TCRAP_Public/070803.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  

             Friday, August 3, 2007, Vol. 10, No. 152

                            Headlines

A U S T R A L I A

ARMOR HOLDINGS: US$4.5 Billion BAE Systems Buyout Deal Completed
ARMOR HOLDINGS: Completed BAE Deal Cues S&P to Withdraw Ratings
COMMSCOPE INC: Second Quarter Net Income Rises to US$61.1 Mil.
DATA-TECH: Shareholders Pass Resolution to Liquidate Firm
FOOT LOCKER: Initiates Steps to Strengthen Business Operations

GALEEN PTY: Shareholders Resolve to Wind Up Operations
GERRY'S ELECTRICAL: To Declare Priority Dividend on Sept. 14
JAMES F. GARRETT: Commences Liquidation Proceedings
KENLANCE HOLDINGS: Taps Bruce Neil Mulvaney as Liquidator
LLB PTY: Placed Under Voluntary Liquidation

M L PARRY: Members Opt to Shut Down Business
MAXTOR DISC: Members' Final Meeting Set for August 21
MERLAND PTY: Members Receive Report on Wind-Up Proceedings
PEABODY ENERGY: Paying US$0.06 Per Share Dividend on Sept. 4
PEABODY ENERGY: AG Edwards Downgrades Firm's Shares to Hold

SANCY FASHIONS: Priority Creditors' Proof of Debt Due on Aug. 7
UNIVERSAL COMPRESSION: Schedules Cash Distribution on August 14


C H I N A   &   H O N G  K O N G

ASAT HOLDINGS: Looks to Secure Additional Financing
COMPANION MARBLE: Will Hold Final Meeting on August 28
HILL WEALTH: Undergoes Voluntary Liquidation
INTERNATIONAL PAPER: Closes CMCP Stake Purchase for US$40 Mil.
KOREA INDUSTRIAL: Sets Annual Meetings for August 16

SANYO ELECTRONICS: Taps Chow Chor Kai, Francis as Liquidator
SEGA.COM: Final General Meeting Set for August 28
UNIVERSAL PRODUCTS: Liquidators Quit Posts
TK ALUMINUM: Receives Acquisition Offer from Fiat SpA
TYSON FOODS: May Buy Chinese Poultry to Meet Demands

ZTE CORP: Phil's DOJ Says US$330-Million Broadband Deal Legal


I N D I A

AMERICAN AXLE: Robert W. Baird Keeps Underperform Rating on Firm
DRESSER-RAND: Bags Supply Contract for US$154 Million
DRESSER-RAND: Signs Frame Agreements with Statoil
GENERAL MOTORS: Anticipates Challenges Despite Q2 Profits
GENERAL MOTORS: Extends Supply Deal in New Pact with Remy Int'l.

IMPERIAL CHEMICAL: Rejects Akzo's 650 Pence Per Share Proposal
IMPERIAL CHEMICAL: To Buy Dulux for GBP52 Million from AECI
PRIDE INT'L: Unit Acquires Lexton Drillship Rights for US$108MM
STATE BANK OF INDIA: Earns INR14.26 Billion in First Quarter
STATE BANK OF INDIA: Central Gov't. Names 2 New Directors

TATA MOTORS: Net Profit Up 22% in First Quarter FY2008
TATA MOTORS: July 2007 Sales Down by 6.6% From Last Year
TATA POWER: Considers Buying Stake in Power Trading Exchange
TATA POWER: Executive Director Anil Kumar Quits Post
UTI BANK: Name Changed to Axis Bank Effective July 30

* RBI's Policy Stance Continues Normalization, Moody's Says


I N D O N E S I A

BANK DANAMON: Signs Agreement With 15 Property Developers
BANK MANDIRI: Lends IDR1.22-Tril. for Toll Road Construction
BANK NEGARA: Gov't. Raises IDR8.1 Trillion From 26% Stake Sale
CORUS GROUP: Tata Steel to Increase Buyout Share to US$7.4 Bil.
GOODYEAR TIRE: Workers' Union Approves Deal With Carlyle Group

HILTON HOTELS: Discloses Development Plans with Tenedora Augusta
MITEL NETWORK: Moody's Junks Second Lien Sr. Secured Notes
MITEL NETWORKS: S&P Cuts US$330MM First-Lien Debt Rating to B+
PERUSAHAAN GAS: To Hike Natural Gas Price by 9.73%


J A P A N

FORD MOTOR: Unveils Amount of Shares Billed in Conversion Offer
FURUKAWA CO: Moody's Upgrades Rating to Baa3 from Ba2
SANYO ELECTRIC: Clarifies Reports on Sale of Mobile Phone Unit
SANYO ELECTRIC: Mulls Raising Solar-Cell Investment to JPY100BB


K O R E A

KRISPY KREME: Moody's Assigns Junk Corporate Family Rating
LYONDELL CHEMICAL: Earns US$176 Million in Quarter Ended June 30
NAMAE INTERNATIONAL: Sells NAMAE Shares for KRW13.89 Billion
NDCORP CO: Invests US$40 Million in Auto Trans Service


M A L A Y S I A

MALAYSIA AIRLINES: Promises to Solve Flight Delays
MALAYSIA AIRLINES: Board Supports Idris Jala's Leadership
SUREMAX GROUP: Posts MYR718,000 Net Loss in Qtr-Ended May 31
TENGGARA OIL: To Submit Debt Restructuring Plan on Aug. 7


N E W  Z E A L A N D

BOLSTRIDGE DEVELOPMENTS: Fixes Aug. 9 as Last Day to File Claims
BRIDGECORP LTD: Creditors Give Australian Units a Chance
CORY HUTCHINGS: Enters Wind-Up Proceedings
DENNY'S CORP: Earns US$11.5 Million in Quarter Ended June 27
DRIVER HOLDINGS: Appoints Hart and Neilson as Liquidators

FIRST DATA: Shareholders Approve Kohlberg Affiliate Merger Pact
MELCHIOR & LENG: Taps Brown and Neilson as Liquidators
NUPLEX INDUSTRIES: Restructures Senior Management
PACIFIC EDGE: Shareholders OK Issuance of 10.27 Mil. Shares
PHILIP BUILDERS: Appoints Levin and Vance as Liquidators

SAECO AUSTRALIA: Court Appoints Pardington as Liquidator
U LEASE: Taps Levin and Jordan as Liquidators
XEROGRAPHIC LIMITED: Court Taps Levin and Vance as Liquidators


P H I L I P P I N E S

DEVELOPMENT BANK: Gov't Cuts Forex Risk Cover Requirement to 3%
EXPORT AND INDUSTRY BANK: Elects Alex Luis Pesigan as Senior VP
IPVG CORP: Executes Term Loan for PHP50 Million with Unicapital
METROPOLITAN BANK: Assets Reach PHP664.1 Billion as of June 30
PHIL NAT'L BANK: State & PDIC Sell 10.9% Collective Holdings

PHIL NAT'L BANK: Lists Additional Stocks After Follow-on Offer
PHIL. TELEGRAPH: Elects Ma. Cristina Gonzales as Asst. Secretary
WENDY'S INT'L: Triarc Wants US$37-US$41/Share Offer Considered


S I N G A P O R E

AUTO EXPERT: Accepting Proofs of Debt Until August 13
BEXCOM SOUTHEAST: Court Enters Wind-Up Order
UNITED TEST: Net Profit Down 10.8% in Second Quarter of 2007
VIDEOVAN ENTERTAINMENT: Creditors to Meet on August 10
WISEGUYS FILM: Proofs of Debt Due on August 13


T H A I L A N D

ARVINMERITOR INC: Incurs US$70 Mil. Net Loss in Third Quarter
KRUNG THAI BANK: Pays Interest for Hybrid Tier 1 Debentures
MANAGER MEDIA: Requests 10-Month Extension of Rehabilitation
NATURAL PARK: Requests Extension of Sansiri Shares Sale Due Date


* Moody's Outlook Mixed for AsPac Consumer Products Sector


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ARMOR HOLDINGS: US$4.5 Billion BAE Systems Buyout Deal Completed
----------------------------------------------------------------
BAE Systems completed its acquisition of Armor Holdings Inc.
after receiving all required shareholder and regulatory
approvals.  The company had entered into a definitive merger
agreement to acquire Armor Holdings on May 7, 2007, in a
transaction valued at approximately US$4.532 billion.

Under the terms of the merger agreement, Armor Holdings
shareholders will receive US$88 for each share of Armor Holdings
common stock held at closing, without interest.

The acquisition of Armor Holdings strengthens BAE Systems'
position in the land systems businesses.  Armor Holdings had
sales in 2006 of approximately US$2.361 billion.

"Armor Holdings is a welcome addition to BAE Systems," Mike
Turner, BAE Systems chief executive officer, said.  "Armor
Holdings is a strong business with an excellent track record and
a heritage of innovation and technology.  The integration with
BAE Systems' existing land systems business will strengthen our
ability to provide our military customers with innovative
capabilities, products and services."

Armor Holdings will be integrated into BAE Systems Land and
Armaments, headquartered in Arlington, Virginia.  The combined
business will serve new tactical vehicle requirements, such as
the Family of Medium Tactical Vehicles, the Mine-Resistant
Ambush Protected vehicles, and future prospects such as the
Joint Light Tactical Vehicle.

"BAE Systems and Armor Holdings share a common commitment to the
men and women of the armed forces," Walt Havenstein, president
and CEO of BAE Systems Inc., said.  "Armor Holdings' expertise
in automotive design and lean, high-volume manufacturing
technologies in combination with BAE Systems' expertise in
combat vehicle design, rapid prototyping and survivability
systems, will strengthen our ability to provide the armed forces
with tactical wheeled vehicles with increased survivability."

Armor Holdings' customers will benefit from logistics and
support through integration with BAE Systems' established reset,
upgrade and support capability.   In addition, BAE Systems'
marketing presence will enhance Armor Holdings' ability to offer
tactical wheeled vehicle replacement in overseas markets.

In connection with the completion of the acquisition, Armor
Holdings disclosed that $150 million in aggregate principal
amount, or 100%, of its outstanding 8.25% Senior Subordinated
Notes due 2013, were tendered pursuant to its cash tender offer
and consent solicitation.  Armor Holdings will promptly pay for
all such 8.25% Notes.

The acquisition constitutes a "fundamental change" under the
indenture pursuant to which Armor Holdings' 2% Senior
Subordinated Convertible Notes due 2024 were issued.  As a
result, holders who surrender their Convertible Notes for
conversion after the closing date of the acquisition and on or
prior to a date to be fixed by Armor Holdings, which will be not
earlier than Aug. 16, 2007, will receive the merger
consideration on an as-converted basis plus additional
consideration in accordance with the Convertible Notes
indenture.

                       About BAE Systems

Based in United Kingdom, BAE Systems --
http://www.baesystems.com/-- is a defense and aerospace  
company, delivering a full range of products and services for
air, land, and naval forces, well as advanced electronics,
information technology solutions, and customer support services.  
The company has 88,000 employees worldwide.

                    About Armor Holdings Inc.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and   
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.  The company has
operations in Australia in the Asia Pacific, in England for
Europe and Brazil for its Latin-American operations.

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard &
Poor's B+ rating.


ARMOR HOLDINGS: Completed BAE Deal Cues S&P to Withdraw Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings,
including the 'BB' corporate credit rating, on Armor Holdings
Inc.  The ratings were also removed from CreditWatch, where they
were placed with positive implications on May 7, 2007.
      
"The ratings action follows the announcement that BAE Systems
PLC completed its acquisition of the company and that all rated
debt has been or will soon be repaid," said Standard & Poor's
credit analyst Christopher DeNicolo.  The total transaction was
valued at US$4.5 billion.

                   About Armor Holdings Inc.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and   
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company's mobile security division is located in
Mexico, Venezuela, Colombia and Brazil.  The company has
operations in Australia in the Asia Pacific, in England for
Europe and Brazil for its Latin-American operations.


COMMSCOPE INC: Second Quarter Net Income Rises to US$61.1 Mil.
--------------------------------------------------------------
CommScope Inc. recorded second quarter sales of US$519.1 million
and net income of US$61.1 million, or US$0.83 per diluted share.

For the second quarter of 2006, CommScope reported sales of
US$411.9 million and net income of US$46.6 million, or US$0.65
per diluted share.  The reported second quarter 2006 net income
included an after-tax gain of US$18.6 million related to the
recovery on a note receivable from OFS BrightWave, LLC, and
after-tax charges of US$2.6 million related to restructuring
costs.  Excluding these special items, adjusted earnings were
US$30.6 million, or US$0.43 per diluted share.

"We are pleased to deliver another record quarter as we expand
our global leadership in infrastructure solutions for
communications networks," said CommScope Chairman and Chief
Executive Officer, Frank M. Drendel.  "We believe that customer
demand for bandwidth remains strong and we look forward to
building upon positive industry fundamentals.

"We are also excited about the pending acquisition of Andrew
Corporation, which we announced last month.  We are moving
forward and continue to expect the transaction to close before
the end of 2007," Mr. Drendel added.

                         Sales Overview

Sales for the second quarter of 2007 increased 26.0 percent year
over year, driven by increased customer demand across all
business segments and price increases in the Enterprise and
Broadband segments due to higher material costs, which were
implemented in the first half of 2006.  The company experienced
particularly strong sales growth in the Carrier segment.

Enterprise segment sales rose 16.7 percent year over year to
US$239.4 million, primarily due to higher sales volume,
favorable mix and price increases implemented in 2006 in
response to higher costs.  CommScope continues to experience
success with its high-performance and industry-leading products,
including the SYSTIMAX(R) GigaSPEED(R) X10D unshielded twisted
pair cabling solution and the innovative iPatch(R) Real Time
Infrastructure Management System, as enterprises upgrade their
networks to manage expected bandwidth requirements.  Enterprise
sales grew in all geographic regions.

Broadband segment sales rose 19.7 percent year over year to
US$163.4 million, primarily due to higher sales volumes, price
increases implemented in the first half of 2006 in response to
higher material costs and the positive impact of the Signal
Vision, Inc. acquisition, which closed on May 1, 2007.   
Competition between cable television and telephone companies has
resulted in ongoing investment in their networks to support
expanded video, data and voice services, which has stimulated
Broadband sales.  Broadband sales growth in the quarter was
strongest in the Latin American and North American regions.

Carrier segment sales increased 64.4 percent year over year to
US$116.7 million.  This robust growth is primarily the result of
large domestic wireline carriers continuing to deploy broadband
services to their customers.  The Carrier segment has been
CommScope's fastest growing and most volatile segment.

Total international sales for the second quarter of 2007 rose
20.5 percent year over year to US$160.1 million, or
approximately 30.8 percent of total company sales.

External orders booked in the second quarter of 2007 were
US$548.3 million, up 12.2 percent from the year-ago quarter.

                      Andrew Acquisition

On June 27, 2007, CommScope and Andrew Corporation announced a
definitive agreement, unanimously approved by their respective
Boards of Directors, under which CommScope will acquire all of
the outstanding shares of Andrew for US$15.00 per share, at
least 90 percent in cash.  The combined company will be a global
leader in infrastructure solutions for communications networks,
including:

  * structured cabling solutions for the business enterprise;

  * broadband cable and apparatus for cable television
    applications; and

  * antenna and cable products, base station subsystems,
    coverage and capacity systems, and network solutions for
    wireless applications.

"With this acquisition, we are advancing CommScope's position as
a worldwide leader in 'last mile' solutions and are creating
important cost reduction and growth opportunities that we
believe will drive increased shareholder value," Mr. Drendel
stated.  "We intend to build upon the complementary global
product offerings to provide customers with a broader array of
infrastructure solutions for video, voice, data and mobility."

The total transaction value is approximately US$2.6 billion,
based on Andrew's estimated 176 million shares outstanding on a
fully diluted basis, which includes shares associated with
Andrew's existing convertible notes.  CommScope expects to fund
the cash portion of the purchase price through a combination of
new credit facilities and available cash on hand.  CommScope has
obtained customary fully underwritten debt financing commitment
letters from Bank of America and Wachovia Bank, N.A. (and their
respective affiliates).  The transaction is expected to close
before the end of 2007 and is not conditioned on receipt of
financing by CommScope.

