TCRAP_Public/070810.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, August 10, 2007, Vol. 10, No. 157
  
                            Headlines

A U S T R A L I A

ASCOT EQUIPMENT: Placed Under Voluntary Liquidation
BALDONAR PTY: Members Resolve to Liquidate Business
CO-ORD TRANSPORT: Commences Wind-Up Proceedings
GOSFORD MASONIC: Members & Creditors to Meet on August 21
OPTISCAN EMPLOYEE: Sets Final Meeting for August 21

PEET & CO: Liquidates Business; Names Alan Ledger as Liquidator
ROLOK PTY: Liquidator to Give Wind-Up Report on August 21
SYMBION HEALTH: Primary Keeps Silent on its Plan
VICTORIAN PROPERTY: Final Meeting Slated for August 21
W & T CONSULTANTS: Members and Creditors to Meet on August 21

WAIKERIE PRODUCERS: To Declare Dividend on August 31


C H I N A   &   H O N G  K O N G

AMERON (HONG KONG): Taps Lam and Toohey as Liquidators
BALLY TOTAL: Court Sets Sept. 17 Plan Confirmation Hearing
BALLY TOTAL: Gets Interim OK to Hire Kirkland as Counsel
BENQ CORP: Denies Report on Design Center Spin Off
BEST LIAISON: Final Meeting Slated for Sept. 6

CHINA GLASS: Moody's Keeps B1 Ratings Following Bond Issue
CHINA RAILWAY: Wind-Up Petition Hearing Slated for September 19
FORBES INDUSTRIAL: Court to Hear Wind-Up Petition on August 15
FORECAST PUBLISHING: Wind-Up Petition Hearing Set for Aug. 29
FORTURINE INTERNATIONAL: Members Opt to Shut Down Firm

GUANGDONG DEV: Moody's Lifts Foreign Deposit Rating to Ba2
HUA CHIAO: Sets Members' General Meeting for Sept. 10
LOYAL CHOICE: Final General Meeting Set for Sept. 6
PACICO INTERNATIONAL: Liquidators Quit Posts
WINCARD ENGINEERING: Subject to Chevron's Wind-Up Petition


I N D I A

AES CORP: Lehman Brothers Reaffirms Overweight Rating on Firm
AES CORPORATION: Restates 2006 Results
BANK OF INDIA: Partners With Franklin Templeton Investments
BANK OF INDIA: Gives Details on Private Placement
BHARTI AIRTEL: Ties Up With Four Global IT Companies

BHARTI AIRTEL: Unit to Launch Satellite TV Broadcast
CANARA BANK: Sets Up 24x7 Call Centre; Launching Set This Month
SUN MICROSYSTEMS: Restructuring Plan Aims to Cut Jobs


I N D O N E S I A

ALCATEL-LUCENT: Court Reverses US$1.5-Bln Microsoft MP3 Ruling
ALCATEL-LUCENT: To Upgrade nTelos' Wireless Network
AVNET INC: Posts Fourth Quarter and Fiscal Year 2007 Results
CA INC: Earns US$129 Million in First Quarter Ended June 30
EXCELCOMINDO PRATAMA: Awards Expansion Contract to Ericsson

FOSTER WHEELER: Will Supply Fluidized-Bed Boiler to Jyvaskylan
PERTAMINA: Signs US$3.77-Billion Gas Supply Contract
PERTAMINA: To Restart Production at Balongan Refinery


J A P A N

DELPHI CORP: Attains Tentative Accord with IUE-CWA & GM
FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.9 Billion
HERBALIFE LTD: Lehman Bros. Maintains Overweight Rating on Firm
NOVA CORP: BNP Paribas Acquires 11.5% Stake
SOFTBANK CORP: Posts JPY25-Billion Net Income for 2007 1st Qtr

SOFTBANK CORP: Shares Rise After Posting Higher Net Income


K O R E A

NOVELIS INC: Inks Supply Deal with Rexam for US$1 Billion
TEXCELL-NETCOM: Converts Eighth Convertible Bonds to Shares
TOWER AUTOMOTIVE: Appoints Mark Malcolm as CEO & President
* Structural Problems Limit Long-Term Growth Rate, S&P Says


M A L A Y S I A

FOAMEX INT'L: Appoints Robert Larney as Chief Financial Officer
OCI BERHAD: Bursa Extends Plan Filing Deadline to Jan. 31
SOLUTIA INC: Judge Beatty Rejects Disclosure Statement
SOLUTIA INC: Creditors' Committee Wants Settlements Approved
TENCO BERHAD: To Change Name To Nagamas International

THERMADYNE HOLDINGS: Earns US$1.6 Million in 2007 Second Quarter
THERMADYNE HOLDINGS: Picks Terry Moody as VP-Global Operations


N E W  Z E A L A N D

BOTRY-ZEN: Reappoints Deloitte as Auditors
CER GROUP: Books EBIT of NZ$393,000 in 6 Months to June 30
CLASSIC COATINGS: Court to Hear Wind-Up Petition on Oct. 11
CHRYSALIS SOCIAL: Court Sets Wind-Up Bid Hearing for Aug. 14
DIAMONDCHOPSTICKS CATERING: Court Appoints Liquidators

F J CATERING: Names Vance and Jordan as Liquidators
PRINCIPLE ESTIMATING: Taps Fatupaito and McCloy as Liquidators
PROMPT FLEET: Subject to Wind-Up Petition by Tyres4U
PROVINCIAL FINANCE: Investors Will Only Get Back Principal
QUALITY CARNATION: Court to Hear Wind-Up Petition on Sept. 6

SQUEEZE JUICE: Creditors' Proofs of Debt Due on August 17
TRU FREIGHT: Fixes October 12 as Last Day to File Claims
WHAITIRI POTATO: Accepting Proofs of Debt Until September 10


P H I L I P P I N E S

CHIQUITA BRANDS: Morgan Joseph Maintains Buy Rating on Firm
IPVG CORP: ING Bank N.V. Manila Invests Additional PHP20 Million
MIRANT CORP: Settles 2006 Pepco Disputes, Gains US$370 Million
UNIVERSAL ROBINA: Posts PHP4.7 Billion Net Profit for 1st Half
UNIVERSAL ROBINA: 3rd Quarter Profit Rises to PHP592.2 Million

WARNER MUSIC: June 30 Balance Sheet Upside-Down by US$23 Million


S I N G A P O R E

ADVANCED SYSTEMS: Net Loss Widens to SGD1.6MM in 2nd Qtr. 2007
CREATIVE TECHNOLOGY: Posts US$19 Mil. Net Loss in 4th Qtr. '07
HEXION SPECIALTY: Funds US$100 Million of Incremental Term Loans


T H A I L A N D

ARVINMERITOR INC: Selling European Operations to Klarius Group
ARVINMERITOR INC: Sells LVA Exhaust Operations to Klarius Group
DOLE FOOD: Reaches Settlements in Two Banana Antitrust Lawsuits


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

ASCOT EQUIPMENT: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on July 9, 2007, the
members of Ascot Equipment Pty Ltd decided to voluntarily
liquidate the company's business and appointed Anthony Stevens
Smith as liquidator.

The Liquidator can be reached at:

         Anthony Stevens Smith
         Ernst & Young
         Level 21, 91 King William Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 08 8233 7111

                     About Ascot Equipment

Ascot Equipment Pty Ltd is in the business of local trucking,
without storage.  The company is located in Shepparton,
Victoria, Australia.


BALDONAR PTY: Members Resolve to Liquidate Business
---------------------------------------------------
On July 9, 2007, the members of Baldonar Pty Ltd had a meeting
and decided to liquidate the company's business.

Anthony Stevens Smith of Ernst & Young was appointed as
liquidator.

Mr. Smith can be reached at:

         Anthony Stevens Smith
         Ernst & Young
         Level 21, 91 King William Street
         Adelaide, South Australia 5000
         Australia

                       About Baldonar Pty

Baldonar Pty Ltd is an operator of nonresidential buildings.  
The company is located in Mount Gambier, South Australia,
Australia.


CO-ORD TRANSPORT: Commences Wind-Up Proceedings
-----------------------------------------------
During a meeting held on July 9, 2007, the members of Co-Ord
Transport Pty Ltd passed a resolution to voluntarily liquidate
the company's business.  Anthony Stevens Smith was then
appointed as liquidator.

The Liquidator can be reached at:

         Anthony Stevens Smith
         Ernst & Young
         Level 21, 91 King William Street
         Adelaide, South Australia 5000
         Australia

                      About Co-Ord Transport

Co-Ord Transport Pty Ltd is in the business of local trucking
without storage.  The company is located in Alice Springs, NT,
Australia.


GOSFORD MASONIC: Members & Creditors to Meet on August 21
---------------------------------------------------------
A final meeting will be held for the members and creditors of
Gosford Masonic Club Limited on August 21, 2007, at 4:15 p.m.

During the meeting, the 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 Gosford Masonic

Gosford Masonic Club Limited is in the business of membership
organizations.  The company is located in Gosford, New South
Wales, Australia.


OPTISCAN EMPLOYEE: Sets Final Meeting for August 21
---------------------------------------------------
The members and creditors of Optiscan Employee Share Plan
Company Pty Ltd will meet on August 21, 2007, at 4:30 p.m., to
receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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

                    About Optiscan Employee

Optiscan Employee Share Plan Company Pty Ltd provides business
services.  The company is located in Clayton, Victoria,
Australia.


PEET & CO: Liquidates Business; Names Alan Ledger as Liquidator
---------------------------------------------------------------
During a general meeting held on June 29, 2007, the members of
Peet & Co Point Cook Land Syndicate Limited agreed to liquidate
the company's business and appointed Alan Ledger as liquidator.

The Liquidator can be reached at:

         Alan Ledger
         Ledger Consulting Group
         Level 1, 5 Mill Street, Perth
         Australia

                         About Peet & Co

Peet & Co Point Cook Land Syndicate Limited is a land subdivider
and developer, except cemeteries.  The company is located in
Perth, Western Australia, Australia.


ROLOK PTY: Liquidator to Give Wind-Up Report on August 21
---------------------------------------------------------
Rolok Pty Ltd will hold a final meeting for its members and
creditors on August 21, 2007, at 3:15 p.m.

O'Keeffee Walton Richwol, the company's liquidator, will give at
the meeting a report about the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

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

                        About Rolok Pty

Rolok Pty Ltd, which is trading as Perth All Care Nursing
Service, operates offices of holding companies.  The company is
located in Burwood, Victoria, Australia.


