brand
strategy continues to gain momentum. Chevrolet had record sales
of 115,000 units, up 34 percent.  GME growth in key Eastern
European markets was strong, especially in Russia, where unit
sales were up 106 percent over the second quarter 2006, and
share was up 3.9 percentage points.

GM Asia Pacific recorded adjusted net income of US$237 million
in the second quarter (reported net income of US$227 million),
which marks a second-quarter net income record for the region,
and compares with US$164 million in the same quarter a year ago
(reported net income of US$376 million, which included US$212
million from the sale of GM's equity interest in Isuzu).  The
improvements were largely driven by strong performance at GM
Daewoo and GM China.  GM enjoyed eight percent sales growth in
the Asia Pacific region, and GM China set a new volume record
with 234,000 units in the quarter, up over six percent year-
over-year.  GM sales in South Korea were up 20 percent, and
India was up 46 percent aided by the success of the newly-
introduced Chevrolet Spark.

GM Latin America, Africa and Middle East continued to leverage
explosive regional growth and its traditionally strong position
in the region.  The group posted its best quarterly net income
in a decade with adjusted earnings of US$213 million (reported
net income also US$213 million), compared to US$155 million in
the same quarter last year (reported net income of
US$139 million).  Improvements in net income were driven
primarily by volume growth and favorable pricing. It set a
volume record for the quarter, selling over 293,000 units, up 20
percent year-over-year.  GM sales performance was highlighted by
an all-time sales record in Venezuela, and second quarter
records in Argentina, Brazil, Chile, Colombia, Egypt, and the
Middle East Operations.

"As we head into the second half of the year, we're optimistic
about continued growth prospects in key emerging markets.  In
the U.S., the economy and auto market outlook remains
challenging, but we'll continue our future product and
technology investments, while staying focused on growing our
revenue and improving our cost competitiveness," Mr. Wagoner
said.  "We look forward to the U.A.W. negotiations as an
opportunity to continue to address issues that are important to
the company, the union and our employees."

In addition to strong year-over-year performance in automotive
operations, GM also recognized adjusted net income of
US$401 million in Corporate Other and Other Financing (reported
net income of US$27 million).  This represents a US$517 million
improvement over the second quarter 2006, principally related to
reductions in income tax contingencies.

                            GMAC

As a standalone company, GMAC Financial Services reported net
income of US$293 million for the second quarter 2007, compared
to US$787 million in the second quarter 2006 which included a
one-time gain on the sale of a regional homebuilder of
US$259 million.  GM recognized US$139 million in net income
attributable to GMAC as a result of its 49 percent equity
interest as well as accrued preferred dividends.  Financial
performance at GMAC represents a US$598 million improvement over
the first quarter 2007, which was significantly affected by
pressures in the U.S. nonprime mortgage market.

"We're pleased that GMAC returned to profitability in the second
quarter, with significantly better results than the first
quarter.  GMAC's auto financing and insurance businesses
continues to post strong results while the company continues to
progress in addressing the challenging conditions in the
residential mortgage market," Mr. Wagoner said.

GMAC's automotive finance, insurance and other operations,
excluding Residential Capital, LLC (ResCap), generated more than
twice the net income of these same operations in the year-ago
period.  Despite continued challenges in the residential
mortgage industry, ResCap significantly reduced losses in the
second quarter.

                       Cash and Liquidity

GM generated adjusted operating cash flow of US$1.1 billion in
the second quarter of 2007, up from US$600 million in the year-
ago quarter, and continues to maintain a strong liquidity
position.

Cash, marketable securities, and readily-available assets of the
Voluntary Employees' Beneficiary Association trust totaled
US$27.2 billion as of June 30, 2007, up from US$24.7 billion on
March 31, 2007.  The balance includes US$1.4 billion net cash
raised through a convertible debt offering in May 2007, which
replaced US$1.1 billion in convertible debt that was redeemed in
March 2007.

As announced in June 2007, the sale of the Allison Transmission
business will further bolster GM's liquidity, with proceeds of
approximately US$5.6 billion.  The sale is expected to close in
the third quarter 2007.

                      About General Motors

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

                         *     *     *

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

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


HMT LIMITED: Discloses Three New Appointments to Board
------------------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, HMT
Limited disclosed three new appointments to its board:

   1. Dr. Surajit Mitra has been appointed as Part-time Official
      Director on the board via Presidential Order dated
      March 6, 2007;

   2. K. Kipgen has been appointed as Part-time Non-Official
      Director on the board vide Presidential Order dated
      June 26, 2007, for a period of three years with effect
      from June 26, 2007 or until further orders whichever is
      earlier.

   3. S. K. Kampasi, Group General Manager (Finance), has been
      appointed as Director (Finance), of the company, vide
      Presidential Order dated July 12, 2007, for a period of
      five years with effect from July 12, or until the date of
      his superannuation, or until further orders, whichever is
      earlier.

As reported yesterday in the Troubled Company Reporter-Asia
Pacific yesterday, HMT posted a net loss of INR109.10 million on
revenues totaling INR260.60 million in the quarter ended
June 30, 2007,

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.


HOUSING URBAN DEV'T: Fitch Affirms BB+ & B Foreign Currency IDRs
----------------------------------------------------------------
Fitch Ratings, on August 1, 2007, assigned a National Long-term
Rating of 'AA(ind)' to the proposed INR35 billion senior bonds
to be issued by Housing & Urban Development Corporation Limited
(HUDCO), during the financial year to-end March 2008.  The
agency has also assigned National Short-term Rating of
'F1+(ind)' to the INR10bn short-term debt that HUDCO plans to
issue in FY08.  In June 2007, Fitch had affirmed HUDCO's Long-
term Foreign Currency Issuer Default Rating at 'BB+', Short-term
Foreign Currency IDR at 'B', Support Rating at '3' and Support
Rating Floor at 'BB+'.  The agency had also affirmed the
National Long-term Rating of 'AA(ind)' and the National Short-
term Rating of 'F1+(ind)'.  The Outlook on the ratings remains
Stable.

The ratings reflect the expectation of continued support from
the government of India, given HUDCO's public policy role in
financing urban infrastructure and low-cost housing in India.
Over 80% of HUDCO's loans are either issued to state government
departments or carry guarantees from state governments; the
resulting concentration risk to entities with relatively weak
financials results in non-performing loan ratios that are higher
than commercial banks in India.  Nevertheless, the close working
relationship with the government helps in loan recoveries and
Fitch understands that HUDCO has not registered any losses on
its state government guaranteed portfolio as yet.

HUDCO is a wholly-owned enterprise of the Government of India
engaged in financing urban infrastructure (65% of total loans at
FYE06) and the housing needs of primarily weaker sections of
society.


ICICI BANK: Shareholders OK Securities Offering Up to INR1.5BB
--------------------------------------------------------------
At ICICI Bank Ltd's 13th Annual General Meeting held on July 21,
2007, its shareholders backed up plans to raise funds by
offering in the domestic and international markets securities
with an aggregate face value not exceeding INR1.5 billion,

During the meeting, the shareholders also approved of the bank's
declaration of dividend on preference and equity shares, and of
these appointments:

   -- Reappointment of N. Vaghul, Anupam Puri, M. K. Sharma,
      Prof. Marti G. Subrahmanyam as directors.

   -- Appointment of BSR & Company, Chartered Accountants, as
      the company's statutory auditors, to hold office from the
      conclusion of the meeting until the conclusion of the next
      AGM.

   -- Appointment of V. Vaidyanathan, Madhabi Puri-Buch as
      directors of the company, in respect of whom the company
      has received notices in writing along with a deposit of
      INR500 for each notice, from some of its members proposing
      him as a candidate for the office of directors under the
      provisions of section 257 of the Companies Act, 1956.

   -- Appointment of V. Vaidyanathan as a wholetime Director
      (designated as Executive Director), effective Oct. 24,
      2006 up to Oct. 23, 2011.

   -- Appointment of Madhabi Puri-Buch, as a whole time Director
      (designated as Executive Director) of the company,
      effective June 1, 2007, up to May 31, 2012.

The shareholders also approved the revision of the company's
Articles of Association by requiring a person or group who wants
to take in the total holding in the bank to 5% or more to have
the Reserve Bank of India's prior approval.

                        About ICICI Bank

India-based ICICI Bank Ltd -- http://www.icicibank.com/-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

The bank has operations in Russia and the United States.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


INDUSTRIAL DEV'T. BANK: Shareholders Agree to INR1.5 Dividend
-------------------------------------------------------------
The shareholders of the Industrial Development Bank of India
Ltd, at its third annual general meeting, has agreed to the
bank's declaration of dividend for the financial year 2006-2007
at INR1.50 per equity share on the fully paid up equity capital,
a filing with the Bombay Stock Exchange reveals.

During the meeting, the members also accorded to the:

   -- Adoption of the bank's Balance Sheet as at March 31, 2007,
      and Profit & Loss Account for the year ended on March 31,
      2007, of the bank, and the related reports of the
      directors and auditors.

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

   -- Appointment of M/s. Khimji Kunverji & Co. and M/s. Suresh
      Chandra & Associates as joint statutory auditors of the
      bank for the financial year 2007-08.

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

                          *     *     *

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


KDL BIOTECH: Turns Around With INR4.37-Mil. Profit in 1Q FY2008
---------------------------------------------------------------
KDL Biotech Ltd. recorded a net profit of INR4.37 million on
revenues of INR352.96 million in the first quarter ended
June 30, 2007.  The bottom line is a turn around from the net
loss of INR20.23 million on revenues of INR276.16 million booked
in the same quarter in 2006.

The company's expenditures rose from INR263.09 million in the
April-June 2006 quarter to INR311.51 million in the latest
quarter under review, which brings the operating profit to
INR41.45 million.

Interest charges of INR19.85 million, depreciation aggregating
INR17.17 million and taxes of INR70,000 were booked in the
April-June 2007 quarter.

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?2202

Headquartered in Maharashtra, India, KDL Biotech Ltd. --
http://www.kdlbiotech.com/-- manufactures biotechnology-based  
products.  The Group specializes in Semi-synthetic Penicillin
and related Enzymes.  KDL Biotech has a joint venture with
Synpac Pharmaceuticals to develop Penicillin-related products.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
reaffirms the 'D' rating of KDL Biotech's INR6.7-million Non
Convertible Debenture Issue.


NAGARJUNA FERTILIZERS: Earns INR71.5 Mil. in Qtr. Ended June 30
---------------------------------------------------------------
Nagarjuna Fertilizers & Chemicals Ltd. reported a net profit of
INR71.5 million in the quarter ended June 30, 2007, a slight
decrease from the INR76.9 million earned in the corresponding
period last year.