The transaction is subject to completion of customary closing
conditions, including effectiveness of a registration statement
on Form S-4, approval by Andrew's stockholders, clearance under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, and any other applicable laws or regulations.  On
July 16, 2007, CommScope and Andrew submitted their pre- merger
notification filings as required under the Hart-Scott-Rodino
Act.

"Our revised revenue guidance reflects expectations of continued
strength across all of our business segments," said Executive
Vice President and Chief Financial Officer, Jearld L. Leonhardt.   
"However, material costs continue to rise and we may not be able
to fully recover these costs in the short term.  As a result of
this volatility, we expect operating margin in the second half
of 2007 to be lower than the first half of the year.   
Nonetheless, we are pleased to raise 2007 guidance and to be in
a position to achieve record calendar year financial
performance."

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last    
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                          *    *    *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Moody's Investors Service placed CommScope Inc.'s
ratings under review for downgrade after their announced intent
to acquire Andrew Corp. for US$2.6 billion.

The ratings under review for downgrade include:

-- Corporate Family Rating, Ba2
-- US$250 million Convertible Senior Subordinated Debentures
    due 2024, Ba3


DATA-TECH: Shareholders Pass Resolution to Liquidate Firm
---------------------------------------------------------
The shareholders of Data-Tech Software Pty Ltd, on April 27,
2007, passed a resolution to liquidate the company's business
and appointed Matthew Addison as liquidator.

                    About Data-Tech Software

Data-Tech Software Pty Ltd is a distributor of durable goods.  
The company is located in Blackburn, Victoria, Australia.


FOOT LOCKER: Initiates Steps to Strengthen Business Operations
--------------------------------------------------------------
Foot Locker Inc. has initiated several steps during the second
quarter that were designed to strengthen its business
operations. Among those actions were:

    -- 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; and
   
    -- senior division management changes

"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," Matthew D. Serra, Foot
Locker Inc.'s chairman and chief executive officer, stated.  
"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."

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
US 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.

                        Management Changes

Three key management changes were also disclosed, 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.

                         About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Europe, Australia, and New Zealand
as of Feb. 3, 2007.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services said its ratings, including
the 'BB+' corporate credit rating, on Foot Locker Inc. remain on
CreditWatch with negative implications.


GALEEN PTY: Shareholders Resolve to Wind Up Operations
------------------------------------------------------
On April 27, 2007, a special resolution was passed by the
shareholders of Galeen Pty Ltd to liquidate the company's
business.  Matthew Addison was then appointed as liquidator.

                        About Galeen Pty

Galeen Pty Ltd is involved in the business of trusts.  The
company is located in Burwood East, Victoria, Australia.


GERRY'S ELECTRICAL: To Declare Priority Dividend on Sept. 14
------------------------------------------------------------
Gerry's Electrical Services Pty Limited, which is in
liquidation, will declare dividend on Sept. 14, 2007, for its
priority insured creditors.

Files of claims must be in by August 8, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

         R. M. Sigelski
         c/o Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia

                    About Gerry's Electrical

Gerry's Electrical Services Pty Ltd operates electrical and
electronic repair shops.  The company is located in Gosford, New
South Wales, Australia.


JAMES F. GARRETT: Commences Liquidation Proceedings
---------------------------------------------------
During a general meeting held on June 29, 2007, the members of
James F. Garrett Pty Ltd agreed to liquidate the company's
business and appointed Peter Goodin as liquidator.

The Liquidator can be reached at:

         Peter Goodin
         Chartered Accountant
         Brooke Bird & Co, Insolvency Practitioners
         471 Riversdale Road,
         East Hawthorn 3123
         Australia

                     About James F. Garrett

James F. Garrett Pty Ltd, which is also trading as Pascoe Vale
Dental Group, operates offices and clinics of dentists.  The
company is located in Pascoe Vale, Victoria, Australia.


KENLANCE HOLDINGS: Taps Bruce Neil Mulvaney as Liquidator
---------------------------------------------------------
The members of Kenlance Holdings Pty Ltd resolved to liquidate
the company's business on June 29, 2007.  Bruce Neil Mulvaney
was then appointed as liquidator.

The Liquidator can be reached at:

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

                     About Kenlance Holdings

Kenlance Holdings Pty Ltd, which is also trading as Skin & Body
Centres, is a distributor of service establishment equipments
and supplies.  The company is located in Richmond, Victoria,
Australia.


LLB PTY: Placed Under Voluntary Liquidation
-------------------------------------------
LLB Pty Ltd went into voluntary liquidation on June 29, 2007,
through a special resolution passed on that day.

Gideon Isaac Rathner and David John Coyne were appointed as
liquidators.

The Liquidators can be reached at:

         Gideon Isaac Rathner
         David John Coyne
         Lowe Lippmann Chartered Accountants
         5 St Kilda Road, St Kilda Victoria 3182
         Australia

                           About LLB Pty

LLb Pty Ltd provides services for insurance agents and brokers.  
The company is located in St Kilda, Victoria, Australia.


M L PARRY: Members Opt to Shut Down Business
--------------------------------------------
On June 29, 2007, the members of M L Parry & Co Pty Ltd agreed
to shut down the company's business and appointed Robyn Erskine
as liquidator.

The Liquidator can be reached at:

         Robyn Erskine
         Chartered Accountant
         Brooke Bird & Co, Insolvency Practitioners
         471 Riversdale Road
         East Hawthorn 3123
         Australia

                         About M L Parry

M L Parry & Co Pty Ltd is a distributor of durable goods.  the
company is located in Maidstone, Victoria, Australia.


MAXTOR DISC: Members' Final Meeting Set for August 21
-----------------------------------------------------
The members of Maxtor Disc Drives Pty Limited will have their
final meeting on August 21, 2007, at 10:00 a.m., to receive the
liquidators' report about the company's wind proceedings and
property disposal.

The company will also declare dividend on August 14, 2007.  
Creditors must file their claims by August 7, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

         David J. F. Lombe
         Simon J. Cathro
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                       About Maxtor Disc

Maxtor Disc Drives Pty Limited is a distributor of computer
storage devices.  The company is located in Bondi Junction, New
South Wales, Australia.


MERLAND PTY: Members Receive Report on Wind-Up Proceedings
----------------------------------------------------------
The members of Merland Pty Ltd met on July 30, 2007, and
received a report regarding the company's wind-up proceedings
and property disposal.

                        About Merland Pty

Located in Corowa, New South Wales, Australia, Merland Pty Ltd
is an investor relation company.


PEABODY ENERGY: Paying US$0.06 Per Share Dividend on Sept. 4
------------------------------------------------------------
Peabody Energy Corp.'s board of directors has declared a regular
quarterly dividend on its common stock of US$0.06 per share.  
The dividend is payable on Sept. 4, 2007, to holders of record
on Aug. 14, 2007.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  This instrument has been placed on review
for downgrade.


PEABODY ENERGY: AG Edwards Downgrades Firm's Shares to Hold
-----------------------------------------------------------
AG Edwards analyst Mark L. Reichman has downgraded Peabody
Energy Corp's shares to "hold" from "buy," Newratings.com
reports.

Mr. Reichman said in a research note that Peabody Energy posted
its second quarter earnings per share short of the estimates and
the consensus.

"Peabody Energy's performance during the remainder of 2007"
would be affected by a drop in sales on account of the port and
rail congestion in Australia and reduced output, Mr. Reichman
told Newratings.com.

The long-term growth estimate for Peabody Energy was decreased
to 15% from 17%.  The earnings per share estimate for 2007 was
dropped to US$2.00 form US$2.65, while the estimate for next
year was decreased to US$3.00 from US$3.60, Newratings.com
states.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia.

                          *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  This instrument has been placed on review
for downgrade.


SANCY FASHIONS: Priority Creditors' Proof of Debt Due on Aug. 7
---------------------------------------------------------------
Sancy Fashions Pty Ltd, which is in liquidation, requires its
priority creditors to file their claims by August 7, 2007.

The company will declare dividend on August 21, 2007.

The company's liquidator is:

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

                      About Sancy Fashions

Sancy Fashions Pty Ltd is a distributor of women's and misses
outerwear.  The company is located in Huntingdale, Victoria,
Australia.


UNIVERSAL COMPRESSION: Schedules Cash Distribution on August 14
---------------------------------------------------------------
Universal Compression Partners L.P. disclose a cash distribution
of US$0.35 per unit, or US$1.40 per unit on an annualized basis,  
payable on Aug. 14, 2007, to unitholders of record at the close
of business on Aug. 9, 2007.  The distribution covers the time
period from April 1, 2007, through June 30, 2007.

Universal Compression Partners completed its acquisition from
Universal Compression Holdings of a fleet of compressor units
and associated customer contracts for approximately
US$233 million in early July.

As a result of this acquisition, cash distributions for the
third quarter of 2007, are expected to increase by approximately  
US$0.0375 to US$0.05 per unit, or approximately US$0.15 to
US$0.20 per unit on an annualized basis.

Universal Compression Partners was formed by Universal
Compression Holdings to provide natural gas contract compression
services to customers throughout the United States.  Universal
Compression Holdings owns approximately 51% of Universal
Compression Partners.

Headquartered in Houston, Texas, Universal Compression Holdings
Inc. -- http://www.universalcompression.com/-- is a natural gas
compression services company, providing a full range of contract
compression, sales, operations, maintenance and fabrication
services to the domestic and international natural gas industry.

The company operates internationally in Argentina, Australia,
Bolivia, Brazil, Canada, China, Colombia, Ecuador, Indonesia,
Mexico, Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia
and Venezuela.  The company's primary fabrication facilities are
located in Houston, Texas, and Calgary, Alberta.

Standard & Poor's rated Universal Compression Holdings' long
term foreign and local issuer credit BB.  The outlook is stable.


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

ASAT HOLDINGS: Looks to Secure Additional Financing
---------------------------------------------------
ASAT Holdings Ltd is in the process of seeking approval from
holders of its 9.25% senior notes due 2011 to a waiver of
certain defaults and consents to certain flexibilities that
would enable the company to obtain additional financing,
Infocast News reports, citing a statement from ASAT's 42.5%
owner, QPL International.

According to QPL, if ASAT fails to achieve imminent additional
funding, it is possible that it will give rise to questions as
to its ability to continue as a going concern.

QPL added that ASAT will delay making the semi-annual interest
payment on the 9.25% senior notes.  The company has 30 days from
the August 1, 2007, due date to meet its interest payment
obligation.

Chua Kei-hong, chief financial officer of ASAT, said: "We
believe it is prudent to utilize the 30 day grace period while
we attempt to complete the consent solicitation process and
closure of potential new financing, which we are trying to
complete prior to the end of the grace period."


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.


COMPANION MARBLE: Will Hold Final Meeting on August 28
------------------------------------------------------
A final meeting will be held for the members and creditors of
Companion Marble Limited on August 28, 2007, at 10:00 a.m. and
10:30 a.m., respectively, in Room 1903, 19th Floor of World-Wide
House at 19 Des Voeux Road in Central, Hong Kong.

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


HILL WEALTH: Undergoes Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting held on July 13, 2007, the
members of Hill Wealth Investment Limited agreed to voluntarily
liquidate the company's business.

Natalia K M Seng and Susan Y H Lo were appointed as liquidators.

The Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


INTERNATIONAL PAPER: Closes CMCP Stake Purchase for US$40 Mil.
--------------------------------------------------------------
International Paper has completed the purchase of the remaining
shares of Compagnie Marocaine des Cartons et des Papiers.  On
July 12, 2007, it had signed an agreement with its joint venture
partner Cofipac to acquire their shares in CMCP for
approximately US$40 million.  The Moroccan packaging company is
now wholly owned by International Paper and will be fully
managed as part of the company's European Container business.

                           About CMCP

CMCP has approximately 1,500 employees and operates four box
plants and one recycled containerboard mill in Morocco.  CMCP
produces corrugated packaging materials for the industrial and
agricultural markets. In 2006, CMCP had sales of approximately
US$145 million.

                    About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest  
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.  
Its Asian operation is located in China.

                          *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


KOREA INDUSTRIAL: Sets Annual Meetings for August 16
----------------------------------------------------
The members and creditors of Korea Industrial Leasing Company
(Hong Kong) Limited will have their annual meetings on Aug. 16,
2007, at 10:00 a.m. and 2:00 p.m., respectively, to receive the
report of Au Kam Ying Grace, the company's liquidator, regarding
the company's wind-up proceedings and property disposal.

The meeting will be held at 16 Yeouido-Dong, Yeongdengpo-Gu in
Seoul 150-873, Korea.


SANYO ELECTRONICS: Taps Chow Chor Kai, Francis as Liquidator
-----------------------------------------------------------
The shareholders of Sanyo Electronics (H.K.) Limited tapped Chow
Chor Kai, Francis as the company's liquidator on July 24, 2007.

The Liquidator can be reached at:

         Chow Chor Kai, Francis
         C C Wu Building, Room 1909, 19th Floor
         302-308 Hennessy Road
         Wanchai, Hong Kong


SEGA.COM: Final General Meeting Set for August 28
-------------------------------------------------
A final general meeting will be held for the members of Sega.com
Asia Networks Limited on August 28, 2007, at 10:00 a.m., at 650
Townsend Street, Suite 650 in San Franciso, CA94013-4908, U.S.A.

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


UNIVERSAL PRODUCTS: Liquidators Quit Posts
------------------------------------------
Stephen Liu Yiu and Yeo Boon Ann quit as the liquidators of
Universal Products (Hong Kong) Limited on June 28, 2007.

The former Liquidators can be reached at:

         Stephen Liu Yiu
         Yeo Boon Ann
         Two International Finance Centre, 18th Floor
         8 Finance Street, Central
         Hong Kong


TK ALUMINUM: Receives Acquisition Offer from Fiat SpA
-----------------------------------------------------
TK Aluminum Ltd. received an acquisition offer from former owner
Fiat S.p.A., the Financial Times reports citing people close to
the talks.

Until September 2002, Teksid Aluminum, currently TK Aluminum's
operating arm, was a division of Teksid S.p.A., which was owned
by Fiat.  

Through a series of deals completed between Sept. 30, 2002 and
Nov. 22, 2002, Teksid S.p.A. sold its aluminum foundry business
to a consortium of investment funds led by equity investors that
include affiliates of each of Questor Management Company, LLC,
JPMorgan Partners, Private Equity Partners SGR SpA and AIG
Global Investment Corp.  

As a result of the sale, Teksid Aluminum is now owned by its
equity investors through TK Aluminum Ltd., a Bermuda holding
company.

According to FT, Fiat has yet to hear from 15 investment groups
involved with Questor.  FT suggests that the bid price is likely
to be very low given TK's financial problem.  The newspaper adds
that if a deal was accepted, TK would be the third supplier that
Fiat has acquired this year.

                         About Fiat SpA

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

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                       About TK Aluminum

Headquartered in Carmagnola, Italy, TK Aluminum Ltd. --
http://www.teksidaluminum.com/-- manufactures cast aluminum  
components for the auto industry through its Teksid Aluminum
unit.  Questor Management Company owns 53% of TK Aluminum; JP
Morgan Chase owns 28% through subsidiary JPMP Capital

                            *   *   *

As of Aug. 1, 2007, TK Aluminum Ltd. carries Caa3 long-term
corporate family rating from Moody's Investors Service.  Outlook
is stable.


TYSON FOODS: May Buy Chinese Poultry to Meet Demands
----------------------------------------------------
Tyson Foods Inc may buy a Chinese poultry company as part of its
plan to meet rising consumer demand for good-quality, Shanghai
Daily reports.

In addition, the company also aims to start producing and
selling poultry in China in the next year, adding to shipments
from the United States, James Rice, Tyson's country manager in
China told the paper.