SYMBION HEALTH: Primary Keeps Silent on its Plan
------------------------------------------------
Primary Health Care refused to divulge its plans for Symbion
Health Limited after acquiring a 13.65% stake in the rival
company, Florence Chong of The Australian reports.

Ms. Chong quotes Primary Chief Financial Officer Mark Hooper as
saying, "I imagine there are questions on this, however, we
won't be commenting on this beyond this slide," at a meeting
with analysts and journalists announcing its results.  Mr.
Hooper, however, declined to comment on Primary's Symbion
investment.

The attendees of the meeting were presented with one slide which
underlines three points: confirming Primary stake; saying "no
options were ruled out"; and concluding "no comment" rule,
relates Ms. Chong.

An unnamed analyst interviewed by The Australian, expresses that
Primary indicated that it had more capacity for debt and
interest.  

The analyst further added that by his calculation, its current
stake was costing about AU$24 million in interest payments.  He
also said the Symbion asset that was most appealing to Primary
was Symbion's pathology business in NSW, conveys Ms. Chong.

                       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).


VICTORIAN PROPERTY: Final Meeting Slated for August 21
------------------------------------------------------
A final meeting will be held for the member and creditors of
Victorian Property Protection & Security Services Pty Ltd on
August 21, 2007, at 12:30 p.m.

At the meeting, the 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 Victorian Property

Victorian Property Protection & Security Services Pty Ltd
provides business services.  The company is located in Endeavour
Hills, Victoria, Australia.


W & T CONSULTANTS: Members and Creditors to Meet on August 21
-------------------------------------------------------------
A final meeting will be held for the members and creditors of
W & T Consultants Pty Ltd on August 21, 2007, at 1:45 p.m.

At the meeting, the members and creditors will receive 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 W & T Consultants

W & T Consultants Pty Ltd is a distributor of plumbing and
heating equipments and related supplies.  The company is located
in Reservoir, Victoria, Australia.


WAIKERIE PRODUCERS: To Declare Dividend on August 31
----------------------------------------------------
Waikerie Producers Limited, which is in liquidation, will
declare the first dividend for its unsecured creditors on
August 31, 2007.

Unsecured creditors who were not able to file their claims by
August 7, 2007, will be excluded from sharing in the company's
dividend distribution.

The company's liquidator is:

         M. C. Hall
         PPB Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 8211 7800

                    About Waikerie Producers

Waikerie Producers Limited is in the business of crop planting
and protection.  The company is located in Waikerie, South
Australia, Australia.


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

AMERON (HONG KONG): Taps Lam and Toohey as Liquidators
------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey were appointed as
liquidators for Ameron (Hong Kong) Limited on July 19, 2007.

The Liquidators can be reached at:

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


BALLY TOTAL: Court Sets Sept. 17 Plan Confirmation Hearing
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan set the hearing to consider confirmation of Bally
Total Fitness Holding Corporation and its debtor-affiliates'
Prepackaged Plan of Reorganization -- at which time the Court
will also consider the adequacy of the Disclosure Statement
describing that Plan -- on Sept. 17, 2007, at 10:00 a.m.  

Objections to the Disclosure Statement or confirmation of the
Plan are due Sept. 7, 2007, at 5:00 p.m.

The Court approved the Debtors' proposed confirmation notice and
rejection claims confirmation notice.

According to Judge Lifland, the Debtors are not required to mail
a copy of the Confirmation Notice to their current or former
customers and members, and that notice to current and former
customers or members will be provided by publication only.

The Debtors will publish the Confirmation Notice twice in each
of (a) the national edition of The Wall Street Journal and (b)
the USA Today, with the initial publication being at least 25
days prior to the Confirmation Hearing, with the subsequent
publication occurring approximately seven to 10 days after.

The Debtors' Solicitation Procedures, Solicitation Package
utilized in soliciting acceptances and rejections of the Plan,
and Ballot forms are approved in all respects.

Judge Lifland held that holders of Class 6-B-1 and Class 6-B-2
Claims are deemed to have rejected the Plan, and the Debtors
were not, and will not be, required to solicit the votes of the
holders of these Claims to accept or reject the Plan.

The record date for determining which non-Voting Creditors and
equity holders are entitled to receive the Confirmation Notice
is August 1, 2007.

Moreover, Judge Lifland ruled that the Debtors are not required
to file or provide any periodic operating reports pursuant to
the Bankruptcy Code, Bankruptcy Rules or Local Rules, except as
may be provided specifically in the Plan or order confirming the
Plan.  This requirement will be permanently waived if the Plan
is confirmed on or prior to October 16, 2007.  Instead, for each
month until the entry of a final decree or until the cases are
converted or dismissed, the Debtors will provide to the U.S.
Trustee an affidavit listing the disbursements made by each
Debtor, Judge Lifland said.

                        About Bally Total

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BALLY TOTAL: Gets Interim OK to Hire Kirkland as Counsel
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan gave Bally Total Fitness Holding Corporation and
its debtor-affiliates authority, on an interim basis, to employ
Kirkland & Ellis LLP as their special financing and conflicts
counsel, and special counsel in certain insurance coverage
disputes, effective as of July 31, 2007.

Marc D. Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, relates that
the Debtors need Kirkland & Ellis to render legal services
relating to their postpetition and exit financing; use of cash
collateral; certain insurance coverage disputes; and issues not
appropriately handled by Latham & Watkins, LLP, the Debtors'
lead counsel, because of actual or potential conflict of
interest.

Mr. Bassewitz relates that Kirkland & Ellis has extensive
experience and knowledge in the field of debtors' and creditors'
rights and business reorganizations, and extensive expertise
practicing before bankruptcy courts.  The firm also served as
counsel to the Debtors on a variety of financing, insurance
coverage and other discrete matters over the last several years,
including the preparation for postpetition financing in the
Chapter 11 Cases.

Kirkland & Ellis will be paid based on its hourly rates:

           Partners                US$500 - US$975
           Of Counsel              US$380 - US$870
           Associates              US$275 - US$595
           Paraprofessionals       US$120 - US$260

The firm will also be reimbursed for it's reasonable out-of-
pocket expenses.

These professionals will have primary responsibility for
providing services to the Debtors:

                                    Billing Rate
                                    ------------
          Linda K. Myers                  US$795
          James A. Stempel                US$775
          Michael P. Foradas              US$705
          Nader R. Boulos                 US$570
          Ross M. Kwasteniet              US$535
          Kathy Schumacher                US$495
          C. Michelle Mulkern             US$475
          William T. Pruitt               US$395
          Joshua M. Samis                 US$375

The Debtors advanced US$367,052 to Kirkland & Ellis in the 90
days prior to the Petition Date, which was either an advance
payment retainer or was utilized to replenish the firm's advance
payment retainer, Mr. Bassewitz says.  Pursuant to the terms of
the parties' engagement letter, the Retainer payments were
earned upon receipt, are property of the firm, and are not held
in a separate account.  As of the Petition Date, the amount of
Kirkland & Ellis' advance payment retainer is approximately
US$115,000.  During the one year prior to the Petition Date, the
firm received a total of US$651,705 in compensation to the
Debtors.   

Mr. Stempel, Esq., a partner at Kirkland & Ellis, assures the
Court that his firm is a "disinterested person," as that phrase
is defined in Section 101(14) of the Bankruptcy Code as modified
by Section 1107(b).

                        About Bally Total

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BENQ CORP: Denies Report on Design Center Spin Off
--------------------------------------------------
BenQ Corp has no plans to spin off its Lifestyle Design Center
in September when the company officially separates its brand and
OEM business units, Jerry Wang, the company's chief marketing
officer, told Digitimes.

Mr. Wang, according to the paper, made the remarks as response
to market reports stating that BenQ will spin off LDC in order
to reduce operating costs and that the company may eventually
set up a joint venture with Taiwan-based design house DEM.

Mr. Wang further clarified that BenQ has just agreed on a
cooperation with DEM on product development and will continue
that cooperation.  However, Mr. Wang stressed out, BenQ has no
plans to form a JV.

LDC currently has a team of over 50 design engineers working at
BenQ's offices in Taipei, Suzhou and Beijing, Daniel Shen of
Digitimes relates.


Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing    
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BEST LIAISON: Final Meeting Slated for Sept. 6
----------------------------------------------
Best Liaison Limited will have its final general meeting on
Sept. 6, 2007, at 9:30 a.m., at 44 Kennedy Road, in Hong Kong.

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


CHINA GLASS: Moody's Keeps B1 Ratings Following Bond Issue
----------------------------------------------------------
On August 9, 2007, Moody's Investors Service affirmed China
Glass Holdings Ltd's B1 corporate family rating and B1 senior
unsecured bond rating following the completion of the company's
5-year US$100 million bond issuance.  At the same time, Moody's
has removed both ratings from their provisional status.  The
ratings outlook is stable.

China Glass Holdings Ltd, publicly listed in Hong Kong, is the
second largest flat glass manufacturer in China in terms of
capacity, with 14 production lines across the country.  The flat
glass it produces is largely for use in the construction
industry.


CHINA RAILWAY: Wind-Up Petition Hearing Slated for September 19
---------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of China Railway Construction Corporation (HK)
Limited on Sept. 19, 2007, at 9:30 a.m.

The petition was filed by Lew Kee Jack on July 13, 2007.

Lew Kee's solicitor is:

         Richards Butler
         Alexandra House, 20th Floor
         No. 16-20 Chater Road, Central
         Hong Kong


FORBES INDUSTRIAL: Court to Hear Wind-Up Petition on August 15
--------------------------------------------------------------
On June 11, 2007, DEACONS filed a petition to wind up the
operations of Forbes Industrial Limited.

The petition will be heard before the High Court of Hong Kong on
August 15, 2007, at 9:30 a.m.

DEACONS can be reached at:

         Alexandra House, 5th Floor
         Chater Road, Central
         Hong Kong


FORECAST PUBLISHING: Wind-Up Petition Hearing Set for Aug. 29
-------------------------------------------------------------
A petition to wind up the operations of Forecast Publishing
Company Limited will be heard before the High Court of Hong Kong
on August 29, 2007, at 9:30 a.m.

Hantix Limited filed the petition against the company on
June 22, 2007.

Hantix Limited's solicitor is:

         W.K. To & Co.
         Wheelock House, 11th Floor
         20 Pedder Street, Central
         Hong Kong


FORTURINE INTERNATIONAL: Members Opt to Shut Down Firm
------------------------------------------------------
On July 25, 2007, the members of Forturine International Limited
passed a resolution to voluntarily wind up the company's
operations.