Total income rose 2% from INR2.96 billion in the three months
ended June 30, 2006, to INR3.02 billion in the April-June 2007
quarter.  Expenditures in the current quarter under review total
just about the same at INR2.24 billion, bringing the operating
profit to INR777.3 million.  Expenditures include:

   (Increase)/Decrease in stock: INR(875.30)million
   Consumption of raw materials: INR1.18 billion
   Power and Fuel: INR688.10 million
   Purchases - Traded Products: INR593.3 million
   Staff Costs: INR118 million
   Transport & Handling: INR238 million
   Other expenditure: INR295 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?2204

Headquartered in Andhra Pradesh, India, Nagarjuna Fertilizers &
Chemicals Ltd. -- http://www.nagarjunafertilizers.com/--
manufactures and distributes ammonia, urea and several plant
protection products that consist of herbicides, insecticides and
fungicides.  The Company also sells fertilizers, seeds and
provides assistance of cultivation practices, pest control and
planting destiny.

The company's Senior Unsecured Debt and Fixed Deposit carry
Credit Analysis and Research Limited's 'D' ratings.


ORIENTAL BANK OF COMMERCE: Net Profit Up 48% in 1st Qtr. FY2008
---------------------------------------------------------------
Oriental Bank of Commerce's net profit for the three months
ended June 30, 2007, jumped 48% to INR1.39 billion compared to
the net profit booked in the same period last year.

The improved bottom line is attributable to rising revenues.
Total income has increased from INR13.04 billion in the quarter
ended June 30, 2006, to INR16.80 billion in the April-June 2007.  
Expenditures also increased to INR13.55 billion, bringing the
bank's operating profit to INR3.25 billion.

In a note to quarterly financial results filed with the Bombay
Stock Exchange, the bank said that the excess of liabilities
over assets taken over amounting to INR12.26 billion of
erstwhile Global Trust Bank Ltd. pursuant to amalgamation has
been debited to an account titled "Amalgamation Adjustment
Account" and included under "Other Assets."  OBC has been
writing off the intangible asset Amalgamation Adjustment Account
equally over a period of five years commencing from the year
ended March 31, 2006.  Accordingly, the bank has written off
INR7.99 billion up to June 30, 2007, and the balance lying in
Amalgamation Adjustment Account is INR4.26 billion.

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

              http://ResearchArchives.com/t/s?2205

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

                          *     *     *

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

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


SUN MICROSYSTEMS: Earns US$329 Million in Quarter Ended June 30  
---------------------------------------------------------------  
Sun Microsystems Inc. reported financial results for its fourth  
quarter and full fiscal year, which ended June 30, 2007,  
exceeding its operating margin target, improving gross margin  
and delivering another sequential quarter of profit.  

Net income for the fourth quarter of fiscal 2007 on a GAAP basis  
was US$329 million, or US$0.09 per share on a diluted basis.    
For the full fiscal year, net income was US$473 million, or  
US$0.13 per share, on a diluted basis, as compared with a net  
loss of US$864 million, or (US$0.25) per share, for fiscal 2006.  

Revenues for the fourth quarter of fiscal 2007 were US$3.835  
billion.  For the full fiscal year, the Company reported  
revenues of US$13.873 billion, an increase of 6.2 percent over  
fiscal year 2006.  Total gross margin as a percent of revenues  
for the fourth quarter was 47.2 percent, and gross margin for  
the full fiscal year was 45.2 percent, an increase of 2.1  
percentage points over fiscal year 2006.  Operating margin for  
the fourth quarter was 8.5 percent.  

Cash generated from operations for the fourth quarter of fiscal  
2007 was US$564 million, and cash and marketable debt securities  
balance at the end of the quarter was approximately US$5.9  
billion.  

"With a solid strategy and consistent execution, we delivered on  
our commitment to achieve at least 4 percent operating margin in  
the fourth quarter.  This milestone marks significant progress  
toward our longer-term growth plan of at least 10 percent  
operating margin for the full fiscal year 2009," said Jonathan  
Schwartz, president and CEO of Sun Microsystems.  "The  
Solaris(TM) 10 Operating System continues to fuel opportunity  
for us and our partners, allowing customers to leverage built-in  
virtualization to harvest more value from their datacenters,  
without the unnecessary expense of separate software licenses."  

Headquartered in Santa Clara, California, Sun Microsystems Inc.  
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network     
computing infrastructure solutions that include computer  
systems, data management, support services and client solutions  
and educational services.  It sells networking solutions,  
including products and services, in most major markets worldwide  
through a combination of direct and indirect channels.    

Sun Microsystems conducts business in 100 countries around the  
globe India.  

                       *     *     *  

Moody's Investors Service confirmed its Ba1 Corporate Family  
Rating for Sun Microsystems Inc. in connection with Moody's  
Investors Service's implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology for the U.S.
Technology Hardware sector.  

Sun Microsystems, Inc.'s 7.65% Senior Notes due Aug. 15, 2009,  
carry Moody's Investors Service's Ba1 rating and Standard &  
Poor's BB+ rating.  


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

AVNET INC: Enters Agreement for Magirus Group Acquisition
---------------------------------------------------------
Avnet Inc. has entered into a definitive agreement to acquire
the European Enterprise Infrastructure Division of value-added
distributor Magirus Group.  With annual revenues of
approximately US$500 million, the acquired business will be
integrated into the European operations of Avnet Technology
Solutions, the IT distribution group of Avnet, Inc.  The
agreement covers the distribution of servers, storage systems,
software and services of IBM and Hewlett-Packard to resellers in
seven European countries and Dubai.  With this transaction,
Magirus is exiting the IBM and HP enterprise business and will
in the future concentrate on building other segments of its
business.

Subject to customary regulatory approval, the transaction is
expected to close in October 2007 and the business integration
is expected to be complete by June 2008.  This acquisition     
brings Avnet approximately 140 talented employees responsible
for marketing and sales in Austria, Denmark, Germany, Italy,
Sweden, Switzerland, the United Kingdom and Dubai, along with
1300 established value-added reseller customers.  The
transaction is expected to meet the company's stated return-on-
capital-employed goal and should be accretive to Avnet's
earnings per share by roughly 8 cents in calendar 2008.

Roy Vallee, Avnet's chairman and chief executive officer,
commented, 'With this acquisition, Avnet Technology Solutions
will be the largest value-added distributor for enterprise
solutions in Europe.  This strategic investment in our
Technology Solutions business in EMEA is consistent with our
stated desire to expand our successful TS business model
globally.'

'This acquisition significantly expands our presence and product
offerings with both IBM and HP in Europe,' said Dick Borsboom,
president of Avnet Technology Solutions, EMEA.  'Not only does
this acquisition broaden our geographic coverage, it also
enhances our market position by combining the strengths of both
organizations.  For example, whilst Magirus addresses the high-
end server market with HP solutions in Germany, Avnet has until
now focused on Intel-oriented server resellers, along with
storage and monitors in that country.  Combining the two
organizations gives customers the benefit of being able to
select the solution that best meets their needs and gives Avnet
a much broader reseller base to grow with.  In Austria,
Switzerland, Denmark, Italy and Dubai, Avnet will be adding HP
to its offerings and will now represent HP in seven European
countries.  There were already plans at Avnet to build the
enterprise, solutions and services business in Scandinavia, and
this acquisition creates a good platform for us to start doing
so in Denmark and Sweden,' Borsboom added.

Manufacturers of enterprise infrastructure solutions will also
benefit from the move by making it possible for them to work
with fewer large distributors with the services and capital to
accelerate growth on a pan-European basis.  This will also make
it easier and more efficient for them to do business through the
channel.  The acquisition builds on Avnet's previous
transactions in the region, including the acquisition of Belgian
auto-ID distributor Printex in March last year; the acquisition
of certain assets of the German storage wholesaler Zeta in June,
and the acquisition of Sun specialist Access Distribution at the
beginning of this calendar year.

'The most critical task after the transaction is closed is
integrating the organization without any disruption to our
customer and supplier partners,' said John Paget, president,
Avnet Technology Solutions, Global.  'We welcome the new
employees who we know bring strong technical skills and talents,
along with excellent customer and vendor relationships.  Their
added expertise will help us accelerate growth by offering
increased value to the marketplace.'

Banc of America Securities LLC acted as a financial advisor and
Allen & Overy LLP acted as legal counsel to Avnet in connection
with this transaction.

                           About Avnet

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

                          *     *     *

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


BANK CENTRAL ASIA: Moody's Reviews Ratings for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Central Asia Tbk on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3 issuer and B2 foreign currency long-term deposit
     ratings were placed on review for possible upgrade.

   * Not Prime foreign currency short-term deposit rating,
     Baa3 global local currency deposit rating and D+ BFSR were
     unaffected -- these ratings carry a stable outlook;

                       Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business  
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.


BANK DANAMON: Moody's Reviews Ratings for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Danamon Indonesia Tbk on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3 foreign currency subordinated debt and B2 foreign
     currency long-term deposit ratings were placed on review
     for possible upgrade.

   * Not Prime foreign currency short-term deposit rating,
     Baa3 global local currency deposit rating and D BFSR were
     unaffected -- the former two ratings carry a stable
     outlook while the BFSR has a positive outlook.

                       About Bank Danamon

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


BANK INTERNASIONAL: Moody's Reviews Ratings for Upgrade
-------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Internasional Indonesia Tbk on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3/Ba3 issuer/foreign currency subordinated debt and B2
     foreign currency long-term deposit ratings were placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa3
     global local currency deposit rating and D BFSR were
     unaffected -- these ratings carry a stable outlook.

                     About Bank Internasional

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


BANK LIPPO: Moody's Places Ratings on Review for Likely Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Lippo Bank Tbk on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3/Ba3 issuer/foreign currency subordinated debt and B2
     foreign currency long-term deposit ratings were placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating and D
     BFSR were unaffected -- these ratings carry a stable
     Outlook.

                         About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:      
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four-payment service
offices nationwide.


BANK MANDIRI: Moody's Reviews Ratings for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Mandiri on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3/Ba3 foreign currency senior/subordinated debt and B2
     foreign currency long-term deposit ratings were placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa2
     global local currency deposit rating and D- BFSR were
     unaffected -- these ratings carry a stable outlook.

                        About Bank Mandiri

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


BANK NEGARA: Moody's Reviews Ratings for Likely Upgrade
-------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Negara Indonesia (Persero) Tbk on review for possible
upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3/Ba3 foreign currency senior/subordinated debt and B2
     foreign currency long-term deposit ratings were placed on
     review for possible upgrade.