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

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

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

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

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


ZTE CORP: Phil's DOJ Says US$330-Million Broadband Deal Legal
-------------------------------------------------------------
The Philippines' Department of Justice has upheld the legality
of the controversial US$330-million broadband infrastructure
contract between the Philippines and China amid calls by certain
groups to have the deal reviewed, Sunstar Daily reports.

According to Justice Secretary Raul Gonzales Sr., the proposed
National Broadband Network project may be considered an
executive agreement by virtue of a memorandum of understanding
signed between the Philippine Government represented by Trade
Secretary Peter Favila and Chinese Government firm ZTE
Corporation.  

Mr. Gonzalez added that the contract is not required to undergo
the bidding process as it is covered by an executive agreement
as evidenced by the exchange of notes between former
Presidential Management Staff chief Michael Defensor and Chinese
Minister of Commerce Bo Xilai and Chinese Ambassador Li Jijun.

"In sum, it is the opinion of this department that the exchange
of correspondence between Defensor and Li may be considered an
executive agreement, provided that the loan agreement between
the Philippine government and China Exim Bank is subsequently
concluded," the secretary was quoted by the paper as saying.

Sunstar relates that Under Section 4 of the Philippines'
Republic Act (RA) 9184, or the Government Procurement Reform
Act, "any treaty or international or executive agreement
affecting procurement to which the Philippine government is a
signatory shall be observed," among them infrastructure
projects, goods and consulting services, regardless of source of
funds, whether local or foreign, by all branches and
instrumentalities of government, its departments, offices and
agencies, including government-owned and controlled corporations
and local government units.

"Clearly, therefore, executive agreements involving
infrastructure projects to be funded by a foreign lending
institution do not fall within the scope of RA 9184, which
mandates that all procurement activities must be made through
public bidding," Mr. Gonzalez explained, adding that the loan
agreement is considered an integral part of the executive
agreement with China.


Headquartered in Shenzhen, China, ZTE Corp --
http://www.zte.com.cn/-- produces and sells general system and  
communication terminal equipment.  The group operates both in
the domestic and international market.

The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


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

AMERICAN AXLE: Robert W. Baird Keeps Underperform Rating on Firm
----------------------------------------------------------------
Robert W. Baird analysts have kept their "underperform" rating
on American Axle & Manufacturing's shares, Newratings.com
reports.

Newratings.com relates that the target price for American Axle
was set at US$24.

The analysts said in a research note that American Axle reported
its second quarter 2007 GAAP earnings per share ahead of the
estimates, due to higher-than-expected revenues.

The analysts told Newratings.com that American Axle continues to
see "market share contraction of its mid-size SUVs and pickups."   
It would have to increase spending for launching new business in
2009 to 2012.

The earnings per share estimate for fiscal year 2008 was
increased to US$1.65 from US$1.60, Newratings.com states.

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

                       *     *     *

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


DRESSER-RAND: Bags Supply Contract for US$154 Million
-----------------------------------------------------
Dresser-Rand Group Inc. will supply advanced turbomachinery for
a floating, production, storage and offloading (FPSO) vessel.

The award is estimated to be more than US$154 million.  Dresser-
Rand will supply gas turbine packages for power generation and
gas compression.  Dresser-Rand booked the order in May 2007.

"We are very pleased to have been awarded this contract," said
Jesus Pacheco, Dresser-Rand's executive vice president, New
Equipment Worldwide.  "The award is further evidence of our
leading role as a total solution provider of power generation
and gas compression equipment for offshore platforms."

Jim Heid, Dresser-Rand's vice president, Business Solutions,
commented that "The contract will be executed under the
agreement that exists between Dresser-Rand and BP, one of its
key alliance clients, and reaffirms the value of alliance
agreements to both Dresser-Rand and our clients."

Dresser-Rand will provide six DATUM(R) centrifugal compressor
trains driven by variable speed electric motors for gas
compression service, four generator sets for main power
generation and control panels for each equipment package.

The electric motor-driven gas compressor packages include
transformers and frequency converters for the drive system.  The
packages include complete three-point mounted baseplates, full
enclosures for noise protection, and all auxiliary systems.  
String testing for the equipment will be conducted at the
Dresser-Rand facility in Le Havre, France.

The power generation packages feature three point mounted,
torque tube baseplates, noise enclosures, and all auxiliary
systems.  The equipment will be full-load string tested at
Dresser-Rand's facility in Drammen, Norway.

                       About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                          *     *     *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.


DRESSER-RAND: Signs Frame Agreements with Statoil
-------------------------------------------------
Dresser-Rand Group Inc. has entered into two, five-year frame
agreements with Statoil to supply new compression and power
generation equipment, and to supply aftermarket parts and
service for existing turbo machinery.

Total value of frame agreements announced this month by Statoil
was US$1,363 million (NOK 7.8 billion).  The value of the
agreements between Statoil and Dresser-Rand is estimated to be
US$1 billion (NOK 6.1 billion), including options to extend the
agreements for an additional five years.

The agreements cover the purchase and installation of new
equipment for several Statoil project locations, consisting of
compressors, and turbo generator sets that will be used in both
onshore and offshore applications.

All equipment and services will be supplied from Dresser-Rand
global operations.  The Dresser-Rand facility in Kongsberg,
Norway will assemble and test the turbo generator sets.  The
company's facility in Le Havre, France and Olean, New York in
the U.S. will provide the centrifugal compressors.  Service and
maintenance will be supplied from the Dresser-Rand service
center in Kongsberg.

"We're appreciative of the confidence that Statoil has placed in
Dresser- Rand," said Vincent R. Volpe, Jr., president and CEO of
Dresser-Rand.  "As long-time alliance partners, we have
developed a business model focused on lowest life cycle cost and
minimal emissions."

Commenting on the new frame agreements, Rune Norseng, Statoil
vice president for procurements in operations support,
Exploration & Production Norway, noted that the selected
companies would be "important partners in our work to increase
energy efficiency and to reduce emissions from our facilities.

                         About Statoil

Statoil is an integrated oil and gas company with headquarters
in Stavanger, Norway.  During a business association with
Dresser-Rand spanning more than three decades, Statoil has
purchased more than 50 compressors and 20 turbo generator sets.

                       About Dresser-Rand

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                          *     *     *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.


GENERAL MOTORS: Anticipates Challenges Despite Q2 Profits
---------------------------------------------------------
General Motors Corp. and Ford Motor Company, which posted
combined quarterly net earnings of US$1.65 billion, have warned
the UAW that a number of challenges still loom in the second
half of the year, despite of the positive results, as labor
talks continue, Dow Jones Newswires reports.

GM CFO Fritz Henderson said the company needs to push for health
care cost relief within the workforce so it can reach its goal
of sustained earnings growth and positive cash flow in North
America, Dow Jones notes.  GM faces an estimated US$50 billion
in long-term health care liabilities although Mr. Henderson
claims that GM already has US$19 billion set aside in company-
managed trusts that could potentially be used to lower the
burden.

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 same period last
year.

Concurrently, Ford CEO Alan Mulally said the second half will be
"difficult" as Ford faces cash outflows and races to reduce
capacity to match falling sales in the U.S., Dow Jones relates.  
Ford also sees a tough pricing environment in the second half in
the U.S.

Ford Motor Company reported a net profit of US$750 million for
the second quarter of 2007, compared with a net loss of US$317
million in the second quarter of 2006.

                      About Ford Motor Co.

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

                       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 and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

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

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


GENERAL MOTORS: Extends Supply Deal in New Pact with Remy Int'l.
----------------------------------------------------------------
Remy International, Inc. has reached agreements with General
Motors Corp. with respect to the extension and enhancement of
Remy's existing supply relationship with GM.

The new GM arrangement is an important development in the
furtherance of Remy's financial restructuring.  While certain
aspects of the arrangement will be implemented immediately, the
agreement will become fully effective upon the consummation of
Remy's financial restructuring.

"We are extremely pleased to have reached agreement with GM on a
comprehensive restructuring of our commercial arrangement.  We
look forward to a long and mutually beneficial relationship with
GM," said John Weber, Remy's chief executive officer.

Remy also obtained a binding commitment from Barclays Capital,
the investment banking division of Barclays Bank PLC, to provide
debtor-in-possession financing of up to US$225 million and
US$330 million of long-term exit financing, subject to certain
closing conditions and documentation.

As a result of finalizing these two critical aspects of its
financial restructuring, Remy will commence a solicitation of
votes on its prepackaged chapter 11 by mid-August.  As
previously announced, the terms of its consensual financial
restructuring with its noteholders contemplates that all trade
creditors, employees and suppliers will continue to be paid in
the ordinary course of business.

                     About Remy International

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and  
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.

Remy has operations in the United Kingdom, Brazil and Korea.

                       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 and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

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

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


IMPERIAL CHEMICAL: Rejects Akzo's 650 Pence Per Share Proposal
--------------------------------------------------------------
Imperial Chemical Industries plc confirmed that it received a
further indicative proposal from Akzo Nobel NV under which it
would acquire ICI for 650 pence per share in cash.  The proposal
was subject to a number of pre-conditions, including completion
of due diligence.

The Board of ICI considered this revised proposal and
unanimously rejected it on the grounds that it failed to
recognize the full strategic value of ICI.

Subsequently, ICI met with Akzo to advise that the proposal was
rejected and to explore whether it could be increased.  This
meeting did not result in an improved proposal.  Discussions are
continuing, however, ICI has not granted Akzo access to due
diligence information.

ICI's results for the six months ended June 30, 2007 will be
released today, Aug. 2, 2007.  The Board of ICI remains
confident in the Group's strategy and growth prospects.

Meanwhile, Akzo Nobel continues to believe that ICI would
represent a highly attractive addition to its coatings business.  
Akzo Nobel's increased proposal would provide ICI shareholders
with a 40% premium to ICI's share price of 464.25 pence on
March 9, 2007, the last business day prior to Akzo Nobel's
announcement in relation to the disposal of Organon BioSciences.

Akzo Nobel is evaluating its options.  While discussions
continue, Akzo Nobel will remain financially disciplined.

There can be no certainty that the approach by Akzo will lead to
an offer being made for ICI or as to the terms on which any
offer might be made.

                           About ICI

Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and
specialty products business with products and ingredients
developed for a wide range of markets.

The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan.  It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.

At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and GBP189
million in stockholders' deficit.


IMPERIAL CHEMICAL: To Buy Dulux for GBP52 Million from AECI
-----------------------------------------------------------
Imperial Chemical Industries Plc has reached an agreement to
buy the Dulux business from South African corporation AECI for
GBP52 million in cash.

In addition to buying the Dulux assets in South Africa, ICI is
acquiring AECI's shares in the Dulux subsidiaries in Botswana,
Zambia, Swaziland, Malawi and Namibia.  Completion is expected
in the second half of 2007, subject to approval by the
regulatory authorities.

Dulux is one of the leading decorative paints brands in the
growing South African market, where an expanding economy and a
rapidly growing construction market have contributed to Dulux
Pty.'s continuing sales growth.  In the year ended 2006, Dulux
Pty. sales grew 19% to GBP55.3 million, trading profits were
GBP5.0 million, net assets were GBP17.8 million and the business
employed 650 people, including 400 in South Africa.

Accelerating profitable growth is one of ICI's strategic
objectives, announced in February 2007.  As part of this, a key
performance indicator for the Group is to grow its revenues in
developing markets, which already account for around a third of
ICI's sales, at an average of three times the rate of growth of
global GDP.

"Dulux gives ICI a strong presence in southern Africa.  We are
delighted with this acquisition as it is absolutely consistent
with our focus on fast growing developing markets," said ICI CEO
John McAdam.

                            About ICI

Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and  
specialty products business with products and ingredients
developed for a wide range of markets.

The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan.  It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.

At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and GBP189
million in stockholders' deficit.


PRIDE INT'L: Unit Acquires Lexton Drillship Rights for US$108MM
---------------------------------------------------------------
A subsidiary of Pride International entered into a novation
agreement pursuant to which, for consideration of
US$108.5 million, it acquired the rights and obligations of
Lexton Shipping Ltd. under a contract for the construction and
sale of an ultra-deepwater drillship by Samsung Heavy Industries
Co., Ltd.

The drillship contract provides for the delivery of the
drillship on or before Feb. 28, 2010, and for the subsidiary's
right to rescind the contract for delays exceeding certain
periods.  The drillship contract novated to the Pride subsidiary
provides for remaining payments by the subsidiary of about $540
million, which takes into account amounts previously paid by
Lexton under the contract, subject to adjustment for change
orders and payable in installments during the construction
process.

In connection with the novation agreement, Pride executed
performance guarantees guaranteeing the obligations of its
subsidiary under the drillship contract and the novation
agreement.

                     About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides   
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.  

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2. The
outlook is stable.


STATE BANK OF INDIA: Earns INR14.26 Billion in First Quarter
------------------------------------------------------------
The State Bank of India posted a net profit of INR14.26 billion
for the quarter ended June 30, 2007, almost double the
INR7.99 billion earned in the same quarter in 2006.  

The bank's total income increased from 15% to INR122.29 billion
in the April-June 2007 quarter, which included INR113.87 billion
in interest-earned operating income.  Total expenditures rose
27% to INR98.68 billion, bringing the operating profit to
INR23.61 billion.

For the latest quarter under review, the bank booked taxes
totaling INR7.76 billion and set aside INR1.59 billion for
provisions and contingencies.

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

               http://ResearchArchives.com/t/s?220e

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Central Gov't. Names 2 New Directors
---------------------------------------------------------
The Central Government nominated Dr. Deva Nand Balodhi and Prof.
Salahuddin Ansari as directors on the Central Board of Directors
of the State Bank of India, according to a regulatory filing in
the Bombay Stock Exchange.

The Central Gov't. clarified that consequent to the nomination,
Arun Singh and Rajiv Pandey, who were appointed on the Central
Board on July 25, 2003, and January 23, 2004, respectively
ceases to be a member of the board.

The new directors has a term of three years.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
Financial Strength Rating in June 2006.


TATA MOTORS: Net Profit Up 22% in First Quarter FY2008
------------------------------------------------------
Tata Motors Ltd reported Consolidated Revenues (net of excise)
of INR7,631.28 crore for the quarter ended June 30, 2007, of the
financial year 2007-08, an increase of 13% over INR6,733.32
crore in the corresponding quarter of 2006-07.  The Consolidated
PAT was INR497.22 crore, compared to INR381.67 crore in the
corresponding quarter last year.

The company's Standalone Revenues (net of excise) was
INR6,056.82 crore, an increase of 5% compared to INR5,749.56
crores in the corresponding quarter last year.  Profit Before
Tax (PBT) was INR592.13 crore, an increase of 19% over INR498.25
crores in the corresponding quarter last year, while Net Profit
increased by 22% to INR466.76 crore, compared to INR381.85
crores in the corresponding quarter last year.  Steep increase
in input costs and drop in the volumes of medium & heavy trucks
impacted the operating margin of the company (net of foreign
exchange gain) in this quarter.

The sales volume for the quarter (including exports) at 1,28,095
vehicles grew by 1% over 1,26,394 vehicles in the corresponding
period last year.  Vehicle sales in the domestic market were
impacted, in varying degrees between the commercial and
passenger vehicles segments, due to the high interest rate
regime affecting retails.  Domestic sales of commercial vehicles
decreased by 2% to 61,633 units, while domestic sales of
passenger vehicles at 52,573 units grew by 5%.

Tata Motors exported 13,889 vehicles during the quarter, a
growth of 6% over 13,161 units in the corresponding quarter last
year.

During the quarter, Tata Motors launched several new vehicles.
In passenger vehicles, the company has introduced the Indigo LS,
an entry level common rail diesel (DICOR) offering in the sedan
range, expanded the long wheel base Indigo XL's range with the
Indigo XL Classic, and launched an upgraded range of Tata
Spacio, its entry level utility vehicle.  The company also
introduced a new range of commercial vehicles for passenger
transportation, the Magic and the Winger, which are expected to
create new segments.  The mini-truck, Ace, has been introduced
in Nepal.  Tata Motors has also received an order from the Delhi
Transport Corporation to supply 500 state-of-the-art low-floor
CNG-propelled buses, which will begin to be delivered from the
second half of the financial year.