Betty Yuen Yeung and Paul David Stuart Moyes were appointed as
liquidators.

The Liquidators can be reached at:

         Betty Yuen Yeung
         Paul David Stuart Moyes
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


GUANGDONG DEV: Moody's Lifts Foreign Deposit Rating to Ba2
----------------------------------------------------------
On August 9, 2007, Moody's Investors Service upgraded Guangdong
Development Bank's bank financial strength rating from E+ to D-,
as well as its long-term foreign currency deposit rating from
Ba3 to Ba2.  The rating outlook is now stable.

"On April 16, 2007, Moody's had placed the bank's ratings on
review for possible upgrade in response to the considerable
progress in its restructuring and significant improvements in
its financial position, as well as the presence of strategic
investments from a Citigroup-led consortium," says May Yan, a
Moody's VP/Senior Credit Officer.

"Moody's has now concluded the review resulting in the rating
upgrades following the receipt and examination of GDB's audited
fiscal year 2006 financial statements.  This reinforces our view
of substantial improvements at the bank, especially in its
capital and non-performing loan (NPLs) position through
divestitures and write-offs," says Yan.  "At end-2006, GDB's NPL
ratio had fallen to 5.84% from 18.53% in 2003."

On the other hand, capital ratios for GDB are still low compared
to those of its Chinese peers and special mention loan ratios
also remain relatively high.  "Further positive rating actions
would require continued improvement in GDB's capital and asset
quality ratios."

"In addition, Moody's will look for evidence of strengthened
corporate governance and risk management that should underpin
improvements in operational efficiency, profitability and other
stand-alone financial performance metrics," says Yan. "Moody's
expects GDB to continue with its reforms, and we believe the
investment and management team from the Citigroup-led consortium
should help advance GDB's risk management and corporate
governance structure in the long-run."

According to Moody's joint default analysis (JDA), the deposit
rating of GDB incorporates three elements:

    (1) the bank's BFSR of D-,
    
    (2) Moody's assessment of a low probability of support from
        the Chinese central government, and
    
    (3) the supporter's A1 rating--China's local currency
        deposit ceiling of A1.

China is considered as a medium support country, and GDB is
viewed as having low systemic support due to its small market
share (<1%) and minimal importance to the system relative to the
large banks.  The incorporation of systemic support results in a
lift in its local currency deposit ratings from the bank's Ba3
baseline credit assessment derived from the BFSR.

Guangdong Development Bank, headquartered in Guangzhou, China is
a joint stock nationally licensed commercial bank.  As of end-
2006, the bank had total assets of CNY374.3 billion (US$48.1
billion).

The ratings affected are:

- BFSR upgraded from E+ to D-, with stable outlook

- Long-term foreign currency deposit rating upgraded from Ba3 to  
  Ba2, with stable outlook.


HUA CHIAO: Sets Members' General Meeting for Sept. 10
-----------------------------------------------------
The members of Hua Chiao Commercial Limited will meet on
Sept. 10, 2007, at 10:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The meeting will be held on the 18th Floor of Two International
Finance Centre at 8 Finance Street in Central, Hong Kong.


LOYAL CHOICE: Final General Meeting Set for Sept. 6
---------------------------------------------------
Loyal Choice Resources Limited will have its final general
meeting on Sept. 6, 2007, at 10:00 a.m., at 44 Kennedy Road,
Hong Kong.

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


PACICO INTERNATIONAL: Liquidators Quit Posts
--------------------------------------------
Lai Kar Yan, Derek and Darach E. Haughey ceased to act as
liquidators for Pacico International Limited on July 24, 2007.

The former Liquidators can be reached at:

         Lai Kar Yan, Derek
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


WINCARD ENGINEERING: Subject to Chevron's Wind-Up Petition
----------------------------------------------------------
Chevron Hong Kong Limited filed on July 10, 2007, a petition to
wind up the operations of Wincard Engineering Limited.

The petition will be heard before the High Court of Hong Kong on
Sept. 12, 2007, at 9:30 a.m.

Chevron's solicitor is:

         Lo, Wong & Tsui
         China Merchants Tower
         Suites 1706-1708, 17th Floor
         Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


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

AES CORP: Lehman Brothers Reaffirms Overweight Rating on Firm
-------------------------------------------------------------
Lehman Brothers analyst Gregg Orrill has reaffirmed his
"overweight" rating on The AES Corp's shares, Newratings.com
reports.

According to Newratings.com, the target price for AES' shares
was set at US$28.

Mr. Orrill said in a research note that AES's share price
dropped by 21% since July 19, 2007, due to concerns surrounding
additional restatement of financials and the project finance
markets.

Newratings.com relates that analysts consider the recent
weakness in AES' share price as "overdone."

AES restated its results to 2004 to indicate changes in
accounting of regulatory "amortization offsets" in Brazil and
revision in lease accounting, Newratings.com states, citing
Lehman Brothers.

                           About AES

AES Corp. -- http://www.aes.com/-- is a global power company.   
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORPORATION: Restates 2006 Results
--------------------------------------
The AES Corp. has restated its 2006 results and "changed the
accounting related to the sale" of its Venezuelan unit, Reuters
reports.

AES said in an amended 10-K annual filing with the U.S.
Securities and Exchange Commission that it lowered its 2006
earnings excluding special items by US$94 million, mainly by
moving its Venezuelan subsidiary to discontinued operations.

Reuters relates that including a restatement filed on
Aug. 6, 2007, which reduced earnings by 9 cents per share for
last year, AES is reporting 2006 earnings excluding special
items of 93 cents per share, down from US$1.14 per share
previously disclosed.

AES said in a quarterly 8-K filing with the Securities and
Exchange Commission that it reduced its net income to 30 cents
per diluted share from 39 cents.

According to Reuters, "earnings were hit by a US$57-million non-
cash charge related to accounting changes for its Brazilian
utility business" and for three power purchase accords in
Pakistan and the US.

Reuters notes that as part of President Hugo Chavez's drive to
nationalize Venezuela's electricity and telecommunications
firms, AES acquiesced early this year to sell its 82% stake in a
Venezuelan firm that included 2,600 of megawatt generation
capacity for US$740 million to the government of Venezuela.

AES previously restated its financial results for 2002 to 2005
due to weaknesses in its internal controls, Reuters states.

                            About AES

AES Corp. -- http://www.aes.com/-- is a global power company.   
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


BANK OF INDIA: Partners With Franklin Templeton Investments
-----------------------------------------------------------
Bank of India has tied up with Franklin Templeton Investments
(India) to distribute the latter's mutual fund products across
India.

Pursuant to a memorandum of understanding signed by the parties
on Aug. 2, 2007, the bank will offer the entire bouquet of
Franklin Templeton products through its branches.

The bank has been pursuing distribution of mutual fund products
as an important source of earning fee income, The Economic Times
says.  The bank even has existing tie ups with four mutual fund
companies, the news agency quotes BoI Executive Director K. R.
Kamath as saying.

Franklin Templeton is one of the largest private sector mutual
funds in India with over INR26,000 crore assets under
management, The Times relates.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds. It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans. The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operations in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                         *     *      *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


BANK OF INDIA: Gives Details on Private Placement
-------------------------------------------------
Bank of India disclosed with the Bombay Stock Exchange the
details of its private placement of Innovative Perpetual Debt
Instruments-Series I.  

   Amount: INR200 crore with a green shoe option of INR200 crore
   aggregating INR400 crore

   Issue Opening Date: July 16, 2007

   Issue of Closing Date: July 17, 2007

   Deemed date of Allotment: July 27, 2007

   Face Value per Bond: INR10,00,000 each

   Coupon Rate: 10.55% p.a. up to 10 years and 11.05% p.a. after
   10 years (if call option not exercised)

   Interest Payment Date: 1st April every year

   Tenure: Perpetual

   Put Option: NIL

   Call Option: After 10 years

   Listing: Wholesale debt market segment of National Stock
   Exchange of India Ltd.

CRISIL gave the instrument an AA+(stable) rating and ICRA gave
it an LAA (Positive) rating.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds. It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans. The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operations in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                         *     *      *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


BHARTI AIRTEL: Ties Up With Four Global IT Companies
----------------------------------------------------
Bharti Airtel Limited has tied up with four global IT firms --
Mobilitec, CoreMedia, Adamind and Apertio -- for its service
delivery platform that it is currently setting up in
collaboration with IBM, The Economic Times reports.

According to the news agency, Bharti will put in more than
US$100 million for the delivery platform, which it expects to be
fully operational by mid 2008.

The platform will enable Airtel able to offer all services
related to content, messaging and application through a single
platform to all its customers irrespective of whether they use
Airtel's mobile, landline or broadband services, Bharti Airtel's
group chief innovation and information officer Jai Menon.

"This is an open standards platform.  Since the platform is
common for all mobile, broadband and fixedlines, Bharti and IBM
can therefore distribute the content through multiple channels
such as SMS, MMS, WAP and Web," the news agency quoted Mr. Menon
as saying.

The management of the platform would be outsourced to IBM, The
Times adds.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 28,
2006, that Fitch Ratings affirmed Bharti Airtel Limited's long-
term foreign currency issuer default rating at BB+.  The outlook
on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


BHARTI AIRTEL: Unit to Launch Satellite TV Broadcast
----------------------------------------------------
Bharti Airtel Ltd's subsidiary, Bharti Telemedia, on Aug. 7,
2007 said it plans to launch the Direct To Home (Satellite TV
broadcast) services by the last quarter of FY 2007-08.  The
company has received the Letter of Intent for commencing its DTH
services from the Union Ministry of Information & Broadcasting.

Announcing the development, Manoj Kohli, President & CEO, of the
company said, "The launch of DTH services will add tremendously
to our existing bouquet of integrated telecom offerings.  We
will be deploying world-class technology and infrastructure to
offer the best in class DTH services to our customers."

The DTH services will be launched nationally by the company.
Towards this, the company is setting up state-of-art
infrastructure near Gurgaon (Haryana) for the purpose of
uplinking and broadcast.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 28,
2006, that Fitch Ratings affirmed Bharti Airtel Limited's long-
term foreign currency issuer default rating at BB+.  The outlook
on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


CANARA BANK: Sets Up 24x7 Call Centre; Launching Set This Month
---------------------------------------------------------------
Canara Bank will launch this month a 24x7 call centre to help
its customers access information related to their accounts and
as well as carry out transactions, the Press Trust of India
reports, citing Marketing and Customer Relationship Management
wing General Manager N. Somasundaram.

