TCRAP_Public/070809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, August 9, 2007, Vol. 10, No. 156

                            Headlines

A U S T R A L I A

BLUVALE PTY: Members and Creditors to Meet on August 21
DELACOMBE COACHWORKS: Final Meeting Slated for August 21
DOW AGENCIES: Liquidator to Present Wind-Up Report on Aug. 21
EDWARDS A M: Members & Creditors to Meet on August 21
FINCORP GROUP: Old Execs to Block ASIC's Orders Freezing Assets

FIRE ENGINEERING: Members Agree on Voluntary Liquidation
FIWIWBITBA PTY: Final Meeting Slated for August 21
FRESHMARK PTY: Commences Wind-Up Proceedings
MARTIN SHIRLEY: Appoints Pratt and Longley as Liquidators
RAPID ROAD: Creditors' Meeting Set for August 9

SURFVIEW HOLDINGS: Members Opt to Shut Down Business
SYMBION HEALTH: Sees 16% Profit Increase Due to Takeover Bid


C H I N A   &   H O N G  K O N G

ASAT HOLDINGS: April 30 Balance Sheet Upside-Down by US$88.3 Mln
ASAT HOLDINGS: Finance Unit Solicits Consents to Amend Indenture
CHINA EVERBRIGHT: Gains Reform Approval; Looks for Capital Boost
EMI GROUP: Total Revenue at Constant Currency Down 5.1% in 2007
FAMOUS KIT: Accepting Proofs of Debt Until August 31

FIAT SPA: Inks MOU with Chery Auto to Build Chinese Cars
FIAT SPA: Requests Delisting from New York Stock Exchange
FIAT SPA: Inks Deal to Acquire Car Parts Supplier Ergom Holding
GEFCO OVERSEAS: Accepting Proofs of Debt Until Sept. 30
GRIFFITHS & ARMOUR: Creditors' Proofs of Debt Due on Sept. 7

HEXCEL CORP: Closes Sale of EBGI to JPS Industries for US$75 Mln
KAM FAI: Sets Final Meeting for September 3
LOBO DYNAMIC: Final General Meeting Slated for Sept. 6
MENLO WORLDWIDE: Appoints Chan Wah and Ho Man as Liquidators
MIXMAX GARMENTS: Liquidators Resign from Posts

NATION FOREST: Shareholders Resolve to Close Business
POLYMER GROUP: Files Registration Statement for Sale of Shares
TCL CORP: PC Unit Posts Profit; Rules Out Planned Disposal
TCL CORP: Posts CNY45.1-Million Net Profit in 2007 First Half
TCL MULTIMEDIA: Reform of European Unit Cuts Lose to HK$220MM

UFJ INTERNATIONAL: Members Pass Resolution to Wind Up Firm
VISION FOUNDATION: Undergoes Liquidation Proceedings
* Chinese Steel Industry Needs More Consolidation, Fitch Says


I N D I A

BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP
DECCAN AVIATION: UB Open Offer Statement Inaccurate, SEBI Says
DECCAN AVIATION: Messrs. Choudrie and Kalra Resign From Board
DUNLOP INDIA: Suspends Operations of Ambattur Factory
IMPERIAL CHEMICAL: Akzo Teams Up With Henkel in GBP8 Billion Bid

GARWARE POLYESTER: Earns INR26.4 Mil. in 1st Qtr. Ended June 30
HINDUSTAN COPPER: Net Profit Up 85% to INR754 Mil. in 1Q FY2007
ICICI BANK: Reduces Short-Term Deposit Rates


I N D O N E S I A

ADES WATERS: Stops Water Production in Cibuntu Factory
GARUDA INDONESIA: Posts IDR148BB Net Profit for 1st-Half 2007
MEDCO ENERGI: To Build US$600-Million Geothermal Power Plant
PERTAMINA: To Sign Joint-Venture Pact w/ Petronas & PetroVietnam
PERUSAHAAN LISTRIK: Signs US$2-Billion Power Plant Deal

HM SAMPOERNA: Unit Signs Pact to Sell 30% Stake in Jiangsu


J A P A N

ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch
BOSTON SCIENTIFIC: Retains Endosurgery Group, IPO Called
FORD MOTOR: Wants Tentative Land Rover & Jaguar Deal by Sept. 30
FORD MOTOR: Recalls 3.6 Million Vehicles to Fix Cruise Control
FUJI HEAVY: Posts JPY332-Million Net Loss in First Quarter

HERBALIFE LTD: Earns US$48.1 Million in Quarter Ended June 30
JABIL CIRCUIT: To Set Up Two New Divisions, Appoints Officers
JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on Sept. 4
JAPAN AIRLINES: Revises Frequency Plan for 2007 Second Half
MAZDA MOTOR: All-New Mazda Demio Sales Take Off in Japan

MAZDA MOTOR: April-June Profit Drops 63% to JPY2.48 Billion
SANYO ELECTRIC: Invests THB466 Million in Thai Unit


K O R E A

EVEREX INC: To Sell Multiple Patents to Mureemi International
HANAROTELECOM: Posts KRW2.1-B Net Income for Second Quarter 2007
KENERTEC: Signs Pact W/ Nuansa Energi for Coal Concession Right


M A L A Y S I A

SATERAS RESOURCES: Bursa Defers Delisting Subject to Appeal
SUNWAY INFRASTRUCTURE: Affin Bank to Restructure Islamic Debt


N E W  Z E A L A N D

ASHLANDS CONTRACTING: Names Brown and Neilson as Liquidators
BFM LTD: Placed Under Voluntary Liquidation
BLIS TECHNOLOGIES: Enters Joint Research With DSM Nutritional
FLETCHER BUILDING: Net Profit Up 28% to NZ$484 Million in FY2007
GLASS EARTH: Incurs CD$241,000 Net Loss in Quarter Ended June 30

INDIAN STAR: Appoints Brown and Neilson as Liquidators
KRONOS INC: Hires Chris Todd to Manage Customer Engagements
LIKE MAGIC: Faces CIR's Wind-Up Petition
MEDLAND HOLDINGS: Accepting Proofs of Debt Until August 27
MOTORISED GOLF: Court to Hear Wind-Up Petition on Sept. 27

NORTHSIDE BOXING: Subject to Bernsport's Wind-Up Petition
PRIESTLEY HEATING: Appoints Official Assignee as Liquidator
TCR PROPERTIES: Fixes August 22 as Last Day to File Claims
UPPERCUT PROMOTIONS: Taps Brown and Neilson as Liquidators


P H I L I P P I N E S

METROPOLITAN BANK: First-Half Net Profit Ups 34.3% to PHP3.7BB
SAN MIGUEL CORP: To Raise US$1.2 Billion to Refinance Debt


S I N G A P O R E

BRIGHT PHARMACEUTICALS: Court to Hear Wind-Up Bid on Aug. 10
HLG ENTERPRISE: Earns US$5.2 Mil. in Second Qtr. Ended June 30
SEE HUP SENG: Earns SGD3.8 Mil. in Three Months Ended June 30


T H A I L A N D

BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B-
LEAR CORP: Earns US$123.6 Mln in 2nd Quarter Ended June 30, 2007
TRUE CORP: Sees Revenue from Broadband Biz Soaring 40% in 2007

     - - - - - - - -

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

BLUVALE PTY: Members and Creditors to Meet on August 21
-------------------------------------------------------
The members and creditors of Bluvale Pty Ltd will meet on
Aug. 21, at 2:45 p.m. to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         O'Keeffee Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                        About Bluvale Pty

Bluvale Pty Ltd, which is also trading as Eco Concepts operates
retail nurseries, lawn and garden supply stores.  The company is
located in Richmond East, Victoria, Australia.


DELACOMBE COACHWORKS: Final Meeting Slated for August 21
--------------------------------------------------------
A final meeting will be held for the members and creditors of
Delacombe Coachworks Pty Ltd on August 21, 2007, at 3.45 p.m.

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

The company's liquidator is:

         O'Keeffee Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                  About Delacombe Coachworks

Delacombe Coachworks Pty Ltd provides terminal and service
facilities for motor vehicle passenger transportation.  The
company is located in Box Hill South, Victoria, Australia.


DOW AGENCIES: Liquidator to Present Wind-Up Report on Aug. 21
-------------------------------------------------------------
Dow Agencies Pty Ltd will hold a meeting for its members and
creditors on August 21, 2007, at 3.00 p.m.

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

The company's liquidator is:

         O'Keeffee Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                       About Dow Agencies

Dow Agencies Pty Ltd drugs, is a distributor of proprietaries
and sundries.  The company is located in Terang, Victoria,
Australia.


EDWARDS A M: Members & Creditors to Meet on August 21
-----------------------------------------------------
The members and creditors of Edwards A M Pty Ltd will meet on
August 21, 2007, at 2:00 p.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

         O'Keeffee Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                       About Edwards A M

Edwards A M Pty Ltd is involved with heavy construction
business.  The company is located in Tallebudgera, Queensland,
Australia.


FINCORP GROUP: Old Execs to Block ASIC's Orders Freezing Assets
---------------------------------------------------------------
Fincorp Group's former directors will challenge court orders
obtained by the Australian Securities and Investments Commission
to have their assets frozen, reports Danny John of the Sydney
Morning Herald.

Craig Stubbs, who quit his post two months before administrators
took over Fincorp, is seeking to overturn the asset preservation
order against him as part of the corporate regulator's
investigation on the company's failure, Mr. John relates.

Graeme Byers, one of the last directors of Fincorp, admitted
that he still remains one of the company's directors but that he
revealed to SMH that it was he who called in administrators
KordaMentha to take control in running Fincorp after realizing
the group was in effect bankrupt.

Mr. Byers, according to SMH, said that he has been unfairly
targeted in the sweeping action taken by the ASIC in its effort
to get to the bottom of what brought the company down.  Along
with this treatment, he said that he will begin action in the
New South Wales Supreme Court next week to try and have the
order against him lifted.

A report by the Troubled Company Reporter-Asia Pacific on
July 19, 2007, stated that Mr. Stubbs and Mr. Byers are among
the nine former executives, along with founder Eric Krecichwost,
whose assets have been frozen in relation to the ASIC's
investigation of the company's collapse.

                       About Fincorp Group

Fincorp Group -- http://www.fincorp.com.au/-- in its current  
structure was established in July 2005.  The company is a
boutique funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.


FIRE ENGINEERING: Members Agree on Voluntary Liquidation
--------------------------------------------------------
On June 30, 2007, the members of Fire Engineering Pty Limited
passed a resolution to voluntarily liquidate the company's
business.

David Clement Pratt and Stephen Graham Longley were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Stephen Graham Longley
         Freshwater Place
         2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia

                     About Fire Engineering

Fire Engineering Pty Limited provides business services.  The
company is located in Sydney, New South Wales, Australia.


FIWIWBITBA PTY: Final Meeting Slated for August 21
--------------------------------------------------
The members and creditors of Fiwiwbitba Pty Ltd will meet on
August 21, 2007, at 2:15 p.m., to receive the liquidators'
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         O'Keeffee Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                      About Fiwiwbitba Pty

Fiwiwbitba Pty Ltd, which is also trading as South Side Special
Project, operates childrens' and infants wear stores.  The
company is located in Melbourne, Victoria, Australia.


FRESHMARK PTY: Commences Wind-Up Proceedings
--------------------------------------------
The members of Freshmark Pty Ltd had a meeting on June 30, 2007,
and agreed to voluntarily liquidate the company's business.

David Clement Pratt and Stephen Graham Longley were tapped as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Stephen Graham Longley
         Freshwater Place
         2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia

                      About Freshmark Pty

Freshmark Pty Ltd, which is also trading as Freshmark Transport,
is engaged in the trucking business, except local.  The company
is located in Acacia Ridge, Queensland, Australia.


MARTIN SHIRLEY: Appoints Pratt and Longley as Liquidators
---------------------------------------------------------
David Clement Pratt and Stephen Graham Longley were appointed as
liquidators for Martin Shirley & Associates Pty Ltd on June 30,
2007.

The company went into liquidation on that same day.

The Liquidators can be reached at:

         David Clement Pratt
         Stephen Graham Longley
         Freshwater Place
         2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia

                      About Martin Shirley

Martin Shirley & Associates Pty Ltd, which is also trading as
S S D Freight, is in the business of freight transportation
arrangement.  The company is located in Yarraville, Victoria,
Australia.


RAPID ROAD: Creditors' Meeting Set for August 9
-----------------------------------------------
The creditors of Rapid Road Pty Ltd will meet on August 9, 2007,
at 11:00 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Terrence James Smith
         c/o Allens Australia Pty Ltd
         1925 Logan Road
         Upper Mt Gravatt, Queensland 4122
         Australia

                         About Rapid Road

Rapid Road Pty Ltd is involved in the arrangement of
transportation of freight and cargo.  The company is located in
Oaxley, Queensland, Australia.


SURFVIEW HOLDINGS: Members Opt to Shut Down Business
----------------------------------------------------
On June 30, 2007, the members of Surfview Holdings No. 69 Pty
Ltd decided to shut down the company's business and appointed
Peter Anthony Lucas as liquidator.

The Liquidator can be reached at:

         Peter Anthony Lucas
         P. A. Lucas & Co., Chartered Accountants
         Level 8, ING Building
         100 Edward Street, Brisbane
         Queensland 4000
         Australia

                    About Surfview Holdings

Surfview Holdings No 69 Pty Ltd is a distributor of durable
goods.  The company is located in Surfers Paradise, Queensland,
Australia.


SYMBION HEALTH: Sees 16% Profit Increase Due to Takeover Bid
------------------------------------------------------------
Symbion Health Limited is expecting a 16% increase in its full-
year profit, revealing that an independent expert has backed up
Healthscope Ltd.'s AU$2.9 billion takeover, reports Reuters.

According to the report, the health service provider said it
expects 2007 net profit after tax to increase 16.4% to
AU$97.7 million.

Symbion has accepted a sweetened offer by Healthscope, along
with its partners, Ironbridge Capital and Archer Capital,
relates Reuters.

                    About Symbion Health

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,  
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions.  Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine.  Symbion Imaging provides imaging services to
patients on the eastern seaboard of Australia.  Symbion Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies.  Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


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

ASAT HOLDINGS: April 30 Balance Sheet Upside-Down by US$88.3 Mln
----------------------------------------------------------------
ASAT Holdings Limited announced on Tuesday last week its
financial results for the fourth quarter and fiscal 2007, ended
April 30, 2007.

ASAT Holdings Limited's consolidated balance sheet at April 30,
2007, showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in a US$88.3 million
total stockholders' deficit.

The company's consolidated balance sheet at April 30, 2007, also
showed strained liquidity with US$44.3 million in total current
assets available to pay US$58.6 million in total current
liabilities.

Net loss was US$11.0 million, which includes charges of
approximately US$682,000 in reorganization costs for follow-on
expenses related to completing the move of the company's
manufacturing operations to China, a US$1.4 million non-cash
inventory write-off and a US$1.3 million income tax provision.  

Net sales in the fourth quarter were US$36.0 million, compared
with net sales of US$41.5 million in the previous quarter.  
Fourth quarter net loss compares with a net loss of US$7.6
million in the third quarter, which included charges of
approximately US$405,000 for relocation and facilities expenses
and US$763,000 in reorganization charges related to the
relocation to China.
      