   * Not Prime foreign currency short-term deposit rating, Baa2
     global local currency deposit rating and D- BFSR were
     unaffected -- these ratings carry a stable outlook;

                        About Bank Negara

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


BANK NIAGA: Moody's Puts Ratings on Review for Likely Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Niaga Tbk on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3/Ba3 issuer/foreign currency subordinated debt and B2
     foreign currency long-term deposit ratings were placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa3
     global local currency deposit rating and D BFSR were
     unaffected -- these ratings carry a stable outlook.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a   
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.


BANK PERMATA: Moody's Puts Ratings on Review for Likely Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Negara Indonesia (Persero) Tbk on review for possible
upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings (BFSR) of the bank are unaffected.  The ratings are
detailed below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * B2 foreign currency long-term deposit rating was placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa3
     global local currency deposit rating and D- BFSR were
     unaffected -- the former two ratings carry a stable
     outlook, while the BFSR has a positive outlook.

                       About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include  
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.


BANK RAKYAT: Moody's Puts Ratings for Possible Upgrade
------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Negara Indonesia (Persero) Tbk on review for possible
upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * Ba3 foreign currency subordinated debt and B2 foreign
     currency long-term deposit ratings were placed on review  
     for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa2
     global local currency deposit rating and D+ BFSR were
     unaffected -- these ratings carry a stable outlook.

                  About Bank Rakyat Indonesia

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


BANK PANIN: Moody's Reviews Ratings for Possible Upgrade
--------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Pan Indonesia Tbk on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings (BFSR) of the bank are unaffected.  The ratings are
detailed below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * B2 foreign currency long-term deposit rating was placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa3
     global local currency deposit rating and D BFSR were
     unaffected -- the former two ratings carry a stable
     outlook, while the BFSR has a positive outlook.

                        About Panin Bank

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include   
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.


BANK TABUNGAN: Moody's Reviews Ratings for Possible Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed the foreign currency long-
term debt and foreign currency long-term deposit ratings of Bank
Tabungan Negara (Persero) on review for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

   * B2 foreign currency long-term deposit rating was placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa2
     global local currency deposit rating and D- BFSR were
     unaffected -- these ratings carry a stable outlook.

                      About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank    
involved in commercial banking.  In 1974, Bank Tabungan was  
appointed as the financing institution for low- to medium-income  
housing in an effort to support the Government's housing  
development program.  Nonetheless, BTN suffered huge losses from  
large corporate lending during the 1997 economic crisis.  The  
Government then recapitalized the Bank, and still wholly owns  
it.


EXCELCOMINDO FINANCE: Moody's Places 'Ba3' Bond Rating on Review
----------------------------------------------------------------
Moody's Investors Service has placed the Excelcomindo Finance
Company B.V.'s Ba3 foreign currency senior unsecured bond rating
on review for possible upgrade.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.  This
rating action follows Moody's decision to review the Indonesia's
Ba3 foreign currency bond ceiling for upgrade.'

Excelcomindo Fianance Company B..V. is the lone major subsidiary
of Excelcomindo Pratama PT.  Excelcomindo Pratama provides a
wide range of mobile telecommunications services in Indonesia.


EXCELCOMINDO: Affirms Ba2 Local Currency Corporate Family Rating
----------------------------------------------------------------
Moody's has affirmed PT Excelcomindo Pratama Tbk's Ba2 local
currency corporate family rating with a stable outlook.

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


INDOSAT: Moody's Reviews Ba3 Bond Rating for Possible Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed PT Indosat Tbk's 'Ba3'
senior unsecured foreign currency rating on review for possible
upgrade.  The rating action follows Moody's decision to review
the Indonesia's Ba3 foreign currency sovereign ceiling for
upgrade.

At the same time, Moody's has affirmed the Ba1 local currency
corporate family rating of Indosat with a stable outlook.

PT Indosat Tbk -- http://www.indosat.com/-- is a fully      
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.


PERUSAHAAN LISTRIK: Moody's Reviews 'B1' Ratings for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family
rating and senior unsecured bond rating of PT Perusahaan Listrik
Negara on review for upgrade.  At the same time, Moody's has
placed PLN's A1.id national scale rating on review for upgrade.
This rating action follows Moody's decision to place the
Indonesian government's B1 rating on review for upgrade.

"Given PLN's 100% ownership by the Ministry of State-Owned
Enterprises, its strategic importance as Indonesia's only
vertically integrated electricity utility, as well as the
ongoing government support through subsidies to ensure its
financial viability and operational soundness, Moody's considers
PLN's rating to be closely integrated with, and strongly linked
to, the government's credit quality," says Moody's lead analyst
for the company, Jennifer Wong, adding "Accordingly, an upgrade
in the rating of the Indonesian government will result in an
upgrade in PLN's rating."

                 About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity        
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.


SAMPOERNA: First Half 2007 Net Profit Up 9.5% to IDR2.07 Tril.
--------------------------------------------------------------
PT Handaya Mandala Sampoerna's first half 2007 net profit
increased 9.35% to IDR2.07 trillion, compared to IDR1.89
trillion last year, due to a recovery in consumer spending,
Reuters reports.

According to the report, a sharp fall in inflation, which hit
around six-year highs in late 2005 after the government hiked
domestic fuel prices, is helping the country's consumer sector,
including tobacco companies.

The profit growth came despite its sales revenue slipping by
around 1% from a year ago to IDR14.4 trillion, the report notes.

Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com/-- manufactures hand rolled and   
machine rolled clove-blended cigarettes.  The company
distributes its products in the domestic and international
market.  Through its subsidiaries, the company also develops
properties.

HM Sampoerna currently carries Standard and Poor's Ratings
Services gave HM Sampoerna's Long Term Foreign Issuer Credit a
'BB+' and a 'B' rating for its Long Term Foreign Issuer Credit


* Moody's Puts Indonesia's Ratings on Review for Likely Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed Indonesia's ratings on
review for possible upgrade in light of continuing improvement
in key government debt ratios, a strong investment response, and
a healthier external payments position.

The ratings on review include the B1 foreign- and domestic-
currency government bond ratings, the Ba3 foreign currency bond
ceiling, and the B2 foreign currency bank deposit ceiling.

"The strong improvements in the government's debt burden and
fiscal flexibility are underpinned by the government's fiscal
prudence as well as the ongoing revival of a broad range of non-
oil commodity sectors that have boosted revenues", said Moody's
Vice President Aninda Mitra.  "Most of Indonesia's government
debt ratios are now better than its traditional peer group."

On the investment front, Mitra said that Indonesia faces very
good prospects for near-term growth in capital formation. He
added that "such investment growth would be underpinned by
growing foreign direct investment as well as by the government's
improving fiscal flexibility that are enabling a prudent
increase in its allocations for developmental spending."

He also emphasized, however, that more work may be needed on the
structural reform front to improve labor regulations, tax
administration and legal certainty -- to improve longer-term
investment prospects.

"Indonesia's improving external payments position was also an
important consideration in the decision for a rating review,"
said Mitra.  "The revival of a range of non-oil commodity and
manufacturing exports are underpinning healthy growth in
external receipts, a key component of improvements in external
liquidity, and solvency indicators."

Additionally, he said, the country's demonstrated "willingness
to pay" as well as authorities' strong track record of managing
fiscal and external adjustments also influenced the rating
review decision.

"The country's political fundamentals have also improved," said
Mitra. "This has become evident in declining political
interference in the functioning of policy institutions, more
traction on several, though, not all, structural reforms; and
peaceful settlement of disputes in Aceh.

Mitra said that the review would focus on the country's ability
to meet its revised fiscal targets, the levels of and prospects
for continued increases in investment, and the country's general
ability to weather volatility in global capital markets.     


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

ALL NIPPON: 1st Quarter Profit Surges on Sale of Hotels
-------------------------------------------------------
All Nippon Airways Co. said that its first-quarter profit rose
11-fold as it sold a group of hotels, masking a drop in
operating profit, Japan Times reports, citing Bloomberg News.

The report says that All Nippon's net income increased to
JPY87.4 billion in the three months ended June 30, 2007, from
the JPY7.68 billion posted a year ago.  Operating profit fell
32.3% as fuel costs increased and the airline filled fewer
seats.

All Nippon had a one-time gain of JPY130 billion from the sale
of 13 hotels to Morgan Stanley last month, Japan Times notes.
That covered an JPY11.1 billion surge in fuel costs and a drop
in the percentage of seats occupied by paying passengers.

"It sold the hotel business at a top price, and that gave it a
one-off boost," Japan Times cites Mitsushige Akino of Ichiyoshi
Investment Management Co. as saying.

                       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.


BANK OF TOKYO-MITSUBISHI: Decides to Liquidate DC Card Trading
--------------------------------------------------------------
Mitsubishi UFJ Financial Group, Inc. said that The Bank of
Tokyo-Mitsubishi UFJ, Ltd., a subsidiary of MUFG, has decided to
liquidate DC Card Trading Co., Ltd.  DC Card Trading is a
wholly-owned subsidiary of Mitsubishi UFJ NICOS Co., Ltd., which
is a subsidiary of BTMU.

1. Outline of DC Card Trading

   (1) Address:       3-2, Dogenzaka 1-chome,
                      Shibuya-ku, Tokyo

   (2) Liquidator:    Naoyuki Abe

   (3) Capital:       JPY100 million

   (4) Main business: Sale of marketing materials etc.

2. Reason for liquidation

As part of a business reorganization being undertaken following
the April 1, 2007 establishment of Mitsubishi UFJ NICOS (which
resulted from the merger of DC Card Co., Ltd. and UFJ NICOS Co.,
Ltd.) the entire operations of DC Card Trading have been
transferred to Card Business Services Co., Ltd., a subsidiary of
Mitsubishi UFJ NICOS.  It was therefore decided to liquidate DC
Card Trading.

3. Timing of liquidation

Liquidation is expected to be completed by the end of October
2007.

4. Impact on business forecasts

This event is not expected to have any material effect on the
previously announced business forecasts for MUFG and Mitsubishi
UFJ NICOS for the current fiscal year.