According to the report, 320 branches will initially have the
new facility.

The call centre is part of new products and value added services
that the bank has lined up.  Before the end of this month, the
bank would also launch Reverse Mortgage Process throughout the
country, the news agency relates.  Furthermore, the bank is
considering collaborations with financial and service sector
institutions, including several airlines enabling the bank
customers to purchase air tickets.  Among others, the bank is
eyeing entering into tie-ups with Kingfisher, Indian and Jet
Airways, Moneycontrol.com relates.

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

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


SUN MICROSYSTEMS: Restructuring Plan Aims to Cut Jobs
-----------------------------------------------------
Sun Microsystems Inc.'s Board of Directors approved Aug. 1,
2007, a plan to better align the company's resources with its
strategic business objectives, including reducing its workforce.

The company expects to incur total charges ranging from
US$100 million to US$150 million over the next several quarters
in connection with the restructuring plan, the majority of which
relate to cash severance costs and is expected to be incurred
in the first half of the fiscal year ended June 30, 2008.

Additionally, Sun Microsystems' Board amended the company
bylaws decreasing the number of board members to 10 from 11.

Sun Microsystems' results for the fiscal year ended June 30,
2007, showed net income of US$473 million, as compared with a
net loss of US$864 million for fiscal 2006.

For the full fiscal year, the company reported revenues of
US$13.87 billion, an increase of 6.2 percent over fiscal year
2006.  

At June 30, 2007, the company's unaudited consolidated balance
sheet showed US$15.8 million in total assets, US$8.6 million in
total liabilities, and US$7.2 million in total stockholders'
equity.

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

Sun Microsystems conducts business in 100 countries around the
globe, including Latin America: Chile, Colombia, Brazil,
Argentina, Mexico and Venezuela.

                         *     *     *

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


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

ALCATEL-LUCENT: Court Reverses US$1.5-Bln Microsoft MP3 Ruling
--------------------------------------------------------------
The Honorable Rudi M. Brewster of the U.S. District Court for
the Southern District of California overturned a February ruling
by a U.S. federal jury ordering Microsoft Corp. to pay around
US$1.52 billion in infringement damages to Alcatel-Lucent S.A.,
various reports say.

Judge Brewster ruled that Microsoft did not infringe one of the
two disputed MP3 patents, Bloomberg News reports.  

Judge Brewster also ruled that the other MP3 patent was co-owned
by Fraunhofer-Gesellschaft, which developed the format along
with Bell Labs and French electronics group Thomson, and
Microsoft had a valid license from the German group.  Judge
Brewster added that Alcatel-Lucent had to enjoin Fraunhofer-
Gesellschaft for its infringement suit for it to be valid in
court.

As reported in the TCR-Europe on Feb. 28, 2007, the federal jury
ordered Microsoft to pay around US$1.52 billion in infringement
damages to Alcatel-Lucent, ruling that the software giant
infringed two MP3 patents, which cover the encoding and decoding
of audio into the digital MP3 format.

Lucent Technologies Inc., which merged with Alcatel in 2006 to
form Alcatel-Lucent, filed 15 patent claims in 2003 against
Gateway Inc. and Dell Inc. for technology developed by Bell
Laboratories, its research arm, AP relates.  In April 2003,
Microsoft added itself to the list of defendants, saying the
patents were closely tied to its Windows operating system.  A
judge had dismissed the claims and scheduled six separate trials
for the remaining disputes.  The case in question went on trial
on Jan. 29.

Microsoft argued in court that Alcatel-Lucent's patents govern
its MP3 encoding and decoding tools, stressing that its MP3
software for Windows Media Player was licensed from Fraunhofer-
Gesellschaft, which developed the format along with Bell Labs
and French electronics group Thomson.

The federal jury had agreed on all Alcatel-Lucent's arguments
but reached an impasse on whether Microsoft had willfully
infringed on the Bell Labs patents, The Associated Press
reports.  

Brad Smith, Microsoft's general counsel, called the ruling "a
victory for consumers of digital music and a triumph for common
sense in the patent system," Bloomberg News relates.

Mary Ward, Alcatel-Lucent spokeswoman, told Bloomberg News that
the company will appeal the ruling.

"The reversal of the judge's own pre-trial and post-trial
rulings is shocking and disturbing," Ms. Ward told Bloomberg
News.  "The jury unanimously agreed with us.  We believe their
decision should stand."

                      About Microsoft Corp.

Headquartered in Redmond, Washington, Microsoft Corp. --
http://www.microsoft.com/-- develops, manufactures, licenses
and supports a range of software products for computing devices.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                          *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT: To Upgrade nTelos' Wireless Network
---------------------------------------------------
Alcatel-Lucent has signed a three-year contract to upgrade the
US-based code division multiple access operator nTelos' wireless
network, Cellular-News reports.

According to Cellular-News, the US$88.2-million agreement covers
equipment, services and software.  Alcatel-Lucent will provide
installation, engineering, training and technical support.  A
CDMA2000 1xEV-DO Revision A (Rev. A) technology will be
installed in nTelos markets in:

          -- Virginia,
          -- West Virginia,
          -- Kentucky,
          -- Ohio, and
          -- North Carolina.

The report says that Alcatel-Lucent will be the exclusive
provider of new code division multiple access technology in
nTelos' operations.

nTelos' Wireless Engineering and Operations Vice President Bobby
McAvoy commented to Cellular-News, "We have decided to upgrade
our networks using Alcatel-Lucent CDMA (code division multiple
access) technology based on their proven ability to deliver a 3G
solution that will transform our network to a next-generation
system, bringing the benefits of new, advanced services to our
customers and improving our operations."

Cellular News relates that Alcatel-Lucent will provide its
Internet Provider/Multiprotocol Label Switching software that
includes the Alcatel-Lucent 7750 Service Router and 7450
Ethernet Service Switch, to deploy an Internet protocol routing
and Internet Protocol Radio Access Network backhaul software.  

Alcatel-Lucent's Internet protocol-based software was created on
a single unified Internet protocol infrastructure.  It will
support multiple types of services to ensure subscriber quality
of experience for multimedia applications, Cellular-News states.   


Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable      
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                          *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


AVNET INC: Posts Fourth Quarter and Fiscal Year 2007 Results
------------------------------------------------------------
Avnet, Inc. recorded revenue of US$4.24 billion for fourth
quarter fiscal 2007, ended June 30, 2007, representing an
increase of 17.3% over fourth quarter fiscal 2006. Organic (pro
forma) revenue growth, as defined in the Non-GAAP Financial
Information section, was 4.0% over the prior year fourth
quarter.  Net income for fourth quarter fiscal 2007 was US$124.7
million, or US$0.81 per share on a diluted basis, as compared
with net income of US$58.8 million, or US$0.40 per share on a
diluted basis, for the fourth quarter last year.  Excluding
certain items noted below, net income was a record US$123.9
million, or US$0.81 per share on a diluted basis, representing a
42.4% and 37.3% increase, respectively, over the year-ago
period.  The Company's effective tax rate for the 2007 fiscal
year came in at approximately 33%, thereby positively impacting
its fourth quarter results by roughly US$0.02 per share.

Operating income for fourth quarter fiscal 2007 was US$196.9
million, up 35.8% as compared with operating income of US$145.0
million in the year ago quarter.  Excluding certain items in
both periods as noted below, operating income increased 29.0%
over the prior-year quarter to a record US$195.8 million.
Operating income as a percent of sales, excluding certain items
in both periods, was 4.6%, up 42 basis points from last year's
fourth quarter, with both operating groups performing within
their targeted range for the second consecutive quarter.

Roy Vallee, Chairman and Chief Executive Officer, commented,
"Our fourth quarter results continued to demonstrate the
operating leverage in our business model as strong execution in
both operating groups resulted in record setting performances.
Record revenue and operating income combined with strong asset
velocity drove return on capital employed above our 12.5%
target.  I am very pleased with our fourth quarter results and
the consistent improvement in our key financial metrics."

Revenue of US$15.68 billion for fiscal 2007, also a record, was
up 10.0% over fiscal 2006 revenue of US$14.25 billion.  Organic
revenue growth, as defined in the Non-GAAP Financial Information
section, was up 5.7% over the prior year.  Net income for fiscal
2007 was US$393.1 million, or US$2.63 per share on a diluted
basis, as compared with net income of US$204.5 million, or
US$1.39 per share on a diluted basis, in fiscal 2006.  Excluding
certain items, net income and diluted earnings per share for
fiscal 2007 were up 50.1% and 47.6% to a record US$413.1 million
and US$2.76, respectively, as compared with fiscal 2006.

Including certain items, fiscal 2007 operating income grew 56.6%
to US$678.3 million as compared with fiscal 2006 operating
income of US$433.1 million.  Excluding those items in both
fiscal years, operating income grew 36.3% year over year to
US$685.6 million and operating income as a percent of sales was
4.4%, an increase of 84 basis points over fiscal year 2006
operating income margin of 3.5%.  This represents the fifth
consecutive year of year over year growth in both operating
income and operating income margin.

Mr. Vallee further commented, "Fiscal 2007 was another example
of the impact that our value based management initiatives have
had on our business operations as operating income grew more
than three times faster than revenue.  While growth in our end
markets slowed this year, our global team stayed focused and
executed well on the things we can control.  As a result, we
were able to deliver consistent improvement in our financial
metrics over each of the past four quarters.  I would like to
congratulate and thank Avnet employees around the world for
achieving all of our key financial targets including operating
margin, working capital velocity and return metrics
simultaneously."

                Certain Items Impacting Results

The results for the fourth quarter and fiscal year of fiscal
2007 and 2006 include certain items as described herein, the
mention of which management believes is useful to investors when
comparing operating performance with prior periods.  More detail
on the reasons for providing this information are set forth in
the Non-GAAP Financial Information section which appears below
in this press release.  The items affecting the current fourth
quarter and fiscal year are described below and the items
affecting the prior year quarter and fiscal year are described
later in this press release.

             Fourth Quarter and Fiscal Year 2007:

   -- Restructuring, integration and other items amounted to a
      pre-tax benefit in the fourth quarter of US$1.2 million,
      which consisted of (i) a prior year acquisition-related
      benefit of US$12.5 million, net of (ii) restructuring,
      integration and other charges of US$11.3 million related
      to further cost-reduction initiatives across the Company
      as well as Access integration-related costs.  Pre-tax
      restructuring, integration and other items for the fiscal
      year ended 2007 amounted to US$7.4 million and consisted
      of US$19.9 million of restructuring, integration and other
      charges, net of the acquisition-related benefit of US$12.5
      million.