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

               http://ResearchArchives.com/t/s?220a

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

               http://ResearchArchives.com/t/s?220b

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business    
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: July 2007 Sales Down by 6.6% From Last Year
--------------------------------------------------------
Tata Motors Ltd reported a total sale of 42,098 vehicles
(including exports) for the month of July 2007, a decline of
6.6% over vehicles sold in July last year.  Cumulative sales for
the company at 1,69,459 units are flat.  The domestic market
continues to be sluggish, due to the high interest rate regime,
continuing to affect retails.

Commercial Vehicles

The company's sales of commercial vehicles in July 2007 in the
domestic market were 20,705 units, a decline of 3.8% over 21,534
vehicles sold in July last year.  M&HCV sales stood at 10,367
units, a decline of 14.6% over July 2006, while LCV sales were
10,338 units, a growth of 10% over July 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 82,404 units, a decline of 2.7% over last
year.  Cumulative M&HCV sales stood at 43,022 units, a decline
of 11.7% over last year, while LCV sales for the fiscal were
39,382 units, an increase of 10% over last year.

Passenger Vehicles

The passenger vehicle business achieved total sales of 17,011
vehicles in the domestic market in July 2007, a decline of 6.7%
over July 2006. Despite a declining and a tough market since May
2007, the company has been able to hold its sales at May '07
levels of 17,000 plus for the past three months.  The Indica
reported sales of 11,097 units, a decline of 7% over July 2006.
The Indigo family registered sales of 2,591 units, a growth of
0.1% over July 2006.  The Sumo and Safari accounted for sales of
3,323 units, a decline of 10% over July 2006.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 68,851 units, an increase of 2% over the
previous year.  Cumulative sales of the Indica were at 45,696
nos., an increase of 2.3%.  Cumulative sales of the Indigo
family were at 9,792 units, a decline of 10%, which is lower
than the segment decline.  Cumulative sales of Sumo and Safari
were 13,363 units, an increase of 10.2%.

Exports

The company's sales from exports at 4,382 vehicles in July 2007
declined by 17% as compared to 5,284 vehicles in July 2006.  The
cumulative sales from exports in the current period at 18,204
units have recorded a marginal decline of 1% over the previous
year.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business  
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA POWER: Considers Buying Stake in Power Trading Exchange
------------------------------------------------------------
Tata Power Company Ltd is considering acquiring a stake in a
power trading exchange that PTC India Ltd and the Multi
Commodity Exchange want to set up, Reuters reports, citing a
company statement.

According to Tata Power, PTC and MCX approached the company for
a proposed tie-up.  "We are currently studying the proposal,"
Reuters quoted a Tata Power spokesperson as saying.

The Mint newspaper previously reported that Tata Power and
Reliance Power are partnering PTC and MCX's parent company,
Financial Technologies Ltd, to set up a power exchange, Reuters
relates.

An MCX director reportedly said that about 23% of the power
exchange would be offered to power utilities, and Tata Power had
agreed to pick up a 5%stake.

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

                          *     *     *

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

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


TATA POWER: Executive Director Anil Kumar Quits Post
----------------------------------------------------
Tata Power Company Ltd Executive Director Anil Kumar Sardana
will relinquish the office of Executive Director, according to a
regulatory filing lodged with the Bombay Stock Exchange.

Mr. Sardana abandons the post to assume charge as Managing
Director of Tata Teleservices Ltd with effect today, Aug. 3,
2007.

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

                          *     *     *

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

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


UTI BANK: Name Changed to Axis Bank Effective July 30
-----------------------------------------------------
UTI Bank Ltd informed the Bombay Stock Exchange that the
Registrar of Companies, on July 30, 2007, issued a fresh
certificate of incorporation to the bank in the name of "Axis
Bank Ltd".

In that regard, the name of "UTI Bank Ltd" has been changed to
"Axis Bank Ltd" with effect from July 30, 2007.

As reported by the Troubled Company Reporter-Asia Pacific on
May 7, the bank's board of directors recommended the name change
because of the existence of several shareholder-unrelated
entities using the UTI brand, and the consequent brand confusion
that it generated.

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

                         *     *      *

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


* RBI's Policy Stance Continues Normalization, Moody's Says
-----------------------------------------------------------
Tuesday's announcement by the Reserve Bank of India that it
would tighten liquidity and re-emphasize its anti-inflationary
monetary policy stance constitute monetary normalization and
could come at the cost of slower short-term economic growth,
according to Moody's Investors Service.

"From a credit standpoint, the preservation of India's
macroeconomic stability remains in a critical phase, and
Tuesday's moves are consistent with that," said Moody's Vice
President -- Senior Analyst Aninda Mitra.  "In an atmosphere of
still-strong underlying growth, a prolonged tightening stance
goes to show that one or two benign price signals are not enough
to effect a short-term change in the course of policy."

In Moody's view, he said, it is not usually enough for
policymakers to simply manage short-term demand without credibly
addressing longer-term capacity problems, especially in high-
growth potential economies.  "Nor is it typically feasible for
the private sector to somehow step into the structural void and
bear the financial brunt of capacity building," said Mitra.

As a result, he said, Moody's believes that a tightening bias in
the overall monetary framework could remain in place until the
government is further able to reduce its own debt burden, which
currently precludes better resource usage in more productive
areas, or officials can establish a more effective enabling role
for the private sector or foreign participants in the capacity-
building process.

"Current trends indicate that both fiscal consolidation and more
private domestic and foreign participation in capacity building
are indeed progressing," said Mitra.  But, as detailed in
comments earlier this year, Moody's believes the gestation
period for such fiscal and supply-side responses could take
considerably longer to be felt by the real economy and may not
neatly dovetail with short-term demand management policies and
price expectations.

"This is also evident from the RBI's July 31 hike in the cash-
reserve ratio and what some commentators have called a 'hawkish
bias' in the overall credit policy announcement," said Mitra.  
He said the former refocused attention on the inflationary risks
of prolonged balanced of payments-driven unsterilized increases
in the monetary base, and the latter emphasized the need for
more visible evidence of demand-side cooling from the lagged
effects of past tightening, as well as continuing vigilance
against the risks of further supply-side price pressures.


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

BANK DANAMON: Signs Agreement With 15 Property Developers
---------------------------------------------------------
PT Bank Danamon Indonesia Tbk signed an agreement with 15
leading Indonesian property developers, as a means of attaining
at least a 50% growth in its housing loans by the end of this
year, The Jakarta Post reports.

According to the report, the agreement covers residential
property financing for a total of 53 property developments
located in Jakarta, East Java, Sulawesi and Kalimantan.  Among
the property developers signing up to the deal were Sinar Mas,
Ciputra, Summarecon, Lippo, Agung Podomoro and Metropolitan
Land.

Jerry Ng, deputy president director, said that they expect this
new agreement to raise its mortgage portfolio by a minimum of
50% from the IDR2 trillion it had already lent in the first half
in 2007, the report adds.

                       About Bank Danamon

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

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

The specific ratings changes are as follows:

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

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

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

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

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

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

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

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '4'.

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


BANK MANDIRI: Lends IDR1.22-Tril. for Toll Road Construction
------------------------------------------------------------
PT Bank Mandiri signed an agreement to make a loan of
IDR1.22 trillion, with a loan repayment period of 11 years and a
grace period of 3-1/2 years, to help pay for the construction of
a 9.71km toll road in west Jakarta, Antara News reports.

According to the report, the construction for the toll road is
scheduled to finish in the fourth quarter of 2008, with PT
Jakarta Lingkar Barat I as the company's the contractor.

Bank Mandiri President Agus Martowardoyon said that the bank
would charge the debtor a floating interest rate set at 5.75%
above its three-month deposit rate.  The new loan would also
raise Bank Mandiri's outstanding credit to toll-road projects to
IDR10.3 trillion, the report says.

Mr. Martowardoyon said that three other banks namely, PT Bank
Bukopin, PT Bank DKI and PT Bank Panin, would each lend IDR100
billion for the same project.  Loans from the four banks would
together cover around 70% of the project costs, the report adds.

                       About Bank Mandiri

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

The Troubled Company Reporter- Asia Pacific reported on Aug 02,
2007, 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 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.

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


BANK NEGARA: Gov't. Raises IDR8.1 Trillion From 26% Stake Sale
--------------------------------------------------------------
The Indonesian Government raised IDR8.1 trillion in selling 26%
stake in PT Bank Negara Indonesia, Reuters reports, citing the
state enterprises ministry as source.  The shares were sold
through a secondary public share offering.

According to the report, the government sold Bank Negara's share
at IDR2,050 a piece, a 23% discount to the stock's last traded
price on July 30.  The sale cut the state's stake in the bank to
73% from 99%.

The government plans to use around half of the funds to help
plug the state budget deficit and the rest to strengthen the
bank's capital base, the report says.

Reuters notes that the bank, which has a strong presence in
corporate and retail banking, had total assets of around
IDR175 trillion in the first quarter.

                      About Bank Negara

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


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

Recently, Tata Steel, through its wholly owned subsidiary, Tata
Steel Asia Holdings Pte Ltd, completed the acquisition of Corus
Group Limited of U.K. at a total cost of about US$13 billion.   
At the board meeting on July 30, 2007, it was decided to
increase the contribution from Tata Steel/Tata Steel Asia
Holdings Pte Ltd. from US$6.7 billion to about US$7.4 billion.

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

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

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company. Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                        About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

The Troubled Company Reporter - Asia Pacific reported on April
23, 2007, Fitch Ratings said that Corus Group Plc's Issuer
Default 'BB-' and Short-term 'B' ratings remain on Rating Watch
Negative following the completion of its takeover by India-based
Tata Steel Limited, and announcement on April 17 about its
funding for the transaction.  The 'B+' ratings on CS's EUR800-
million 7.5% senior notes and Corus Finance Plc's GBP200 million
6.75% guaranteed bonds also remain on RWN.

On Feb. 2, 2007, Standard & Poor's Ratings Services kept its
'BB' long-term corporate credit rating on U.K.-based steelmaker
Corus Group PLC on CreditWatch with developing implications,
after the completion of the auction process, during which India-
based steel manufacturer Tata Steel Ltd. offered the highest bid
of 608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.At the same time, the 'BB+'
ong-term debt rating on Corus' EUR700 million senior secured
bank loan and the 'BB-' unsecured debt ratings on Corus remain
on CreditWatch with developing implications.  The 'B' short-term
corporate credit rating remains on CreditWatch with positive
implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


GOODYEAR TIRE: Workers' Union Approves Deal With Carlyle Group
--------------------------------------------------------------
The union representing workers at Goodyear Tire & Rubber Co.'s
engineered-products division said it ratified a contract with
the Carlyle Group, resolving outstanding issues the union cited
last week, Terry Kosdrosky writes for The Wall Street Journal.

According to the report, the outstanding issues include the
creation of a secure trust for retiree health care separate from
the one at Goodyear as well as an extension of the cost of
living adjustment to 2012.

Goodyear said in March 2007 that it is selling substantially all
of its engineered products business to EPD Inc., an entity
sponsored by Carlyle Group, for US$1.475 billion.

The sale is expected to close in the third quarter, WSJ says.

The company anticipates using the proceeds for purposes
including reducing debt, addressing legacy obligations and
supporting business growth.

                      About The Carlyle Group

The Carlyle Group is one of the world's largest private equity
firms with $54.5 billion under management, investments in more
than 185 companies and 750 employees in 16 countries. In the
aggregate, Carlyle portfolio companies have more than $68
billion in revenue and employ more than 200,000 people around
the world.

                          About Goodyear

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

                          *     *     *

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

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

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

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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


HILTON HOTELS: Discloses Development Plans with Tenedora Augusta
---------------------------------------------------------------
Hilton Hotels Corporation disclosed development plans with
Tenedora Augusta, S.A.P.I. de C.V., a well established hotel
development company based in Mexico.  Tenedora Augusta will work
actively to develop Hampton Inn and Hampton Inn & Suites
focused-service hotels within certain defined markets throughout
Mexico and will operate the hotels under Hampton Inn franchise
agreements.

"This is another major step in our previously announced plan to
align with well established, experienced development partners as
we continue to grow the Hilton Family of Hotels
internationally," said Tom Keltner, chief executive - Americas &
global brands, Hilton Hotels Corporation.  "We already have
eight Hampton flags in Mexico, and this relationship will help
us accelerate our growth rate there.  Tenedora Augusta is a
proven hotel developer with a successful track record and will
continue to help us expand the Hampton flag in the pivotal
Mexican marketplace.  In fact, Tenedora currently owns and
operates three Hampton Hotels in the Monterrey, Saltillo and
Torreon markets in Mexico."

"As the Mexican economy continues to expand, the need for top
tier hotels rises exponentially," said Victor Zorrilla,
president, Tenedora Augusta.  "The Hilton Family of Hotels and
the Hampton brand are well respected throughout North America.
With the growing need for focused-service hotels in Mexico, we
believe associating ourselves with a brand leader such as
Hampton will help us to quickly establish a leading market
position."

Among the cities and destinations targeted are Tijuana,
Queretaro, Guadalajara, Cancun and Monterrey.  Tenedora Augusta
will receive certain preferred development rights in return for
meeting certain goals and timetables.

"The travel benefits of a major brand are reciprocal to both
locals and foreigners," said George Massa, senior director -
development, Mexico, Hilton Hotels Corporation.  "All guests can
be assured that they will encounter the same quality product in
each new market.  In addition, through use of the Hilton HHonors
loyalty program, points can be earned and redeemed
internationally, driving new business to Mexican markets and
enticing local guests to travel abroad with incentives offered
only by the Hilton Family of brands."

                      About Tenedora Augusta

Tenedora Augusta is Mexico's leading focused-service hotel
developer having developed 1,720 rooms in 8 hotels, including
the first Hampton Inn(R) property in Latin America.  Tenedora
Agusta is the resulting joint venture between Centro Rio S.A. de
C.V.(Hoteles Prisma), a corporation owned by Victor Zorrilla
Vargas and Joel Zorrilla Vargas and Citigroup Venture Capital
(CVCI) and Indigo Capital. For more information, please visit
http://www.hotelesprisma.com.

                         About Hilton Hotels

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

                          *     *     *

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

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

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


MITEL NETWORK: Moody's Junks Second Lien Sr. Secured Notes
----------------------------------------------------------
Moody's Investors Service revised Mitel Network Corporation's
first lien senior secured rating to B1 from Ba3 and second lien
senior secured rating to Caa1 from B3.  The B2 corporate family
rating remains unchanged.  The outlook is stable.

The rating action follows the company's announcement to change
its current financing structure for its planned acquisition of
Inter-Tel (Delware) Inc.  The new facility tranching will shift
US$55 million from the initial US$185 million second lien to the
US$245 million first lien term loan.

The loan ratings were determined using Moody's Loss Given
Default methodology.  The changes in ratings were driven by the
higher proportion of first lien debt in the capital structure.

The following ratings were revised:

-- US$30 million first lien senior secured revolver, to B1,
    LGD 3, 33% from Ba3, LGD2, 27%

-- US$300 million first lien senior secured term loan, B1, LGD
    3, 33% from Ba3, LGD2, 27%

-- US$130 million second lien senior secured term loan, Caa1,
    LGD 5, 80% from B3, LGD5, 75%

                 About Mitel Networks Corporation

Headquartered in Herndon, Virginia, Mitel Networks Corporation
-- http://www.mitel.com/-- delivers the full value of IP  
Communications through networked business solutions that help
customers achieve success through business process integration,
enhanced employee productivity, increased customer loyalty and
helping to generate new revenue streams.

The company has operations in Brazil, the United Kingdom and
Indonesia.