             About The Bank of Tokyo-Mitsubishi UFJ

The Bank of Tokyo-Mitsubishi UFJ Ltd. is a Japanese commercial
banking company headquartered in Tokyo, Japan.  It provides a
range of domestic and international banking services in Japan
and worldwide.  As of March 31, 2005, the Company's network in
Japan included 251 branches, 28 sub-branches, 60 loan plazas,
474 branch automated teller machines (ATMs) and 19,062
convenience store-based, non-exclusive automated teller
machines.  The company is organized into eight segments: retail
banking; commercial banking; global corporate banking;
investment banking and asset management; UnionBanCal
Corporation; operations services; treasury, and other, including
systems services and eBusiness and information technology
initiatives.


GOODWILL GROUP: Comsn Unveils Plan to Hand Over Nursing Care Ops
----------------------------------------------------------------
Goodwill Group Inc.'s nursing-care business arm, Comsn Inc.,
revealed on Tuesday that it has submitted to the Health, Labor
and Welfare Ministry a plan to hand over its care operations for
the elderly to a number of buyers, Japan Times reports.

According to Japan Times, Comsn's plan involves the turn over of
its at-home care operations in the 47 prefectures to buyers to
be selected in each prefecture.  On the other hand, operations
related to Comsn-run assisted-living facilities will go to a
single buyer.

Comsn President Koichi Higuchi told a news conference that the
Ministry approved in general the company's plan to hand over
these operations.

Japan Times recalls that Goodwill Group said in mid-June that it
would "pull the plug" on nursing-care operations by its group
arms and sell them next April or after to take the blame for the
Comsn certification fraud scandal.  This after the Ministry
revoked the operating licenses of 80% of Comsn's nursing care-
related facilities in early June.

However, Goodwill later said that it would continue nursing-care
services until the end of March 2008 so its existing users won't
be inconvenienced.

Comsn, the report says, currently runs a network of 1,268 care
worker dispatch bases in all 47 prefectures to provide at-home
services to 75,406 people, while operating another network of
213 assisted-living facilities for 4,515 people.

                      About Goodwill Group

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is involved in   
five business segments.  The Staffing segment offers recruitment
services for technicians, senior workers and others.  The Human
Resources-related segment provides employee hiring support
services to corporate clients, counseling services to workers
and outplacement services to retired and retiring workers.  The
Nursing-care and Medical Support segment is engaged in the
provision of home-care services, care services in facilities and
dental examination services at home, as well as the sale of
nursing-care goods and equipment, among others.  The Senior
Residence and Restaurant segment operates nursing home under the
name THE BARRINGTON HOUSE, and also operates restaurant in both
domestic and overseas markets.  The Others segment is engaged in
the planning, designing and management of pet care facilities,
the operation of pet care shops, the operation and management of
nurseries, the provision of baby-sitting services and others.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the Japanese Government
banned it from renewing its licenses due to its involvement in a
fraud scandal.

The article conveys that the firm allegedly obtained some of the
licenses for nursing-care service operators certified under a
public insurance program through fraudulent applications,
including those with an inflated number of employees.


SANYO ELECTRIC: Turns Around w/ JPY2.6BB Profit for 1st Quarter
---------------------------------------------------------------
Sanyo Electric Co. turns around with a net profit for its fiscal
first quarter on proceeds from the sale of its credit affiliate
and other holdings, The Wall Street Journal reports.

According to Reuters, for the first quarter, Sanyo Electric
recorded a net profit of JPY2.57 billion, a turnaround from the
JPY9.67-billion net loss it incurred for the same quarter of the
previous fiscal year.

The net profit includes a JPY16.31 billion windfall from the
sale of assets, half of which came when U.S.-based General
Electric Co.'s Japanese unit purchased Sanyo Electric Credit Co.
in May, WSJ points out.

WSJ's Jay Alabaster, however, cites Sanyo as saying that its
overall business performance slumped from a year earlier.  Sanyo
has had massive losses for the past three fiscal years and the
company is attempting to climb back into the black for this
fiscal year, under the guidance of U.S.-based Goldman Sachs
Group Inc. and its Japan-based partner investors Daiwa
Securities Group Inc. and Sumitomo Mitsui Financial Group Inc.,
which have poured JPY300 billion into the company.

Sanyo said that its operating revenue fell across nearly all of
its businesses in the fiscal first quarter, WSJ notes.

The company posted an operating profit of JPY732 million in the
April-June period, down 72% from the JPY2.57-billion operating
profit it reported a year earlier, Reuters says.  The report
notes that the decline is due to sluggish mobile phone sales and
higher raw materials prices.

"We saw strong digital camera demand in overseas markets. . .
but mobile phone sales shrank substantially in Japan because of
fierce competition," Reuters quotes Sanyo Executive Vice
President Koichi Maeda as stating in a news conference.

According to Reuters, Sanyo now expects to sell about 11 million
units of mobile phones in the current business to March 2008,
down from its initial estimates of 12.5-12.6 million.

In addition, Sanyo Electric suffered from slower sales of
washing machines, refrigerators and air-conditioners.

Mr. Alabaster relates that for the year ending March 2008, Sanyo
maintained its earnings outlook for a JPY20-billion net profit
and sales of JPY2.23 trillion.  Sanyo Electric's earnings are
based on U.S. accounting standards.

                      About Sanyo Electric

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

                          *     *     *

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

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


SENSATA TECHNOLOGIES: Moody's Ups B3 Rating on US$450 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family rating in response to the company's issuance
of EUR141 million (US$195 million) senior subordinate term loan
and use of cash on hand to acquire Airpax Holdings, Inc. for
US$276 million, including fees and expenses.   

At the same time, Moody's upgraded Sensata's senior secured
credit facility to Ba3 and its US$450 million unsecured notes to
B3.  The rating of the subordinate notes remains at Caa1.  The
outlook is negative.

Sensata's B2 corporate family rating reflects its strong
competitive position, long-standing customer relationships,
significant barriers to competitive entry, and stable free cash
flow generation.  The company continues to benefit from the
favorable trends in increased sensor content per unit for many
of its customers' products.  Yet, these strengths are balanced
against the company's high leverage.  For 2006 adjusted
debt/revenues was almost 200%.  While the Airpax acquisition
will increase the company's revenue and earnings, it will also
increase the company's debt levels.  Sensata's increasing levels
of debt and cash interest payments could stress its credit
metrics and hinder the company's financial flexibility in a
downturn.

The negative outlook reflects Sensata's willingness to pursue
relatively large debt-financed acquisitions that add
significantly more incremental debt while increasing the
company's overall leverage.  This strategy is a departure from
Moody's expectations incorporated into the existing B2 corporate
family rating, which included small to modest acquisitions.
Furthermore, Sensata must contend with integrating a sizeable
company in addition to its previous acquisitions while operating
as a stand-alone entity.  Additionally, correcting material
weaknesses identified by management in order to comply with SEC
filing requirements adds additional uncertainty.

The ratings for the company's debt instruments reflect the
overall probability of default of the company, to which Moody's
assigns a probability of default rating of B2.  The one notch
upgrade of the company's senior secured credit facility and
unsecured notes reflects a lower expected loss driven largely by
the additional junior capital provided by the EUR195 million
term loan; on a relative basis, the existing debt has a more
senior position in the company's capital structure because of
the increase in subordinate debt.  The term loan will have
substantially the same terms and conditions as the company's
existing subordinate notes. Moody's does not rate this term
loan.

The following ratings/assessments were affected by this action:

-- Corporate family rating affirmed at B2;

-- Probability-of-default rating affirmed at B2;

-- US$1.5 billion (equivalent) senior secured credit facility
    upgraded to Ba3 (LGD2, 29%) from B1 (LGD3, 33%);

-- US$450 million senior unsecured notes due 2014 upgraded to
    B3 (LGD5, 75%) from Caa1 (LGD5, 82%);

Ratings affirmed/LGD assessments revised:

-- EUR245 million senior subordinate notes due 2016 at Caa1
    (LGD6, 91%) from Caa1 (LGD6, 93%).

The company's speculative grade liquidity rating of SGL-2 is
unchanged.

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


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

TONG YANG: Completes Issuance of 19,059,520 Common Shares
---------------------------------------------------------
Tong Yang Major Corporation has completed the issuance of
19,059,520 common shares and 922,649 preferred shares at an
offer price of KRW 5,000 per share, through a rights issue,
which was initially announced on May 25, 2007, Reuters reports.

According to the report, the number of shares remaining
unclaimed is 2,581,644 of the total allocated shares and the
unclaimed shares will not be issued.

                       About Tong Yang Major

Headquartered in Seoul, Korea, Tong Yang Major Corporation
-- http://www.tongyangmajor.com/-- provides construction  
services and allied materials.  The company also builds
apartment complexes, commercial buildings, industrial plants and
highways, and offers remodeling and renovation services.

Korea Investors Services placed a BB- rating to the company's
senior unsecured debt on Jan. 5, 2006.  The company's commercial
papers also carries Korea Rating's B rating effective on Oct.
18, 2006.

The company has been experiencing annual net losses of KRW 7.45
billion in 2005, KRW47.66 billion in 2004, KRW64.89 billion in
2003 and KRW361.49 billion in 2002.

As of July 20, 2007, the company had a shareholders' equity
deficit of US$86.95 million.


WOORI TECHNOLOGY: Completes Issuance of 12,744,987 Common Shares
----------------------------------------------------------------
Woori Technology Inc. has completed issuance of 12,744,987
common shares of the Company at an offer price of KRW 1,550 per
share, Reuters reports.

According to the report, this brings the total number of the
Company's outstanding common shares to 19,431,393.

The confirmed listing date of the new shares is July 31, 2007,
the report adds.

Headquartered in Seoul, Korea, Woori Technology Inc. --
http://www.wooritg.com/-- is a manufacturer specialized in the  
provision of electronic equipment.  The company operates its
business through information communication and system divisions.
Its information communication business division provides audio
visual (AV) receivers, set-top boxes (Stubs), board virtual
machine environment (VME), digital versatile disc (DVD) players
and other related products.  Its system business division offers
distributed control systems (DCS), monitoring devices used in
nuclear power plants and power management systems.  In addition,
the company provides robots used in home, cleaning and guiding.

Korea Ratings gave the company's KRW2.20 billion straight bond
private offering a B- rating with a stable outlook.


YOUNGCHANG SILUP: Shareholders Sell 754,011 Shares
--------------------------------------------------
Youngchang Silup Co., Ltd. disclosed that Park Suhk and six
other persons have sold 754,011 shares of the Company, Reuters
reports.

As a result, Park Suhk and six other persons do not have any
equity stake in the Company, the report adds.

Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the   
manufacturing of leather for shoes, bags, belts, garments, car
seats and wheel covers.  The company's main clients are
Timberland, Rockport, Coach, Brighton, Polo, DKNY, Aigner, Mova,
Superior Sungchang, Simmone, Mikwang, Ssamzie, St. John, Nautica
Jean, I Blues, Marina Rinaldi and Geiger. It has an affiliated
company each in Korea and China.  