   -- Gain on sale of business lines for the fiscal year ended
      2007 resulted from the receipt of contingent purchase   
      price proceeds related to the prior year divestitures of
      the Technology Solutions' single tier businesses in the
      Americas.

  -- Debt extinguishment costs for the fiscal year ended 2007
     related to the Company's election to redeem all of its
     outstanding 9 3/4% Notes due February 15, 2008 during the
     first quarter.

                    Operating Group Results

Electronics Marketing sales of US$2.47 billion in the fourth
quarter fiscal 2007 were up 0.8% year over year and 1.3%
adjusted for a divestiture in the prior year quarter. EM sales
in the EMEA and Asia regions increased 0.6% and 7.3%,
respectively, year over year while the Americas decreased 3.4%.
Excluding the impact of foreign currency translation and
adjusted for divestitures, year over year revenue at EM EMEA was
down 4.6%.  EM operating income of US$143.6 million for fourth
quarter fiscal 2007 was up 6.5% over the prior year fourth
quarter operating income of US$134.9 million and operating
income margin of 5.8% was up 31 basis points over the prior year
quarter, representing the sixth consecutive quarter of operating
margin in excess of 5.0%.

Mr. Vallee added, "EM closed out the fiscal year with another
quarter of consistent progress toward our long-term financial
goals.  Through continuous process improvement and further
collaboration with our trading partners, EM was able to reduce
inventory by US$48 million sequentially which resulted in record
working capital velocity and a five day reduction in its cash
cycle from the fourth quarter of fiscal 2006.  Combined with
growth in operating income, return on working capital increased
258 basis points, nearing our goal of 30%."

Technology Solutions sales of US$1.77 billion in the fourth
quarter fiscal 2007 were up 52.1% year over year on a reported
basis and up 8.0% on a pro forma basis, as defined in the Non-
GAAP Financial Information section.  On a pro forma basis,
fourth quarter fiscal 2007 sales in Asia and EMEA were up 115.0%
and 20.9%, respectively, year over year while sales in the
Americas were down 0.9%.  TS operating income was US$68.7
million in the fourth quarter fiscal 2007, a 70.5% increase as
compared with fourth quarter fiscal 2006 operating income of
US$40.3 million, and operating income margin of 3.9% increased
by 42 basis points over the prior year fourth quarter, benefited
by the change to net revenue treatment of the sales of supplier
service contracts.

Mr. Vallee further added, "We are encouraged by the fiscal year
2007 growth in our enterprise computer product business, the
largest business unit within TS, as reported revenue grew 31.7%
to nearly US$4.5 billion, with pro forma year over year growth
of 6.1%.  With the integration of Access Distribution complete
at the end of June, we now look forward to completing the
recently announced acquisition of the Magirus enterprise
computer business in Europe by early October.  Magirus will
significantly increase our presence in two of the largest
European IT markets, Germany and UK, while expanding our
existing operations in six additional countries.  TS is becoming
the leading pan-European value added distributor with unique
scale and scope advantages that further differentiate the value
we can deliver to our customers and suppliers."

                            Cash Flow

During the fourth quarter of fiscal 2007, the Company generated
US$297 million of free cash flow, and US$746 million for the
fiscal year, excluding cash used for acquisitions.  As a result,
the Company ended the quarter with US$557 million of cash and
cash equivalents and net debt of US$652 million.

Ray Sadowski, Chief Financial Officer, stated, "Our cash
generation over the past year is further validation of what the
focus on return on capital can mean to our business model.  
While growth moderated in our end markets, we were able to
generate a significant amount of cash with over 80% coming from
profits and the remainder from working capital efficiencies.
This performance allowed us to reduce net debt and net interest
expense while paying for the Access acquisition without
impairing our investment grade credit statistics.  We are well
positioned to finance the Magirus acquisition with cash on hand
and still maintain substantial flexibility to pursue additional
growth opportunities."

                             Outlook

For Avnet's first quarter fiscal 2008, management expects sales
at EM to be in the range of US$2.40 billion to US$2.50 billion
and anticipates sales for TS to be between US$1.60 billion to
US$1.70 billion.  Therefore, Avnet's consolidated sales are
forecasted to be US$4.0 billion to US$4.2 billion for the first
quarter of fiscal 2008.  As a result, management expects the
first quarter earnings to be in the range of US$0.65 to US$0.69
per share, up 18% - 25% as compared with last year's first
quarter.  First quarter guidance includes approximately US$0.04
per share related to the expensing of stock-based compensation
as compared with US$0.02 per share in the fourth quarter fiscal
2007.  In addition, full year fiscal 2008 earnings per share are
currently expected to grow approximately 15% - 20% as compared
with US$2.76 in fiscal 2007, excluding certain items and the
impact of acquisitions not yet completed.

Sequentially, as compared with the fourth quarter fiscal 2007,
earnings per share for the first quarter of fiscal 2008 will be
negatively impacted by the year end effective tax rate true up
affecting the fourth quarter as noted above, and by normal
seasonality which now includes the effect of the Access business
which has a particularly strong June quarter coinciding with its
largest supplier's fiscal year end.

                            About Avnet

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

                          *     *     *

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


CA INC: Earns US$129 Million in First Quarter Ended June 30
-----------------------------------------------------------
CA Inc. recorded net income of US$129 million for the first
quarter ended June 30, 2007, compared to US$35 million in the
prior year period.

Total revenue for the first quarter was US$1 billion, an
increase of 8%,compared to the US$949 million reported in the
comparable prior year period.  Aside from the gains attributed
to currency, the increase in revenue primarily came from growth
in subscription revenue and professional services.  The increase
was partially offset by decreases in software fees and other
revenue, and revenue from maintenance and financing fees as CA
continues to transition from its prior business model.

                 Liquidity and Capital Resources

The company's cash balances, including cash equivalents and
marketable securities, are held in numerous locations throughout
the world, with about 70% residing outside the United States at
June 30, 2007.  Cash and cash equivalents totaled US$1.73
billion at June 30, 2007, representing a decline of US$546
million from the March 31, 2007 balance of US$2.28 billion.  The
primary reason for the decline was the US$500 million
Accelerated Share Repurchase program executed in June 2007.

For the first quarter of fiscal year 2008, CA reported negative
cash flow from operations of US$13 million, compared to negative
US$46 million in cash flow from operations in the first quarter
of fiscal year 2007.

As of June 30, 2007, the company had total assets of
US$10.1 billion, total liabilities of US$6.7 billion, and total
stockholders' equity of US$3.3 billion.

A full-text copy of the company's quarter report is available
for free at http://ResearchArchives.com/t/s?221c

               Accelerated Share Repurchase Program

The company has repurchased about 16.9 million common shares, or
3% of its outstanding common shares, at a cost of about
US$435 million.

The repurchase was executed under an accelerated share
repurchase agreement with a third-party financial institution
and was funded with existing cash.  The company is authorized to
repurchase up to US$500 million in common shares under the ASR
agreement.  The ASR is part of the company's previously
announced US$2 billion share repurchase plan.

The ASR provides CA with immediate delivery of the common
shares.  The third-party financial institution is expected to
purchase an equivalent number of common shares in the open
market during the term of agreement.  The initial price of the
accelerated share repurchase is subject to an adjustment based
on the volume weighted average price of CA's common shares
during this period.  As a result, the company may receive
additional common shares at the termination of the program.  The
program is expected to terminate on or before Dec. 6, 2007.  The
company does not plan to make additional share repurchases
during this period.

                  Outlook for Fiscal Year 2008

The company updated its fiscal 2008 annual outlook:

  -- total revenue in the range of US$4 billion to US$4.1
     billion or 3% to 4% growth in constant currency, as
     previously stated;

  -- an increase in the high end of the range for earnings per
     share from continuing operations from US$0.75 to US$0.79
     to US$0.75 to US$0.81 per share; and

  -- full-year cash flow from operations in the range of
     US$1 billion to US$1.1 billion, as previously stated.

The company anticipates about 514 million actual shares
outstanding at fiscal year-end and a weighted average diluted
share count of about 543 million shares for the fiscal year.

                         About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Asia-Pacific, the company has
operations in Indonesia, Australia, China, Japan, Hong Kong,
India, Philippines and Thailand.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Jun 08,
2007, that Standard & Poor's Rating Services affirmed its 'BB'
corporate credit and senior unsecured debt ratings on Islandia,
New York-based CA Inc.

At the same time, S&P revised the outlook to stable from
negative.

On Feb. 7, 2007, Moody's Investors Service commented that it is
maintaining the negative outlook for CA Inc. following the
company's fiscal third quarter 2007 earnings reported yesterday
evening.

TCR-AP noted that "CA's fiscal third quarter results provide
evidence of its bookings and billings growth, reversing previous
negative trends" commented John Moore, VP/Senior Analyst.  
"Moody's is monitoring CA's negative rating outlook pending
further evidence of organic business growth" Moore added.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%


EXCELCOMINDO PRATAMA: Awards Expansion Contract to Ericsson
-----------------------------------------------------------
PT Excelcomindo Pratama Tbk has awarded Ericsson a three-and-a-
half-year contract to expand its 2G and 3G cellular networks in
Indonesia, The Edge Daily reports.

According to the report, Ericsson will supply both 2G and 3G
radio access networks and Mini-Link transmission equipment to
Excelcomindo for its expansion in Indonesia besides the
deployment of its mobile softswitch solution.

Under the contract, Ericsson would expand XL's global system for
mobile communications, general packet radio service, wideband
code division multiple access and high-speed packet access in
Indonesia, the report relates.

The Daily says that Ericsson will also supply the deployment of
its mobile softswitch solution and provides network and
technology consulting, such as network performance improvement
to Excelcomindo.
                    About Excelcomindo Pratama

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

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 24,
2007, that Fitch Ratings has affirmed PT Excelcomindo Pratama
Tbk's Long- term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch has affirmed the 'BB-' rating on its senior
unsecured notes programme.

A Feb. 7, 2007 report by the TCR-AP stated that Moody's
Investors Service revised the outlook to positive from stable on
Excelcomindo Finance Company B.V.'s Ba3 foreign currency senior
unsecured bond rating.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.  This
rating action follows Moody's decision to revise the rating
outlook on Indonesia's Ba3 foreign currency sovereign ceiling to
positive.  At the same time, Moody's affirmed the Ba2 local
currency corporate family rating of Excelcomindo Pratama.  The
outlook for the rating remains stable.