                Additional Fourth Quarter Results

  -- Net sales for assembly were US$34.5 million

  -- Net sales for test were US$1.5 million

  -- Capital expenditures were US$3.5 million

  -- Cash and cash equivalents at the end of the quarter were
     US$7.3 million

                  Fiscal 2007 Financial Results

Net loss for fiscal 2007 was US$35.0 million.  This compares
with a net loss of US$42.4 million in fiscal 2006.  Net sales
for fiscal 2007 were US$164.9 million, compared with net sales
of US$182.1 million in fiscal 2006.

"Fiscal 2007 marked the successful completion of the move of our
manufacturing operations to China," said Tung Lok Li, acting
chief executive officer of ASAT Holdings Limited.  "While our
revenue declined year-over-year, the lower cost structure and
better operating environment contributed to an improvement in
our gross margin and a reduction in our net loss.

"With the majority of our cost reduction strategy now
implemented, in fiscal 2008 we will focus on driving top line
growth through a combination of increasing business with our
current customers and capitalizing on our core strengths to add
new customers.  I am
confident we have the strategy and management team in place to
grow revenue next fiscal year.  Also, when combining revenue
growth with the new lower cost structure, we expect to see an
overall improvement in our financial results in fiscal 2008,"
said Mr. Li.

                First Quarter Fiscal 2008 Outlook

"We are seeing positive signs in the overall market environment
and believe the seasonal trends and inventory issues that
impacted our customers for the last two quarters are now behind
us," said Mr. Li.  "As a result, based on preliminary figures,
we expect our net sales for the quarter ended July 31, 2007,
increased to approximately US$37.7 million.  Also, while we are
just beginning our October quarter, we expect our positive
momentum to continue and believe revenue will increase 3 percent
to 8 percent above the July quarter results."

               ASAT Commences Consent Solicitation

In a separate release, ASAT announced it is soliciting consent
from the holders of its 9.25% Senior Notes due 2011.  ASAT is
seeking consents for amendment or waiver of certain defaults and
events of default that may have occurred or may occur.  The
proposed amendments, if adopted, will among other things: (i)
eliminate restrictions on the value of the assets that may be
held by ASAT Semiconductor (Dongguan) Limited ("ASDL"), ASAT
Holdings' Chinese subsidiary; (ii) expand the ability of ASAT
Holdings and its subsidiaries to secure financing from
additional sources; and (iii) extend the deadline for ASAT
Holdings to fulfill its reporting obligations under the
indenture for the Senior Notes. The consent solicitation will
expire at 5:00 p.m., New York City time, on Aug. 20, 2007,
unless extended by New ASAT (Finance) Limited.  Only holders of
record as of 5:00 p.m., New York City time, on July 25, 2007,
are eligible to deliver consents to the proposed amendments in
the consent solicitation.

                        Interest Payment

The company also announced it will delay making the semi-annual
interest payment on its 9.25% Senior Notes.  ASAT has 30 days
from the Aug. 1, 2007, due date to meet its interest payment
obligation.

"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," said Kei Hong
Chua, chief financial officer of ASAT Holdings Limited.  "While
we have the funds available now to make the payment, doing so
would leave us in a challenging position to support our ongoing
business requirements in the near term.  We are working with
several banks and financing firms to obtain financing and are
optimistic that we will reach a successful outcome with both the
consent solicitation and financing package."

                       About ASAT Holdings

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With 18 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.  Today the company has operations in
the United States, Hong Kong, China, and Germany.


ASAT HOLDINGS: Finance Unit Solicits Consents to Amend Indenture
----------------------------------------------------------------
ASAT Holdings Limited announced Tuesday last week that its
wholly owned subsidiary, New ASAT (Finance) Limited, commenced
the solicitation of consents from the holders of the
US$150 million aggregate principal amount of outstanding 9.25%
Senior Notes due 2011 to the amendment of certain provisions of
the indenture, dated as of Jan. 26, 2004, pursuant to which the
Senior Notes were issued.  ASAT is seeking consents for
amendment or waiver of certain defaults and events of default
that may have occurred or may occur.  

The proposed amendments, if adopted, will among other things:

   (i) eliminate restrictions on the value of the assets that
       may be held by ASAT Semiconductor (Dongguan) Limited
       ASAT Holdings' Chinese subsidiary;

  (ii) expand the ability of ASAT Holdings and its subsidiaries
       to secure financing from additional sources; and

(iii) extend the deadline for ASAT Holdings to fulfill its
       reporting obligations under the indenture.  Holders of
       the Senior Notes are referred to New Asat's Consent
       Solicitation Statement and materials, which will be
       mailed to each record holder, for the detailed terms and
       conditions of the consent solicitation.

The consent solicitation will expire at 5:00 p.m., New York City
time, on Aug. 20, 2007, unless extended by the New Asat.  Only
holders of record as of 5:00 p.m., New York City time, on July
25, 2007, are eligible to deliver consents to the proposed
amendments in the consent solicitation.

ASAT Holdings has retained Piper Jaffray & Co. to serve as
Solicitation Agent for the consent solicitation.  Questions
concerning the terms of the consent solicitation should be
directed to Michael Hsieh of Piper Jaffray & Co. at (212) 284-
9589.  ASAT Holdings has also retained The Bank of New York to
serve as its Information Agent and Tabulation Agent for the
consent solicitation.  Requests for assistance in delivering
consents should be directed to Fernando Hutapea of The Bank of
New York in Singapore at +65-6432-0346.  Requests for copies of
the Consent Solicitation Statement can be directed to either
Piper Jaffray & Co. or The Bank of New York.

                       About ASAT Holdings

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With 18 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.  Today the company has operations in
the United States, Hong Kong, China, and Germany.

                          *     *     *

ASAT Holdings Limited's consolidated balance sheet at April 30,
2007, showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in a US$88.3 million
total stockholders' deficit.


CHINA EVERBRIGHT: Gains Reform Approval; Looks for Capital Boost
----------------------------------------------------------------
China has approved mid-sized lender China Everbright Bank's plan
for financial restructuring, paving the way for a capital
injection and eventual listing, Reuters says, citing a report
from the Financial Times.  

The newspaper gave no details on the timing of such an
injection, which would also be a prerequisite for potentially
taking on a foreign investor, but said that work on the
restructuring was being carried out, Reuters relates.

According to the news agency, Financial Times cited Tang
Shuangning, a former banking regulator who recently took up the
post as chairman of China Everbright Group, as saying that the
bank would shore up its capital base.  Mr. Tang gave no further
details though.

Local media have long said that Central Huijin, the investment
arm of the central bank, would eventually pump CNY20 billion
into Everbright to recapitalize its balance sheet.

Everbright Bank is saddled with debts partly because of its
takeover of the troubled China Investment Bank in the late
1990s.

Headquartered in Beijing, China, China Everbright Bank Company -
- http://www.cebbank.com/-- is the first state-owned commercial   
bank with shares held by international financial institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.


EMI GROUP: Total Revenue at Constant Currency Down 5.1% in 2007
---------------------------------------------------------------
EMI Group PLC issued its first interim management statement as
required by the disclosure rules and transparency rules of the
Financial Services Authority.

EMI said that for the first quarter of the financial year 2007:

   -- EMI Group total revenue at constant currency declined by
      5.1%, reflecting the market conditions experienced in the
      recorded music market;

   -- EMI Music revenue at constant currency declined by 13.4%
      due to the difficult market conditions and EMI's light
      release schedule in the quarter when the restructuring
      program was also being implemented.  Digital revenues
      increased by 26.0%, while physical revenues declined by
      19.8%;

   -- EMI Music Publishing revenue at constant currency
      increased by 11.9%.  This was partly as a result of
      litigation settlements, although mechanical revenues are
      holding up well in the face of significant declines in the
      recorded music markets and synchronization revenues have
      had a strong start to the year.  Digital revenues
      increased by 13.2%, while physical revenues increased by
      11.9%; and

   -- the cost savings from the previously announced
      restructuring programs are being delivered on budget.

During the quarter, EMI completed the acquisition of the 45%
shareholding in Toshiba-EMI Limited previously held by Toshiba
Corporation for a total cash consideration of JPY21 billion
(around GBP93 million) as a result of which EMI now owns 100% of
TOEMI.  TOEMI has been renamed EMI Music Japan.

In late May 2007, iTunes launched EMI's DRM free products on
iTunes plus.  Early revenue indications for this initiative are
encouraging.

It was announced on May 21, 2007 that the boards of directors of
Maltby Limited and EMI had reached agreement on the terms of a
recommended cash offer by Maltby to acquire the whole of the
issued and to be issued share capital of EMI.  The Offer
Document was posted to EMI Shareholders on May 30, 2007.   

On Aug. 1 2007, the board of directors of Maltby announced that
the Offer had become unconditional as to acceptances and will
remain open until further notice, and that the Conditions set
out in paragraphs 1(b) and 1(d) of Part A of Appendix I to the
Offer Document had already been satisfied.  The Offer remains
subject to the further Conditions set out in paragraphs 1(c) and
1(e) to 1(i) of Part A of Appendix I to the Offer Document.

                         About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


FAMOUS KIT: Accepting Proofs of Debt Until August 31
----------------------------------------------------
At an extraordinary general meeting held on August 1, 2007, a
special resolution was passed to voluntarily liquidate the
company's business and Ho Miu Ki was appointed as liquidator.

The company requires its creditors to file their claims by
August 31, 2007, to be included in the company's dividend
distribution.

The Liquidator can be reached at:

         Ho Miu Ki
         Office Tower, Room 4908
         Convention Plaza
         1 Harbour Road, Wanchai
         Hong Kong


FIAT SPA: Inks MOU with Chery Auto to Build Chinese Cars
--------------------------------------------------------
Italy's Fiat Auto had signed a memorandum of agreement with
china's Chery Automobile to form a joint venture to make cars
under both badges for the local market, China Daily reports.

The 50-50 venture, to be located in the eastern city of Wuhu,
Chery's home base, will start building and marketing cars under
the Fiat, Alfa Romeo and Chery badges in 2009, with an annual
production of 175,000 units, the report relates, citing chery
Auto's statement.

The statement, however, did not reveal how much the two parties
will spend on the venture and what specific models will be
introduced, and that the project still needs government
approval.

Li Chunbo, an auto analyst with CITIC Securities Co. in Beijing,
told the Daily that Chery, which has remained staunchly
independent in the past, will benefit a lot from the
collaborations.  "These tie-ups will greatly help Chery boost
its development, sales and profits," Mr. Li said.

Chery plans to raise its annual sales to 1 million cars by 2010
from more than 400,000 units expected this year, the paper says.

Sergio Marchionne, the Italian carmaker's chief executive
officer, said in a statement that the deal with Chery represents
a "milestone" for Alfa Romeo's global expansion and will
facilitate development of Fiat's brand in China, China Daily
notes.

Fiat, according to the report, had recently indicated that it
aims to boost China sales to 263,000 cars a year by 2010 from
32,000 units in 2006, and will introduce a slew of new models
into the country in coming years, such as the Linea, Grande
Punto and Alfa Romeo 159.

                         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.

                          *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


FIAT SPA: Requests Delisting from New York Stock Exchange
---------------------------------------------------------
Fiat S.p.A. has filed a request to delist its American
Depositary Shares from the New York Stock Exchange effective
Aug. 13, 2007, various reports say.

The company also filed for deregistration from the U.S.
Securities and Exchange Commission, which becomes effective 90
days after the filing, Thomson Financial reports.

Fiat submitted both requests to the SEC on Aug. 3, 2007, after
its U.S. shares suffered from low trading, Reuters relates.  
Fiat CEO Sergio Marchionne said it is costly for the company to
remain listed on the SEC.  The company maintains, however, that
the delisting and deregistration would not affect its business
strategy.

The company's shares continue to trade in Milan, Italy.

                        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.

                          *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


FIAT SPA: Inks Deal to Acquire Car Parts Supplier Ergom Holding
---------------------------------------------------------------
Fiat S.p.A. is acquiring the entire share capital of Ergom
Holding S.p.A. for a "symbolic" price, Thomson Financial
reports.

The acquisition is subject to due diligence clearance from
antitrust.  Fiat expects to complete the takeover in September,
Thomson Financial reports.

Ergom, which supplies car shelves and fuel tanks to Fiat,
employs 4,000 people at 11 sites in Italy, France, Brazil,
Poland, and Turkey, Thomson Financial relates citing an industry
source.  The supplier has sales of EUR540 million, 80% of which
were to Fiat.

Thomson Financial's source revealed that Ergom is in a
"financial crisis" and owes money to Fiat.  The source added
that full details on Ergom's finances will be released by the
end of September after Fiat completes the due diligence process.

According to the source, Thomson Financial reports, Fiat
considers its acquisition of Ergom as strategic, since it would
guarantee the supply of components.

                         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.

                          *     *     *

As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


GEFCO OVERSEAS: Accepting Proofs of Debt Until Sept. 30
-------------------------------------------------------
The creditors of Gefco Overseas-Hong Kong Limited are required
to file their proofs of claim by Sept.30, 2007.

The company went into liquidation on July 12, 2007.

The company's liquidator is:

         Wu Shek Chun, Wilfred
         YWC and Partners
         Empire Land Commercial Centre, 15th Floor
         81-85 Lockhart Road, Wanchai
         Hong Kong


GRIFFITHS & ARMOUR: Creditors' Proofs of Debt Due on Sept. 7
------------------------------------------------------------
The members of Griffiths & Armour (Asia Pacific) Limited met on
July 13, 2007, and agreed to voluntarily liquidate the company's
business.

Creditors who cannot file their claims by Sept.7, 2007, will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Kong Chi How, Johnson
         Wing On Centre, 25th Floor
         111 Connaught Road, Central
         Hong Kong


HEXCEL CORP: Closes Sale of EBGI to JPS Industries for US$75 Mln
----------------------------------------------------------------
Hexcel Corporation has completed the previously announced sale
of the remaining assets of its U.S. Electronics, Ballistics &
General Industrial reinforcement product lines to JPS Industries
Inc.  Hexcel has received the agreed upon initial cash purchase
price of US$62.5 million and it may receive up to
US$12.5 million of additional payments dependent upon future
sales of the Ballistics product line.

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

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

                          *     *     *

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


KAM FAI: Sets Final Meeting for September 3
-------------------------------------------
A final meeting will be held for the members and creditors of
Kam Fai International Finance Company Limited on Sept.3, 2007,
at 3:00 p.m. and 3:30 p.m., respectively, at the office of Baker
Tilly Hong Kong, Unit 1203-13 in China Merchants Tower on Shun
Tak Centre at 168-200 Connaught Road, in Central, Hong Kong.

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


LOBO DYNAMIC: Final General Meeting Slated for Sept. 6
------------------------------------------------------
Lobo Dynamic Investment Limited will hold a final general
meeting on Sept. 6, 2007, at 10:30 a.m.

Arthur Leung Wing Kuen, the company's liquidator, will give at
the meeting a report about the company's wind-up proceedings and
property disposal.


MENLO WORLDWIDE: Appoints Chan Wah and Ho Man as Liquidators
------------------------------------------------------------

Chan Wah Tip, Michael and Ho Man Kei, Keith were appointed as
liquidators of Menlo Worldwide Forwarding Hong Kong Limited at
an extraordinary general meeting held on July 27, 2007.

Messrs. Chan and Ho are accepting proofs of debt from its
creditors until Sept.3, 2007.

The Liquidators can be reached at:

         Chan Wah Tip, Michael
         Ho Man Kei, Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


MIXMAX GARMENTS: Liquidators Resign from Posts
----------------------------------------------
On July 30, 2007, Ding Wai Chuen and Kwok Yuen Man ceased to act
as liquidators for Mixmax Garments Co. Limited.