On May 18, 2005, Korea Ratings gave the company's
KRW10.00 billion convertible bond and KRW5.00 billion straight
bond a BB+ rating with a stable outlook.


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

AMSTEEL CORP: Bursa Extends Plan Filing Deadline to Oct. 31
-----------------------------------------------------------
The Bursa Malaysia Securities Bhd has extended the reform plan
filing deadline of Amsteel Corporation Bhd to October 31, 2007,
after the company appealed an earlier decision of the bourse to
delist its securities on July 12, 2007.

The bourse also extended until Sept. 30, 2007, the company's
deadline to make its requisite announcement regarding its reform
plan.

On July 3, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Bursa Securities decided to delist the
company's securities on July 12, after it failed to make the
necessary announcement regarding its plan on June 30.


Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation  
Berhad is involved in the provision of plantation management,  
property development, management and contractor; hotel operation  
and food court.  The Company is also involved in transportation  
and logistic services, department stores, nominee services,  
trading securities, manufacture and sale of tools, dies, tyres,  
rubber compound, light trucks and buses, financial management;  
distributes steel products, develops real estate property;  
cultivation of rubber and oil palm, golf and country club, sale  
and distribute Suzuki motorcycles, beer brewing and mineral  
water bottling.

As reported in the Troubled Company Reporter-Asia Pacific on May
19, 2006, Amsteel Corporation Berhad was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category.  
The Company was identified as an affected listed issuer because:

   -- the auditors have expressed a modified opinion with
      emphasis on the Company's going concern in the Company's
      latest audited financial statement for the financial year
      ended June 30, 2005; and

   -- the Company's consolidated shareholders' equity as of
      June 30, 2005, represented 17.3% of the issued and paid-up
      capital of the Company.

Pursuant to the PN17 classification, the Company is required to
submit and implement a plan to regularize its financial
condition.


FA PENINSULAR: New Plan Filing Deadline Slated for Aug. 31
----------------------------------------------------------
At FA Peninsular Bhd's request, the Bursa Malaysia Securities
Bhd extended until August 31, 2007, the company's deadline to
submit its regularization plan to the Securities Commission and
other relevant authorities.

In addition, the bourse also extended the period for the company
to make a requisite announcement of its plan to July 31, 2007.

The Troubled Company Reporter-Asia Pacific reported on May 15,
2007, that the Bursa Securities deferred its previous decision
to delist the company's securities from its official list after
the company submitted an appeal against the decision.


FA Peninsular's principal activities are processing and trading
cocoa.  Other activity includes stock and share-broking.  
Operations are carried out mainly in Malaysia.

The company is currently listed in the Amended PN-17 list of
companies in the Bursa Malaysia Securities Bhd and is required
to submit a regularization plan to stabilize its financial and
operational status.

FA Peninsular Bhd's unaudited balance sheet as of Dec. 31, 2006,
went upside down with total assets of MYR15.86 million and total
liabilities of MYR22.08 million, resulting in a shareholders'
deficit of MYR6.22 million.


SETEGAP BERHAD: Bags Golf Resort Dev't Contract for MYR220MM
------------------------------------------------------------
Setegap Bhd disclosed with the Bursa Malaysia Securities Bhd
that it has won a contract to construct and complete the
"Proposed Mix Development Kuala Rompin Golf Resort" at Mukim
Badak, Daerah Rompin, in Pahang Darul Makmur, Malaysia, for
Kuala Rompin Golf Resort Sdn. Bhd.

Setegap will be the sole and exclusive contractor for the
engineering, procurement and construction of the project, which
has a contract value of MYR220,000,000.00.


Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997 and 1998.

Setegap Bhd's unaudited balance sheet as of Dec. 31, 2006,
showed total assets of MYR65.71 million and total liabilities of
MYR187.85 million, resulting to a shareholders' deficit of
MYR122.14 million.


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

ADVANCE FINTUBE: Names Brown and Rodewald as Liquidators
--------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed as
liquidators for Advance Fintube X-Changers Ltd. on July 2, 2007.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         5 King Street
         PO Box 541, Hamilton
         New Zealand
         Telephone:(07) 848 1586
         Website: http://www.rhb.co.nz


ALLUVIAL HOLDINGS: Shareholders Resolve to Liquidate Business
-------------------------------------------------------------
On July 6, 2007, the shareholders of Alluvial Holdings Ltd.
resolved to liquidate the company's business and appointed Paul
Alexander Glass as liquidator.

The Liquidator can be reached at:

         Paul Alexander Glass
         44 York Place, Dunedin
         New Zealand
         Telephone:(03) 477 5432
         Facsimile:(03) 474 1564


BERNSTEIN RESEARCH: Fixes August 6 as Last Day to File Claims
-------------------------------------------------------------
Bernstein Research Ltd. requires its creditors to file their
proofs of debt by August 6, 2007.

The company went into liquidation on June 28, 2007.

The company's liquidator is:

         Robert Anthony Elms
         Jarvie PKF
         PO Box 1208, Wellington
         New Zealand


FELTEX CARPETS: Liquidator Sues 8 Former Directors for NZ$20MM
--------------------------------------------------------------
John Vague, liquidator of Feltex Carpets Limited, notified eight
of the carpet manufacturer's former directors that they face
legal action totaling more than NZ$20 million, Gareth Vaughan of
The Press reports.

According to the report, the liquidator has also set a November
court date with Feltex Carpet's bank, ANZ Group.  The bank,
which Feltex then owed AU$119.5 million (NZ$133.8 million),
placed the carpet maker in receivership in September, the
newspaper relates.

The liquidator, however, faced some inconvenience in getting
hold of banking records relating to Feltex.  The report noted
that a court application to obtain ANZ's diary notes is being
opposed by the bank.

So far, ANZ has got back AU$101.8 million of the money it loaned
Feltex, the report adds.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "whiteknight"
investor was more interested in a reverse takeover.  Godfrey
Hirst later sold out its nearly 9% stake in the Company.  In
February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On December 13, 2006, the High Court in Auckland ruled in favor
of an application by the Shareholders Association against Feltex
Carpets Limited.  The Court had put Feltex into liquidation.

John Vague was appointed as liquidator for the company.


GORGE PROPERTIES: Commences Liquidation Proceedings
---------------------------------------------------
Gorge Properties Ltd. commenced liquidation proceedings on
June 30, 2007, through a special resolution passed on that day
by the shareholders.

The company's liquidator is:

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


HAVEN INTERNATIONAL: Taps Sanson and Fisk as Liquidators
--------------------------------------------------------
Craig Alexander Sanson and John Howard Ross Fisk were appointed
as liquidators of Haven International Ltd. on July 2, 2007.

Creditors must file their claims by Sept. 3, 2007, to be
included in the company's dividend distribution.

The company's liquidators can be reached at:

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


KAMU HOLDINGS: Enters Wind-Up Proceedings
-----------------------------------------
Kamu Holdings Ltd. entered wind-up proceedings on July 2, 2007,
and Gordon L. Hansen was appointed as liquidator.

Creditors who were not able to file their claims by July 24,
2007, will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         Gordon L. Hansen
         Goldsmith Fox PKF
         PO Box 13141, Christchurch
         New Zealand
         Telephone:(03) 366 6706
         Facsimile:(03) 366 0265


KUBIK LTD: Shareholders Pass Resolution to Wind Up Firm
-------------------------------------------------------
On July 4, 2007, the shareholders of Kubik Ltd. passed a
resolution to wind up the company's operations and appointed
Neville Petrie Fagerlund as liquidator.

Mr. Fagerlund is accepting proofs of debt from its 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


MONEY MANAGERS: Shareholders Opt to Liquidate Business
------------------------------------------------------
On June 25, 2007, the shareholders of Money Managers Matrix Ltd.
decided to liquidate the company's business and appointed
Gregory Robert Rudings as liquidator.

The Liquidator can be reached at:

         Gregory Robert Rudings
         19 George Gee Drive, Korokoro
         Lower Hutt 5012
         New Zealand
         Telephone:(04) 499 0083
         Facsimile:(04) 499 0085


OREWA HEALTH: Creditors' Proofs of Debt Due on August 4
-------------------------------------------------------
The creditors of Orewa Health Care Centre (2003) Ltd. are
required to file their claims by August 4, 2007.

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

The company's liquidators are:

         Paul Graham Sargison
         Gerald Stanley Rea
         c/o Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


SPARTACUS PROPERTY: Creditors to Hold Meeting on August 8
---------------------------------------------------------
The creditors of Spartacus Property Ltd. will meet on August 8,
2007, at 10:00 a.m., to receive an update about the company's
wind-up proceedings and property disposal.

The company's liquidators are:

         Paul Graham Sargison
         Gerald Stanley Rea
         c/o Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


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

CHIQUITA BRANDS: S&P Holds Ratings Under Negative CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc. remain
on CreditWatch with negative implications following reports that
the company, in addition to other banana import companies,
received a Statement of Objections from the European Commission.  
The document concerns an ongoing EC investigation regarding
potential violations of European competition laws in the banana
industry.  Based on Chiquita's voluntary notification and
cooperation with the investigation, the EC granted the company
conditional immunity from any fines related to the conduct,
subject to customary conditions.
     
The ratings were initially placed on CreditWatch with negative
implications on May 2, 2007, following weak first-quarter
operating results due to high purchased fruit and other industry
costs and lower local banana prices in Europe.  "We will review
Chiquita's operating and financial plans with management before
resolving the CreditWatch listing, as well as developments in
this EC investigation, and assess the potential for regulatory
sanctions and/or financial penalties as part of our review,"
said Standard & Poor's credit analyst Alison Sullivan.

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


COVANTA HOLDING: Earns US$37.7 Million in Quarter Ended June 30
---------------------------------------------------------------
Covanta Holding Corporation had net income of US$37.7 million
for the second quarter ended June 30, 2007, as compared with
US$51.2 million for the second quarter ended June 30, 2006.

Total operating revenues that grew 6% to US$355 million for the
three months ended June 30, 2007, up from US$334 million in the
prior year comparative period.

The company's domestic waste and energy operating revenues grew
5% to US$301 million, driven primarily by contractual service
fee escalations, construction revenues related to the
Hillsborough County facility expansion and two facilities added
to the company's portfolio this year; the Harrisburg Energy-
from-Waste facility and the Holliston transfer station.  
International revenues of US$52 million grew by 17% primarily
due to higher electricity sales at both Indian facilities.