MITEL NETWORKS: S&P Cuts US$330MM First-Lien Debt Rating to B+
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its bank loan and
recovery ratings on Ottawa, Ontario-based business
communications solutions provider Mitel Networks Corp.'s
proposed US$460 million senior secured credit facility.  The
bank loan rating on Mitel's proposed US$330 million first-lien
credit facility has been revised to 'B+', with a recovery rating
of '2', from 'BB-', with a recovery rating of '1'.  The '2'
recovery rating reflects S&P's expectation of substantial (70%-
90%) recovery of principal in a default scenario.
     
The company recently altered the terms to reallocate US$55
million from the second-lien term loan to the first-lien term
loan and also added a maximum leverage maintenance covenant to
the first-lien credit agreement.  The first-lien facilities now
consist of a US$300 million term loan (formerly US$245 million)
and a US$30 million revolver.  The amount on the second-lien
facility has been revised to US$130 million from US$185 million.  
The 'B' long-term corporate credit rating is unchanged.
     
All ratings are based on preliminary terms and conditions.  Net
proceeds will be used to help fund Mitel's acquisition of Tempe,
Arizona-based Inter-Tel Inc., a provider of Private Branch
Exchange telephony platforms and related services.
     
The 'B' long-term corporate credit rating and stable outlook on
Mitel reflect its very high pro forma debt leverage and
correspondingly weak credit measures, narrow focus on the small-
to-medium business segment, strong competition from large
industry players, weak historical operating performance at both
companies, and integration risks associated with the purchase of
a large company.  These factors are somewhat tempered by Mitel's
enhanced market presence; potential for improved margins, given
the synergies and scale benefits; a better product roadmap;
enhanced distribution; and healthy cash flow generation.

Ratings List
Mitel Networks Corp.

Ratings Revised
                                              To      From
                                              --      ----
US$330 million first-lien debt                 B+      BB-
Recovery rating                               2       1

Ratings Unchanged
Corporate credit rating                        B/Stable/--
US$130 million second-lien credit facility       CCC+
Recovery rating                               6

               About Mitel Networks Corporation

Headquartered in Herndon, Virginia, Mitel Networks Corporation
-- http://www.mitel.com/-- delivers the full value of IP  
Communications through networked business solutions that help
customers achieve success through business process integration,
enhanced employee productivity, increased customer loyalty and
helping to generate new revenue streams.

The company has operations in Brazil, the United Kingdom and
Indonesia.


PERUSAHAAN GAS: To Hike Natural Gas Price by 9.73%
--------------------------------------------------
PT Perusahaan Gas Negara will hike the selling price of its
natural gas by 9.73% after Energy and Mineral Resources Minister
Purnomo Yusgiantoro signed a decision allowing the increase,
Antara News reports.

According to the report, the decision stipulates that the price
hike is effective from August 1.

PGN president Sutikno said that the 9.73% hike will remain in
effect until the government finalizes a price formula with floor
and ceiling limits which is still being prepared, the report
adds.

                      About Perusahaan Gas

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

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

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

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

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

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

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


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

FORD MOTOR: Unveils Amount of Shares Billed in Conversion Offer
---------------------------------------------------------------
Ford Motor Company disclosed the number of shares of Ford common
stock that will constitute the premium to be paid in connection
with its conversion offer related to the outstanding 6.50%
Cumulative Convertible Trust Preferred Securities of Ford's
wholly owned subsidiary trust, Ford Motor Company Capital Trust
II.   

The premium represents the amount of shares of Ford common stock
determined by dividing (i) US$14.25 by (ii) US$8.1576, the
volume-weighted average of the reported sales prices on the New
York Stock Exchange of Ford common stock during the three
trading-day period of July 25, July 26, and July 27, 2007.

Accordingly, each trust preferred security validly tendered and
accepted for conversion will be converted into an aggregate of
4.5717 shares of Ford's common stock, which includes the premium
of 1.7468 shares and 2.8249 shares of Ford common stock issuable
pursuant to the conversion terms of the trust preferred
securities.

On July 2, 2007, Ford commenced an offer to pay a premium to
holders of any and all trust preferred securities who elect to
convert their trust preferred securities to shares of Ford
common stock subject to the terms of the offer.  The offer is
scheduled to expire at 5:00 p.m., New York City time, on July
31, 2007, unless extended or earlier terminated, and is expected
to settle on August 3, 2007.  If all trust preferred securities
that were outstanding as of the commencement of the offer were
validly tendered and accepted for conversion, Ford would issue
an aggregate of 457,163,141 shares of Ford common stock,
including approximately 282,485,762 shares pursuant to the
conversion terms of the trust preferred securities, plus an
aggregate premium of 174,677,379 shares of Ford common stock.

The conversion offer is being made pursuant to an offering
circular dated July 2, 2007, as amended on July 13, 2007, and
related documents.  The completion of the offer is subject to
conditions described in the conversion offer documents.  Subject
to applicable law, Ford may waive the conditions applicable to
the offer or extend, terminate or otherwise amend the offer.

                     About Ford Motor Co.

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

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

                         *    *    *

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

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


FURUKAWA CO: Moody's Upgrades Rating to Baa3 from Ba2
-----------------------------------------------------  
Moody's Investors Service has upgraded the senior unsecured
long-term debt rating of Furukawa Co., Ltd. to Baa3 from Ba2.
The rating outlook is stable.  This rating action concludes the
review initiated on March 15, 2007.

The rating action reflects Moody's views that the company's
capital structure and earnings stability will likely continue
improving over the intermediate term, backed by its improved
cost structure.

Enhancements to its cost structure are in turn a result of the
successful execution of structural reforms, combined with a
strategy to bolster the competitiveness of its core machinery
segment.

The action also reflects Moody's expectation that Furukawa's
strategy of focusing on its construction and mining machinery
operations -- by diversifying more overseas -- may help further
enhance and stabilize overall profitability.

In line with business rationalizations and management focus on
reinforcing businesses with leading market positions, Furukawa's
operating performance has steadily improved over the last few
years.

In addition, like its peers, strong fundamentals -- as with
tight supply/demand -- in the copper smelting business have
helped enhance overall earnings.  Furukawa reported an 8.4%
consolidated operating profit margin for FYE 3/2007, up from the
previous year's 6.7%.

To further improve and stabilize earnings, it has been expanding
its machinery operations overseas.  It has also maintained its
leading position in the market for hydraulic breakers and
drilling machines.

Backed by strong brand recognition as well as robust
intermediate-term demand in China and other markets, Moody's
believes the company is better placed to strengthen its position
worldwide.

Furukawa also aims to expand its UNIC truck-mounted cranes
business overseas, and which is expected to compensate for
relatively weak domestic demand.  The company and Tadano Ltd.
dominate the market for truck-mounted cranes, and Furukawa
should further improve its position by strengthening its
overseas operations.

Given the increase in earnings and management focus on debt
reduction, Furukawa's capital structure has constantly improved.
Under its medium-term management plan (April 2005 to March
2008), the company had targeted to reduce total debt by
JPY30 billion to JPY86.8 billion in the final year.

However, given that total interest-bearing debt declined to
JPY89.4 billion for FYE 3/2007, the company now expects to
reduce debt to JPY85 billion for 3/2008, or beyond its original
target of JPY86.8 billion.

Meanwhile, Moody's recognizes Furukawa's operating performance
will remain susceptible to volatility from copper price
fluctuations.  Also, based on last year's annual talks with
global miners on copper processing prices, Japanese refiners
will receive smaller fees.

As a result, Furukawa expects operating profit margins to
decline to approximately 6.3% for FYE 3/2008.  Nevertheless,
Moody's believes the company has more flexibility to manage
these challenges than before, backed by its improved cost base,
resulting in turn from structural reforms that include the
suspension of the operation of Port Kembla Copper, Pty. Ltd.,
and an improved capital structure.

Furukawa has recently increased capital expenditure, mainly to
expand its machinery businesses overseas.  However, Moody's
expects it will maintain a solid financial policy and keep
capital expenditure within a reasonable range.

Furukawa Co., Ltd., headquartered in Tokyo, is a diversified
manufacturer of machinery products, metal smelting, and
electronics materials with a strong presence in truck-mounted
cranes and mining machinery.


SANYO ELECTRIC: Clarifies Reports on Sale of Mobile Phone Unit
--------------------------------------------------------------
In a press release dated July 31, 2007, Sanyo Electric noted
that there has been a certain amount of speculation in the media
regarding its mobile phone handset production business,
originating from an article in Japan's Nikkei Shimbun on
July 27.

Sanyo said that the Nikkei Shimbun article is purely about the
potential sale of "Telecom SANYO", a 100% subsidiary of SANYO
Electric Co., Ltd. and domestic mobile phone sales business
unit, which operates approximately 80 mobile phone retail shops
in Japan and also sells other manufacturers' brands.

Therefore, Sanyo explained, Telecom SANYO is solely a retail
operator, and has no relation to SANYO's mobile phone
manufacturing business.  In addition, the company pointed out
that the article was purely written based on market speculation,
and was not officially announced by SANYO.

                      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.


SANYO ELECTRIC: Mulls Raising Solar-Cell Investment to JPY100BB
---------------------------------------------------------------
Sanyo Electric Co. is considering raising its investment in
solar-cell capacity to JPY100 billion (US$844.1 million) from
JPY40 billion over the next three fiscal years, the Wall Street
Journal reports, citing Sanyo President Seiichiro Sano.

WSJ's Jay Alabaster writes that Sanyo is considering mergers and
acquisitions in companies that service commercial products as
well as in solar-related businesses.

Mr. Sano became the head of Sanyo after its former president,
Toshimasa Iue, was forced by investors -- such as Goldman Sachs
Group Inc. -- to step down in April, WSJ explains.  Mr. Iue had
turned to Goldman as well as Daiwa Securities Group Inc. and
Sumitomo Mitsui Financial Group Inc. for a JPY300-billion
bailout to save Sanyo last year.

Since Mr. Sano's appointment, WSJ says, the investor community
has been surrounded with talks of Sanyo selling among its wide
range of businesses.

"We have to look at all of Sanyo in deciding what to cut back
and what to expand," WSJ quotes Mr. Sano as saying.  The
company's level of almost 300 subsidiaries and affiliates is
untenable, according to Mr. Sano.

Mr. Sano said that solar operations wouldn't be jettisoned,
adding that he thought the company needed to invest more in its
solar business, WSJ notes.  He added that the company needs to
focus more on low-end solar cells that will sell in developing
countries.

According to the report, Mr. Sano also said that the company's
new strategy could involve strategic acquisitions.

                      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.


=========
K O R E A
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KRISPY KREME: Moody's Assigns Junk Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a first-time corporate family
rating of Caa1 to Krispy Kreme Doughnuts Corp. and a
B3(LGD2,18%) rating to its US$160 million senior secured credit
facilities, which consist of a US$110 million term loan due 2014
and a US$50 million revolving facility due 2013.  The outlook is
stable.  Moody's concurrently assigned a speculative grade
liquidity rating of SGL-3 and probability of default rating of
Caa3 to Krispy Kreme.  The company used the proceeds primarily
to refinance its existing debt and related transaction fees and
expenses.

"The Caa1 corporate family rating reflects Krispy Kreme's very
weak operating profit stemming from continued declining revenues
and escalating cost pressure, limited scale and product offering
and also the event risk related to Krispy Kreme's legacy
litigation and government investigation issues," says the rating
agency.

Moody's says Krispy Kreme's internal control system also remains
a concern given the ten outstanding Sarbanes-Oxley section 404
material weaknesses and the company's recent history of
restatement and delayed filings.  However the ratings also
incorporate the company's strong brand recognition and modest
geographic diversification.

The SGL-3 rating reflects adequate liquidity, supported by
approximately US$30 million cash on the balance sheet as of
April 29, 2007, and projected marginally positive free cash flow
that will be sufficient to cover working capital fluctuations,
capital expenditures, term loan amortization, and other internal
investments over the next twelve months. Nevertheless, the
rating also recognizes the company's weakening covenant cushion
resulting from its continuing trend of weak cash flow
generation.

The stable outlook reflects Moody's expectation that Krispy
Kreme will decisively manage its restructuring program in an
effort to improve debt protection metrics, actively enhance its
internal control system, and minimize any potential
deterioration in liquidity.

The ratings for the senior secured credit facilities reflect
both the overall probability of default of the company, to which
Moody's has assigned a PDR of Caa3, and a loss given default of
LGD2.  The B3 assigned to the secured credit facilities is one
notch higher than the Caa1 corporate family rating reflecting
the expectation of substantial recovery with collateral excess
in a distress scenario.  The B3 rating of the credit facilities
also reflects the first-lien security on substantially all
property and assets including a stock pledge of domestic
subsidiaries in addition to full guarantees of the same entities
and a considerable amount of junior debt and other unsecured
obligations such as leases and guaranteed debt in the capital
structure.

The following ratings are assigned:

Krispy Kreme Doughnut Corporation

-- Corporate Family Rating -- Caa1

-- Probability of Default Rating -- Caa3

-- US$110 million senior secured bank credit facility due 2014       
    - B3

-- US$50 million senior secured revolving bank credit facility
    due 2013 -- B3

-- Speculative Grade Liquidity rating -- SGL-3

Rating outlook -- Stable

                       About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded  
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.


LYONDELL CHEMICAL: Earns US$176 Million in Quarter Ended June 30
----------------------------------------------------------------
Lyondell Chemical Company disclosed on Thursday its results for
the second quarter ended June 30, 2007.

The company reported net income of US$176 million on sales and
other operating revenues of US$7.48 billion for the second
quarter 2007, compared with net income of US$160 million on
sales and other operating revenues of US$4.71 billion for the
second quarter 2006.  Income from continuing operations for the
second quarter 2007 was US$271 million, compared to income from
continuing operations of US$129 million for the second quarter
2006.   

For the first six months of 2007, net income was US$195 million
on sales and other operating revenues of US$13.27 billion,
compared with net income of US$450 million on sales and other
operating revenues of US$9.13 billion for the first six months
of 2006.  Forthe first six months of 2007, net income from
continuing operations was US$277 million, compared with US$415
million for the first six months of 2006.

Second-quarter 2007 results from continuing operations of
US$271 million improved versus income from continuing operations
of US$6 million for the first quarter 2007 primarily due to
record refining segment results coupled with strong fuels
(MTBE/ETBE) performance.  Ethylene segment results continued to
reflect good volumes and operating rates with modest margin
improvement.  In the propylene oxide segment, chemical product
results declined primarily due to increased raw material costs;
however, these were more than offset by the strength in fuels
(MTBE/ETBE).

The inorganic chemicals business is accounted for as a
discontinued operation as it was sold midway through the quarter
for a total transaction value of approximately US$1.3 billion.
After-tax cash proceeds of approximately US$1.05 billion were
used to repay debt.

"The strength in our refining operations was quite clear during
the quarter and demonstrated the way in which the segment
complements our chemical operations and provides balance within
our portfolio.  While our refining and fuel products benefited
from the strong fuel markets, similar dynamics within the energy
markets pressured our chemical products.  In fact, ethylene
segment raw material costs on average increased by approximately
20 percent.  Consequently, despite a relatively strong market
and several price increases, margin improvement in this segment
was quite modest," said Dan F. Smith, chairman, president and
chief executive officer of Lyondell Chemical Company.  "The
strong refining results were complemented by the sale of our
inorganics business, which enabled us to accelerate our debt
repayment program providing additional value to our investors."

                         Debt Reduction

During the second quarter, debt repayment, including scheduled
amortization of term loans and debt of discontinued operations,
totaled US$1.3 billion. Millennium debt repayment was US$436
million, Equistar repaid US$600 million, and LCC repaid US$274
million.

As of June 30, 2007, Lyondell's receivable facility was
unutilized and Equistar's receivable facility was utilized by
US$155 million.

At June 30, 2007, the company's unaudited balance sheet showed
US$16.79 billion in total assets, US$13.34 billion in total
liabilities, US$117 million in minority interests, and US$3.33
billion in total stockholders' equity.