The former Liquidators can be reached at:

         Ding Wai Chuen
         Kwok Yuen Man
         The Lee Gardens, 34th Floor
         33 Hysan Avenue, Causeway Bay
         Hong Kong


NATION FOREST: Shareholders Resolve to Close Business
-----------------------------------------------------
Shareholders of nation Forest Investment Ltd passed a written
resolution on July 23, 2007, to voluntarily liquidate the
company's business and appointed Lai Yiu Wing as liquidator.

Failure to file proofs of debt by August 21, 2007, will exclude
a creditor from sharing in the company's dividend distribution.

The Liquidator can be reached at:

         Lai Yiu Wing
         29th Floor, Flat D, Tower 20
         South Horizons, Ap Lei Chau
         Hong Kong


POLYMER GROUP: Files Registration Statement for Sale of Shares
--------------------------------------------------------------
Polymer Group Inc. has filed a registration statement on Form
S-3 with the U.S. Securities and Exchange Commission.

The shelf registration statement covers Class A Common Stock
having an aggregate sales amount of up to US$350 million held by
MatlinPatterson Global Opportunities Partners L.P. and certain
of its affiliates.  The shelf registration statement will permit
such selling stockholders to sell, from time to time, shares of
PGI's Class A Common Stock but they are under no obligation to
do so.  The selling stockholders will determine the number of
shares to be included in any offering and have informed the
company that they intend to make sales as early as the third
quarter of 2007 based on market conditions.  PGI will not
receive any proceeds from the sale of such shares.

A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not
yet become effective.  The securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective.

Polymer Group, Inc., -- http://www.polymergroupinc.com/--
(OTC Bulletin Board: POLGA/POLGB) develops, manufactures and
markets engineered materials.  The company operates 22
manufacturing facilities in 10 countries throughout the world.
The company has manufacturing offices in Argentina, China and
France, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision followed several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.  Also contributing to the disappointing results were
several one-time items such as costs related to technical
problems associated with new equipment, an acquisition that was
not consummated, the closing of manufacturing capacity, and
moving the company's headquarters.


TCL CORP: PC Unit Posts Profit; Rules Out Planned Disposal
----------------------------------------------------------
TCL Corp ruled out plans of selling its PC unit and decided to
bring in a strategic investor after its personal computer
business turned an operating profit in the first half of 2007,
Reuters reports, citing Chairman Li Dongsheng as saying in a
press briefing.

According to Mr. Dongsheng, the unit "had a small operating
profit" in the first half and it does not have immediate need
for funding.

"We will not sell our PC unit, and right now we do not have
plans to bring in strategic investors any more.  We did think
about that earlier. . .but the plan has been dropped," the
chairman was quoted by the news agency as saying.

Reuters relates that media reports had long speculated that the
company would try to spin off its PC unit and might bring in
outside investors.  China's official Securities Times also
reported that the head of TCL's PC unit had resigned, fuelling
speculation that the company might sell the unit.

The newspaper quoted analysts as saying that the resignation may
have been prompted by TCL's efforts to cut costs at the PC unit,
which lost more than CNY50 million yuan (US$6.61 million) last
year, and by the possibility that the unit could be sold.

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com/-- is principally engaged in the   
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication.

TCL Corporation has set up research and development offices,
together with a dozen research and development branch offices,
in China, the US, France and Singapore.  It has over 20
manufacturing and processing plants located in various countries
including China, Poland, Mexico, Thailand and Vietnam.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.

Xinhua Far East China Ratings downgraded on April 7, 2006, the
domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


TCL CORP: Posts CNY45.1-Million Net Profit in 2007 First Half
-------------------------------------------------------------
TCL Corp. turned around in the first six months of the year by
posting a net profit of CNY45.1 million, from a loss of
CNY746.61 million a year earlier, thanks to cost cuts which
helped offset the impact of weaker sales, reports say.

Revenue was CNY18.43 billion, a decline of 23.8% from
CNY24.2 billion in the same period last year, the company said
in a filing with the Shenzhen Stock Exchange.

Meanwhile, selling expenses fell to CNY1.914 billion from
CNY2.66 billion a year earlier, and management expenses were
down 30.48% at CNY834.776 million.

In addition, the performance of two major units, Hong Kong-
listed TCL Multimedia and TCL Communication, improved greatly in
the period, Infocast NEws says.  TCL Multimedia narrowed its net
loss to HK$220 million in the first half from HK$1.6 billion a
year earlier, while TCL Communication booked a net profit of
HK$2 million, against a loss of HK$71 million a year earlier.

TCL Corp also expects itself to record a net profit for the
first three quarters of the year.  It posted a net loss of
CNY706.5 million for the first nine months last year.

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com/-- is principally engaged in the   
manufacture of TV sets and handset products.  TCL Corp is the
parent of Hong Kong-listed TV maker TCL Multimedia Technology
Holdings Ltd and cellphone maker TCL Communication.

TCL Corporation has set up research and development offices,
together with a dozen research and development branch offices,
in China, the US, France and Singapore.  It has over 20
manufacturing and processing plants located in various countries
including China, Poland, Mexico, Thailand and Vietnam.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.

Xinhua Far East China Ratings downgraded on April 7, 2006, the
domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


TCL MULTIMEDIA: Reform of European Unit Cuts Lose to HK$220MM
-------------------------------------------------------------
TCL Multimedia Technology Holdings narrowed its loss to
HK$220 million from HK$1.6 billion for the half-year period
ended June 30, 2007, mainly due to the restructuring of the
company's loss-making European venture, TTE Europe, reports say.

"We see a narrowing loss in the first half because losses caused
by our European unit were not included after its closure
[earlier this year]," the South China Morning Post cited Simon
Chan, corporate controller of TCL-Thomson Electronic (TTE), as
saying.

TCL Multimedia terminated the restructuring of the unit and re-
launched European operations under a new business model.

The new unit is smaller in scale and more efficient.  The
division focused solely on production and would not keep
inventory for their clients, a measure to reduce risk, Chairman
Li Dongsheng was quoted by The Standard.

TTE Europe, inherited by TCL from a venture with Thomson Group,
has burdened the company as consumers shift to flat-panel
televisions from cathode ray tube (CRT) models, the major
product of TTE Europe, The Post relates.

TV sales in Europe and North America dropped 69% to HK$1.93
million due to closure of the European unit.  It also dragged
overall turnover down 34% to HK$9.51 billion.  Shrinking of
global demand for CRT TV also reduced sales, reports say.

The company is also planning to spend HK$1.39 billion on a plant
that produce modules, a component of LCD TVs.  Mr. Li expects it
to be completed in 2009.

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,   
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology
products,refrigerators and washing machines.  Its other activity
includes trading electronic parts and components used in the
production of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.  
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.


UFJ INTERNATIONAL: Members Pass Resolution to Wind Up Firm
----------------------------------------------------------
On July 27, 2007, the members of UFJ International Finance Asia
Limited passed a resolution to wind up the company's operations.

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

The Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark, 15 Queen's Road Central
         Hong Kong


VISION FOUNDATION: Undergoes Liquidation Proceedings
----------------------------------------------------
The members of Vision Foundation Limited passed a resolution to
wind up the company's operations on July 25, 2007.

Soong Yuen Kei was tapped as liquidator.

The Liquidator can be reached at:

         Soong Yuen Kei
         No. 63 Fau Tsoi Street
         Yuen Long, 2nd Floor
         N.T., Hong Kong


* Chinese Steel Industry Needs More Consolidation, Fitch Says
-------------------------------------------------------------
Fitch Ratings commented that China, despite being the largest
steel producer and iron ore consumer in the world, is not able
to influence the dynamics of the global steel industry
proportionate to its size as a result of the high and increasing
fragmentation in its steel sector.  The agency added that the
Chinese government should encourage further market driven
consolidation now in order to better capitalise on the current
steel price upcycle.

In contrast to the surging output of steel products, which
increased by 18.9% year on year (yoy) to 237.6 million tonnes in
the first half of 2007, Fitch notes that the market shares of
leading Chinese steel companies are shrinking.

Baosteel (rated 'BBB+'/Stable), the largest steelmaker in China,
accounted for only 5.3% of total domestic production during
H107, compared with 6.5% in 2005.  In order to avoid becoming
acquisition targets, many small-and-medium-sized Chinese steel
producers have continued expanding their production levels.  As
a result, the output of steel producers with a capacity of less
than two million tonnes per year increased nearly 30% yoy in
2006.  In addition, the government's ban on foreign control over
major state-owned steelmakers provides a safe umbrella for
Chinese steelmakers from face-to-face competition with global
giants.  This, for instance, has deterred ArcelorMittal's
interest to acquire Baotou Steel and Laiwu Steel.  

"The strong administrative influences in the steel sector
consolidation process makes it less efficient and predictable",
said Danny Chen, associate director of Fitch's corporate team.  
"Furthermore, in a relatively benign operating environment,
acquisitions become more difficult given the strong resistance
from the local governments as small local players remain
profitable."

Robust exports also play a key role in balancing supply and
demand and digesting the pressure of overcapacity in the Chinese
steel market.  In H107, the net exports of crude steel
equivalent amounted to 30.9 million tonnes, representing a
179.7% yoy increase.  However, the strong growth in steel
exports has contributed to trade tensions between China and its
major trade partners like the U.S. and EU.  To avoid further
trade friction as well as improve energy efficiency and reduce
emissions domestically, the Chinese government has announced a
series of changes to the steel export-tax policy, including the
cancellation of export-tax rebates for most steel products, as
well as an increase in the export tax on low-end steel products.  
However, Fitch notes that the effectiveness of these policies
may be blunted by the prevailing high international steel
prices.  "The wide gap between global and domestic steel prices
has ensured exports of Chinese steel products will continue,"
Mr. Chen commented.  "Also, the potential reduction in exports
to the US and EU may be replaced by the increasing demand from
emerging markets like Southeast Asia and the Middle East, given
their robust economic growth."

Fitch notes that Chinese steelmakers appear to prefer strategic
alliances to mergers and acquisitions in the consolidation of
the industry.  For instance, Baosteel announced the
establishment of a strategic alliance with Baotou Steel Group in
July 2007, despite a long-expected acquisition.  Fitch regards
the gradual and mild pattern of consolidation as a compromise
between the central government-controlled enterprises and
locally controlled enterprises in light of the reluctance in
cross-border acquisitions.  Although the alliances reduce
competition and improve access to resources and markets, the
ongoing slower-than-expected consolidation contributes little to
improve the still highly-fragmented sector structure.  Fitch
believes that in the absence of more market-driven acquisitions
and integrations in the Chinese steel sector, most Chinese
steelmakers may remain as mainly domestic players and highly-
exposed to the cyclicality and volatility in the global steel
sector.


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

BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP
-------------------------------------------------------------
Bristow Group Inc. has appointed Hilary Ware as Vice President,
Global Human Resources.  Ms. Ware will report directly to
William E. Chiles, President and Chief Executive Officer of
Bristow.

Mr. Chiles, President and Chief Executive Officer, said, "I am
excited to announce the appointment of Hilary to our senior
management team.  Hilary brings extensive experience and
knowledge in global human resources at the executive level.
During the course of her life and career, Hilary has lived and
worked in Europe, Russia, Australia, Africa and the Middle East,
and we believe her international experience and perspective will
be very beneficial to Bristow as we seek to grow our operations
worldwide."

Prior to joining Bristow, Ms. Ware served as Vice President,
Human Resources for BHP Billiton Petroleum, the multinational
oil & gas exploration and production division of BHP Billiton
from 2006 to 2007.  Prior to joining BHP Billiton, Ms. Ware was
Vice President Human Resources, Worldwide for Hanover Compressor
Company, an international gas compression company, from 2002 to
2006.  Prior to 2002, Ms. Ware served for 20 years in a variety
of roles as a human resources professional with BP and its
predecessor companies followed by a brief tenure as a principle
at De Novo Partners, a Houston based human resources consulting
firm.  Ms. Ware earned a Bachelor's Degree in Industrial
Psychology from the University of California at Berkley in 1977.


Headquartered in Houston, Texas, Bristow Group, Inc. --
http://www.bristowgroup.com-- (NYSE:BRS), fka Offshore
Logistics, Inc., provides helicopter transportation services to
the worldwide offshore oil and gas industry with operations in
the United States Gulf of Mexico and the North Sea. The Company
also has operations, both directly and indirectly, in offshore
oil and gas producing regions of the world, including Australia,
Brazil, China, India, Mexico, Nigeria, Russia and Trinidad.  The
Company also provides production management services for oil and
gas production facilities in the United States Gulf of Mexico.

                          *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB' rating to
helicopter service company Bristow Group Inc.'s US$250 million
senior notes due 2017.  At the same time, Standard & Poor's
affirmed the 'BB' corporate credit rating and all other ratings
on the company.  S&P said the outlook is negative.


DECCAN AVIATION: UB Open Offer Statement Inaccurate, SEBI Says
--------------------------------------------------------------
The Securities and Exchange Board of India criticized United
Breweries on its statement that the regulator has not raised any
questions on its announcement for buying an additional 20% in
Deccan Aviation Ltd, The Economic Times reports.

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

UB's offer was supposed to open on July 25, 2007, and close on
Aug. 13, The Times relates.  As reported on the Troubled Company
Reporter-Asia Pacific on July  31, UB announced that the open
offer has been delayed as it is awaiting SEBI's nod.  SEBI's
observation on the offer document have not yet been received,
the company reportedly said.

SEBI criticized the announcement asserting that it is
inaccurate.  SEBI said that the company and its merchant banker,
Edelweiss Capital, have not furnished details about the
financing despite repeated reminders.

SEBI further pointed out that it had been constantly following
up UB for clarification on the details of the financial
arrangements made for the open offer.

"Complete details regarding financial arrangements made by UB
Holdings to buy the additional shares in Deccan Aviation are
absent in the public announcement," India Infoline quoted SEBI
as saying in a note to Edelweiss.

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

The Troubled Company Reporter-Asia Pacific reported on Aug. 3,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million


DECCAN AVIATION: Messrs. Choudrie and Kalra Resign From Board
-------------------------------------------------------------
Sudhir Choudhrie and Vivek Kalra have resigned from Deccan
Aviation Ltd's board of directors, the company informs the
Bombay Stock Exchange in a regulatory filing.

The filing, however, did not disclose the reason for the
resignation.  Mr. Choudrie's resignation took effect from
June 28, while Mr. Kalra's on July 2, 2007.

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

The Troubled Company Reporter-Asia Pacific reported on Aug. 3,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million


DUNLOP INDIA: Suspends Operations of Ambattur Factory
-----------------------------------------------------
Dunlop India Limited has suspended the operations of its factory
at Ambattur in Chennai, Tamilnadu, with effect from Aug. 7,
2007.  The company cited "Trade Reasons" for the move.

The Ambattur Factory commenced its operations in the year 1959,
the company says in a regulatory filing with the Bombay Stock
Exchange.  Since early 1980's the factory was under the
management of late Manu R Chhabria of Jumbo Group.  Due to
various reasons, the capital and reserves of the company were
wiped out and its net worth eroded resulting in being declared
sick and referred to Board for Industrial and Financial
Reconstruction for revival, rehabilitation in February 1998.
Subsequent to the same, the factory was opened in 2001 only for
a few months.