                     Six Months Results

For the six months ended June 30, 2007, total company operating
revenues rose 7% to US$685 million.  Covanta Energy's net income
for the six months ended June 30, 2007, was US$19.8 million.

At June 30, 2007, the company listed US$4.3 billion total
assets, US$3.4 billion total liabilities, US$43.6 million
minority interest, and US$895.3 million stockholders' equity.

A full-text copy of the company's second quarter report is
available for free at http://ResearchArchives.com/t/s?21d6

"The second quarter was marked by solid operating performance
and tangible progress on our growth initiatives that position us
to take advantage of promising opportunities around the world,"
said Anthony Orlando, president and chief executive officer of
Covanta. "Notably, we signed a 10 year agreement to operate the
Harrisburg Energy-from-Waste facility, completed our joint
venture to enter the Energy-from-Waste market in China,
announced the acquisition of two biomass renewable energy
facilities in California, and received a Letter of Intent to
design, build and operate a 1,700 ton per day Energy-from-Waste
facility in Dublin, Ireland."

                          About Covanta

Headquartered in Fairfield, New Jersey, Covanta Energy Corp.
(NYSE: CVA) -- http://www.covantaenergy.com/-- is a publicly   
traded holding company whose subsidiaries develop, own or
operate power generation facilities and water and wastewater
facilities in the United States and abroad.  Covanta has
operations in the Philippines, China, Costa Rica, India, and
Bangladesh.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 24 2007,
Standard & Poor's Ratings Services assigned a 'BB-' corporate
credit rating to Covanta Holding Corp. and a 'B' issue rating to
the company's US$325 million senior unsecured convertible bonds.
At the same time, Standard & Poor's also raised the corporate
credit rating on subsidiary Covanta Energy Co., to 'BB-' from
'B+' and assigned a 'BB-' issue rating, with a '2' recovery
rating (reflecting 80% to 100% of recovery in a default
scenario) to its proposed US$1.3 billion credit facilities
consisting of a US$680 million, first-lien secured term loan,
USUS$320 million in funded LOCs, and US$300 million in revolving
credit facilities.  S&P said the outlook remains stable.

Moody's Investors Service also assigned a Ba2 rating to Covanta
Energy Corp.'s new US$1.3 billion senior secured credit facility
and a B1 rating to Covanta Holding Corp.'s US$325 million
convertible debentures.  The Ba2 rating assigned to the new
credit facility is effectively a two-notch upgrade from the B1
rating assigned to Covanta's current first lien credit facility.
With the convertible debenture offering, Moody's has reassigned
the Corporate Family Rating to Covanta Holding Corp. from its
subsidiary, Covanta Energy Corp.  Concurrently, the CFR has been
upgraded to Ba2 from Ba3.


IPVG CORP: Sets Aside PHP1 Bil. for Purchase of 3 Call Centers
--------------------------------------------------------------
IPVG Corp. is planning to acquire three call centers within this
year and has allotted PHP1 billion for the purchases, IPVG Chief
Executive Officer Enrique Gonzalez told the Philippine Star.

However, Mr. Gonzalez refused to reveal the names of the target
companies.

The company also revealed through a disclosure with the
Philippine Stock Exchange that it has executed on Monday a loan
agreement with the Malayan Bank Savings & Mortgage Bank for a
PHP50-million term loan for the partial financing of its
acquisition of a call center.  The loan will have a term of one
year and is extendable for another six months, the company said.


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

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

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


LODESTAR INVESTMENT: Cyan & Cancorp Sell 35MM Shares to Abacus
--------------------------------------------------------------
Cyan Management Corp. and Carcorp Makati Inc., major
shareholders of Lodestar Investment Holdings Corp., sold their
collective holdings in the company to Abacus Securities Corp.

On July 30, the former shareholders entered into a memorandum of
agreement with Abacus for the sale of 35,032,643 shares, which
represents 93.91% of the issued and outstanding shares of the
company.

The shares were sold for PHP2.50 per share, aggregating
PHP87.581 million.

The company had requested the Philippine Stock Exchange to
suspend trading of its securities effective July 30, according
to a disclosure dated July 27.

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

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


MARIWASA MFG: Sells 59,651 Square Meters of Land to Filinvest
-------------------------------------------------------------
Mariwasa Manufacturing Inc.'s Board of Directors approved the
sale of about 59,651 square meters in aggregate area of land
parcels located in Pasig City to Filinvest Land Inc.

During a special meeting held on July 26, the Board approved the
sale of land parcels with transfer certificate of title nos.
12252 (191163), 12253 (253963), 12254 (254090), 12255 (370737)
and 12256 (382301) and original certificate of title no. 0049.

The Board also allowed Mariwasa's wholly owned subsidiary,
Mariwasa-Siam Ceramics Inc., to sell parcels of land in Pasig
City with TCT Nos. PT-135373 and PT-135395.  The parcels hold an
aggregate area of 3,707 square meters.

Pasig City, Philippines-based Incorporated on November 5, 1963,
Mariwasa Manufacturing Corporation -- http://www.mariwasa.com/-
- manufactures and sells glazed ceramic floor tiles in various
sizes, colors and designs via a distribution network that spans
the whole archipelago.  The company has 76 distributors and a
significant number of exclusive distributors nationwide.  Aside
from the local market, Mariwasa tiles also exports to foreign
markets such as the United States and Hong Kong, among others.

                      Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Aileen L. Saringan at Sycip Gorres
Velayo & Co. raised significant doubt on Mariwasa's ability to
continue as a going concern, citing the company's recurring net
losses and capital deficiency.  Ms. Saringan also said that "in
addition, the parent company and its major subsidiary have not
complied with certain loan covenants with creditor banks."

The company posted a net loss of PHP201.37 million for the year
ending December 31, 2006, after posting a PHP17.92 million net
income a year earlier.  The company also posted a capital
deficiency of PHP38.01 million.


MIRANT CORP: Mirant Lovett Requests Confirmation Rehearing
----------------------------------------------------------
Mirant Lovett, LLC, and Mirant Corporation, as co-proponent to  
Mirant Lovett's Chapter 11 Plan of Reorganization, asks the Hon.
D. Michael Lynn of the U.S. Bankruptcy Court for the Northern
District of Texas to establish procedures to recommence the
adjourned Confirmation Hearing so that the Court may consider
confirmation of the Mirant Lovett Plan.

Specifically, Mirant Lovett and Mirant Corp. ask the Court to
issue an order:

  (a) approving a proposed form of notice of recommencement of
      confirmation in connection with Mirant Lovett's Chapter 11
      case;

  (b) finding that the Mirant Lovett Plan does not alter in any
      respect the treatment of the holders of unsecured claims
      against Mirant Lovett; therefore, all votes cast by the
      unsecured claimholders in respect of the confirmed Joint
      Plan of Reorganization filed by the New Mirant Entities
      will be deemed votes cast in respect of the Mirant Lovett
      Plan;

  (c) finding that the Mirant Lovett Plan fully incorporates
      the settlement agreement between Mirant Lovett, Mirant New
      York, Inc., and Mirant Bowline, LLC, on the one hand,  
      and Haverstraw, Stony Point, Rockland County, the
      Haverstraw-Stony Point School District and Haverstraw
      Village, on the other hand -- the New York Settlement --
      and that, therefore, Tax Jurisdictions with claims against
      Mirant Lovett are unimpaired under the Mirant Lovett Plan;
      and

  (d) setting a status conference on the Mirant Lovett Plan and
      establishing a deadline to file objections to the Plan.

Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, in Miami,
Florida, states that the proposed Recommencement Notice
establishes September 19, 2007, as the date on which the
Confirmation Hearing will recommence, and September 12, 2007, as
the last day for filing objections to the Mirant Lovett Plan.

Mirant Lovett will serve the Recommencement Notice on all of
their creditors.  The Recommencement Notice will also be
published in (i) The Wall Street Journal, and (ii) The Journal
News, no less than 25 days prior to the recommencement of the
Confirmation Hearing.

Mr. Prostok asserts that no further disclosure is required in
connection with the Mirant Lovett Plan because the Plan treats
holders of unsecured claims against Mirant Lovett as if they
were "MAG Debtor Class 5 - General Unsecured Claims" or "MAG
Debtor Class 7 - Convenience Claims," as appilcable under the
Mirant Plan.  As a result,  the treatment of holders of
unsecured claims against Mirant Lovett under its Plan is
identical to the treatment the holders would have received under
the confirmed Mirant Plan.

Under these circumstances, Mr. Prostok continues, there is no
need for holders of unsecured claims to receive any disclosures
over and above what was received under the Original Disclosure
Statement.  The votes cast by the holders in respect of the
confirmed Mirant Plan should also be deemed votes cast in favor
of the Mirant Lovett Plan, he adds.

Mr. Prostok reminds the Court that Section 1124 of the
Bankruptcy Code provides that a class of claims or interests is
unimpaired if the plan "leaves unaltered the legal, equitable,
and contractual rights to which such claim of interest entitles
the holder of such claim or interest."  Section 1126(f) further
provides that a class of claims that is unimpaired under a plan
is conclusively presumed to have accepted the plan.

The Mirant Lovett Plan classifies all claims against Mirant
Lovett arising from the New York Settlement as "Class 1 - Tax
Jurisdiction Settlement Claims," which are unimpaired since the
the Claims will "receive the treatment specified in the New York
Settlement."

The Class 1 Claimholders will receive all their legal, equitable
and contractual rights under the New York Settlement without
modification, and should conclusively be deemed to have accepted
the Mirant Lovett Plan, Mr. Prostok asserts.

The Court will convene a hearing on the Debtors' request on
August 8, 2007.  Objections are due August 3, at 4:00 p.m.

                       About Mirant Corp.

Based in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On March 7,
2007, the Court entered a final decree closing 46 Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 127
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative
following the company's announced plans to pursue alternative
strategic options including a possible purchase of Mirant by a
third party.


NIHAO MINERAL: OYEZ Takes Up Saprolite's Subscription Commitment
----------------------------------------------------------------
OYEZ!!! Corp. will now subscribe to any offered shares of NiHAO
Mineral Resources International Inc. that would be left
unsubscribed after the second round of its offering.

OYEZ!!! took up the commitment from Saprolite Mining Inc.  In
view of this, GEOGRACE Resources Philippines Inc. revoked its
guarantee to Saprolite, and will now guarantee OYEZ!!! instead.

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.  