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's    
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                           *     *     *


The Troubled Company Reporter-Asia Pacific reported on July 23,
2007, Moody's Investors Service placed the ratings of Lyondell
Chemical Company, Equistar Chemical Company LP and Millennium
Chemicals Inc. (Corporate Family Ratings of Ba3) under review
for possible downgrade following the announcement that Lyondell
has agreed to be acquired by Basell AF SCA (Ba3 CFR under review
for possible downgrade) in a transaction worth roughly
US$19 billion including the assumption of debt.

Moody's also affirmed Lyondell's speculative grade
liquidity rating at SGL-1.  However, the financing of this
potential transaction, could result in a change to the SGL
rating as well.

On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and
Millennium on Rating Watch Negative following the announcement
that Lyondell has agreed to be acquired by Basell for
US$12.66 billion, or US$48 per share.  The transaction is valued
at US$19 billion including the consolidated debt outstanding at
Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

-- Issuer Default Rating 'BB-';
-- Senior secured credit facility and term loan 'BB+';
-- Senior secured notes 'BB+';
-- Senior unsecured notes 'BB-';
-- Debentures 'BB-'.


NAMAE INTERNATIONAL: Sells NAMAE Shares for KRW13.89 Billion
------------------------------------------------------------
Namae International. Co., Ltd. has sold off 1,971,631 shares of
NAMAE Electronics Inc., for KRW 13,899,998,550, Reuters reports.

According to the report, the move took effect on August 1, 2007.  
As a result, the company now holds a 25.12% stake in NAMAE
Electronics, the report adds.

Headquartered in Gyeonggi Province, Korea, Namae International.
Co., Ltd., formerly CPN Co., Ltd. -- http://www.cpns.co.kr/--    
is engaged in the provision of distribution services.  The
company operates its business through three divisions:
distribution, education and Internet divisions. Its distribution
business division distributes golf sticks, hair care products,
shampoos, hair conditioners, hair packs, body cleansers, baby
formulas, batteries, lip care products, chocolates, mask packs
and others to more than 4000 stores in Korea.  Its education
business division offers academic and athletic training
curriculums.  Its Internet business division provides e-coin
cards and other related products.

Korea Investors Service affirmed its CCC ratings on both series
4 and series 5 of the company's convertible bond on July 11,
2006.  Both ratings carry a stable outlook.


NDCORP CO: Invests US$40 Million in Auto Trans Service
------------------------------------------------------
NDcorp Co., Ltd. has decided to invest US$40,000,000 into
Kazakhstan-based Auto Trans Service, Reuters reports.  As a
result, the company will hold 50% of Auto Trans Service.

The company reportedly made the move for it to develop nickel
and cobalt in Kazakhstan.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged
in the storage area network (SAN) and communication solutions
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and
distributes wired and wireless communication products, including
voice-over-Internet protocol (VoIP) residential gateways, VoIP
asymmetric digital subscriber line (ADSL) modems and VoIP cable
modems, and System Integration business, which provides servers,
work stations and data storage systems for digital media
services.

Korea Ratings gave the company's KRW10.30 billion convertible
bonds issue a B- rating with an evolving outlook on July 31,
2006.


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

MALAYSIA AIRLINES: Promises to Solve Flight Delays
--------------------------------------------------
Malaysia Airlines Bhd assured its passengers that it is working
to curtail technical problems that have delayed numerous flights
in recent days, The International Herald Tribune reports.

According to the airline's Managing Director, Idris Jala, the
delays were mainly because of an unusual combination of aircraft
unavailability, teething problems linked to a new passenger
service system at the airline, and the closure of a runway for
expansion works.

However, the situation is expected to improve because a backup
aircraft will be introduced within a week and more employees are
becoming accustomed to the service system changes, The Tribune
says, citing a report from Bernama News.

Chan Kong Choy, Malaysia's Transport Minister, was quoted by
Bernama News as saying that the airline's on-time performance
fell to as low as 50% on July 26, but the figure should be back
to more than 80% in the next few days.

The delays have reportedly affected both domestic and
international routes, including to Australia, Hong Kong and
India, sometimes causing government ministers to be late for
high-profile meetings.


Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


MALAYSIA AIRLINES: Board Supports Idris Jala's Leadership
---------------------------------------------------------
The Malaysia Airlines' board of directors backed the leadership
of its managing director, Idris Jala, following criticism over a
string of flight delays, where one senator called for his
immediate termination, Agence France Press reports.

Senior government ministers were among hundreds of passengers
left stranded by severe flight delays last month, the report
relates.

According to Munir Majid, Malaysia Airlines' chairman: "The
board is confident that Idris Jala and his team are on top of
these issues and will address them in a way that will satisfy
internal and external stakeholders."

Malaysia Airlines is undergoing a major restructuring aimed at
reviving the ailing carrier after it reported a MYR1.14-billion
net loss for 2005.


Headquartered in Selangor, Malaysia, Malaysia Airlines -
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


SUREMAX GROUP: Posts MYR718,000 Net Loss in Qtr-Ended May 31
------------------------------------------------------------
Suremax Group Bhd posted a net loss of MYR718,000 on MYR12,000
of revenues in the quarter ended May 31, 2007, as compared with
a net loss of MYR1.41 million on MYR12,000 of revenues in the
same quarter in 2006.

As of May 31, 2007, the company's balance sheet showed current
assets of MYR52.99 million and current liabilities of
MYR35.11 million.

The company's unaudited balance sheet also showed total assets
of MYR54.077 million and total liabilities of MYR42.65 million
resulting to a shareholders' equity of MYR11.43 million.


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

                         Going Concern

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

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


TENGGARA OIL: To Submit Debt Restructuring Plan on Aug. 7
---------------------------------------------------------
Tenggara Oil Bhd plans to submit its proposed debt restructuring
plan to the Securities Commission and other relevant authorities
for approval on August 7, 2007, and targets to complete the
revamp by the second quarter of next year, The Edge Daily
reports, citing Tenggara Executive Chairman Datuk Dr Kamal Mat
Salih.

According to the chairman, on July 13, Tenggara entered into an
agreement with Tajam Daya Sdn Bhd, Pantomac Corp Sdn Bhd, Tiong
Tack Kieng, Chan Ai Chin and Lau Mee King to undertake the
proposed restructuring scheme.

"We will submit on the 7th.  They (SC) will take at least six
months.  We are talking about end of the second quarter next
year, we will then complete the exercise," Mr. Kamal was quoted
by The Edge as saying after the company's AGM.

Under its restructuring scheme, Tenggara Oil and the relevant
parties will set up a special-purpose vehicle to implement the
restructuring scheme, Kevin Tan of The Edge notes.

Among others, there will be a share swap of 5.82 million new
shares of 50 sen each in the NewCo at an issue price of 70 sen
per share to existing shareholders of Tenggara Oil on the basis
of one NewCo share for every 14 Tenggara Oil shares, Mr. Tan
adds.  

The NewCo will also acquire new assets for MYR62.9 million to be
satisfied via the issuance of 89.86 million shares of 70 sen
each in the NewCo and takeover Tenggara Oil's listing status.

Asked about his role in the company following the restructuring
scheme, Mr. Kamal said: "I will still have shares (in the new
company).  I want to move on."

Currently, Mr. Kamal is still the single largest substantial
shareholder with a 9.98% stake in the company.


Headquartered in Kuala Lumpur, Malaysia, Tenggara Oil Berhad is
undertaking a divestment and restructuring exercise, which will
reposition it as a service oriented and trading group from its
current resource-based businesses.  Current businesses include
investment holding, supply of ready mixed concrete, property
holding, management and construction.  As part of a corporate
revamp exercise, the Company has repositioned itself in the oil
and gas business, which will be its core business.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.

Tenggara's total assets as of Jan. 31, 2007, amounted to
MYR47,589,000 and total liabilities aggregated to MYR46,541,000
resulting to a shareholders' deficit of MYR1.14 million.


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

BOLSTRIDGE DEVELOPMENTS: Fixes Aug. 9 as Last Day to File Claims
----------------------------------------------------------------
Bolstridge Developments Ltd. commenced liquidation proceedings
on July 6, 2007.

The company requires its creditors to file their claims by
August 9, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Michael John Turner
         Stephen Alan Dunbar
         Polson Higgs
         PO Box 5346 Dunedin
         Australia


BRIDGECORP LTD: Creditors Give Australian Units a Chance
--------------------------------------------------------
Creditors of nine companies in the Australian arm of the
Bridgecorp group have given the directors one last chance to
save the group from going into liquidation, Kate Perry of The
Dominion Post reports.

New Zealand-based Bridgecorp Ltd has been placed in receivership
on July 2, 2007, after failing to pay principal due to debenture
holders.  Subsequently, Bridgecorp's Australian arm was placed
under voluntary administration.  Phil Carter and Stephen Longley
of PricewaterhouseCoopers were appointed as administrators in
Australia over nine companies:

    * Bridgecorp Holdings Limited
    * Bridgecorp Holdings (Australia) Pty Limited
    * Bridgecorp Finance Limited
    * Bridgecorp Finance (Australia) Pty Ltd
    * Bridgecorp Australia Pty Ltd
    * Bridgecorp Properties Pty Limited
    * Bridgefirst Finance Limited
    * Bramac Investments Pty Limited
    * Bridgefirst Pty Limited

According to The Dominion Post, the creditors decided to give
the directors of the nine entities time to prepare a Deed of
Company Arrangement, giving rise to speculations that the
directors may restart the Australian units.

PwC, however, believes that restarting the engines of the
companies is "quite a long shot," The Post notes.

The terms of the DOCA are not yet known but according to a PwC
spokesman, such deeds are intended to structure affairs to o
give creditors a better return than if a company were
liquidated, the news agency adds.


Based in New Zealand, Bridgecorp Ltd is a property development
and finance company.  Bridgecorp has been placed in receivership
on July 2, 2007, after failing to pay principal due to debenture
holders.  In that regard, John Waller and Colin McCloy, partners
at PricewaterhouseCoopers, were appointed as receivers.
Bridgecorp owes around 1,800 debenture holders, which
liquidators estimate to approximate NZ$500 million.  

Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


COPIER SERVICE: Names Levin and Vance as Liquidators
----------------------------------------------------
kikoman

Henry David Levin and David Stuart Vance were tapped as the
liquidators of Copier Service Company Ltd on July 5, 2007.

Creditors who were not able to file their claims before Aug. 1,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidators can be reached at:

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


CORY HUTCHINGS: Enters Wind-Up Proceedings
------------------------------------------
On July 4, 2007, members of Cory Hutchings Promotions Ltd.
resolved through a special resolution to liquidate the company's
business.

The company's liquidator is:

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


DENNY'S CORP: Earns US$11.5 Million in Quarter Ended June 27
------------------------------------------------------------
Denny's Corporation reported results for its second quarter
ended June 27, 2007.  Net income for the second quarter was
US$11.5 million, or US$0.12 per diluted common share, an
increase of US$9.6 million compared with prior year net income
of US$1.9 million, or US$0.02 per diluted common share.  

Adjusted income before taxes for the second quarter was US$1.5
million, an increase of US$3.9 million compared with the prior
year loss of US$2.4 million.  This measure, which is used as an
internal profitability metric, excludes restructuring charges,
exit costs, impairment charges, asset sale gains, share-based
compensation, other nonoperating expenses and income taxes.

Nelson Marchioli, President and Chief Executive Officer, stated,
"During the second quarter we continued to make progress both
operationally and against our long-term value creation
initiatives.  Our marketing activities during the quarter
resulted in improved guest traffic trends as well as a stronger
menu mix.  We are also quite pleased by the initial demand for
Denny's restaurants under our recently launched Franchise
Growth Initiative, a program designed to facilitate system
growth and to strengthen our operating cash flow.  Under this
program, we completed the sale of 28 company restaurants in the
quarter, 22 of which were sold to new franchisees.  While we
face persistent margin pressures from rising commodity costs and
wage rates and cannot control the economic forces impacting our
customers, we will continue to execute operationally and
strategically in order to build the Denny's brand, and increase
shareholder value."

                    Second Quarter Results

For the second quarter of 2007, Denny's reported total operating
revenue of US$240.9 million, a decrease of US$2.5 million from
the prior year quarter.  Company restaurant sales decreased
US$2.7 million to US$218.3 million as a result of 25 fewer
equivalent units, partially offset by a 2.8% increase in company
same-store sales.  During the second quarter, Denny's sold 28
company restaurants to franchisee operators and closed one
company restaurant.  The 25 fewer equivalent units in the second
quarter resulted primarily from the closure of underperforming
restaurants in 2006 along with the impact of restaurants sold to
franchisees in 2007.

Franchise revenue increased US$0.1 million to US$22.6 million as
a result of a US$1.8 million increase in royalties and initial
fees, offset by a US$1.7 million decrease in occupancy revenue.  
The increase in royalties and fees is primarily due to a 4.0%
increase in franchised same-store sales combined with upfront
franchise fees resulting from the sale of company restaurants to
franchisees.  The decrease in franchise occupancy revenue is due
primarily to the sale of real estate previously leased to
franchisees.

Company restaurant operating margin (as a percentage of company
restaurant sales) for the second quarter was 11.6%, basically
flat with same period last year.  Product costs for the second
quarter increased 0.9 percentage points due primarily to
increasing commodity costs. Payroll and benefit costs increased
0.5 percentage points due primarily to the impact of higher wage
rates, partially offset by improving experience in worker's
compensation costs and medical benefits.  Legal settlement
expense improved by 0.9 percentage point due primarily to prior
year increases in legal reserves.

General and administrative expenses for the second quarter
increased US$1.6 million from the same period last year due
primarily to higher incentive compensation along with additional
staffing expense.

Depreciation and amortization expense for the second quarter
decreased by US$1.6 million compared with the prior year period
due primarily to the sale of real estate assets.  Operating
gains, losses and other charges, net, which reflect
restructuring charges, exit costs, impairment charges
and gains or losses on the sale of assets, increased US$7.1
million in the quarter due primarily to gains on the sale of
restaurant operations and real estate during the quarter.

Operating income for the second quarter increased US$7.2 million
to US$24.3 million due primarily to a US$7.1 million increase in
operating gains, losses and other charges.  Excluding these
items in both periods, operating income for the second quarter
increased US$0.1 million to US$11.3 million.

Interest expense for the second quarter decreased US$3.9 million
to US$11.0 million due primarily to lower debt balances and
improved borrowing costs.

                Franchise Growth Initiative

Denny's has made considerable progress on its strategic
initiative to increase franchise restaurant development through
the sale of certain company restaurants in geographic clusters
outside of core company markets.  During the second quarter, the
company sold 28 restaurant operations and related real estate to
five franchisees for net proceeds of US$20.2 million.  This
brings the total number of company restaurants sold year-to-date
to 34, yielding net proceeds of US$21.9 million.

Fulfilling the unit growth expectations of this program, the
franchisees that purchased company restaurants during the
quarter signed development agreements to build 23 new franchise
restaurants.  This brings the year-to-date total for restaurant
development agreements attributable to FGI to 26 restaurants.

In addition to franchise development agreements signed under
FGI, the company signed development agreements in the second
quarter for an additional 23 franchise restaurants in markets
outside the FGI program.

The company also divested one other real estate asset during the
second quarter for net proceeds of US$0.9 million, bringing the
year-to-date total for other real estate assets sold to four
properties and net proceeds to US$5.0 million.

During the second quarter, net cash proceeds from asset sales
along with cash flow from operations were used to reduce
outstanding debt by US$12.5 million, while increasing cash
balances by US$12.1 million.  Subsequent to quarter end, the
company made a US$15.0 million prepayment on its credit
facility term loan, reducing the balance to US$215.6 million.
Year-to-date, total outstanding debt has been reduced by
approximately US$33.5 million.

                       Business Outlook

The company reiterates its previously issued full-year earnings
guidance for 2007.  Due to the successful start of FGI,
management has updated its revenue and interest expense
expectations.  This financial and operating guidance for 2007 is
based on year-to-date results and management's expectations at
this time and excludes the impact of any additional company
restaurants to be sold under FGI.

                 About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a  
full-service family restaurant chain in the U.S., with 521
company-owned units and 1,024 franchised and licensed units,
with operations in the United States, Canada, Costa Rica,
Guam, Mexico, New Zealand and Puerto Rico.