The present promoter being interested in the revival of the
factory took over the company from the erstwhile promoters
during December 2005.  On taking over, the present management
has infused funds to the tune of several crores of Rupees
towards payment of secured creditors, settling the statutory
dues, settling the third party liabilities apart from the cost
of repair and refurbishment thus making all earnest efforts to
make the factory operational, economically viable and
profitable, which was practically closed for nine years.
Substantial funds were injected by the present management hoping
to revive the unit and commence commercial production.

To revive the factory, the management entered into settlement
with the Dunlop Factory Employees Union on March 27, 2006,
relating to various service conditions of the employees, the
manner in which the employees to be taken back in phased manner,
wages to be paid on being taken back, number of employees to be
taken back, early Retirement Scheme, One time payment,
production norms and manpower deployment etc.

On April 10, 2006, the factory was opened and over 1,000
employees resumed work in a phased manner and are being paid
wages as the terms of the aforesaid settlement.

Trial production commenced on Aug. 27, 2006, but the regular
commercial production was delayed due to various factors.
Despite no regular production activity, the employees are being
paid wages.  The management has been incurring a recurring
expenditure of about INR70 lakhs per month towards wages since
April 2006, without any significant production.  The management
has been taking steps to commence optimum commercial production
to make the factory viable and profitable.  The regular
production was thus set to commence shortly.

At this juncture, however, M/s. VGN Enterprises, the alleged
purchaser of the land of the company from the erstwhile
management on July 30, 2007, demolished the compound wall of the
company and has trespassed the factory premises and encroached a
large piece of unmeasured land, which includes Tube shop, Car
shop, Flap shop, Base stores 2 & 3 LPG bullet area, Solution
storage area and employee quarters. The AAIFR permitted the
erstwhile management to sell only the surplus land of the
company and not the land where the factory, plant and several
integrated units are installed. The encroacher after demolishing
the factory compound wall, and usurping the area, put up its own
compound wall in the encroached area, making it impossible to
approach the areas of the factory and carry out the normal
manufacturing activities.  The encroachment, has shaken the
management and endangered the safety and security of the Plant &
Machinery and other assets.

The management later learned that its employees have been paid
INR15,000 each by the encroacher under the guise of some
educational trust of the encroacher.  By receiving the payment,
the employees have cooperated with the encroacher and acted
against the interests of the company.

The new management of the Company has been making the payment of
wages despite all difficulties, with the sole objective of
reviving the factory, which it believes is totally geared up to
start regular production from early August 2007.  However, at
this juncture, the company has been totally let off by the
employees by joining hands with the encroacher and commencement
of the regular production by the factory has become difficult.

The company has approached various law enforcing authorities in
respect of the encroachment, but there is no support or
protection extended in this regard.  With the present,
development, the resumption of operations or viability or the
plant has become bleak.  Hence, payment of wages every month
without commencing the production activity is not possible.

9Under these circumstances, the management suspends the
operations of the Ambattur Factory.  The suspension of the
operation will be reviewed in due course and thereafter decision
will be taken on the review.

                         About Dunlop India

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

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

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

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


IMPERIAL CHEMICAL: Akzo Teams Up With Henkel in GBP8 Billion Bid
----------------------------------------------------------------
Akzo Nobel has enlisted Henkel KGaA to join its efforts to take
over Imperial Chemical Industries plc, coming up with a
tentative offer of GBP8 billion (US$16 billion) or GBP6.70 a
share, the Wall Street Journal reports.

The proposed offer also guarantees ICI shareholders an
additional first dividend of 4.95 pence a share and a second
interim dividend of up to 5 pence, The Financial Times relates.

Akzo and Henkel expect to complete a due-diligence inspection of
ICI within days.  If the review of its business and financial
information goes well, a formal takeover agreement would be
announced by the Aug. 9, 2007, deadline set by British takeover
regulators, WSJ states, citing people close to the matter.

Akzo said on July 30, 2007, that it had agreed to carve out
ICI's adhesives and electronic materials businesses and sell
them to Henkel, Jason Singer writes for WSJ.  Henkel would pay
GBP2.7 billion for National Starch, an ICI subsidiary, if the
deal is completed, reports say.

Henkel said it expects to make annual synergy savings of between
EUR240 million and EUR260 million (US$332-360 million) from the
ICI businesses it hopes it buys.  Henkel plans to fund its part
of the deal with debt and equity capital and was also looking
into divesting non-core assets, Reuters states.

Akzo may face opposition from its shareholders because it is
paying a very full price, FT quotes some analysts as saying.  
Concurrently, other bidders may also join the fray, including
Dow Chemical, which expressed interest in ICI last week.

                            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.


GARWARE POLYESTER: Earns INR26.4 Mil. in 1st Qtr. Ended June 30
---------------------------------------------------------------
Garware Polyester Ltd. reported a net profit of INR26.4 million
in the three months ended June 30, 2007, more than twice the
INR10.5-million profit earned in the same period last year.

Net sales rose 12% from INR1.26 billion in the April-June 2006
quarter to INR1.41 billion in the latest reporting period.  
Operating expenses increased 8% to INR1.14 billion bringing the
company's operating profit to INR275.2 million.

For the April-June 2007 period, interest charges aggregated
INR141.8 million while depreciation totaled INR82.5 million.  
The company also booked INR24.5 million in taxes, which include
current tax of INR5.70 million, deferred tax of INR17.30 million
and fringe benefit tax of INR1.50 million.

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

              http://ResearchArchives.com/t/s?2232

Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film.  Its    
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry.  In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Credit Rating Information Services of India Limited
has reaffirmed its 'D' rating on Garware's non-convertible
debenture programme.  The rating continues to indicate that the
instrument is in default.  The arrears on interest and principal
repayments have not been entirely cleared.  


HINDUSTAN COPPER: Net Profit Up 85% to INR754 Mil. in 1Q FY2007
---------------------------------------------------------------
Soaring revenues while keeping expenses the same drove Hindustan
Copper Limited's net profit to rise to INR754.49 million in the
quarter ended June 30, 2007, 85% more than the INR408.38-million
earned in the same quarter last year.

For the April-June 2007 quarter, the company recorded total
income of INR3.90 billion, up 18% from the first quarter of
2006.  Expenditures was just about the same at INR2.86 billion
bringing the company an operating profit of INR1.04 billion.

In the latest reporting period, the company incurred interest
charges of INR62.24 million, booked depreciation of INR45.93
million and taxes totaling INR146.7 million.

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

               http://ResearchArchives.com/t/s?2231

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

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


ICICI BANK: Reduces Short-Term Deposit Rates
--------------------------------------------
ICICI Bank Ltd will reduce interest rates on single deposits of
value less than INR1.5 million by 25-50 basis points for select
maturities up to two years with effect today, Aug. 9, 2007.  The
interest rates on special deposit schemes remain unchanged.

The revised interest rate for tenors 181-365 days will be 6.25%
p.a. as against 6.50% at present.  Similarly, the revised
interest rate for tenors 366 days-up to two years excluding
special deposit schemes will be 6.25% p.a. as against 6.75% at
present.

Customers can call the ICICI Bank 24 hour customer care help
line or log on to the Web site for more details.

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

The bank has operations in Russia and the United States.

                          *     *     *

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

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


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

ADES WATERS: Stops Water Production in Cibuntu Factory
------------------------------------------------------
PT AdeS Waters Indonesia Tbk has stopped its 240 milliliter
water cup production in Cibuntu Factory in Sukabumi, West Java,
Reuters reports.

According to the report, Ades Waters had to lay off 55 factory
workers because of the decision to cease production of water
cups.

The company move took effect starting July 31, 2007, the report
adds.

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

Ades Waters' balance sheet as of August 3, 2007, showed total
assets of IDR223.250 billion and total liabilities of
IDR465.469 billion, resulting to a shareholder's deficit of
IDR242.246 billion.


GARUDA INDONESIA: Posts IDR148BB Net Profit for 1st-Half 2007
-------------------------------------------------------------
PT Garuda Indonesia disclosed a net profit of IDR148 billion in
the first half of 2007, as compared to a net loss of about
IDR361 billion in the first six months in 2006.  The turn around
is attributed to an increase in passenger numbers, the rise in
airfares, and an improvement in the utilization rate of its
aircraft, The Jakarta Post reports.

According to the report, Garuda President Director Emirsyah
Satar said that Garuda was able to fly more passengers in the
first semester despite the reduction of the company's fleet from
56 aircrafts to currently 49.

The company revenues for the first semester went up 12% to
IDR5.8 trillion compared to last year's IDR5.2 trillion, the
report says.

Antara recounts that Garuda is in financial distress for the
past several years.   The airline suffered a loss of IDR811
billion in 2004, IDR688 billion in 2005 and IDR167 billion in
2006.

Agus Priyanto, Garuda executive vice president, expects second-
half revenue to further increase as more passengers ride
airlines during year-end holiday seasons, the report notes.

The report adds that Mr. Emir said that the airline has passed
the audit conducted by the Saudi Arabia-based General Authority
of Civil Aviation on the its safety flight procedures and
maintenance.   With the clean audit result, Saudi Arabia has
dropped its plan to ban the Indonesian airline from flying
there.
                   About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--    
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


MEDCO ENERGI: To Build US$600-Million Geothermal Power Plant
------------------------------------------------------------
PT Medco Energi Internasional Tbk, together with its partners
Ormat International Inc and Itochu Corp, is set to start the
construction of the US$600 million Sarulla geothermal power
project in North Sumatra next month, Antara News reports.

The report relates that RE Nainggolan, head of the regional
development planning board, said that the North Tapanuli plant
will have a capacity of 330 megawatts.

The process of transferring the project to the consortium from
state-owned oil and gas company Pertamina and the National Power
Utility PLN is to be completed this month, the report notes.

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


PERTAMINA: To Sign Joint-Venture Pact w/ Petronas & PetroVietnam
----------------------------------------------------------------
PT Pertamina (Persero) will likely sign a a joint venture
agreement with Malaysia' state-owned oil company Petronas and
Vietnam's state oil firm PetroVietnam to jointly explore and
develop hydrocarbon resources in Randu Gunting block in East
Java, The Jakarta Post reports.

The report relates that R. Priyono, the Energy Ministry's
director for the upstream oil and gas industry, said that the
three companies had finalized negotiations and were expected to
sign the agreement later this month.  The new joint venture
company will be called the PCPP Joint Operating Company, and
will operate the block.

Petronas and PetroVietnam will both hold a 30% stake interest in
the joint venture, while the rest will be owned by Pertamina,
the report notes.

Randu Gunting block, located near the Cepu block in East Java,
is estimated to contain 600 million barrels of oil and 1.7
trillion cubic feet of gas, the report adds.

                      About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a         
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PERUSAHAAN LISTRIK: Signs US$2-Billion Power Plant Deal
-------------------------------------------------------
PT Perusahaan Listrik Negara signed a US$2-billion power plant
deal with China's Dongfang Electric Corp and Shanghai Electric
Corp, Reuters reports, citing a company statement.

According to the report, Indonesia is currently faced with
soaring power demands, compelling the government to build 10,000
megawatts of additional electricity capacity by 2010.

Under the new agreements, Dongfang will build two 315MW, coal-
fired plants in East Java at a total cost of US$474 million, and
additional, 315MW, coal-fired plants in Banten province in West
Java for a total of around US$740 million, the report notes.

The report notes that some of the coal for the new plants will
be supplied by PT Arutmin Indonesia.

Shanghai Electric, meanwhile, will build three, 350-MW, coal-
fired plants,in the southern part of West Java province, at a
total cost of US$800 million, the report says.

Reuters relates that PLN expects the new plants to come into
operation between 2009-2010.  Eighty-five percent of the project
costs will be funded by loans from the Export Import Bank of
China.

                     About Perusahaan Listrik

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

                         *      *      *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service assigned a B1
senior unsecured rating to PT Perusahaan Listrik Negara's
proposed U.S. dollar bond issuance.

At the same time, Moody's has affirmed PLN's B1 corporate family
rating and A1.id national scale rating.  The outlook for all the
ratings is positive, which is in line with the sovereign's
positive outlook.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.


HM SAMPOERNA: Unit Signs Pact to Sell 30% Stake in Jiangsu
----------------------------------------------------------
PT HM Sampoerna's unit Sampoerna Packaging Asia Pte Ltd has
entered into an equity transfer agreement, Reuters reports.

According to the report, the agreement provides that Sampoerna
Packaging will sell its 30% shareholding in Jiangsu Liantong
Sampoerna Printing Co. Ltd in China.

Completion of the transaction depends on the approval of
Ministry of Commerce of the Republic of China, the report notes.

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

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


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

ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
listing for the ratings on Advanced Medical Optics Inc. to
CreditWatch with negative implications from CreditWatch with
developing implications.
      
"The action reflects the company's August 2 retraction of its
bid to acquire Bausch & Lomb for US$4.3 billion, citing
unrealistic hurdles set by B&L," explained Standard & Poor's
credit analyst Cheryl Richer.
     
Thus, there is no longer the upside potential for the rating on
AMO that might have been achieved through an increase in scale
and product diversity.  While AMO will not incur debt of about
US$2.6 billion (excluding the assumption of US$830 million of
B&L debt) to finance the acquisition, it has already been
extremely acquisitive over the past several years; debt
increased by US$700 million in the second quarter of 2007 due to
the acquisition of IntraLase Corp.  The B&L bid revealed the
company's willingness to increase debt leverage to a greater
level (over 6.5x on an adjusted basis) than that incurred in
previous transactions.  

In addition, the May 27 global recall of MoisturePlus
multipurpose lens care solution has harmed revenues and will
result in extraordinary charges; on June 26, the company lowered
its guidance for 2007 and 2008 revenues and earnings.  Although
the company has begun to ship an alternative multipurpose
solution outside the U.S., which should be available to U.S.
consumers in September, it will be challenged to regain lost
market share.  Standard & Poor's will review AMO's strategy and
financial policy given these events and resolve the CreditWatch
listing within the next few weeks.

                 About Advanced Medical Optics

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures  
and markets ophthalmic surgical and contact lens care products.
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.


BOSTON SCIENTIFIC: Retains Endosurgery Group, IPO Called
--------------------------------------------------------
Boston Scientific Corporation provided an update on its plans to
strengthen operating and financial performance as part of its
overall strategy of restoring growth, increasing sustainable
short- and long-term shareholder value, and continuing to build
a broad, diversified medical device company.

The company said it has completed its exploration of an initial
public offering of a minority interest in its Endosurgery group
and that the group will remain wholly owned by the company.  On
March 12, the company had announced it intended to explore the
benefits that may be gained from operating the Endosurgery group
as a separately traded public company that would become a
majority-owned subsidiary of Boston Scientific.

The company also said it plans a number of announcements in the
coming weeks and months that will advance its previously
disclosed objectives of selling non-strategic assets, divesting
elements of its investment portfolio, and reducing expenses and
headcount to be more in line with the company's revenue base.  
An expense and headcount restructuring plan is in development
and will be communicated next quarter.  The plan will be one of
many critical actions designed to begin enhancing shareholder
value.  The company also reiterated its plans to be more
selective in its business development activities.

"Our decision to retain the Endosurgery group is the first in a
series of steps we plan to take to advance our strategy of
restoring growth, increasing shareholder value and continuing to
build a broad, diversified company," said Jim Tobin, Boston
Scientific President and Chief Executive Officer.  "We believe
we can create more shareholder value with the Endosurgery group
remaining wholly owned by Boston Scientific, and we have
concluded that an IPO would have reduced -- rather than enhanced
-- Boston Scientific's shareholder value.  The benefits of
retaining the Endosurgery group clearly outweigh those offered
by the sale of a minority interest."