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for 2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


NIHAO MINERAL: Appoints Exec. Director; Changes Business Address
----------------------------------------------------------------
Francis Tan will now act as Executive Director of NiHAO Mineral
Resources International Inc. for the year 2007.

The company's Board of Directors approved Mr. Tan's appointment
during a meeting held on July 31.  During the meeting, the Board
also approved the change of address from 17 General Malvar St.,
Barangay Santo Antonio in Pasig City, to the 20th Floor of the
Peak Tower, located at 107 LP Leviste St., Salcedo Village, in
Makati City.

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.  

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for 2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


PHIL REALTY: Ready to Emerge from Rehabilitation by 2009
--------------------------------------------------------
Philippine Realty and Holdings Corp. is up and ready to exit
rehabilitation within the next two years, President Amador
Bacani told the Philippine Daily Inquirer on July 31.

Mr. Bacani told reporters after the company's annual
stockholders meeting that completion of rehabilitation will be
spurred by its flagship 2.8-hectare condominium project in New
Manila, Quezon City.  The flagship, dubbed Andrea North Skyline
Tower, is planned to resume construction by the second half of
ths year and will be completed by 2009, with expenses estimated
to be about PHP900 million, the article relates.

The Troubled Company Reporter-Asia Pacific also reported on
July 13, 2007, that the company now has only PHP100 million left
unpaid out of its PHP2 billion debt to creditors.

"This would signal our return to normalcy, that we are
developing again instead of just negotiating with creditors,"
Mr. Bacani said.


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.


PHIL REALTY: Appoints 11 New Directors for 2007
-----------------------------------------------
Philippine Realty and Holdings Corp. appointed 11 new directors
for the year 2007 during its annual stockholders' meeting held
on July 31.

These individuals were appointed as directors:

    * Gerardo O. Lanuza Jr.
    * Juan Antonio Lanuza
    * Antonio O. Olbes
    * Walter W. Brown
    * Annabelle P. Brown
    * Amador C. Bacani
    * Miguel M. Ortigas Jr.
    * Mariano C. Ereso Jr.
    * Eduardo Gaspar
    * Ramon CF Cuervo III  (Independent)
    * Manuel Orros  (Independent)

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.


SAN MIGUEL: Considers Using Solar Power for Manufacturing Plants
----------------------------------------------------------------
San Miguel Corp. is considering the use of solar power as an
energy source for its manufacturing plants and facilities in the
Philippines and across the Asia Pacific region, the Manila
Bulletin reports.

SMC President and Chief Executive Officer Ramon Ang said that
"the high cost of electricity is always one of SMC's concerns
and. . . it's high time that we look beyond our sponsorship of
Sinag this early and study how we could practically apply the
use of solar power in a commercial environment."  

Manila Bulletin explains that Sinag is the first Philippine
solar car project being executed by De La Salle University
students and faculty members.  Mr. Ang is a member of the
project's board of trustees.

The Philippines is home to Sunpower, the world's largest solar
panel firm.  However, use of solar power is limited only to
remote, low income areas that conventional electricity sources
are unable to reach.

"The opportunity is there so we might as well look at it at this
point," Mr. Ang added.

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

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

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


SECURITY BANK: Posts PHP658-Mil. Net Income for 2007 2nd Quarter
----------------------------------------------------------------
Security Bank Corp.'s consolidated income statements showed that
the bank has a net income of PHP658.34 million for the three
months ended June 30, 2007.

For the April-June period, the group earned a net interest
income of PHP1.217 billion, comprising of PHP2.442 billion minus
interest expense of PHP1.225 billion.  The group also earned
PHP1.774 billion operating income while incurring operating
expenses of PHP979.557 million.

As of June 30, 2007, the group had PHP145.666 billion in assets
and PHP132.715 billion in liabilities, resulting in an equity of
PHP12.95 billion.

The bank's second-quarter financials can be viewed for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/SECB_200713814_07302007_2
.pdf

Makati City-based Security Bank Corporation --
http://www.securitybank.com.ph/-- offers a wide variety of   
financial products and services.  The bank's services include
peso, dollar and third currency deposits, domestic and
international fund transfers, deposit pick-up and payroll
services, and ancillary services.  Security Bank also provides
working capital financing, term arrangements and loan
syndication services.

Fitch Ratings gave Security Bank a 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local Currency
Issuer Default Rating, a 'D' Individual Rating and a '4' Support
Rating.


WENDY'S INTERNATIONAL: Earns US$29.2 Mil. in Qtr. Ended June 30
---------------------------------------------------------------
Wendy's International Inc. reported net income of
US$29.2 million in the second quarter of 2007, compared to a net
loss of US$29.1 million in the second quarter of 2006.

Total revenues were US$632.9 million in the second quarter of
2007, down 0.2%, compared to US$634.1 million in the second
quarter of 2006.

Sales were 558.3 million in the second quarter of 2007, compared
to US$557.8 million in the second quarter of 2006.  Sales are up
slightly due to positive same-store sales, but Wendy's had
31 fewer company-operated restaurants open at the end of the
second quarter of 2007 compared to the same quarter a year ago.

Franchise revenues were US$74.6 million in the second quarter of
2007, compared to US$76.3 million in the second quarter of 2006.  
The year-over-year decrease is due primarily to fewer open
franchise restaurants compared to 2006.

Average same-store sales were up 0.7% for U.S. company-operated
restaurants and 0.4% for U.S. franchise restaurants.  Wendy's(R)
has now produced 13 consecutive months of positive same-store
sales.

The company and its franchisees opened a total of 39 new Wendy's
restaurants during the second quarter of 2007.  The total number
of systemwide Wendy's restaurants at the end of the second
quarter in 2007 was lower at 6,661, compared to 6,673 at year-
end 2006 and 6,743 at the end of the second quarter in 2006,
reflecting closures of underperforming restaurants.

As of June 30, 2007, total assets were US$1.8 billion, total
liabilities were $1 billion, and total stockholders' equity was
US$766.4 million.

                      Management's Comments

"We delivered significantly improved results versus a year ago,"
said chief executive officer and president Kerrii Anderson.  
"Our income and EBITDA results are encouraging and store
operating margins continue to expand as we execute our strategic
plan."

"We are revitalizing the Wendy's brand with innovative product
introductions, a new advertising campaign and improving
operations," said Mr. Anderson.  "Our U.S. company-operated
restaurant EBITDA margin improvement was the result of strategic
initiatives we began implementing this year - an effective menu
management strategy and more efficient operations.  We believe
that price increases, which are impacting transactions in the
short term, will position us to produce profit expansion in the
longer term.  We have good momentum in the business as we focus
on improving profits in every restaurant in the Wendy's system."

"We are very encouraged by the positive consumer reaction to our
new 'That's Right' advertising campaign, and we're stepping up
the creative use of our 'Red Wig' icon in our marketing efforts
- TV advertising, on-line, in-store and more," said Wendy's
chief marketing officer Ian Rowden.  "After only six weeks,
national consumer research shows more than half of the
respondents can play back the 'I deserve a hot, juicy burger'
line from our advertising campaign and immediately associate the
'Red Wig' with Wendy's. This is a key reason our core hamburger
business is growing."

                         Other Highlights

Wendy's completed its spinoff of Tim Hortons(R) in the third
quarter of 2006 and completed the sale of Baja Fresh(R) Mexican
Grill during the fourth quarter of 2006.

As a result of its 2006 spinoff of Tim Hortons, the company, now
accounts for its 50% share of the restaurant real estate joint
venture with Tim Hortons, Wendy's and Tim Hortons' combination
units, under the equity method of accounting, rather than
consolidating the results of the joint venture in the company's
financial statements.  This change in accounting for the
Company's joint venture with Tim Hortons resulted in an overall
reduction to second-quarter 2007 operating income of $2.2
million compared to the second quarter 2006.

During the second quarter of 2007, the company also entered into
a definitive agreement to sell Cafe Express.

                    118th Consecutive Dividend

The Board of Directors approved a quarterly dividend of 12.5
cents per share, payable August 20 to shareholders of record as
of August 6.  The dividend payment will represent the company's
118th consecutive dividend.

                        About Wendy's

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries  
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                         *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


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

AFFYMETRIX INC: Posts US$1.2-Mil. Net Profit for 2nd Qtr. 2007
--------------------------------------------------------------
Affymetrix Inc. reported a net income of approximately
US$1.2 million in the second quarter of 2007, a turnaround from
the US$10-million net loss recorded in the second quarter of the
prior year.

The company reported total revenue for the second quarter of
US$88.3 million, as compared to a total revenue of
US$80.1 million in the second quarter of 2006.  Product and
product related revenue was US$81.2 million, product sales to
Perlegen Sciences, Inc. were US$4.4 million and royalties and
other revenue were US$2.7 million for the second quarter of
2007.

"We are pleased with the sequential and year-over-year top-line
revenue growth driven by the strong adoption of our new SNP 6.0
genotyping product," said Kevin M. King, president of Affymetrix
Life Sciences.  "The successful launch of this product has
resulted in a number of important new global commercial
agreements."

Second quarter sales included GeneChip consumable revenue of
US$67.2 million, consisting of array revenue of US$41.0 million,
reagent revenue of US$14.2 million, genotyping services revenue
of US$7.6 million and US$4.4 million of Perlegen revenue.
Additionally, the company reported instrument revenue of
US$8.8 million in the second quarter of 2007.  Affymetrix
shipped 38 GeneChip systems in the quarter, bringing its
cumulative systems shipped to around 1630 at the end of the
second quarter.

Cost of product sales and product related revenue were
US$34.7 million in the second quarter of 2007 compared to
US$27.1 million in the same period of 2006.  Product and product
related gross margin was 57.3% in the second quarter of 2007
compared to 64.1% in the second quarter of 2006.

Operating expenses were US$54.8 million for the second quarter
of 2007, which includes restructuring charges of US$1.8 million,
as compared to US$61.0 million in the second quarter of 2006.

                   Financial Outlook for 2007

For fiscal 2007, the company projects total revenue in the range
of US$365 million to US$385 million.  For the full year the
company expects gross margins around 60%, dependent upon revenue
mix.  The company is forecasting total operating expenses of
US$220 million as well as total restructuring charges of US$15
million for the full-year.

As of June 30, 2007, the company's balance sheet recorded total
assets of US$788.6 million and total liabilities of US$220.5
million of total liabilities resulting in a shareholders' equity
of US568 million.

                      Quarterly Highlights

DNA Analysis

   -- Affymetrix announced the launch of its Genome-Wide Human
      SNP Array 6.0, a single microarray that simultaneously   
      measures more than 1.8 million genetic markers.  Developed
      in collaboration with the Broad Institute of Harvard and
      the Massachusetts Institute of Technology, the new array
      offers industry-leading performance which enables
      researchers to increase the size and scope of their
      experiments.