                        *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


DRIVER HOLDINGS: Appoints Hart and Neilson as Liquidators
---------------------------------------------------------
Sheree Ann Hart and Robert James Neilson were named as
liquidators of Driver Holdings Ltd. on July 5, 2007.

The Liquidators can be reached at:

         Sheree Ann Hart
         Robert James Neilson
         c/o Rodewald Hart Brown Limited
         38C Cavendish Drive, Manukau
         Auckland
         New Zealand
         Telephone:(09) 262 3634
         Web site: http://www.rhb.co.nz


FIRST DATA: Shareholders Approve Kohlberg Affiliate Merger Pact
---------------------------------------------------------------
First Data Corp.'s shareholders approved the merger agreement
with an affiliate of Kohlberg Kravis Roberts & Co.  Of the
shares that were voted, over 98% were cast in favor of the
merger.

Upon the closing of the merger, the Company's shareholders will
be entitled to receive US$34.00 in cash, without interest, for
each share of First Data common stock held.

"I am very pleased to receive such broad support for this
transaction from our shareholders," said Chairman and CEO, Ric
Duques.  "With most of the necessary conditions now having been
met, we are well on our way to closing this transaction, as
expected, in the third quarter."

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
electronic check acceptance services through TeleCheck; as well
as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2
million ATM and retail locations.

                       *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.  The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about USUS$29
billion.


MELCHIOR & LENG: Taps Brown and Neilson as Liquidators
------------------------------------------------------
Kenneth Peter Brown and Robert James Neilson were named as
liquidators of Melchior & Leng Ltd. on July 3, 2007.

The Liquidators can be reached at:

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


NUPLEX INDUSTRIES: Restructures Senior Management
-------------------------------------------------
Nuplex Industries Limited disclosed changes to the senior
executive structure realigning business unit management under
three group general managers as part of its succession planning
and executive coaching programme.

Group Composites, Paper, Construction Products and Masterbatch
business units will report to Sam Bastounas who has also been
appointed General Manager, Australia.

Rob Harmsen remains responsible for the Nuplex Resins group
servicing global coatings and adhesive markets and has an
additional group responsibility for raw material purchasing.

Charles Northcote takes charge of Specialty Products, comprising
the APS and PML group of agency and distribution business units.
He will also support the Managing Director in investor relations
and strategic acquisition activity.

The restructure recognises the need to ensure adequate resources
are available to support the company's future growth plans, the
company said in a release.

uplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australasia, Asia, Europe, and The Americas, and reports in four
business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on its
July 31, 2007 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2007, is trading at 9.50%.


PACIFIC EDGE: Shareholders OK Issuance of 10.27 Mil. Shares
-----------------------------------------------------------
Pacific Edge Biotechnology Limited's shareholders have approved
the company's plan to issue 10.27 million shares to bring its
human cancer detection to market, Alan Wood of The Press
reports.

According to the report, the shareholders also gave their nod on
the planned issue of another 30.66 million shares to "habitual
investors" at 13.7c to 15c each.

Pacific Edge Chief Executive David Darling told The Press that
the company is about a year away from bringing to market its
bladder cancer diagnostic work.

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing protein/
antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

The company has booked at least two consecutive annual net
losses -- NZ$1,880,836 for the year ended March 31, 2007, and
NZ$2,516,838 for the year ended March 31, 2006.


PHILIP BUILDERS: Appoints Levin and Vance as Liquidators
--------------------------------------------------------
Henry David Levin and David Stuart Vance were named as
liquidators for Philip Builders Limited on July 5, 2007.

Creditors who were not able to file their claims before Aug. 1,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidators can be reached at:

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


SAECO AUSTRALIA: Court Appoints Pardington as Liquidator
--------------------------------------------------------
On June 29, 2007, Rodney Gane Pardington was appointed by the
High Court of Auckland to be the liquidator for Saeco Australia
& NZ Ltd.

Creditors who were not able to file their claims before July 31,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidator can be reached at:

         Rodney Gane Pardington
         c/o Deloitte, Chartered Accountants
         8 Nelson Street
         PO Box 33, Auckland
         New Zealand
         Telephone:(09) 303 0797
         Facsimile:(09) 309 4947


U LEASE: Taps Levin and Jordan as Liquidators
---------------------------------------------
On July 5, 2007, the High Court at Auckland appointed Henry
David Levin and Barry Phillip Jordan as liquidators for U Lease
NZ Ltd.

Creditors who were not able to file their claims before Aug. 1,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidators can be reached at:

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


XEROGRAPHIC LIMITED: Court Taps Levin and Vance as Liquidators
--------------------------------------------------------------
On July 5, 2007, the High Court at Auckland named Henry David
Levin and David Stuart Vance as liquidators for Xerographic
Limited.

The Liquidators can be reached at:

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


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

DEVELOPMENT BANK: Gov't Cuts Forex Risk Cover Requirement to 3%
---------------------------------------------------------------
The Philippine Government has lowered the foreign exchange risk
cover on the Development Bank of the Philippines from 4% of
total foreign loans to only 3%, Finance Secretary Margarito B.
Teves told the BusinessWorld Online.

According to the article, the DBP, together with other
government financial institutions like the Land Bank of the
Philippines, has been requesting a cut in the foreign exchange
risk cover as it sought to minimize costs in funding.

The report recounts that DBP President and Chief Executive
Officer Reynaldo G. David earlier said that the cost of official
development loans could reach around 6-10% with the former 4%
foreign exchange risk cover, and another 1% in guarantee fees to
the government.  The loan's cost is no longer viable in a low
interest rate regime, and is contrary to the bank's development
aims, the DBP said earlier.

The bank plans to extend PHP37.5 billion in official development
loans this year, BusinessWorld adds.

             About the Development Bank of the Phils.

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the  
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

DBP carries Fitch Ratings' 'BB' Long-Term foreign currency
issuer default rating, and 'BB+' long-term local currency issuer
default rating, which were issued to it on December 22, 2006.

Standard & Poor's Ratings Services also assigned on December 5,
2006 its 'BB-' rating to DBP's PHP2.35 billion existing lower
Tier II subordinated notes, which are due in 2016.  The bank
also carries S&P's BB+ local currency and BB- foreign currency
issuer ratings with Stable outlooks.

The bank carries Moody's Investor Services' B1 foreign currency
and Ba2 local currency long-term deposit ratings with a Negative
outlook.


EXPORT AND INDUSTRY BANK: Elects Alex Luis Pesigan as Senior VP
---------------------------------------------------------------
Alex Luis M. Pesigan will now serve Export and Industry Bank
Inc. as Senior Vice President effective September 1, 2007.

The bank's board of directors approved Mr. Pesigan's appointment
as senior vice president during a regular meeting held on
July 27.

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the bank.


IPVG CORP: Executes Term Loan for PHP50 Million with Unicapital
---------------------------------------------------------------
IPVG Corp. executed and completed a loan agreement with
Unicapital Inc. on August 1.

The agreement is for a term loan of PHP50 million, which has a
term of one year and will be used for the company's partial
financing of its acquisition and expansion of a call center.

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.


METROPOLITAN BANK: Assets Reach PHP664.1 Billion as of June 30
--------------------------------------------------------------
Metropolitan Bank & Trust Co. continued to grow its consolidated
total assets, reaching PHP664.1 billion as of end-June 2007, up
12% from end-June of the previous year.

Consolidated total deposits also increased 14% year-on-year or
PHP11.2 billion to hit PHP503.3 billion as of end-June 2007.  
Net loans at the end of the first semester of 2007 were at
P266.7 billion.

Metrobank's executive vice president Fernand A. Tansingco said
that the Bank's balance sheet strategy has achieved excellent
results.  "Low cost deposits significantly improved as a result
of the Bank's deposit and customer service initiatives," said
Mr. Tansingco.  "Growing only quality assets on the other hand
has been ensured by stronger risk management processes.  We have
an excellent franchise backed by an extensive branch network and
strong relationship with our customers.  This is what we will
leverage on to meet our business targets," he adds.

Total capital accounts likewise expanded by another PHP9.7
billion to PHP62.8 billion from PHP53.1 billion in end-June
2006. "Metrobank's capital base is one of the strongest in the
industry, and we will ensure that it will be able to support the
excellent business prospects we see in the future," Mr.
Tansingco said.  Metrobank recently disclosed its board approval
to issue up to PHP10 billion in lower Tier 2 capital to
refinance in full the US$125 million Tier 2 issue callable in
November this year.

"This refinancing will generate substantial savings for the
Bank as we can reissue at a much lower cost," he said.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the   
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.


PHIL NAT'L BANK: State & PDIC Sell 10.9% Collective Holdings
------------------------------------------------------------
The Philippine Deposit Insurance Corp. and the national
government has jointly sold on Wednesday their remaining
collective holdings of 71.8 million shares in the Philippine
National Bank, the Manila Bulletin reports.

According to the Manila Bulletin, the government sold
17.4 million common shares or 3.04% of PNB, while PDIC sold
54.4 million preferred shares or 9.24%.

The report cites PNB President Omar Byron Bier as saying that
the state and PDIC earned an upside of about PHP1.36 billion for
the sale of their collective 10.9% equity at a price of PHP59
per share.

The offering was made jointly with PNB, which sought to raise
primary shares for recapitalization.  The report revealed that
the government earned about PHP1 billion, and PDIC amassed
PHP3.2 billion in gross proceeds from the sale.

The sale was a good exit option, the sellers told the Manila
Bulletin, as market developments have been positive and
prospects have been high on the recovery on the sale of their
shares.

PDIC Executive Vice President Cristina Q. Orbeta told the
Philippine Daily Inquirer that the sale marked the successful
conclusion of the bank's six-year rehabilitation program, in
which the PDIC granted financial assistance in 2001.   

Philippine National Bank -- http://www.pnb.com.ph/-- is the    
Philippine's first universal bank established on July 22, 1916.  
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service has revised the outlook of
Philippine National Bank's foreign currency long-term deposit
rating of B1, local currency senior debt rating of Ba2, and
local currency subordinated debt rating of Ba3 to stable from
negative.

The TCR-AP also reported that Standard and Poor's Ratings
Services gave PNB 'B' Short-Term Foreign Issuer Credit and
Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings effective as of April 26, 2006.


PHIL NAT'L BANK: Lists Additional Stocks After Follow-on Offer
--------------------------------------------------------------
The Philippine National Bank has listed new shares in the
Philippine Stock Exchange on Wednesday after it managed to raise
US$208 million or PHP9.5 billion through a follow-on offering to
local and foreign investors, the Philippine Daily Inquirer
reports.  

The bank will keep PHP5.3 billion of the proceeds while the
government will pocket PHP4.2 billion, after it sold its 12.5%
stake in the bank.

The Inquirer notes that PNB expects to close a deal by the end
of the year for the sale of PHP4 billion worth of idle assets,
of which two-thirds are made up of idle properties and the rest
taken up by non-performing loans.

Philippine National Bank -- http://www.pnb.com.ph/-- is the    
Philippine's first universal bank established on July 22, 1916.  
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Philippine National Bank's foreign currency long-term deposit
rating of B1, local currency senior debt rating of Ba2, and
local currency subordinated debt rating of Ba3 to stable from
negative.

The TCR-AP also reported that Standard and Poor's Ratings
Services gave PNB 'B' Short-Term Foreign Issuer Credit and
Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings effective as of April 26, 2006.


PHIL. TELEGRAPH: Elects Ma. Cristina Gonzales as Asst. Secretary
----------------------------------------------------------------
Philippine Telegraph and Telephone Corp.'s Board of Directors
has appointed Ma. Christina R. Gonzales as Assistant Corporate
Secretary effective August 1, 2007.

Ms. Gonzales has been appointed to replace Elvira C. Garcia, who
resigned from the company effective on July 30.

Makati City-based Philippine Telegraph & Telephone Corp. --
http://www.ptt.com.ph-- has grown through the years to become  
the country's dominant record carrier and leading provider of
leased voice and data channels.  It offers the most
comprehensive package of telecom services ranging from telephony
to high-speed voice, data and sophisticated video technologies.

The company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony.

The company has 30,000 post-paid and pre-paid local exchange
carriers subscribers in Region IV which account for over 50% of
revenues.  These are derived from monthly subscription fees and
domestic and international long distance calls albeit under
increasingly ruinous competition.

Philippine Telegraph and Telephone Co. posted a net loss of
PHP429.1 million for the year ended December 31, 2006, as well
as PHP459.7 million for the year ended December 31, 2005.


WENDY'S INT'L: Triarc Wants US$37-US$41/Share Offer Considered
--------------------------------------------------------------
Nelson Peltz, chairman of Triarc Companies Inc., sent a letter
on Monday to Wendy's International Inc. asking the special
committee working on Wendy's sale to consider his company's
purchase offer.

In his letter, Mr. Peltz disclosed that Triarc's offer could
range from US$37 to US$41 per share, which could increase
further depending on due diligence results.

Mr. Peltz noted that Triarc, as a natural, strategic buyer for
Wendy's, should be encouraged to participate in the sale
process.  He suggested that the special committee execute a
confidentiality agreement.

                      About Triarc Companies

New York-based Triarc Companies Inc. -- http://www.triarc.com--  
(NYSE: TRY, TRY.B) is a holding company and, through its
subsidiaries, is the franchisor of the Arby's restaurant system
and the owner of approximately 94% of the voting interests, 64%
of the capital interests and at least 52% of the profits
interests in Deerfield & Company LLC, an asset management firm.  

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

AUTO EXPERT: Accepting Proofs of Debt Until August 13
-----------------------------------------------------
Auto Expert Pte Ltd, which is in voluntary liquidation, is
accepting proofs of debt from its creditors until August 13,
2007.

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

The company's liquidator is:

         Winston Loong Sie Yoke
         c/o Winston Loong & Co.
         140 Robinson Road
         #06-03 Chow House
         Singapore 068907


BEXCOM SOUTHEAST: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order to wind up the
operations of Bexcom Southeast Asia Pte Ltd on July 20, 2007.

The company's liquidator is:

         Ong Yew Huat
         Seshadri Rajagopalan
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


UNITED TEST: Net Profit Down 10.8% in Second Quarter of 2007
------------------------------------------------------------
United Test and Assembly Center Ltd disclosed its financial
results for the second quarter ended June 30, 2007.

The company posted US$13.8 million net profit for the second
quarter ended June 30, 2007, a 10.8% decrease compared with
US$15.5 million net profit in the same quarter last year.  The
decrease was due to lower average selling prices, lower test
utilization and higher finance costs.

Group President and CEO of UTAC, Lee Joon Chung, said, "2Q07 was
a difficult quarter marked by a precipitous decline in commodity
DRAM prices and a challenging mixed-signal market.  These
weaknesses were largely offset by an improvement in our analog
business segment, resulting in 2Q07 revenues which were flat
compared to the preceding quarter and in line with our
previously given guidance.  The results demonstrate the
effectiveness of UTAC's tri-engine strategy in mitigating our
business volatility."

Results for 2007 Second Quarter

   -- Basic earnings per share for second quarter of 2007 was
      0.92 cent, compared to 1.04 cents for second quarter of
      2006 and 1.20 cents for first quarter of 2007;

   -- Revenue for second quarter of 2007 increased 48.7% to
      US$179.3 million from US$120.5 million for second quarter
      of 2006, and flat on a sequential basis;

   -- Test services accounted for 45% of second quarter of 2007
      revenues, with the remaining 55% from assembly services;

   -- Gross margin was lower at 19.3% for second quarter of
      2007, mainly due to a decline in overall test utilization,
      coupled with lower ASP and higher depreciation charges;

   -- Consequently, second quarter of 2007 net margin was also
      lower at 7.8% compared to 10.2% for first quarter of 2007;

   -- EBITDA margin was 35.8% for second quarter of 2007, lower
      than first quarter's figure of 39.8%.  EBITDA generated
      for second quarter of 2007 was US$64.1 million;

   -- Capital expenditure committed for property, plant and
      equipment in second quarter of 2007 was US$65.0 million,
      compared to $79.3 million in first quarter of 2007;

Company's Balance Sheet

   -- The Group's balance sheet remains healthy and its leverage
      ratio improved to 38.6%;

   -- Cash and cash equivalents (cash plus liquid financial
      assets) were US$120.4 million against total borrowings of
      US$379.4 million as at June 30, 2007;

   -- Total equity increased to US$670.8 million as at June 30,
      2007;

   -- As at June 30, 2007, the total number of wirebonders,
      memory testers, analog testers and MSLP testers were
      1,343, 385, 122 and 305, respectively;

Highlights for second quarter of 2007

   -- Proposed acquisition of UTAC group by Affinity Equity
      Partners and TPG Capital;

   -- Reinforcement of management team;

   -- Amkor and UTAC entered into a multi-year cross-licensing
      agreement.