"The exploration process has increased visibility to the
historic strengths and future potential of the Endosurgery
group," added Mr. Tobin. "Endosurgery is a market leader that
has delivered consistent double-digit growth and impressive
performance year after year, and it is expected to generate more
than US$1.4 billion in revenue this year.  It represents great
value, and it provides important balance within our portfolio of
businesses. We believe these considerable contributions are best
maintained by keeping Endosurgery as a strategic asset of Boston
Scientific."

Mr. Tobin said the retention of the Endosurgery group should
serve to strengthen the company's financial position going
forward, particularly Endosurgery's strong gross profit margins
and robust operating cash flows.

                     Lower Ratings Expected

The Wall Street Journal said on its Web site Friday that Boston
Scientific's moved raised questions about whether the company's
credit rating will face further downgrades.

According to WSJ, credit analysts had regarded the IPO as
critical to the company's ability to pay down the US$9 billion
in debt it took on to buy Guidant Corp. last year.

                    About Boston Scientific

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


FORD MOTOR: Wants Tentative Land Rover & Jaguar Deal by Sept. 30
----------------------------------------------------------------
Ford Motor Company's financial and legal advisers have begun
preparing information to facilitate due diligence for potential
bidders of its Land Rover and Jaguar marques as the company
hopes to reach a tentative deal by Sept. 30, 2007, the
International Herald Tribune reports, quoting people with direct
knowledge of the process.

The TCR-Europe reported on July 27, 2007, that bidders,
including private equity groups Ripplewood Holdings, One Equity
Partners, TPG Capital, and Cerberus Capital Management, as well
as India's Tata Motors and Mahindra & Mahindra had submitted
indicative offers for Land Rover and Jaguar.  Ford has hired
Goldman Sachs, HSBC and Morgan Stanley to act as advisors.  The
auto maker plans to let prospective bidders begin due diligence
on its Jaguar and Land Rover brands this month.

According to IHT's sources, the company also hopes to sell Volvo
by the end of the year.  The company revealed last month that it
had begun a "strategic review" of Volvo -- its first public
acknowledgment that it wanted to shed the Swedish carmaker,
which it bought in 1999, IHT observes.  Bidders for Volvo have
yet to emerge as the sale process is still in its early stages,
although reports claim BMW might be interested in the brand.

                      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.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Moody's Investors Service said that the
performance of Ford Motor Company's global automotive operations
for the second quarter of 2007 was significantly stronger than
the previous year and better than street expectations.

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

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


FORD MOTOR: Recalls 3.6 Million Vehicles to Fix Cruise Control
--------------------------------------------------------------
Ford Motor Company is conducting a voluntary safety recall
involving speed control deactivation switch systems in 3.6
million vehicles.

The service action involves the installation of a fused wiring
harness into the speed control electrical circuit, or the
replacement of the deactivation switch if it is found to be
leaking.  This is a quick repair, and will be performed on
vehicles built between 1992 and 2003.

Ford dealers will provide this service to all affected vehicles
at no charge to the customers.  The company has a sufficient
supply of parts to service the affected trucks.  The supply of
parts to service the affected cars is expected to be available
in early October.  Owners of all affected vehicles will be
notified by mail.

While these vehicles are not subject to the systems interaction
issues affecting vehicles in the prior recall populations, Ford
is taking this action to address continued customer concerns
about the potential for fires in their vehicles.  The company
cannot be confident in the long term durability of the speed
control deactivation switches.

At no charge to customers, Ford or Lincoln/Mercury Dealers will
inspect the speed control deactivation switch and install a
fused wiring harness between the current speed control wiring
and the deactivation switch or, if necessary, replace the
deactivation switch.  The harness acts to protect the switch in
the rare event of increased electrical current flow through the
switch.

Owners of trucks that are affected by this recall will be
instructed to take their vehicles to a Ford or Lincoln/Mercury
dealership for repairs.  Owners of cars that are affected by
this recall will be directed to bring their vehicles into their
dealership to have the speed control disconnected, as an interim
repair, until parts are available to perform the final repair in
early October, which is the same as the repair for trucks.

                       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.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Moody's Investors Service said that the
performance of Ford Motor Company's global automotive operations
for the second quarter of 2007 was significantly stronger than
the previous year and better than street expectations.

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

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


FUJI HEAVY: Posts JPY332-Million Net Loss in First Quarter
----------------------------------------------------------
Fuji Heavy Industries Ltd. incurred a group net loss of
JPY332 million in the quarter ended June 30, 2007, versus the
net profit of JPY4.6 billion it recorded a year earlier due to
sluggish U.S. and domestic auto sales, the Wall Street Journal
reports.

Bloomberg News relates that the recent quarter's net loss is the
first recorded loss for Fuji Heavy in two years.  The report
notes that Fuji sales fell 3.4% to JPY318.2 billion from
JPY329.5 billion a year ago.

According to Reuters, operating profit for the April-June first
quarter was JPY3.51 billion, as sliding sales and a worsening
model mix from an increase in demand for smaller, lower-margin
vehicles knocked off JPY13.8 billion from the figure recorded
during the same quarter in 2006.  Revenue fell 3.4% to
JPY318.2 billion.

Despite the weaker results, WSJ says, Fuji Heavy raised its
operating and pretax profit outlooks for the first half to
September because it expects the yen to be weaker than it had
anticipated.

Specifically, for the first half to Sept. 30, Fuji Heavy doubled
its operating profit forecast to JPY10 billion, assuming a
dollar rate of JPY120 instead of JPY115 for the six months,
Reuters states.  Without the added JPY7 billion in currency
windfalls, the profit would have been revised down due to
expectations of a worsening model mix and increased development
costs, Reuters adds.

Bloomberg notes that the company sees its full-year net income
to fall 50% to JPY16 billion in the year ending March from
JPY31.9 billion the previous year.  It also forecasts an
operating profit of JPY35 billion for the full-year.  Moreover,
sales will gain 3.7% to JPY1.55 trillion, Bloomberg cites Fuji
Heavy as saying.

                        About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is a manufacturing company engaged in he   
production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


HERBALIFE LTD: Earns US$48.1 Million in Quarter Ended June 30
-------------------------------------------------------------
Herbalife Ltd. reported second-quarter net sales of
US$530.1 million, an increase of 13.8% compared to the same
period of 2006.  This record performance was largely
attributable to continued growth in the company's top countries,
with the U.S. up 30.7% and Mexico up 1.7%, versus the second
quarter of 2006.  The company's Chairman and Chief Executive
Officer Michael O. Johnson, said, "We are pleased to report our
14th consecutive quarter of double-digit year-over-year revenue
growth and another record quarter for revenue and earnings.  All
seven of our regions realized net sales growth for the quarter.  
This performance was driven by the strength of our independent
distributors, the success of their daily methods of operations
and our products that support them."

For the quarter ended June 30, 2007, the company reported net
income of US$48.1 million compared to US$36.3 million in the
second quarter of 2006.  The increase in net income was
primarily attributable to strong net sales growth, expansion in
operating profit margins and a lower effective tax rate during
the period.  Excluding the impact of a favorable tax settlement
in one of the company's international markets, second quarter
2007 net income was US$47.5 million compared to US$0.49 per
diluted share in the second quarter of 2006.

During the second quarter 2007, 56,112 distributors qualified as
new supervisors, an increase of 4.9% versus the second quarter
of 2006.  Total supervisors of 368,062 increased 18.5% versus
second quarter 2006 and the company's President's Team
membership increased 11.6% to 1,031 members.  One
distributorship attained the prestigious level of Chairman's
Club, bringing the total to 31 members.

                   Financial Performance

The company invested US$13.5 million in capital expenditures
during the second quarter, primarily related to enhancements to
its management information systems and additional infrastructure
investments to improve distributor productivity and service
levels.  Additionally, the company repurchased 3.5 million
shares of its common stock at an average price of US$39.65 under
the recently approved US$300 million share repurchase program.  
The company used excess cash along with debt to fund the
repurchase.

For year to date June 30, 2007, the company reported net income
of US$89.3 million, or US$1.20 per diluted share, compared to
US$75.0 million, or US$1.01 per diluted share in the comparable
2006 period.  Excluding the impact of favorable tax settlements
in international markets in 2006 and 20071 as well as 2007
expenses related to the 2006 realignment for growth initiative,
year to date 2007 net income increased 30.7% to US$93.2 million,
or US$1.25 per diluted share, compared to US$0.96 per diluted
share in the year to date 2006.

                    Business Highlights

Consistent with its distributor strategy, the company continued
to support the development and training of its distributors
during the second quarter by hosting more than 45,000
distributors globally at numerous local and regional events.  
Highlights included Active Supervisor School in Mexico,
Leadership Development meeting in South America, Spring
Spectaculars in the EMEA region and Nutrition Club training in
numerous markets.

The company also continued to support distributor business
methods by expanding its distribution reach in key markets and
expanding the global distribution of its leading products.  "We
continue to focus our company resources on increasing product
availability and services to better support our distributors'
daily methods of operations," said Greg Probert, the company's
president and chief operating officer.

In June, the company received notification from China's Ministry
of Commerce that its direct-selling license was expanded to
permit the company to conduct its direct-selling business in the
entire Jiangsu province.  Located in China's east coast, the
Jiangsu province, consisting of 13 cities and 61 counties, has a
permanent and transient population of approximately 85 to 90
million people.

The company was also added to the Russell 1000, in June 2007,
which tracks the performance of the 1000 U.S. companies with the
largest market capitalization.  The Russell 1000 accounts for
approximately 92% of total equities traded on U.S. exchanges.

                  Regional Performance

The EMEA region reported net sales of US$146.0 million in the
second quarter, up 0.6% versus the same period of 2006.  
However, excluding currency fluctuations, net sales decreased
5.6%.  EMEA performance was primarily attributable to net sales
growth in several of the region's top markets, including Spain
which was up 24.6%; Portugal, up 16.0%; Italy, up 14.9%; and
France, up 6.3%, in each case compared to the second quarter of
2006.  These net sales gains were partially offset by declines
in other core markets including Germany and the Netherlands,
which were down 29.1% and 19.4%, respectively, versus the
comparable period of 2006.  Total supervisors in the region, as
of June 30, 2007, decreased 5.3% versus the same period in 2006.

The North America region reported net sales of US$113.9 million
in the second quarter, up 30.3% versus the same period of 2006.  
Excluding currency fluctuations, net sales increased 30.3%.  
Total supervisors in the region, as of June 30, 2007, increased
20.2% versus the same period in 2006.

The Mexico and Central America region reported net sales of
US$97.9 million in the second quarter, up 4.1% versus the same
period of 2006.  Excluding currency fluctuations, net sales
increased 1.4%.  Total supervisors in the region, as of June 30,
2007, increased 41.8% as compared to the same period in 2006.

The SAM/SEA region reported net sales of US$59.0 million in the
second quarter, up 24.2% versus the same period of 2006.
Excluding currency fluctuations, net sales increased 18.5%.  The
growth in the region was primarily attributable to double and
triple digit growth in the region's top three markets --
Venezuela 320.1%, Thailand 38.1% and Argentina 20.9%.  Total
supervisors in the region, as of June 30, 2007, increased 42.9%
versus the same period in 2006.

The Greater China region reported net sales of US$47.0 million
in the second quarter, up 69.7% versus the same period of 2006.  
Excluding currency fluctuations, net sales increased 70.3%.  The
increase was primarily attributable to sales growth in China and
Taiwan, up 187.9%, and 43.1%, respectively.  Total supervisors
in the region, as of June 30, 2007, increased 41.1% versus the
same period in 2006. Herbalife currently operates 47 stores and
37 service centers in 28 provinces in China.

The North Asia region reported net sales of US$34.0 million in
the second quarter, up 2.4% versus the same period of 2006.  
Excluding currency fluctuations, net sales increased 4.2%.  This
performance reflects an 18.8% net sales increase in South Korea,
partially offset by a 10.1% decline in net sales in Japan.  
Total supervisors in the region, as of June 30, 2007, decreased
0.4% versus the same period in 2006.

The Brazil region reported net sales of US$32.3 million in the
second quarter, up 4.2% versus the same period of 2006.
Excluding currency fluctuations, net sales decreased 5.2%.  
Total supervisors, as of June 30, 2007, decreased 0.6% versus
the same period in 2006.

           Third Quarter and Full Year 2007 Guidance

Based on its current business trends, the company is raising its
full year 2007 diluted earnings per share guidance to a range of
US$2.56 to US$2.61.  Additionally, the company is providing
guidance for the third quarter of 2007 in the range of US$0.59
to US$0.64 for diluted earnings per share.  The full year 2007
diluted earnings per share estimates exclude severance expenses
associated with the company's realignment for growth initiative
along with the increase in tax reserves reported in the first
quarter 2007 financial results and the favorable international
tax settlement reported this quarter.

                     Quarterly Dividend

The Board of Directors approved a quarterly cash dividend of
US$0.20 payable to shareholders of record effective Aug. 31,
2007, payable Sept. 14, 2007.

                       About Herbalife

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

                       *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


JABIL CIRCUIT: To Set Up Two New Divisions, Appoints Officers
-------------------------------------------------------------
Jabil Circuit Inc.'s board of directors has approved a plan to
establish a Consumer Electronics division and an EMS division.  
The Consumer division will be formed to meet the distinct needs
of the consumer marketplace.  The EMS division will continue to
provide world class end to end supply chain solutions for
customers in a broad range of industry sectors.  The change is
effective Sept. 1, 2007.

"We believe that we will unleash even more creative and cost-
effective solutions for our customers by grouping business units
with similar needs together into divisions, each with full
ownership and accountability for design, operations, supply
chain and delivery," said Timothy L. Main, Jabil's president and
chief executive officer.  "Our business has grown to a size and
scale that we believe provides the critical mass to make this
free standing division approach successful."

                        Consumer Division

Jabil will establish the Consumer Electronics division with
dedicated resources designed to meet the unique needs of the
consumer products industry.  The division will address the
marketplace needs of mobility, connected displays, set-top boxes
and peripheral products.  Dedicated design resources combined
with vertically integrated supply chain solutions and certain
existing and planned manufacturing operations, will provide a
full complement of assets to provide low cost solutions for
consumer electronics customers.

Seventeen year Jabil veteran John P. Lovato was named executive
vice president and chief executive officer, consumer division,
effective Sept. 1, 2007.  

"The consumer electronics sector represents an enormous market
opportunity for Jabil as major consumer product companies around
the world are adopting outsourcing as their go-to-market
strategy. These customers tend to be very product focused and
prefer suppliers with deep product knowledge and expertise.  
They also favor vertical integration of certain technologies and
capabilities.  Jabil's new divisional focus and the
complementary services of Green Point will allow us to address
both of these needs," said Mr. Lovato.

                           EMS Division

The EMS Division will focus on the traditional and emerging
electronic manufacturing services business sectors.  Traditional
sectors, characterized by a longer-term experience in utilizing
the electronics outsourcing model, include networking,
computing, storage and telecommunications businesses.  Emerging
sectors are newer to the outsourcing model and include areas
such as automotive, medical, industrial, instrumentation,
defense and aerospace.  Both traditional and emerging sector
customers primarily sell directly to business or organizations
and utilize outsourcing as a means of reducing internal design
and manufacturing costs while focusing on the core of their
business.  The EMS Division will be chartered with continuing to
grow traditional market business and nurturing the blossoming
emerging sectors with cost-effective design, manufacturing and
delivery of products to these customers.