   -- The Children's Research Institute and Affymetrix have
      entered a five year alliance to screen genetic information
      of up to 25,000 patients.  The study will use Affymetrix
      products to generate genetic data for use in developing
      novel diagnostics and screening tests for complex diseases
      affecting children.

   -- The Wellcome Trust Case Control Consortium completed the
      world's largest whole-genome association project.  The
      research team used GeneChip microarray technology to
      analyze the genetic information of more than 17,000
      individuals to find genes associated with seven common
      complex human diseases.  Study details were published in
      the June 7, 2007 issue of Nature.

   -- The National Genome Research Network (NGFN) in Germany has
      selected the Affymetrix SNP Arrays 5.0 and 6.0 to genotype
      more than 17,000 individuals.  With this genetic
      information, researchers will develop treatments for 25
      complex diseases, including Alzheimer's, epilepsy, and
      Parkinson's.

   -- The Republic of Korea's National Institute of Health and
      Center for Disease Control and Prevention will use the
      Affymetrix SNP Array 5.0 for the Korean Association
      Resource project.  This genome-wide association study is
      designed to identify the genetic causes of lifestyle-
      related complex diseases that are prevalent in Korea by
      genotyping 10,000 individuals.

   -- The Genetic Association Information Network will use the
      recently launched SNP Array 6.0 for a series of studies
      designed to identify the genetic causes of common, complex
      diseases such as schizophrenia and bipolar disorder.  GAIN
      researchers will use the Affymetrix technology to analyze  
      8,000 samples with a diverse range of ethnic origins.

   -- Children's Hospital of Philadelphia will use the
      Affymetrix SNP Array 6.0 for whole-genome association
      studies of 7,000 individuals.  "The increased genetic
      coverage, expanded content and affordability of the
      Affymetrix SNP Array 6.0 enables us to perform highly
      powered association and copy number studies, which will
      provide us with a better understanding of the role of
      genes and genetic variants in complex diseases," said
      Hakon Hakonarson, M.D., Ph.D., director of the Center for
      Applied Genomics at Children's Hospital.

RNA Analysis

   -- A team from Affymetrix Laboratories has successfully used
      the company's Tiling Arrays to help redefine the structure
      of the human genome as part of the Encyclopedia Of DNA
      Elements project.  Organized by the National Human Genome
      Research Institute, the ENCODE pilot-phase project was a
      four-year set of studies designed to identify the
      functional elements present in one percent of the human
      genome.  The results of the project were published in a
      set of papers in the June 14th issue of Nature and the
      June issue of Genome Research.

Molecular Diagnostics

   -- Affymetrix Clinical Services Laboratory has signed a co-
      marketing agreement with DOCRO Inc., a leading contract
      research organization that specializes in the
      commercialization of in vitro diagnostic biomarker
      technologies.  The two companies will work together to
      help customers gain clearance or approval of IVD products
      from the U.S. Food and Drug Administration and bring those
      products to market faster than before.

   -- Partners HealthCare and Affymetrix have extended their
      translational research collaboration.  Under the terms of
      the agreement, Affymetrix will create custom microarrays
      based on the recent discovery data from Partners
      researchers.  The arrays will be used to produce molecular
      diagnostic tests, which will then be validated in Partners
      HealthCare's CLIA (Clinical Laboratory Improvement
      Amendments)-certified environments.

Management

   -- Affymetrix appointed John C. Batty to chief financial
      officer and executive vice president, reporting to Stephen
      P.A. Fodor, Ph.D., chairman and CEO. Prior to his
      appointment, Batty served as senior vice president of
      finance and chief financial officer of Credence Systems
      Corporation.

                      About Affymetrix Inc.

Headquartered in Santa Clara, California, Affymetrix Inc. --
http://www.affymetrix.com/-- analyzes complex genetic  
information that are used by pharmaceutical, biotechnology
agrichemical, diagnostics and consumer products companies.  The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia (including Singapore,
Japan and China, as well as Australia, New Zealand, Hong Kong,
India, Japan, Malaysia, and Taiwan) and has about 1,100
employees worldwide.

                          *     *     *

Affymetrix Inc.'s noteholders issued a notice of default on Aug.
17, 2006, under the indenture governing the US$120 million 0.75%
Senior Convertible Notes due 2033 as a result of the company's
failure to file its Form 10-Q for the quarter ended June 30,
2006, with the United States Securities and Exchange Commission.


INNOVATIVE STRUCTURAL: Commences Wind-Up Proceedings
----------------------------------------------------
On July 20, 2007, the High Court of Singapore entered an order
directing the wind-up of Innovative Structural Systems Pte
Ltd.'s operations.

The company's liquidator is:

         Don Ho Mun-Tuke
         c/o Don Ho & Associates
         20 Cecil Street #12-02/03
         Equity Plaza
         Singapore 049705


LINDETEVES-JACOBERG: Discloses Changes to Board of Directors
------------------------------------------------------------
Lindeteves-Jacoberg Limited disclosed some changes to the
company's board of directors.

Dr. Knut Unger was appointed as an Independent and Non-Executive
Director of the company that took effect on August 1, 2007.  He
was also appointed as the member of the Audit Committee,
Chairman of the Nominating Committee and the Remuneration
Committee.

Moreover, Herman P.P.M. Hofhuis was appointed as the Chairman of
the Audit Committee that also took effect on August 1, 2007.
Concurrently, Mr. Hofhuis has relinquished his position as the
Chairman of the Remuneration Committee but he will continue to
serve as a Member of the Remuneration Committee.

Lindeteves-Jacoberg Limited -- http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

As of March 31, 2007, the group's total assets reached
SGD$304.7 million while total liabilities were
SGD$379.9 million, resulting in a shareholders' deficit of
SGD$75.2 million.


PLANET HOLLYWOOD: Court to Hear Wind-Up Petition on August 17
-------------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Planet Hollywood Singapore Pte Ltd on August 17,
2007, at 10:00 a.m.

The petition was filed by Planet Hollywood Asia Pte Ltd on
July 18, 2007.

Planet Hollywood's solicitor is:

         PK Wong & Associates LLC
         9 Temasek Boulevard #26-03
         Suntec Tower Two
         Singapore 038989


QUANTUM ENERGY: Court Releases Wind-Up Order
--------------------------------------------
The High Court of Singapore has entered on July 20, 2007, an
order winding up the operations of Quantum Energy Systems Pte
Ltd.

The company's solicitor is:

         Archilex Law Corporation
         c/o Audit Alliance
         No. 20 Maxwell Road
         #11-09/10 Maxwell House
         Singapore 069113


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

BLOCKBUSTER INC: Reports 2.8% Revenue Decrease in 2nd Qtr. 2007
---------------------------------------------------------------
Blockbuster Inc. reported that its total revenue decreased 2.8%
to US$1.26 billion for the second quarter ended July 1, 2007,
from US$1.3 billion for the second quarter last year.

The company said due to a reduction in rental revenues from the
closure of stores, an unfavorable home video release schedule
and the sale of 217 GAMESTATION stores on May 2, 2007, caused
the decrease in total revenue.  These decreases were partially
offset by an increase in revenues from Blockbuster Inc.

"Our results this quarter clearly reflect continued investment
in our online subscriber growth. Although BLOCKBUSTER Total
Access(TM) allowed us to increase our subscriber base by 600,000
to a total of 3.6 million subscribers, the costs associated with
the program affected our profitability," said Jim Keyes,
Blockbuster Chairman and CEO.  "While we remain committed to
capturing market share in the overall video rental market, we
are absolutely focused on striking an appropriate balance
between growth and enhanced profitability going forward."

The company said that for the second quarter of 2007, net loss
was US$35.3 million, compared with net income of US$68.4 million
for the second quarter of 2006.  The net loss for the second
quarter of 2007 included a US$77.7 million gain related to the
sale of 217 of the Company's UK-based GAMESTATION stores and net
income for the second quarter of 2006 was affected by the impact
of US$91.2 million in favorable tax audit settlements.

"To this end, the Company is undergoing a comprehensive review
of its business aimed at identifying and implementing
initiatives designed to revitalize the Company, enhance the
organizational structure and improve profitability" Mr. Keyes
said.  "Our goal is to transform Blockbuster into a company that
quickly responds to customers' changing needs for convenient
access to media entertainment.  We look forward to communicating
our strategic roadmap later in the year."

A full-text copy of Blockbuster's Second Quarter 2007 Earnings
is available for free at: http://ResearchArchives.com/t/s?21db

                     About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company also
operates in Taiwan, Thailand, and New Zealand.

                          *     *     *

Blockbuster Inc.'s 9% Senior Subordinated Notes due 2012 holds
Moody's Investors Service's Caa2 rating, Standard & Poor's
Ratings Services' CCC+ rating, and Fitch Ratings' CC rating.


SIAM CITY BANK: Gov't Pension Fund Acquires 40% Stake in Unit
-------------------------------------------------------------
The Government Pension Fund has invested [THB120 million] in
shares or 40% of Siam City Asset Management Co. Ltd., a
subsidiary of Siam City Bank PCL, a disclosure with the Stock
Exchange of Thailand said.

SCIAM now has THB300 million in paid-up capital, from the
previous THB170 million before capital increase procedures.  The
bank previously held 100% or 170 million shares in SCIAM and,
after recapitalization, the bank now holds 60% or 180 million
shares.  GPF holds the remaining 40% or 120 million shares in
SCIAM.

The shares have a par value of THB10 each.

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter-Asia Pacific reported that on
October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of BB;
    * Short-term foreign currency rating of B;

The outlook on the ratings is Stable.  


THAI WAH: Chooses Not to Subscribe to Laguna Resorts' New Shares
----------------------------------------------------------------
Laguna Resorts & Hotels PCL has allotted Thai Wah PCL an
additional 44,170,986 ordinary shares under its capital increase
scheme.

However, the company said in a disclosure with the Stock
Exchange of Thailand that it did not subscribe to the LRH shares
as it is considered disposal of assets by LRH.

The company holds 29.447 million shares in LRH.

On July 4, 2007, LRH's shareholders approved the issuance of
rights to 127,005,215 new ordinary shares at par value of THB10
each to existing shareholders.  Each existing shareholder will
be issued 1.5 new ordinary shares for every existing share it
holds in LRH, for an offering price of THB10 per share.  

The subscription period ran through July 16 until July 20.

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.




                            *********


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.
   
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