FOSTER WHEELER: Will Supply Fluidized-Bed Boiler to Jyvaskylan
--------------------------------------------------------------
Foster Wheeler Ltd. disclosed that a subsidiary of its Global
Power Group has been awarded a contract for a 200-MWe (gross
megawatt electric) circulating fluidized-bed steam generator by
Jyvaskylan Energia Oy.  The boiler would be built as a part of a
greenfield power plant project in the city of Jyvaskyla in
central Finland.

Foster Wheeler has received a full notice to proceed on this
contract, which will be included in Foster Wheeler's third-
quarter 2007 bookings.  The terms of the contract were not
disclosed.

Foster Wheeler will design and supply the CFB boiler and
auxiliary equipment and will also carry out the erection and
commissioning of the boiler island.  The planned power plant
will be a combined heat and power plant fueled by milled peat
and biomass (mostly logging chips).  It will be located at
Keljonlahti by Lake Paijanne about five kilometers south of
Jyvaskyla city center.  The plant will produce up to 200 MW of
electricity and up to 240 MW of district heat to the city of
Jyvaskyla.  Commercial operation is scheduled for the spring of
2010.

"This is a very important project for us," said James E. Stone,
president and chief executive officer of Foster Wheeler Power
Group Europe.  "We are very pleased with this award which
confirms Jyvaskyla Energia's confidence in our CFB technology
and our project execution capabilities."

"We selected Foster Wheeler for this important project for its
outstanding technology," said Juha Lappalainen, chief executive
officer of Jyvaskylan Energia Oy.  "We were also able to improve
our economics with features provided by the selected CFB
technology and innovative tail end heat recovery.  I am sure we
all will have a successful project."

                     About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of     
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                  Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


PERTAMINA: Signs US$3.77-Billion Gas Supply Contract
----------------------------------------------------
PT Pertamina (Persero), together with Canadian oil company Husky
Oil Ltd. and PT Medco Exploration and Production, signed a
US$3.77 billion contract to provide gas to distributors and
industrial users, The Jakarta Post reports.

Citing BPMigas Chairman Kardaya Warnika, the report says the
joint venture would help overcome the acute gas shortages that
have hit many industries in West and East Java,.

Eddy Purwanto, the deputy chairman of the agency, said Husky,
Pertamina and Medco would deliver up to 934.9 trillion British
thermal units of gas to a number of industrial players in West
and East Java, in contracts that would last between four months
and 20 years, the report relates.

The report says that under the contracts, Pertamina will supply
gas to several factories including fertilizer producer PT Pupuk
Kujang in West Java and steel company PT Krakatau Steel in
Banten.  It will also deliver gas to state-owned power firm PLN
to fire up its power plants in Gresik, East Java, in a six-year
contract.

Irwan Darmadi, Pertamina EP marketing manager for oil and gas,
said that the gas would be supplied from its Subang and Elbaragi
blocks in West Java, with a price between US$3.70 and US$5 per
million British thermal units, The Post notes.

The report adds that with the continued increase in oil prices,
many major companies have turned to gas in order to reduce
operating costs.

                     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.


PERTAMINA: To Restart Production at Balongan Refinery
-----------------------------------------------------
PT Pertamina (Persero) will try to restart its 125,000 barrel-
per-day Balongan refinery in West Java after shutting it down
earlier due to a strong earthquake that affected its power
supply, Reuters News reports.

According to the report, Pertamina still has sufficient domestic
stocks, with no plans to import additional gasoline.

Ari Sumarno, Pertamina president director, said that it has to
shutdown the Balongan plant, which is a key refinery that
supplies oil products to the densely populated West Java Island,
since the refinery's power plant was affected by the earthquake,
and the firm did not want to take any risks.

A powerful earthquake, with a magnitude of 7.5, struck just
after midnight at a coastal area in Indonesia's West Java.

This was not the first time that the Balongan refinery's
operation was halted.  The Troubled Company Reporter - Asia
Pacific reported on March 21, 2006, that Pertamina restarted its
Balongan refinery after suffering an electrical fault.  Also on
Jan 9, 2006, TCR-AP recounts that Pertamina will shut down its
Balongan refinery for 20 days due to maintenance reasons.

                      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.


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

DELPHI CORP: Attains Tentative Accord with IUE-CWA & GM
-------------------------------------------------------
Delphi Corp. continues to make significant progress on its
transformation initiatives and has signed a Memorandum of
Understanding with four additional unions representing certain
U.S. hourly employees.  The company reached tentative pacts with
the IUE-CWA (International Union of Electronic, Electrical,
Salaried, Machine and Furniture Workers-Communications Workers
of America), International Association of Machinists,
Brotherhood of Electrical Workers, International Union of
Operating Engineers and General Motors covering workforce
transition, legacy pension items as well as other comprehensive
transformational matters.  The agreements are subject to union
ratification and approval by the U.S. Bankruptcy Court.

"This series of tentative labor agreements demonstrates Delphi's
continued commitment to achieving a consensual resolution with
all parties in its Chapter 11 cases," John Sheehan, Delphi's
chief restructuring officer, said.  "We believe these
agreements, if ratified, provide additional traction towards our
emergence."

Delphi will not comment on the details of the tentative
agreements, pending ratification by the respective unions.

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

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


FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.9 Billion
---------------------------------------------------------------
Ford Motor Company reported financial results for the quarter
ended June 30, 2007.  At June 30, 2007, the company's balance
sheet showed total assets of US$279.2 billion, total liabilities
of US$279.9 billion, and minority interests of US$1.2 billion,
resulting in a US$1.9 billion stockholders' deficit.

The company reported US$750 million net income of
US$44.2 billion total sales for the quarter ended June 30, 2007,
compared with US$317 million net loss of US$41.8 billion total
sales for the same quarter last year.

At June 30, 2007, Ford's Automotive sector had total debt of
about US$30 billion, unchanged from Dec. 31, 2006.  At June 30,
2007, the company's Automotive sector had net cash of US$7.4
billion, compared with US$3.9 billion at the end of 2006.

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 on July 30, 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.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


HERBALIFE LTD: Lehman Bros. Maintains Overweight Rating on Firm
---------------------------------------------------------------
Lehman Brothers analyst Michael Lasser has kept his "overweight"
rating on Herbalife Ltd's shares, Newratings.com reports.

Newratings.com relates that the target price for Herbalife's
shares was increased to US$51 from US$49.

Mr. Lasser said in a research note that Herbalife reported
strong second quarter 2007 results, with net sales and earnings
per share ahead of the estimates.

Mr. Lasser told Newratings.com that Herbalife repurchased 3.5
million shares for US$139 million in the second quarter 2007.

Herbalife increased its earnings per share guidance for 2007 to
US$2.61 from US$2.49.  The earnings per share estimates for 2007
and 2008 were raised to US$2.60 from US$2.55 and to US$2.99 from
US$2.85, respectively, Newratings.com states.

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.


NOVA CORP: BNP Paribas Acquires 11.5% Stake
-------------------------------------------
BNP Paribas has acquired an 11.85% stake in Nova Corp., becoming
the largest stakeholder in the beleaguered language school next
to the company's president, Japan Today reports.

According to the report, the Paris-based group acquired the
stake for "investment purposes."

Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/    
-- is primarily engaged in the operation of language schools.  
The Company has seven subsidiaries and two associated companies.  
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.  

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.

On June 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp from selling long-term contracts for
language schools starting June 14, 2007, for lying to customers
about its services.


SOFTBANK CORP: Posts JPY25-Billion Net Income for 2007 1st Qtr
--------------------------------------------------------------
Softbank Corporation's operating income for the first quarter
ended June 30, 2007, surged 44.9% to JPY78.7 billion from the
JPY54.4-billion operating income recorded for the same period
last year, with its mobile communications segment contributing
JPY43.5 billion.

Net sales ascended 34.2% to JPY663.1 billion, or a difference of
JPY168.9 billion from the JPY494.2 billion posted for the same
period in 2006.  The increase in sales is due to the increase of
its mobile communications division in which Softbank's
subscribers for the first period amounted to 16,440,500, or an
increase of 1.2 million year-on-year.

Net income for the 2007 first quarter increased JPY23.7 billion  
to JPY25.1 billion from the JPY1.42 billion recorded for the
2006 first quarter.

For the three-month period ended June 30, 2007, basic net income
per share amounted to JPY23.8 compared to last year's JPY1.3.  
While diluted net income per share rose to JPY22.4 compared to
the same period last year's JPY0.9.

                      About Softbank

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese  
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was
JPY163.3 billion.

                          *     *     *

Troubled Company Reporter-Asia Pacific reported on June 7, 2007
that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.  
The outlook for the long-term credit rating is stable.

According to the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone K.
K.

On Feb. 12, 2007, the TCR-AP reported that Softbank Corp.'s net
profit slipped 66% to JPY7.4 billion in the 2006 third quarter
because of higher taxes and declines in extraordinary income.   
The company's revenue more than doubled to JPY702.1 billion in
the 2006 third quarter from JPY287.5 billion in the same period
the previous fiscal year.


SOFTBANK CORP: Shares Rise After Posting Higher Net Income
----------------------------------------------------------
Shares of Softbank Corp. escalated after the company posted its
JPY25.1 billion net income for the first three months ended
June 30, 2007, which figure was higher compared with the
previous year's JPY1.42 billion net income, Masaki Kondo writes
for Bloomberg News.

According to Mr. Kondo, stocks climbed 3.9% to JPY2,655 on the
Tokyo Stock Exchange as of 9:54 a.m. on August 9, 2007.

Softbank spurred price competition by introducing Japan's
lowest-price plan of JPY980 a month which was able to lure more
customers than bigger rivals NTT DoCoMo Inc. and KDDI Corp. in
the first quarter, relates Mr. Kondo.

The company's mobile communications division contributed JPY43.5
billion of its JPY78.7 billion operating income for the first
quarter, according to a Troubled Company Reporter-Asia Pacific
report on August 10, 2007.

                         About Softbank

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese  
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3
billion.

                          *     *     *

Troubled Company Reporter-Asia Pacific reported on June 7, 2007
that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.  
The outlook for the long-term credit rating is stable.

According to the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone K.
K.