The EMS Division will be headed by 15-year Jabil executive
William D. Muir, who was named Executive vice president and
chief executive officer of the division, effective Sept. 1,
2007.

"The new approach will allow enhanced focus on the specific
needs of our traditional and emerging market customers," said
Bill Muir, senior vice president.  "We believe this model will
add to the agility and responsiveness in delivering sector-
specific design, manufacturing, fulfillment and supply chain
solutions."

"For over 30 years we have empowered our customer-centric
business units to develop customized solutions for our
customers.  The continued use of our customer-centric model with
this divisional approach will more narrowly focus our best
people on the unique needs of specific customers and sectors.
Our customers and shareholders will benefit as we strive for
higher levels of performance with strong diversification and
full exposure to the secular trend to an outsourcing model,"
said Mr. Main.

                        About Jabil Circuit
        
Jabil Circuit Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- provides electronics design,   
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 75,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom, and Japan.  Revenues for the 12
months ended Feb. 28, 2007 were US$11.7 billion.

                           *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Moody's Investors Service confirmed Jabil Circuit Inc.'s Ba1
corporate family rating and revised the outlook to negative
following the recent filing of its fiscal 2006 (August year-end)
10-K and fiscal 2007 first and second quarter tenth-quarters.
Simultaneously, Moody's upgraded the rating on the existing
US$300 million senior unsecured notes to Ba1 from Ba2.


JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on Sept. 4
-----------------------------------------------------------
Jabil Circuit Inc.'s Board of Directors has approved payment of
a quarterly dividend to shareholders of record as of
Aug. 15, 2007.  The dividend of US$0.07 per share is payable on
Sept. 4, 2007.

The company intends to continue to pay regular quarterly
dividends; however the declaration and payment of future
dividends are discretionary and will be subject to determination
by the Board each quarter following its review of the Company's
financial performance.

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions  
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom, and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Moody's Investors Service confirmed Jabil Circuit,
Inc.'s Ba1 corporate family rating and revised the outlook to
negative following the recent filing of its fiscal 2006 (August
yearend) 10-K and fiscal 2007 first and second quarter tenth-
quarters.  Simultaneously, Moody's upgraded the rating on the
existing US$300 million senior unsecured notes to Ba1 from Ba2.


JAPAN AIRLINES: Revises Frequency Plan for 2007 Second Half
-----------------------------------------------------------
The Japan Airlines International Company, Limited, has decided
to revise its international passenger and cargo route and
frequency plan for the second half of FY2007.

JAL will strengthen its international passenger business
particularly on Asia routes by continuing to focus resources on
high profit, high growth routes where demand is strong, and by
improving products and services.  The airline is also adjusting
flight frequency and flight schedules to increase convenience
for customers outside of Japan using Narita as an international
hub for intra-Asia journeys and for journeys between, for
example, China and the USA.

From October 28, 2007 JAL will start its first cargo operation
to Vietnam when the airline's third 767 freighter enters into
service.  In order to reduce costs, increase profitability and
strengthen its cargo network, JAL will also increase the total
number of flights per week the airline's three new more fuel
efficient 767 freighters are used on China and Southeast Asia
routes.

International Passenger

a) Flight Frequency

The airline will increase flight frequency on its Tokyo (Narita)
-- Guangzhou from 13 to 14 flights per week creating a double
daily service between the two cities.  The increase in frequency
will enable JAL to meet passenger demand not only between Japan
and China, but also from business passengers traveling between
the US and China using Narita as a convenient transit point.

Already announced on July 6, 2007, in response to a surge in the
number of Japanese companies setting up operations in India, JAL
will establish a daily service on its Tokyo (Narita)-New Delhi
route by increasing flight frequency from 5 to 7 flights per
week on October 28, 2007.  JAL currently offers 4 flights per
week on this route which will increase to 5 flights per week
from October 1, 2007.

Due to high load factors, JAL will maintain in the second half
of FY2007 the Tokyo (Narita)-New York route flight frequency
increase it initiated in March 25, 2007, when the service was
increased from 10 to 13 flights per week.  Late night flights
departing from Narita for New York have been particularly
popular with passengers from Asia connecting via Tokyo to the
USA.

Flight frequency will be decreased on JAL's Tokyo (Narita)-Los
Angeles, Tokyo (Narita)-Paris, and Tokyo (Narita)-Hong Kong to
more accurately match the level of demand currently on these
routes.

b) Schedule Changes

JAL will change the flight schedules of two of its three daily
flights departing from Seoul to Tokyo (Narita) to earlier
departure times.  This will enable tourists from South Korea,
who are currently enjoying the benefits of a strong Korean won,
to connect more smoothly in Narita onto JAL flights serving such
Southeast Asia leisure destinations as Indonesia, Singapore and
Thailand.

c) Service Improvements

In FY2006, JAL will further extend the number of routes on which
aircraft are fitted with the popular JAL Shell Flat Seat.  From
October 28 2007, the award-wining seat will be available to
business class passengers traveling on JAL's daily services
between Tokyo (Narita)-New Delhi, and Nagoya-Bangkok.

d) Aircraft Change

From October 28 2007, passengers traveling on JAL's daily
Fukuoka-Shanghai flight will be able to enjoy an improved
service when one of the airline's state-of-the-art 737-800
starts operation on this route.  On this more fuel-efficient,
environment-friendly aircraft, every seat is equipped with its
own personal in-flight entertainment system, and all business
class seats and most economy class seats will also have an AC
power supply suitable for personal computers.

d) International Charter

JAL plans to introduce two new charter flights in the second
half of FY2007.  The airline will inaugurate a regular charter
flight service between Haneda airport (Tokyo) and Hongqiao
International Airport (Shanghai) for the benefit of both
business and leisure travelers.

The airline will also operate for the first time on a seasonal
basis direct charter flights between Kansai (Osaka) and Siem
Reap in Cambodia for Japanese tourists wishing to visit the
country's many world heritage sites including Angkor Wat.  Other
Japan departures cities are also being considered.

Details of these charter flights, including start date, aircraft
type and flight frequency have yet to be decided.

e) International Passenger SH07 Changes

A full-text copy of the international route changes is available
for free at: http://www.jal.com/en/press/0001077/1077.html

International Cargo

a) Vietnam Freighter Service Inaugurated

From October 28, 2007 JAL will start its first cargo operation
to Vietnam when the airline's third 767 freighter enters into
service.  JAL will introduce a new twice-weekly freighter
service using the new aircraft between Japan and Southeast Asia
routed Kansai (Osaka)-Bangkok-Ho Chi Minh-Kansai (Osaka).

b) Increased use of 767F on China and Southeast Asia routes

JAL will also increase the total number of flights per week the
airline's three new 767 freighters are used on China and
Southeast Asia routes.  The airline is increasing use of this
more fuel efficient aircraft as it gradually retires 747F-200
aircraft from its fleet, and in an effort to reduce costs,
increase profitability and strengthen its cargo network.  For
example, the number of flights the 767F will be used on China
routes will be increased from 14 to 17 flights per week.

c) Increase in Direct Europe Freighter Flights

Compared to the summer schedule JAL will increase from Oct. 28,
2007 the number of direct freighter flights to Amsterdam by one
flight per week.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger     
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MAZDA MOTOR: All-New Mazda Demio Sales Take Off in Japan
--------------------------------------------------------
Mazda Motor Corporation has announced that total orders in Japan
for the all-new Demio (known overseas as the all-new Mazda2)
reached 15,000 units during the first month of sales since its
domestic launch on July 5, 2007.  This result is triple the
monthly target sales volume, demonstrating a positive reception
by Japanese consumers, thanks to the Demio's stylish exterior,
highly competitive cost of ownership and top class fuel
efficiency.

To date, approximately 60 percent of the orders are for the
1.3-liter 13C core grade together with the 13C-V grade, which
achieves class leading 10-15 mode fuel economy of 23 km/L.
Additionally, orders for the SPORT grade are more than double
initial expectations.

The all-new Demio is the first car produced by Mazda to feature
a continuously variable transmission, and models equipped with
the CVT account for over half of the orders.  Sunlight Silver
Metallic, Metropolitan Grey Mica and Icy Blue Metallic have been
the three most popular body colors, with the recommended
Spirited Green Metallic also among the top five.  The largest
customer group has been single people in their 20s and 30s,
followed by married women.  The most preferred factory installed
option has been fully automatic air conditioning with a new
built-in Allergy Buster filter, with orders more than double the
expected rate.

                        About Mazda Motors

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

                        *     *     *

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

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


MAZDA MOTOR: April-June Profit Drops 63% to JPY2.48 Billion
-----------------------------------------------------------
Mazda Motor Corp. net profit for the quarter ended June 30,
2007, dropped 63% due to foreign-exchange losses, the Wall
Street Journal reports.

According to Bloomberg News, Mazda Motor's net income fell to
JPY2.48 billion (US$21 million), or JPY1.76 a share, for the
three months ended June 30, from JPY6.61 billion a year earlier.
This despite sales rising 11% to JPY814.29 billion.

The company booked a non-operating loss of JPY4.4 billion due to
the rapid pace of the yen's depreciation, which triggered a loss
from forward-exchange contracts that the company made to hedge
the risk of a hefty rise in the currency, Yoshio Takahashi
writes for WSJ.

Bloomberg explains that Mazda usually hedges transactions
involving the dollar and other foreign currencies six months in
advance.  It had a JPY3.49-billon loss from currency hedges a
year earlier.

"The loss spoiled what Mazda earned from its main business,"
Bloomberg quotes Hitoshi Yamamoto, who manages the equivalent of
US$1 billion in Japanese equities as president of Commerz
International Capital Management (Japan) Ltd. in Tokyo.  "It's
not good, but it's not like Mazda's core business is
deteriorating," he said.

Mazda had a JPY7.89-billon loss in the 2007 first quarter from
wrong-way bets on currency movements, Bloomberg recounts.  That
eroded earnings from higher sales of CX-7 sport-utility vehicles
in the U.S. and Mazda3 compacts in Europe, the report says.

Bloomberg, however, notes that Mazda sees its full-year net
income rising 15% to a record JPY85 billion on sales of
JPY3.32 trillion.  Operating profit in the year ending March 31
may total JPY140 billion, the report cites Mazda as saying.

                        About Mazda Motor

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

                          *     *     *

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

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


SANYO ELECTRIC: Invests THB466 Million in Thai Unit
---------------------------------------------------
Sanyo Electric Co., Ltd., is investing THB466 million to upgrade
its existing factory in Chachoengsao, Thailand, to become
Sanyo's first world production base outside Japan, reports
Pitsinee Jitpleecheep of Bangkok Post.

The report cites Tsutomu Morimoto, managing director of Sanyo
(Thailand) Co., as saying that the THB466 million will be used
for the installation of new machinery and the upgrade for the
manufacturing of a wider range of products, including freezers
and coolers for professional use for Sanyo's operations in China
and Japan.

Mr. Morimoto, writes Bangkok Post, added that products
manufactured at the Thailand factory will be exported to
different markets such as Asia, Europe and the Middle East and
will be sold locally to to modern retailers, bakeries and coffee
shops, especially professional refrigeration systems.

                        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 2, 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.


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

EVEREX INC: To Sell Multiple Patents to Mureemi International
-------------------------------------------------------------
Everex Inc. has decided to sell its multiple solar battery
manufacturing-related patents to Mureemi International Ltd.,
Reuters reports.

According to the report, the patents will be sold for
KRW9 billion.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter - Asia Pacific reported on
August 8, 2007, that Everex Inc. has a shareholders' deficit of
US$5.10 million on assets of US$23.15 million.


HANAROTELECOM: Posts KRW2.1-B Net Income for Second Quarter 2007
----------------------------------------------------------------
Hanarotelecom Inc. said that for the 2nd quarter of 2007, it
achieved the highest-ever quarterly revenues of KRW 461.7
billion, operating income of KRW 19.4 billion, and net income of
KRW 2.1 billion, which turned positive in two years.

Hanaro explained that its revenues and operating income
increased by 2.4% and 57.1%, respectively, from the previous
quarter, owing to robust growth across all business segments
including broadband, voice and corporate business.  The Company
added that EBITDA increased 2.5% to KRW 143.5 billion owing to
revenue growth and the bundling effect.

The Company also stated that revenues, operating income and
EBITDA increased by 7.7%, 159.2%, and 8.1%, respectively, year
on year, showing a continuous upward trend.

The Company added that strong subscriber growth continued, with
broadband net adds of 32,000 and voice net adds of 66,000 in the
2nd quarter, backed by marketing activities focused on bundled
products.  In addition, the Company explained that the number of
100Mbps broadband subscribers exceeded 1.25 million in the 2nd
quarter as 100Mbps service coverage expanded to 9.8 million
households as of the end of the 2nd quarter 2007 from 4.3
million as of the end of 2006.

Meanwhile, the number of hanaTV subscribers exceeded 500,000 and
hanaTV revenues recorded KRW 7.7 billion in the 2nd quarter,
more than double the revenues of the previous quarter.  The
company remarked that the profitability of hanaTV business is
improving at a rapid pace as shown in an increase in PPV
revenues from KRW 200 million to KRW 1 billion quarter on
quarter.

Corporate business revenues increased 31% year on year as
revenues of IDC and solution businesses showed a strong growth,
increasing 115% year on year.  IDC and solution businesses are
expected to further strengthen their position as a new growth
engine of the Company when convergence services such as
(R)UC(Unified Communication)are rolled out in the 2nd half of
2007.

Chief Financial Officer Janice Lee stated, We were able to
achieve the record-high quarterly revenues and a positive net
income in the 2nd quarter of this year, owing to a stable growth
in our core businesses and a remarkable revenue increase in our
new growth engines such as hanaTV and corporate business".  " We
will channel our efforts into further strengthening the growth
engine businesses and effective marketing campaigns focused on
bundled products to mark the year 2007 as the very first year of
making profit", she added.

                       About Hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second       
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


KENERTEC: Signs Pact W/ Nuansa Energi for Coal Concession Right
---------------------------------------------------------------
Kenertec Co., Ltd has signed an agreement with Pt Nuansa Energi
Persada to acquire a 40% equity interest in the coal concession
right of NUNUKAN mine, Reuters reports.

According to the report, the equity interest is worth
US$2 million.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial    
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


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

SATERAS RESOURCES: Bursa Defers Delisting Subject to Appeal
-----------------------------------------------------------
The delisting and removal of the securities of Sateras Resources
Bhd will be deferred pending the decision of its appeal on the
decision of the Bursa Malaysia Securities Bhd to remove the
company's securities from its official list on Aug. 9, 2007.

On Aug. 1, the Troubled Company Reporter-Asia Pacific reported
that the Bursa Securities decided to delist the securities of
the company as it does not have adequate level of financial
condition to warrant continued trading on the Official List of
Bursa Securities.


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

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


SUNWAY INFRASTRUCTURE: Affin Bank to Restructure Islamic Debt
-------------------------------------------------------------
Sunway Infrastructure Bhd received a proposal from Affin
Investment Bank Berhad pertaining to the restructuring of the
MYR2.01 billion Al-Bai Bithaman Ajil Islamic Debt Securities
(BaIDS) issued by a wholly owned subsidiary of SunInfra, Sistem
Lingkaran-Lebuhraya Kajang Sdn Bhd.