Review & Outlook

"Second quarter of 2007 has been a most eventful and challenging
quarter.  Our DRAM business segment, representing about 28% of
our total revenues, experienced difficult conditions as the
sharp decline in DRAM prices pushed many of our customers into
the red.  The mixedsignal market was softer than expected.  The
main bright spot was our analog business that helped to
compensate for weakness in our memory business," said Mr. Lee.
"Although the market has yet to signal an upturn with
conviction, we are cautiously hopeful that conditions should
improve from hereon as both the DRAM and mixed-signal sectors
appear to be turning the corner.  Our analog business sector
should remain strong going into 3Q07," concluded Mr. Lee.

                           About UTAC

United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.  The company has manufacturing facilities
in Singapore, China (Shanghai), Taiwan and Thailand, and a
global sales network in Singapore, Thailand, Taiwan, the US,
Italy, Korea and Japan.  

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific, on
June 27, 2007, Moody's Investors Service placed the Ba3
corporate family rating and Ba3 senior unsecured bond rating of
United Test and Assembly Center Ltd on review for possible
downgrade.   


This rating action follows the joint announcement from UTAC and
Global A&T Electronics Ltd and TPG Capital is acquiring UTAC for
a cash consideration of SGD1.2 per UTAC share for a total
consideration of approximately SGD2.2b.

The review will focus on 1.) the transaction's funding structure
and its impact on UTAC's financial profile; and 2.) the
potential changes in UTAC's operational and business strategies
following the acquisition.  


VIDEOVAN ENTERTAINMENT: Creditors to Meet on August 10
------------------------------------------------------
The creditors of Videovan Entertainment Industries Pte Ltd will
meet on August 10, 2007, at 10:00 a.m.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report regarding the company's
      wind-up proceedings;

   -- appoint a Committee of Inspection pursuant to Section
      277 (1) of the Companies Act (Cap 50);

   -- nominate and authorize a member of the COI and the
      liquidator to open and/or close and operate one or more
      bank accounts and/or close any existing bank accounts.  
      All bank accounts will be jointly operated by the
      nominated COI member and the liquidator;

   -- appoint a solicitor to assist the liquidator in his
      duties;

   -- give authority to the liquidators to compromise debts.;
      and

   -- consider other matter which may properly be brought before
      the meeting.


WISEGUYS FILM: Proofs of Debt Due on August 13
----------------------------------------------
The creditors of Wiseguys Film Pte Ltd are required to file
their proofs of debt by August 13, 2007, so as to be included in
the company's dividend distribution.

The company's liquidator is:

         Winston Loong Sie Yoke
         c/o Winston Loong & Co.
         140 Robinson Road
         #06-03 Chow House
         Singapore 068907


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

ARVINMERITOR INC: Incurs US$70 Mil. Net Loss in Third Quarter
-------------------------------------------------------------
ArvinMeritor, Inc. posted a US$70 million net loss for the third
quarter ended June 30, 2007, compared to US$20 million of net
income for the same period in 2006.

"As we continue to work our way through a challenging operating
environment, we are making solid progress in implementing our
strategic initiatives," said Chairman, CEO and President Chip
McClure.  "As a result of the restructuring activities underway
at ArvinMeritor and a focus on improving our operational
performance, our CVS business maintained respectable margins
despite the decline in the North American heavy truck market,
and we saw continued margin improvement in our LVS business."

Mr. McClure continued, "Also during the quarter, we moved
forward with plans to optimize our manufacturing footprint,
announced new military contracts, and entered into a significant
joint venture with Chery Motors in China.  Although we continue
to face the challenges we anticipated, we are taking the
necessary actions to manage through the rough seas while
competitively positioning ourselves for 2008 and 2009."

            Fiscal Year 2007 Third-Quarter Results

For the third quarter of fiscal year 2007, ArvinMeritor posted
sales of US$1.7 billion, a 4-percent decrease from the same
period last year.  The primary factor that drove this decrease
was the downturn in the North American Class 8 market, partially
offset by strong Western Europe and Asia Pacific volumes.

Operating income in the third quarter of 2007, before special
items, was US$45 million, down 31 percent, compared to
US$65 million in the prior year's third quarter.  EBITDA, before
special items, was US$85 million, down US$16 million from the
same period last year, reflecting lower commercial vehicle sales
volume in North America.

Income from continuing operations, excluding special items, was
US$18 million, or US$0.25 per diluted share, compared to
US$31 million, or US$0.44 per diluted share, a year ago. Special
items primarily included restructuring charges and totaled
US$22 million net of related tax benefits.

For the third quarter of fiscal year 2007, ArvinMeritor reported
negative free cash flow of US$156 million.  Free cash flow was a
positive US$155 million in the third quarter of fiscal year
2006.  The decline in free cash flow reflects increases in
working capital of discontinued operations prior to the sale of
the Emissions Technologies business group, a portion of which
will be recovered in post-closing purchase price adjustments.   
Also contributing to the negative free cash flow was increases
in working capital outside of North America, resulting from the
strong commercial vehicle volumes in Western Europe and Asia
Pacific.

        Third-Quarter Performance Plus Accomplishments

As previously announced, ArvinMeritor expects restructuring and
cost reductions resulting from its Performance Plus initiatives
to generate US$150 million in savings by 2009.  The company
remains on track to achieve that goal.  Accomplishments this
quarter include:

  -- Achieved growth in specialty business through contracts
     with International Military and Government, LLC, a wholly
     owned subsidiary of International Truck & Engine
     Corporation, and Armor Holdings, which represent 58
     percent of the total Mine Resistant Ambush Protected
     Vehicles (MRAP) business awarded to date.

  -- Entered into significant joint venture with Chery Motors
     in China to produce light vehicle chassis products in
     Wuhu, China, which the company expects to represent
     US$150 million of business by 2010 when related door and
     wheel businesses launch.

  -- Announced the closure of three plants in Brussels,
     Belgium; Frankfurt, Germany; and St. Thomas, Ontario,
     Canada.

  -- Implementing lean manufacturing across the company to
     build a stronger culture of operational excellence.

            Fourth-Quarter & Full-Year 2007 Outlook

The company's fiscal year 2007 outlook for light vehicle
production in North America is 15.1 million vehicles, down from
15.3 million vehicles in the previous forecast, and 16.5 million
vehicles in Western Europe, up from the company's prior forecast
of 16.1 million vehicles.

The outlook for North American Class 8 truck production is
238,000 units in fiscal year 2007, up from 224,000 units in the
previous forecast.  The company's fiscal year 2007 forecast for
medium and heavy truck production in Western Europe is 510,000
units, up from 475,000 units in the previous forecast.

The company now expects sales from continuing operations in
fiscal year 2007 to be in the range of US$6.2 to US$6.3 billion,
up from US$6.0 to US$6.2 billion, and is narrowing its outlook
for full-year earnings per share from continuing operations to
be in the range of US$0.75 to US$0.80.  This guidance excludes
gains or losses on divestitures, restructuring costs, and other
special items, including potential extended customer shutdowns
or production interruptions.

In addition, free cash flow guidance is being lowered for fiscal
year 2007 to a range of US$50 million to US$100 million outflow,
due to working capital increases outside of North America driven
by higher commercial vehicle volumes and the use of cash by the
Emissions Technologies business prior to sale.

"Although we anticipated that the third fiscal quarter of 2007
would be a challenge, we were pleased to report positive results
of US$0.25 per share, before special items," said Mr. McClure.   
"Going forward, we will build on the strength of our global
leadership team and the Performance Plus initiatives we are
implementing to continually improve shareowner value."

                     About ArvinMeritor Inc.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarket.  ArvinMeritor employs approximately 29,000
people at more than 120 manufacturing facilities in 25
countries.  These countries are: China, India, Japan, Singapore,
Thailand, Australia, Venezuela, Brazil, Argentina, Belgium,
Czech Republic, France, Germany, Hungary, Italy, Netherlands,
Spain, Sweden, Switzerland, United Kingdom, among others.   
ArvinMeritor common stock is traded on the New York Stock
Exchange under the ticker symbol ARM.

                          *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

   -- Corporate Family Rating to Ba3 from Ba2

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

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

   -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

   -- Speculative Grade Liquidity rating, SGL-2


KRUNG THAI BANK: Pays Interest for Hybrid Tier 1 Debentures
-----------------------------------------------------------
Krung Thai Bank PCL has paid on July 31 interest to all holders
of its Hybrid Tier 1 Debentures for THB32.97 per unit.

The interest payment is entitled to all holders whose names
appear on the debenture holder register book as of July 17,
2007, in accordance with the details specified in the terms and
conditions of the debentures.

Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation  
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd.


MANAGER MEDIA: Requests 10-Month Extension of Rehabilitation
------------------------------------------------------------
Manager Media Group PCL requested the Civil Court to extend the
period within which it must complete the implementation of its
rehabilitation plan.

According to a disclosure with the Stock Exchange of Thailand,
the company filed its request on July 19.  It sought to extend
its rehabilitation 10 months beyond its deadline.

The company is now waiting for the Civil Court's decision on the
matter.

Headquartered in Bangkok, Thailand, Manager Media Group Public
Company Limited -- http://www.manager.co.th/-- publishes   
a variety of daily, weekly, and monthly publications.  
Periodicals include Manager monthly magazine, Manager weekly
newspaper, Manager daily newspaper, and Thai Investment weekly
magazine.  The company also partners with the Vietnam News
Agency to publish The Vietnam News, an English-language daily
newspaper in Vietnam.  

                      Going Concern Doubt

Prawit Wipusirikup at RSM Nelson Wheeler Audit Limited, the
company's independent auditors, raised significant doubt on the
company's ability to continue as a going concern, saying that
the company and its subsidiary company is in the process of
business rehabilitation and has built up significant accumulated
losses over the last few years and has suffered recurring losses
from operations.  

He adds that as of December 31, 2006, the group's consolidated
current liabilities exceeded its current assets by
THB108.57 million, while the company's current liabilities
exceeded its current assets by THB69.05 million.  

He adds further that the consolidated capital deficiency as of
December 31, 2006 was THB368.23 million, and the company's
capital deficiency amounted to THB337.86 million.  

Moreover, the group has amended its business rehabilitation
plan, which will be approved by the creditor's meeting.  The
civil court agreed to extend the rehabilitation process until
August 2, 2007.  The ultimate outcome of the debt rehabilitation
process being completed within the timeframe agreed by the court
cannot presently be determined, according to Mr. Prawit.

He explains that the continuing business operations of the group
substantially depends on:

   a) the group's ability to complete the business
      rehabilitation plan within the timeframe set by the court;
      and

   b) the ability of the group to operate successfully in the
      future and generate adequate cash flows from operations.


NATURAL PARK: Requests Extension of Sansiri Shares Sale Due Date
----------------------------------------------------------------
The Hong Kong-based group led by Allina Salim is interested in
acquiring 125 million additional shares in Sansiri Public Co.
Ltd., which is being sold by Natural Park PCL.

In a letter dated July 12 to the Stock Exchange of Thailand,
N-PARK said that it will sell 300 million shares in Sansiri at a
price of THB3.09 per share to Dr. Salim's group.  The company
sold part 1 of 205 million shares on July 12, and was supposed
to sell part 2 of 95 million shares on July 31.  However,
Dr. Salim's group notified the company that they are interested
in acquiring 30 million additional shares aside from the
95 million shares in part 2 of the company's offering.

In light of this, N-PARK is requesting an extension of the
sale's completion date due to negotiations on the additional
sales.


Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park is facing a suit for bankruptcy filed by Sathorn
Asset Management with debt value of THB39.59 million.  It has
also been faced with a suit earlier by Ocean Life Insurance,
which is now appealing the junking of the case by the Central
Bankruptcy Court.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


* Moody's Outlook Mixed for AsPac Consumer Products Sector
----------------------------------------------------------  
Moody's Investors Service sees a mixed rating outlook for the
consumer products sector in Asia Pacific (excluding Japan) in
the year ahead.

Authored by Moody's Senior Analyst Renee Lam in Hong Kong and
Analyst Peter Fullerton in Sydney, the report says that Moody's
mixed outlook is based on three key factors: event risk from
acquisitions or diversification strategies, the challenge of
growing revenue in mature markets, and, to a lesser degree, the
effect of sustained high input costs.

"For many regional consumer products companies, their core
product market is largely mature, and they find it hard to grow
revenue strongly as a result," says Lam in the report.

"To enhance revenue, many companies have adopted acquisitive
growth strategies, but these often pose execution risks,
particularly for companies with less financial discipline," she
adds.

"Continued high or increasing costs for many inputs, especially
sugar and aluminum, have pressured operating margins for some
companies, and when a significant portion of a producer's raw
materials are imported, it is vulnerable to margin squeeze both
from raw material price increases and currency fluctuations,"
continues Fullerton.

"However, in some cases, a company's high degree of business
diversification has helped it maintain relatively stable overall
profit margins," he says.

Another challenge for the sector is the emergence of health
consciousness in some markets, and a heightened regulatory
environment, including tighter sanitary measures for many
products and raw ingredients, due to increased concerns about
infectious and other diseases.

The report -- 'Industry Snapshot: Asia Pacific Consumer Products
Sector' -- is part of Moody's Industry Snapshot series, which
offers succinct and incisive looks at particular sectors, and
can be found at http://www.moodys.com/


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Orbital Corp. Ltd.                OEC      14.01       -4.86
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
Chia Tai Enterprises
   International Ltd.            0121     316.12       -8.92
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
   Cooperation (Group) Ltd        638      20.12      -42.96
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.67
Datasys Technology
   Holdings Ltd                   8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Guangzhou Oriental Baolong
   Automotive Co               600988      15.78      -11.11
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Heilongjiang SunField
   Science & Tech Co           000620      29.96      -49.18
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Hengyang                 600762      61.08      -43.98
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.65
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -21.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.85      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.38
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Xingye Housing
   Co.,Ltd.                    600603      16.23      -49.40
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05      -15.98
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Songliao Automobile Co. Ltd.   600715      46.99      -19.19
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suntek Technology Co., Ltd     600728      48.81      -16.09
Suntime International
   Economic Trading            600084     359.49      -47.93
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &
   Merchant Co,, Ltd           600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     238.05     -288.85
Hindustan Organic
   Chemicals Limited              HOC     109.22      -15.18
IFCI Limited                     IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Dharmala Intiland Tbk            DILD     197.91       -6.62
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Orient Corporation               8585   37956.19    -1109.02
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tasco System Co., Ltd            2709      48.45      -14.07
Trustex Holdings, Inc.           9374     102.84       -7.82


KOREA

BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
DongYang GangChul Co., Ltd.    001780     108.79       -9.80
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Seji Co., Ltd                   53330      37.25       -0.31
SY I&C Co., Ltd                 53470      19.89       -5.49


MALAYSIA

Ark Resources Bhd                 ARK      25.91      -28.35
Boustead Heavy Industries
   Corp. Bhd                     BHIC      62.80     -116.18
Gefung Holdings Bhd              GFHB      21.68       -1.74
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
PanGlobal Berhad                  PGL     189.92      -50.36
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Setegap Berhad                    STG      19.92      -26.88
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.47      -69.79
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      22.30       -9.14
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24



                            *********


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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