On Feb. 12, 2007, the TCR-AP reported that Softbank Corp.'s net
profit slipped 66% to JPY7.4 billion in the 2006 third quarter
because of higher taxes and declines in extraordinary income.   
The company's revenue more than doubled to JPY702.1 billion in
the 2006 third quarter from JPY287.5 billion in the same period
the previous fiscal year.


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

NOVELIS INC: Inks Supply Deal with Rexam for US$1 Billion
---------------------------------------------------------
Novelis Inc. has signed a multi-year supply agreement with the
South American operations of Rexam PLC, one of the world's
leading consumer packaging groups and the No. 1 beverage can
maker.

Under the terms of the agreement, valued at approximately
US$1 billion, Novelis will be the lead supplier of aluminum can
sheet for Rexam plants throughout Brazil, Argentina and Chile.

The long-term agreement consolidates Novelis' business with one
of its largest customers in an important market sector and
provides supply assurance for Rexam in South America.

"Rexam is an important global customer for Novelis," said Martha
Brooks, President and Chief Operating Officer of Novelis Inc.
"This agreement to supply the growing South American markets
further strengthens our long-standing relationship with Rexam
and signifies our commitment to be the global leader in high-
value aluminum rolled products."

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional      
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Jun 26, 2007,
that Standard & Poor's Ratings Services assigned its 'BB' debt
rating, with a recovery rating of '2', to Novelis Inc.'s US$860
million secured term loan due 2014.  The '2' recovery rating
indicates an expectation of substantial (70%-90%) recovery in
the event of default.  Proceeds from the borrowings will be used
to refinance existing bank loans, which are being repaid in the
wake of the company's acquisition by Hindalco Industries Ltd.

The long-term corporate credit rating on Novelis is 'BB-'.  The
outlook is negative.  After giving effect to the proposed
refinancing, the company will have about US$2.9 billion of pro
forma fully adjusted debt at March 31, 2007.


On Feb. 16, 2007, Fitch Ratings placed the Issuer Default
Ratings or IDR of 'B' for Novelis Inc. and its subsidiary
Novelis Corp. on Rating Watch Negative. The company's senior
secured bank debt ratings and senior unsecured debt ratings that
were affirmed are:

Novelis Inc.

  -- Senior secured revolver and term loan at 'BB/
     Recovery Rating (RR) 1'; and

  -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

  -- Senior secured revolver and term loan B at 'BB/RR1'.


TEXCELL-NETCOM: Converts Eighth Convertible Bonds to Shares
-----------------------------------------------------------
Texcell-Netcom Co. Ltd.'s eighth convertible bonds have been
converted for 151,870 common shares of the company, Reuters
reports.

According to the report, the conversion price of the bond is KRW
1,120 per share, which brings the total number of the company's
outstanding common shares to 36,420,035.

The confirmed listing date of the new shares is August 14, 2007,
the report adds.

With headquarters in Seoul, Korea, Texcell-Netcom Co., Ltd.
-- http://www.texcell-netcom.co.kr/eng/-- provides network   
solution and electric parts.  The company has two main
businesses: Network Solution business, which designs and
constructs network systems, and Relay business, which provides
power relays used in televisions (TVs), refrigerators, washing
machines, monitors, office automation machines, vending machines
and boilers and telecom relays used in computer modems and other
communication equipment.

Korea Ratings placed a B+ rating on the company's unsecured
convertible bonds on Dec. 7, 2006.


TOWER AUTOMOTIVE: Appoints Mark Malcolm as CEO & President
----------------------------------------------------------
Tower Automotive has named Mark Malcolm President and Chief
Executive Officer, effective immediately.  Mr. Malcolm succeeds
Kathleen Ligocki who is leaving the company.

Earlier this week Tower announced that on July 31, it closed the
sale of substantially all of its assets to an affiliate of
Cerberus Capital Management.  The sale was approved by the U.S.
Bankruptcy Court for the Southern District of New York on July
11 as part of the company's Reorganization Plan.

Mr. Malcolm joins Tower from Cerberus, where he has been serving
as a lead automotive consultant for the past 18 months,
including considerable involvement with Tower for the past year.  
He also served on the Board of the Traxis Group, which includes
the Blue Bird school bus company.  Prior to joining Cerberus,
Mr. Malcolm spent 28 years with Ford Motor Co. in a variety of
senior financial positions.

"The efforts and accomplishments of the Tower team around the
globe to emerge from bankruptcy provide justifiable optimism for
our future," said Mr. Malcolm.  "The auto business is and will
remain very competitive.  There is always more to do, but Tower
is prepared and determined to compete for customer business and
profitable growth around the world.

"I have tremendous respect for Kathleen Ligocki," added
Mr. Malcolm.  "Her leadership was instrumental in steering the
company through bankruptcy and positioning it for the future."

Said Mr. Ligocki, "I am proud of Tower's accomplishments and
grateful for the support of our colleagues, customers, and
suppliers these past four years.  Mark is an excellent choice to
lead the company.  I wish Mark and all the Tower colleagues well
as they now face the global marketplace as part of a much
stronger company."

In his most recent assignment with Ford, Mr. Malcolm was
Executive Vice President and Controller of Ford Motor Credit.  
From 2002 to 2004, he was Director of Finance & Strategy for
Ford Global Purchasing.  Prior to that, he was Director of
Worldwide Accounting for Ford, CFO of Visteon and head of
Finance for Ford's Vehicle Operations, including its stamping
business.

Mr. Malcolm resides in Plymouth, Mich., with his wife Patty and
two daughters.  He is active in the community and serves on the
Plymouth Downtown Development Authority.

                      About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and   
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.  
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.  The hearing to
consider confirmation of the Debtors' Amended Plan is set
for July 11, 2007.  (Tower Automotive Bankruptcy News, Issue No.
69; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000  )


* Structural Problems Limit Long-Term Growth Rate, S&P Says
-----------------------------------------------------------
The Korean economy is expected to grow 4.5% in 2007 following
5.0% growth in 2006.  Though sentiment on Korea's macroeconomy
is becoming bullish, structural problems remain that could
hamper medium-to-long term growth, according to a report
published today by Standard & Poor's Ratings Services entitled
"Korea's Near-Term Economic Prospects Improving, But Structural
Problems Remain".

"A phenomenon of Korea's economy in recent years has been its
weak capital formation," said Standard & Poor's credit analyst
Takahira Ogawa.  "One of the reasons for such low investment
growth is that many profitable exporting companies, which are
often large entities involved in automobiles and electronics,
are diversifying their production sites globally.  On the
other hand, a number of Korea's SMEs lack global
competitiveness, with low profits and weak financial strength."

As a result, Korea's growth engines in recent years have been
exports and domestic consumption.  Despite the strength of the
Korean won against major currencies, particularly the Japanese
yen, exports recorded double-digit growth in the first half of
2007, thanks to the robust global economy.

On the domestic front, Korea has witnessed a boom in property
prices.  While the government's implementation of various
measures to cool down the heat of speculation has started to
work, speculation on property is increasing the household
sector's indebtedness.  This complicates the Bank of Korea's
handling of monetary policy and the government's anti-
speculation measures.

In such circumstances, BOK decided to increase its policy rate
by 0.25% to 4.75% on July 12, 2007, to prevent future increases
of inflation.  At this stage, this has not had a significant
negative effect on household debt payments, but problems could
arise if the BOK is forced to further increase interest rates in
the future.

"An increasing inflow of funds is another potential risk to the
financial sector," Mr. Ogawa said. "The risks, if realized,
could increase the volatility of Korea's economic growth and the
profitability and financial strength of the individual financial
institutions, but they won't be strong enough to undermine the
stability of the Korean financial system going forward."


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

FOAMEX INT'L: Appoints Robert Larney as Chief Financial Officer
---------------------------------------------------------------
Foamex International Inc. has named Robert M. Larney as
Executive Vice President and Chief Financial Officer, effective
Aug. 13, 2007, reporting to Jack Johnson, Chief Executive
Officer of Foamex.

"We're pleased to welcome Bob to Foamex," stated Mr. Johnson.  
"With more than two decades of experience, Bob brings extensive
financial and operational expertise to Foamex, having served as
a senior executive at many well-respected manufacturing
companies.  I am confident that he will be a positive addition
to our management team and he will be instrumental in helping
Foamex's goals of increasing free cash flow generation and
improving operating efficiencies."

Mr. Larney has extensive financial and operational experience,
including profitability and efficiency improvement initiatives,
cash flow generation strategies and business risk management.  
Most recently, he was Executive Vice President and Chief
Financial Officer, Business Group America of Rieter Automotive
Systems, a division of Rieter Group with more than US$500
million in sales.  While at Rieter, Mr. Larney helped to
establish the company's strategic direction, organizational
structure, and manufacturing footprint.  From 2000 to 2004, Mr.
Larney served as Vice President and Chief Financial Officer of
Magee Rieter Automotive Systems.  Prior to that, Mr. Larney was
Chief Financial Officer of Lutron Electronics from 1996 to 2000.  
From 1986 to 1996, Mr. Larney worked at Ingersoll-Rand Company
in positions of increasing responsibility, concluding his tenure
there as Treasurer of Ingersoll-Rand Canada and Japan.  Prior to
his experience with Ingersoll-Rand Company, Mr. Larney held a
number of positions in operational control and administration.

Mr. Larney is a Certified Public Accountant and a Six Sigma
Green Belt.  He received an M.B.A. in finance from LaSalle
University and a B.B.A. in accounting from the Wharton School of
the University of Pennsylvania.

Mr. Johnson also added, "I would like to thank Steven Markert,
who served as Interim CFO these past eight months.  We
appreciate his contributions to the Company during this
transitional period and wish him well in his future endeavors."

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of  
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.

The Company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.  
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.  
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, Foamex International Inc. recorded total assets of
US$578.6 million and total liabilities of US$850.6 million,
resulting in a total stockholders' deficit of US$272 million as
of March 31, 2007.

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on Linwood, Penn.-based Foamex L.P. to
'B' from 'D', following the company's emergence from bankruptcy
on Feb. 12, 2007.  S&P affirmed all other ratings.  S&P said the
outlook was stable.

As reported in the Troubled Company Reporter on Dec. 8, 2006,
Moody's Investors Service assigned a B2 corporate family and
probability of default ratings on Foamex L.P.  Concurrently,
Moody's has assigned a B1 rating to the company's US$425 million
first lien senior secured Term Loan B and a Caa1 rating to its
US$190 million second lien senior secured term loan (expected to
be downsized to US$175 million).  Moody's said the ratings
outlook was stable.