The proposal from Affin includes Sunway Holdings Incorporated
Berhad paying MYR50 million cash plus relinquishing all economic
rights to its 36% stake in SunInfra in consideration for the
termination/cancellation of the Letter of Undertaking -- granted
by Sunway at the time of issuance of the BaIDS -- as part of the
restructuring of the existing BaIDS.

The Affin Proposal is one of alternative proposals to resolve
the indebtedness of SILK to the BaIDS holders under the
outstanding BaIDS to be tabled in the upcoming Extraordinary
General Meeting to be held on August 17, 2007, the company said.  

Implementation of the Affin Proposal or the alternative proposal
to be tabled is subject to BaIDS holders holding 75% of the
total face amount of the outstanding BaIDS voting in favor of
the resolution in the upcoming EGM and approval by the Board of
Directors of SunInfra.


Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding    
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.   
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter - Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006 of MYR7.173 million, is less than
25% of the issued and paid-up capital of the Company of MYR90
million and such shareholders' equity is less than the minimum
issued and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of RM60 million, triggering another
listing criteria under Amended PN17 listing requirements.


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

ASHLANDS CONTRACTING: Names Brown and Neilson as Liquidators
------------------------------------------------------------
Kenneth Peter Brown and Robert James Neilson were appointed as
liquidators for Ashlands Contracting Ltd. on July 9, 2007.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Robert James Neilson
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Website: http://www.rhb.co.nz


BFM LTD: Placed Under Voluntary Liquidation
-------------------------------------------
BFM Ltd., formerly trading as Joker's Wild Limited, went into
liquidation on July 12, 2007.

The company fixed August 29, 2007, as the last day for creditors
to file their claims.

The company's liquidator is:

         Shaun Neil Adams
         c/o BDO Spicers
         Rifleman Tower, Level 8
         120 Albert Street, Auckland 1010
         PO Box 2219, Auckland 1140
         New Zealand
         Telephone:(09) 373 9053
         Facsimile:(09) 303 2830
         e-mail: shaun.adams@akl.bdospicers.com


BLIS TECHNOLOGIES: Enters Joint Research With DSM Nutritional
-------------------------------------------------------------
BLIS Technologies Ltd and Swiss-based DSM Nutritional Products
AG agreed to a letter of intent to explore joint research and
development opportunities of BLIS Technologies proprietary and
IP protected probiotics for a wide-range of applications in the
field of human nutrition, animal nutrition, and personal care.

DSM Nutritional Products will review the substantiating evidence
associated with the Bacteriocin-Like Inhibitory Substances
(BLIS) produced by certain strains of bacteria isolated and
characterized by BLIS Technologies and explore the possibility
of entering into a R&D agreement with each other.  DSM
Nutritional Products and BLIS Technologies will work exclusively
together to incorporate these probiotics into a wide range of
applications.

DSM Nutritional Products and BLIS Technologies will jointly fund
research efforts in this area.  The R&D projects are expected to
be performed both at BLIS Technologies facilities in Dunedin, NZ
and at DSM Nutritional Products' research facilities in
Kaiseraugst, Switzerland.  With this agreement, DSM Nutritional
Products has obtained an option to market BLIS Technologies
probiotics in the future.

Collaboration with BLIS Technologies will be one of the
implementations of DSM's strategy, Vision 2010 -- Building on
Strengths, which outlines innovation-driven growth.  DSM
Nutritional Products expects such collaboration to complement
its range of products, including probiotics (currently marketed
under LAFTI(TM) brand).  DSM Nutritional Products ingredients
such as Teavigo, Ropufa and HIDROX among others are currently
used in many food, beverage, and supplement products.  LAFTI(TM)
can be found as live bacteria in yoghurt and other dairy
products, as well as in dietary supplement format.

This is the second potential R&D collaboration for BLIS
Technologies, after it signed an R&D agreement with Nestle
Nutrition earlier this year.  The R&D collaboration with Nestle
Nutrition covers the applications of BLIS probiotics for use in
infant nutrition products and targeting upper respiratory tract
infections.

                  About DSM Nutritional Products

DSM Nutritional Products is the world's leading supplier of
vitamins, carotenoids and other fine chemicals to the feed,
food, pharmaceutical and personal care industries.  The business
has sales of about EUR2 billion and a long tradition as a
pioneer in the discovery of new products, new formulations and
attractive applications for all industry segments.  On the
Internet http://www.dsmnutritionalproducts.com

                            About DSM

DSM is active worldwide in nutritional and pharma ingredients,
performance materials and industrial chemicals. The company
develops, produces and sells innovative products and services
that help improve the quality of life.  DSM's products are used
in a wide range of end-markets and applications, such as human
and animal nutrition and health, personal care, pharmaceuticals,
automotive and transport, coatings and paint, housing and
electrics & electronics.  DSM's strategy, named Vision 2010 --
Building on Strengths, focuses on accelerating profitable and
innovative growth of the company's specialties portfolio.  The
key drivers of this strategy are market-driven growth and
innovation plus an increased presence in emerging economies.  
The group has annual sales of over EUR8 billion and employs some
22,000 people worldwide.  DSM ranks among the global leaders in
many of its fields.  The company is headquartered in the
Netherlands, with locations in Europe, Asia, Africa, Australia
and the Americas.  More information about DSM can be found at
http://www.dsm.com

                     About BLIS Technologies

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

BLIS recorded a net loss of NZ$1,107,851 for the year ended
March 31, 2006, and NZ$1,336,319 in 2005.  For the full year to
March 31, 2007, the company reported a NZ$964,000 loss.


FLETCHER BUILDING: Net Profit Up 28% to NZ$484 Million in FY2007
----------------------------------------------------------------
Fletcher Building said it achieved record results for the year
ended June 30, 2007.  Net profit after tax and minority
interests was NZ$484 million, compared to NZ$379 million in the
previous year.  The increase of NZ$105 million includes the
NZ$70 million one-off taxation benefit previously advised to the
market.

Operating earnings (earnings before interest and tax) were
NZ$703 million, including a net NZ$5 million of unusual items,
and an increase on the NZ$675 million of operating earnings in
the previous year, which had no unusual items.  The increase of
4 percent on the 2006 year reflected some benefits from
acquisitions, ongoing productivity improvements and the unusual
items, with some offset due to more difficult market conditions.

The lift in earnings has enabled the eleventh consecutive
dividend increase, with a final dividend of 23 cents per share,
with full New Zealand and Australian tax credits. The total
dividend for the year increased from 40 cents to 45 cents per
share.  Total shareholder return for the 12 months ended
June 30, 2007, was 42 percent.

Divisional results (excluding unusuals) reflected the mixed
operating environment, with increases in three divisions more
than offsetting the decreases in the other two.  
Infrastructure's operating earnings were NZ$271 million
(previously NZ$255 million), Distribution's NZ$80 million
(previously NZ$75 million) and Laminates & Panels'
NZ$131 million (previously NZ$116 million).  Operating earnings
from Building Products were NZ$141 million (previously
NZ$142 million), and Steel NZ$80 million (previously
NZ$93 million).

Chief Executive Officer, Jonathan Ling said the increase in
operating earnings in a softer trading environment provided
further validation of the group's strategy to build earnings
reliability.  "The balance of exposures between different
geographical regions and market sectors is serving us well.  All
our divisions have performed well in the market conditions
applying to them.  At the same time we have been successful in
further implementing our strategic objective to internationalise
the company and provide a wider range of growth options,
following the recent acquisition of Formica Corporation".

Results highlights:

   -- Operating earnings up 4 percent to NZ$703 million;

   -- Group net earnings, including unusual items, up 28 percent
      to NZ$484 million.

   -- Group net earnings, excluding unusual items, up 5 percent
      to NZ$399 million.

   -- Final dividend of 23 cents per share with full New Zealand
      and Australian tax credits for a total dividend for the
      year of 45 cents per share.

   -- Cashflow from operations was NZ$483 million.

   -- Interest cover at 9.8 times.

   -- Basic earnings per share were 101.9 cents and 84.0 cents
      on a normalised basis, both up from the 81.3 cents in the
      previous year.

                    About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of     
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.  
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.
                       
                      *     *     *

The Troubled Company Reporter-Asia Pacific, on Aug. 7, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08          NZ$9.30
           7.800%          03/15/09             9.75
           7.550%          03/15/11             9.20


GLASS EARTH: Incurs CD$241,000 Net Loss in Quarter Ended June 30
----------------------------------------------------------------
Glass Earth Ltd reported a net loss of CD$241,000 for the three
months ended June 30, 2007, an improvement compared with the
CD$344,000 loss in the quarter ended March 31, 2007.  The
January-March 2007 quarter included a significant non-cash item
of CD$158,000, being the calculated value attributed to the
Incentive Stock Options granted to directors and management
staff, the company pointed out.

In 2006 the company changed its financial year end from May 31
to Dec. 31.  The company implemented the change by having a
transition period of seven months, with the last day of the
transition period being Dec. 31, 2006.  For the three months
ended May 31, 2006, the company booked a net loss of CD$402,000.

Among others, the company incurred these expenses in the April-
June 2007 quarter:

   a) general and administration expenses of CD$112,000;

   b) professional fees of CD$39,000, in the three months ended
      June 30, 2007, which related primarily to legal fees
      incurred in respect of joint venture agreements and
      letters of intent that the company entered into;

   c) net salaries (after exploration recharges) of CD$89,000,
      in the three months ended June 30, 2007; and

   d) consulting fees of CD$8,000, in the three months ended
      June 30, 2007.

As of June 30, 2007, the company booked a deficit of
CD$3,422,000, versus the CD$1,953,000 deficit as of May 31,
2006.  Net working capital as of June 30, 2007, is CD$3,435,000,
including cash and equivalents of CD$3,903,000.

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its
Subsidiaries' principal activity is the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

As of June 30, 2007, the company booked a deficit of
CD$3,422,000 compared to the CD$1,953,000 deficit as of May 31,
2006.


INDIAN STAR: Appoints Brown and Neilson as Liquidators
------------------------------------------------------
Indian Star Limited appointed Kenneth Peter Brown and Robert
James Neilson as its liquidators on July 9, 2007.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Robert James Neilson
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Website: http://www.rhb.co.nz


KRONOS INC: Hires Chris Todd to Manage Customer Engagements
-----------------------------------------------------------
Kronos(R) Incorporated has appointed Chris Todd to cultivate and
manage customer engagements and oversee the management and
growth of the company's North American professional services
organization.  As vice president of professional services, Mr.
Todd will report directly to Kronos Chief Executive Officer Aron
Ain.

"We welcome Chris to our management team at an exciting juncture
in the growth and development of the company," said Mr. Ain.
"Chris will draw upon his operational expertise and impressive
sales track record to boost the breadth and depth of our
professional services offerings as we strive to build the first
US$1 billion software company exclusively focused on managing
the workforce."

Mr. Todd joins Kronos after seven years with Blackbaud, Inc., a
global provider of application software and related services for
nonprofit organizations.  As senior vice president of worldwide
sales and operations, Todd managed Blackbaud's U.S. sales team
and was responsible for all aspects of operations, including
professional services and support, in Australia, Scotland, and
England.  Prior to Blackbaud, Mr. Todd held various management
positions with NetGen Inc., McKinsey & Co., and S.G. Warburg &
Co. Inc.

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce.  It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posts about US$617 million of revenues for the
twelve months ended March 31, 2007.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service assigned Kronos, Inc. a
first time B2 corporate family rating and a stable rating
outlook.  Moody's also assigned a first time Ba3 rating to the
company's:

-- first lien credit facilities (US$665 million term loan,
    due 2014, and US$60 million revolving credit facility,
    expires 2013); and

-- a Caa1 rating to its US$390 million second lien term loan,
    due 2015.


LIKE MAGIC: Faces CIR's Wind-Up Petition
----------------------------------------
On June 20, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Like Magic Ltd.

The High Court of Timaru will hear the petition on Oct. 2, 2007,
at 2:15 p.m.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


MEDLAND HOLDINGS: Accepting Proofs of Debt Until August 27
----------------------------------------------------------
Medland Holdings Ltd. requires its creditors to file their
proofs of claim by August 27, 2007.

The company entered wind-up proceedings on July 13, 2007.

Medland's solicitors are:

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


MOTORISED GOLF: Court to Hear Wind-Up Petition on Sept. 27
----------------------------------------------------------
A petition to wind up the operations of Motorised Golf
International Ltd. will be heard before the High Court of
Auckland on Sept. 27, 2007, at 10:45 a.m.

The petition was filed by Protege Sport Pty Limited on June 19,
2007.

Protege Sport's solicitor is:

         Nigel Faigan
         Lister Building, 6th Floor
         Victoria Street, Auckland
         New Zealand


NORTHSIDE BOXING: Subject to Bernsport's Wind-Up Petition
---------------------------------------------------------
On May 30, 2007, Bernsport (1995) Limited filed a petition to
wind up the operations of Northside Boxing (2003) Ltd.

The petition will be heard before the High Court of Hong Kong on
August 23, 2007, at 10:45 a.m.

Bernsport's solicitor is:

         Kevin Patrick McDonald
         Global House, 11th Floor
         19-21 Como Street
         PO Box 331065, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


PRIESTLEY HEATING: Appoints Official Assignee as Liquidator
-----------------------------------------------------------
On July 9, 2007, the official assignee was appointed as
liquidator of Priestley Heating Services Ltd.

The Official Assignee can be reached at:

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


TCR PROPERTIES: Fixes August 22 as Last Day to File Claims
----------------------------------------------------------
TCR Properties Ltd. is accepting proofs of debt from its
creditors until August 22, 2007.

The company went into liquidation on July 11, 2007.

The company's liquidators are:

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


UPPERCUT PROMOTIONS: Taps Brown and Neilson as Liquidators
----------------------------------------------------------
On July 9, 2007, Kenneth Peter Brown and Robert James Neilson
were named as liquidators of Uppercut Promotions Limited.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Robert James Neilson
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Website: http://www.rhb.co.nz


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

METROPOLITAN BANK: First-Half Net Profit Ups 34.3% to PHP3.7BB
--------------------------------------------------------------
Metropolitan Bank and Trust Co. reported a consolidated net
income of PHP3.7 billion in the first six months of 2007, up
34.3% from the PHP2.75-billion net profit it recorded in the
same period last year, the Philippine Star reports.

The Star notes that Metrobank said in a statement that its net
interest income improved 14.8% to PHP10.54 billion during the
first half.

Metrobank's favorable performance was attributed to a productive
mix of low cost deposits, higher trading gains and improved fee
income, The Star cites Metrobank Executive Vice President and
Comptroller Joshua E. Naing as saying.

Moreover, the Manila Bulletin relates, the bank's income
performance was further boosted by gains from securities
trading, with non-interest income contributing to PHP7.6 billion
in revenues for the first semester of the year.  This accounted
for over 40% of the revenue base.

Metrobank earlier reported that its consolidated total assets
reached PHP664.1 billion as of June 30, 2007, up 12% from the
figure it recorded as of end-June last year, The Star recounts.

The report adds that consolidated total deposits likewise
increased by another PHP11.2 billion to hit PHP503.3 billion,
while total net loans stood at PHP266.7 billion at the end of
June 2007.

                         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.


SAN MIGUEL CORP: To Raise US$1.2 Billion to Refinance Debt
----------------------------------------------------------
San Miguel Corporation confirmed reports on Wednesday that it
was seeking a US$1.2-billion loan to refinance its existing
debt, Reuters says.

According to Reuters, a company source said on Tuesday that San
Miguel was looking at raising cash to pay down debt and fund its
new venture into heavy industry but had not decided on how to
raise the capital.

The company was looking at all possible options, including a mix
of equity and debt issues, Reuters cites the source as saying.

Reuters recounts that San Miguel shareholders last month
approved the company's plan to raise its authorized capital
stock by PHP15 billion (US$330 million) to PHP37.5 billion and
issue 1.5 billion preferred shares with a par value of PHP5.

The preferred share issue will help the company pay down its
debt, which is estimated at around PHP118 billion as of May, as
well as fund new investments, the report explains.


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

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

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


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

BRIGHT PHARMACEUTICALS: Court to Hear Wind-Up Bid on Aug. 10
------------------------------------------------------------
A petition to wind up the operations of Bright Pharmaceuticals
Pte Ltd will be heard before the High Court of Singapore on
August 10, 2007, at 10:00 a.m.

The petition was filed by Polaris Chemicals Pte Ltd on July 17,
2007.

Polaris Chemicals' solicitor is:

         Shook Lin & Bok LLP
         1 Robinson Road #18-00
         AIA Tower
         Singapore 048542

HLG ENTERPRISE: Earns US$5.2 Mil. in Second Qtr. Ended June 30
--------------------------------------------------------------
HLG Enterprise Limited earned US$5.2 million in the second
quarter ended June 30, 2007, a significant improvement compared
with US$4.3 million total loss in the second quarter last year.
For the first half of 2007, HLG posted US$8.4 million total
profit, an increase of 216.4% compared to US$2.7 million total
profit in the first half of 2006.

The Group's turnover increased marginally by 1.1% to US$16.5
million for 1H 2007 mainly due to the disposal of Tristar Inn
Singapore, which was completed in March 2007.  The hospitality
related business segment recorded an almost flat revenue growth
over 1H 2006, while the like-for-like revenue growth was 5.2%
excluding the revenue contribution from Tristar Inn.  The
hospitality related operations in China and Malaysia have
improved their revenue by US$0.5 million and US$0.2 million
respectively, representing a 4.3% and 14.1% growth respectively.
The property development segment recorded an increase in revenue
from US$0.8 million to US$1.0 million mainly due to the disposal
of the remaining two Singapore shop units at Tristar Complex in
March 2007.

            Results for 6 Months Ended June 30, 2007

For 1H 2007, the Group reported an operating profit before other
gains, finance expenses, unallocated costs and income tax
expense of US$1.5 million as compared to US$0.4 million for 1H
2006.  The hospitality related business segment posted an
operating profit of US$2.0 million, a 27.8% or US$0.4 million
improvement as compared to 1H 2006, even though non-cash
depreciation charges have increased by 14.4% or US$0.3 million
largely due to the recent hotel renovations in Hotel Equatorial
Shanghai and Hotel Equatorial Qingdao.  The improvement was
mainly attributed to both an increase in turnover from all of
the Group's four hospitality related properties and a saving of
central overheads in relation to managing the hospitality
related operations in China.  This was however partially offset
by the decline in the results of Tristar Inn arising from its
disposal in March 2007.  The property development business
segment contributed a profit of US$0.3 million in 1H 2007
against a loss of US$0.1 million for the corresponding period
last year arising substantially from the sale of the Shop Units
in March 2007.

Other gains of US$11.6 million mainly consisted of a US$5.1
million gain arising from the sale of the Group's 100% equity
interest in LKN (PNG) Ltd, which is a negative net worth
company, and novation of an intercompany debt in LKN (PNG) Ltd,
which has been fully provided by the company's wholly-owned
subsidiary, LKN Construction Pte Ltd since the financial year
ended December 31, 2003, to a third party in May 2007, a US$4.5
million gain in connection with the disposal of Tristar Inn, and
a tax refund of US$0.8 million resulting from the approval
obtained to re-invest dividends received from the Group's
investment in HES in China.

The administrative expenses reflected an increase due to the
accrual of US$1.5 million being professional fees incurred in
relation to a potential acquisition opportunity which did not
materialize.  The interest expense for 1H 2007 was higher than
1H 2006 due to the accrual of a relatively higher interest cost
for the zero coupon unsecured bonds due 2009.  The Group has
also recognized an unrealized exchange gain of US$1.9 million
for 1H 2007 against a loss of US$4.2 million for 1H 2006 from
the revaluation of foreign currency net monetary assets arising
from the appreciation of Renminbi against United States dollar
and Ringgit Malaysia against Singapore dollar.

            Results for 3 months ended June 30, 2007

The Group's turnover for 2Q 2007 decreased by US$0.5 million as
compared to the second quarter of 2006 due mainly to the
disposal of Tristar Inn.  Turnover contribution from the
hospitality related business segment was a slight 1.5% decrease
as compared to the corresponding period last year.  However,
excluding the impact from the disposal of Tristar Inn, on a
like-for-like basis, the Group's turnover for the hospitality
related business segment of US$8.4 million is better than that
for 2Q 2006 by US$0.5 million.  As there was no sale of
development property in 2Q 2007, the Group recorded a US$0.4
million decrease in turnover from the property development
business segment.

The operating profit before other gains, finance expenses,
unallocated costs and income tax expense of US$1.5 million
showed an improvement of US$0.3 million as compared to 2Q 2006.
The hospitality related business segment achieved an operating
profit of US$2.0 million which is a 17.4% increase as compared
to 2Q 2006 in spite of the disposal of Tristar Inn.  Other gains
of US$5.1 million and US$0.8 million arose from the
aforementioned disposal of LKN (PNG) Ltd and tax refund
respectively.  

There was an unrealized exchange gain of US$1.2 million against
a loss of US$2.2 million from the revaluation of foreign
currency net monetary assets arising from the appreciation of
Renminbi against United States dollar and Ringgit Malaysia
against Singapore dollar during the quarter under review.
After taking into account the accrual for professional fee
expenses of US$1.5 million and higher interest accrual for the
zero coupon unsecured bonds due 2009, the Group's overall result
for 2Q 2007 before the share of the result of associated
companies and income tax expense was US$5.6 million as compared
to a loss of US$3.6 million for 2Q 2006.

As of June 30, 2007, the group's consolidated balance sheet
showed total assets of US$170 million and total liabilities of
US$176 million resulting in a shareholders' equity deficit of
SU$6 million.  

Moreover, the company's balance sheet as of June 30, 2007,
reflects US$119 million of total assets and total liabilities of
US$149 million leaving a shareholders' equity deficit of US$30
million.

                       About HLG Enterprise

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.  
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
Subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

As of March 31, 2007, the group had total assets of US$184.99
million and US$194.79 million in total liabilities, resulting in
a shareholders' equity deficit of US$9.81 million.


SEE HUP SENG: Earns SGD3.8 Mil. in Three Months Ended June 30
-------------------------------------------------------------
On July 24, 2007, See Hup Seng Limited announced an impressive
440% surge in net profit after tax and minority interest to
SGD3.8 million, on the back of a 344% increase in its revenue
from S$7.5 million to SGD33.4 million for the three months ended
June 30, 2007.

The strong revenue growth is driven by:

   * Contribution from tank coating services which the group
     developed as a key competency since August 2006.  Tank
     coating services accounted for 36% of the Group's 2Q2007
     revenue from corrosion prevention segment;

   * Increased plant capacity from the addition of a new auto-
     blast machine in December;

   * Increased site blasting and painting projects for customers
     engaged in the marine and offshore oil and gas sectors; and

   * Inclusion for the first time the contribution from newly
     acquired subsidiary Tat Petroleum, which has significantly
     contributed to the Group's revenue.

Gross profit as a result rose 207% from SGD2.8 million to SGD8.6
million.  Gross margin for the corrosion prevention segment
continued to be strong at 37%.  This, when combined with the
typically lower margin distribution business of Tat, resulted in
a composite gross margin of 25.6% in 2Q2007.  

Notwithstanding the increase in administrative, selling and
other operating expenses because of increased business
activities, these increases lagged behind sales growth resulting
in a 440% surge in net profit after tax and minority interest to
SGD3.8 million for 2Q2007 against the corresponding period last
year.

Commenting on the performance for 2Q2007, See Hup Seng's
Executive Chairman, Thomas Lim Siok Kwee added, "We are pleased
to announce another impressive set of quarterly results to our
shareholders.  This follows the strong performance reported
previously for 1Q2007.  As a result, the Group's revenue for the
first half increased 236% to SGD47.6 million over the same
period last year and net profit after tax and minority interest
increased 552% to SGD6.8 million.  Our strategy of focusing on
driving higher margin tank coating services and shoring up
capacity in our highly automated factory operations to meet
increased demand for corrosion prevention services for raw
materials have significantly improved the results of our
corrosion prevention segment.  With proceeds from our recent
shares placement, our plans to increase overall capacity
significantly by investing in a second plant targeted to be
ready in January/February 2008, and in additional equipment for
expected increase in tank coating and site blasting and painting
projects are firmly on track.  We are also pleased that the
recent acquisition of Tat has started to contribute positively
to the Group's results, with their new-state-of-the art storage
and distribution facilities completed on schedule in June 2007.
For the rest of the year, I remain confident that the buoyant
marine and offshore oil and gas sectors and the strong business
sentiments for the Asia Pacific region will continue to underpin
the Group's performance and fuel growth for both our twin
business segments as a leading corrosion prevention specialist
and a leading regional distributor for refined petroleum
products."

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                        Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's financials for the
year 2005, Moore Stephens -- See Hup Seng's independent auditors
-- expressed significant doubt in the company's ability to
continue as going concern, citing the company's losses and net
current liabilities.  Moore Stephens adds that the ability of
the group and the company to continue as going concerns is
dependent the company's debt restructuring exercise.


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

BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B-
--------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings
on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The outlook
is negative.

"The ratings action reflects deteriorating operating performance
and declining credit protection metrics," said Standard & Poor's
credit analyst David Kuntz, "as the company spent more on
marketing and cut its fees for Total Access in response to
increased competitiveness in the industry.  "The company also
recently amended its senior secured credit agreement to avoid
covenant violations.  "Standard & Poor's believes Blockbuster's
operating performance will remain weak," added Mr. Kuntz, "given
the industry's poor fundamentals and increasing
competitiveness."

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie  
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand
Australia, among others.


LEAR CORP: Earns US$123.6 Mln in 2nd Quarter Ended June 30, 2007
----------------------------------------------------------------
Lear Corporation reported net income of US$123.6 million for the
second quarter ended June 30, 2007, compared with a net loss of
US$6.4 million for the second quarter of 2006.

For the second quarter of 2007, Lear reported net sales of
US$4.2 billion and pretax income of US$143.9 million, including
restructuring costs of US$34.8 million and other special items
of US$3.4 million.  For the second quarter of 2006, Lear
reported net sales of US$4.8 billion and pretax income of
US$31.5 million, including restructuring costs and other special
items of US$24.3 million.

In Lear's seating and electrical and electronic segments, net
sales were US$4.1 billion and EBITDA net income was US$229.3
million for the second quarter of 2007.  This compares with net
sales of US$3.9 billion and core operating earnings of US$164.7
million for the second quarter of 2006.  A reconciliation of
core operating earnings to pretax income as determined by
generally accepted accounting principles is provided in the
supplemental data pages.

The decline in reported net sales for the quarter reflects
primarily the divestiture of Lear's Interior business and lower
production in North America, offset in part by the benefit of
new business mainly outside of North America and favorable
foreign exchange.  Operating improvement reflects favorable cost
performance, the benefit of new business and the divestiture of
Lear's Interior business, offset in part by lower production in
North America.

During the second quarter, the Company continued to make solid
progress on its global restructuring initiative, including
actions related to low-cost country sourcing, capacity alignment
and further administrative consolidation actions.  Also during
the quarter, the Company continued to win new business in Asia
and with Asian manufacturers globally.  In addition, Lear
announced an industry first with its agreement to supply Ford
Motor Company with SoyFoam for the seats in the 2008 Ford
Mustang.

"The Lear team was able to deliver improved financial results as
benefits from restructuring activities, ongoing cost and
efficiency actions and new business globally more than offset
lower production in North America," said Lear Chairman and CEO
Bob Rossiter.  "Going forward, we plan to continue with our
strategy of global restructuring and further sales
diversification to improve our longer-term competitiveness."

Full-Year 2007 Outlook

Lear expects 2007 net sales of approximately US$15.0 billion.
This is up about US$200 million from the prior outlook,
reflecting primarily a stronger Euro and increased production
outside of North America.

Lear anticipates 2007 core operating earnings to be in the range
of US$600 to US$640 million.  This is unchanged from the last
full-year outlook provided, but the Company now sees earnings at
or near the high end of this range.

Restructuring costs in 2007 are estimated to be about US$100
million.

Interest expense is estimated to be in the range of US$210 to
US$215 million.  Pretax income before restructuring costs and
other special items is estimated to be in the range of US$335 to
US$375 million.  Tax expense is expected to be approximately
USUS$120 million, depending on the mix of earnings by country.

Capital spending in 2007 is estimated at approximately US$235
million, down US$15 million from the prior outlook, reflecting
primarily program timing and spending efficiencies.
Depreciation and amortization expense is estimated at about
US$310 million.

Free cash flow is expected to be positive at about US$275
million for the year.

Key assumptions underlying Lear's full-year financial outlook
include expectations for industry vehicle production of
approximately 15.1 million units in North America and 19.7
million units in Europe.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and  
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                          *     *     *

As reported on July 27, 2007, that Standard & Poor's Ratings
Services has raised its corporate credit rating on Lear Corp. to
'B+' from 'B' and removed the ratings from CreditWatch with
positive implications where they were placed on
July 17, 2007.


TRUE CORP: Sees Revenue from Broadband Biz Soaring 40% in 2007
--------------------------------------------------------------
True Corporation expects revenue from its broadband Internet
business to surge to a record high of 40% in 2007, driven by
lower costs of devices and higher connection speeds, Bangkok
Post reports.

According to Bangkok Post, True Corp. also plans to apply for a
WiMax testing license from the National Telecommunications
Commission as soon as it is available, with a commercial service
scheduled for next year.  This move, the report relates, is
aimed at expanding the company's broadband Internet services to
parts of rural areas that its network does not cover.

Bangkok Post cites Non Ingkutanon, deputy director for wireline
broadband services, as saying that said True Internet, the
group's Internet service provider, expected its revenue to jump
40% from THB4 billion last year.  Revenue from WiFi, in
particular, would double to THB100 million in 2007.

Moreover, True Corp. expects the number of its high-speed
Internet users to reach 700,000, plus 60,000 WiFi customers by
the end of 2007.  As of December 2006, Bangkok post notes, True
Corp had 450,000 broadband subscribers plus 20,000 WiFi
customers.  The company currently has 500,000 broadband
customers and 40,000 WiFi users.

Mr. Non said that the country's broadband penetration was
projected at one million subscribers this year, 20% of whom
would be WiFi customers, the report notes.

Mr. Non added that True Corp. was on the verge of spending
THB150 million on expanding its WiFi network to 4,100 hotspots
in 50 provinces, with a total capacity to accommodate more than
100,000 users.  Eighty percent of the network coverage is in
Bangkok.

Bangkok Post says that True Corp. had joined hands with Central
Pattana Plc to install WiFi hotspots at all 10 Central shopping
centers.


True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the   
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  The outlook is negative.

The Troubled Company Reporter-Asia Pacific reported on Nov. 27,
2006, that Moody's Investors Service affirmed True Corporation
Public Company Ltd's Ba3 corporate family rating and at the same
time changed the rating outlook to negative from stable.  




                            *********


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

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