OCI BERHAD: Bursa Extends Plan Filing Deadline to Jan. 31
---------------------------------------------------------
The Bursa Malaysia Securities Bhd extended the deadline for OCI
Berhad to file its regularization plan.  The Bursa gave OCI
until:

   1. November 30, 2007, to make the Requisite Announcement of
      The Company's regularization plans in accordance with
      paragraph 8.14C of the LR and PN17; and

   2. January 31, 2008, to submit its regularization plans to
      the Securities Commission and other relevant authorities
      for approval.

Bursa Securities suspended and commenced a delisting procedure
against the company's securities on July 12, 2007, when the
company failed to file its reform plan to the Securities
Commission for approval.

                          About OCI Bhd

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries.

The company is an affected listed issuer under Bursa Malaysia
Securities Berhad's Practice Note 17 category as the auditors
have expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006.  Moreover, the
shareholders' equity of the company on a consolidated basis as
at June 30, 2006, represented 40.8% of the company's issued and
paid-up capital.


SOLUTIA INC: Judge Beatty Rejects Disclosure Statement
------------------------------------------------------
Tiffany Kary of Bloomberg News reports that the U.S. Bankruptcy
Court for the Southern District of New York rejected Solutia
Inc. and its debtor-affiliates' Disclosure Statement, ordering
the Debtors to resolve the $20,000,000,000 environmental
liabilities inherited from its former parent, Monsanto Company,
first.

The Honorable Prudence Carter Beatty said that she needed to see
the updated Monsanto Settlement that the Debtors' reorganization
plan depends on.  Jonathan S. Henes, Esq., at Kirkland & Ellis
LLP, in New York, informed the Court that the Debtors plan to
file the Monsanto Settlement by August 15, 2007.

The hearing on the Monsanto and Retiree Settlements is postponed
until October 1, 2007.  A hearing on the confirmation of the
Debtors' Plan will be held after that.

            Nitro Tort Victims' Supplemental Objection

The Nitro, West Virginia Tort Victims relate that the Debtors
have consistently represented that the Nitro Tort Victims' clams
are "Tort Claims," which will be unaffected by the Debtors'
Chapter 11 cases or the Debtors' plan of reorganization.  The
Debtors and the Nitro Tort Victims are in agreement in concept,
yet as of July 31, 2007, the parties still have not been able to
agree upon mutually consensual language that clearly expresses
these intentions.

The Debtors' current definition of "Tort Claims," or now,
"Legacy Tort Claims" uses language and concepts rooted in the
transactions underlying a distribution agreement.  The
Distribution Agreement is an extremely complex agreement and is
not a plan document, Douglas T. Tabachnik, Esq., at the Law
Offices of Douglas T. Tabachnik, in Manalapan, New Jersey,
notes.

Mr. Tabachnik explains that understanding the Debtors' current
definition of "Legacy Tort Claims" requires special knowledge of
the relationship and transactions between Solutia Inc., and
Monsanto.  The language  of the Plan and the terms defined in
the Plan should be plain and clear so as to be understood by a  
reasonable person, and not a person intimately familiar with the
legal relationships and transactions that have transpired
between Solutia and Monsanto.

The Debtors' disclosure statement should not be approved because
the Debtors' Plan provides for third party releases and
injunctions without providing any information in the Disclosure
Statement or Plan of the acts to be enjoined or identifying the
entittles that would be subject to the injunctions, Mr.
Tabachnik maintains.

                 Exclusive Periods Extension Sought

In July 2007, the Debtors asked the Court to further extend
their exclusive period to file a plan of reorganization until
Dec. 31, 2007, and their exclusive period to solicit acceptances
of that plan until Feb. 29, 2008.

The Debtors' exclusive period to file a plan and solicit
acceptances of that plan ended on July 30, 2007, and Sept. 28,
2007, respectively.

The Debtors filed their First Amended Plan and related
disclosure statement, as it has been or may be amended, on May
16, 2007.  The modified Plan enjoys the support of many of
Solutia Inc.'s significant stakeholders, including the Official
Committee of Unsecured Creditors, Official Committee of
Solutia's retirees, Monsanto Company, and the Ad Hoc Committee
of Trade Claims Creditors.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
told the Court that the Plan is premised on two settlements --  
a settlement between Solutia and Monsanto, and a settlement  
between Solutia and the Retirees Committee, Monsanto and the  
Creditors Committee.  The Settlements achieve a reallocation of  
legacy liabilities and are the cornerstones of Solutia's Plan,
therefore, they must be approved before or in conjunction with
the confirmation of Solutia's Plan.  The Settlements will be
heard on Sept. 5, 2007.

Solutia said it is revising its Disclosure Statement and
drafting the necessary additional disclosures to comply with the
Court's directions.  In addition, Solutia said it is preparing
for the  Sept. 5, 2007 hearing on the Settlements.  Solutia
believes that the Settlements readily meet the standards for
approval under Bankruptcy Rule 9019.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claim and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Creditors' Committee Wants Settlements Approved
------------------------------------------------------------
The Official Committee of Unsecured Creditors in Solutia Inc.
and its debtor-affiliates' bankruptcy cases; and Monsanto
Company and Pharmacia Corporation ask the U.S. Bankruptcy Court
for the Southern District of New York to approve:  

  (i) the settlement among Solutia Inc., Monsanto, Pharmacia
      Corporation, the Creditors Committe, the Official
      Committee of Retirees, and the Ad Hoc Trade Committee; and

(ii) the settlement among Solutia, Monsanto, the Retirees'
      Committee, and the Creditors Committee Settlement.

The Creditors Committee relates that the Settlements are
critical components of the Debtors' Second Amended Joint Plan of
Reorganization, pursuant to which the Debtors have settled all
pending litigation against Monsanto and Pharmacia, including
objections to proofs of claim filed by Monsanto and Pharmacia,
by fixing legacy liabilities that Monsanto will assume under the
Plan, and obtaining Pharmacia's agreement to waive all of its
claims against the Debtors with prejudice.  The Debtors also
have achieved reductions in future benefit obligations to
Solutia's retirees through agreement with the Official Committee
of Retirees.

The Creditors Committee believes that the Settlements achieve a
reallocation of the Debtors' legacy liabilities necessary to
pave the way for the Debtors' successful reorganization and that
the Settlements are fair and equitable, as required under
applicable law.

The Creditors Committee reserves the right, and intends, to
supplement its joinder with additional arguments in support of
the Motion and respond to any objections filed in connection
with the Motion.  Monsanto and Pharmacia also reserve their
rights to reply to any objection filed with respect to the
Motion; file papers in support of the relief requested; and
participate in any hearing, disposition, discovery or any other
matter relating to the Motion.

                           Objections

(1) Noteholders Committee

The Ad Hoc Committee of Solutia Noteholders asks the Court to
deny approval of the Monsanto Settlement, or in the alternative,
adjourn the hearing on the Motion.

Bennett J. Murphy, Esq., at Hennigan, Bennett & Dorman LLP, in
Los Angeles, California, notes that the Debtors have not
demonstrated that the Monsanto Settlement is fair and equitable
because they have not provided the Court with the rigorous
analysis necessary for the Court to compare the likelihood of
their success in litigation against Monsanto and Pharmacia with
the benefits of the settlement.  In fact, it is not apparent
that the Debtors have even conducted the analysis that would be
required to make the determination, he contends.

Mr. Murphy states that to obtain approval of the Monsanto
Settlement, the Debtors will have to make at least three crucial
showings, with respect to which the Motion is wholly inadequate.  
These are:

   -- Debtors must lay out for the Court the results of their
      investigation of the claims between the Debtors, Monsanto
      and Pharmacia that they conducted at the outset of their
      Chapter 11 cases, whatever that investigation might have
      been;

   -- Debtors must quantify the liabilities they are to retain
      under the settlement and compare that to the liabilities
      that would be put to Monsanto if the Debtors prevailed in
      their litigation; and

   -- Debtors must demonstrate why their odds of success in
      litigation are so low that it is worth their retaining
      those liabilities and paying $240,000,000 to Monsanto.

The Noteholders Committee has made these points before.  Had the
Debtors undertakenthe analysis to establish any of the points,
they would have most certainly disclosed so in their disclosure
statement, Mr. Murphy tells the Court.  Instead, the Debtors
have persisted in proposing disclosure on the litigation that
consists of little more than a self-serving "sales job" designed
to support approval of the Monsanto Settlement, he argues.

The memorandum of law in support of the Motion is replete with
reasons why the Debtors' litigation against Monsanto and
Pharmacia would likely fail.  Noticeably absent is any
discussion of the possibility that the Debtors might succeed, or
of the extensive analysis that the Debtors did, or should have
done, to reach their conclusions.  Mr. Murphy asserts that any
settlement is better than an outright loss in litigation.  
Contrary to the Debtors' approach, the winning -- not the losing
-- scenario is the reference point against which a settlement
should be judged, he says.

Also absent form the Memo is any critical assessment of the
scope, magnitude and timing of the legacy liabilities proposed
to be assumed by the Debtors and made forever binding upon them
following emergence from bankruptcy, Mr. Muphy notes.  To
determine whether the Monsanto Settlement is of any benefit to
the Debtors at all, much less of sufficient benefit to outweigh
the Debtors' chances of success in litigation, the Court needs
to know whether or not they will be in a position to thrive as a
going, and growing, concern, or remain saddled by another
company's legacies, he asserts.

Moreover, the Debtors have failed to include a current, complete
and fully executed settlement agreement.  For that reason alone,
the Court should deny approval of the Monsanto Settlement, Mr.
Murphy maintains.

2) Nitro Tort Victims

The Nitro, West Virginia Tort Victims, which include about 2,300
current and former residents from one or more communities
surrounding a now defunct chemical plant located near Nitro,
West Virginia, ask the Court to deny the Motion to the extent
that it seeks approval of the Monsanto Settlement.

Certain Nitro Tort Victims filed proofs of claim asserting
claims against the Debtors for property damage, personal
injuries and medical monitoring arising from the Debtors'
ownership and operation of the Nitro Plant.  The Nitro Tort
Victims contend that their property has been contaminated and
their health has been endangered by the release of dioxin
contaminants resulting from the Debtors' tortious conduct at the
Nitro Plant.

In addition, two separate lawsuits are pending in Putnam County
Circuit Court, West Virginia, for injuries suffered from the
release of dioxin contaminants produced at the Nitro Plant.  The
lawsuits name Monsanto and Pharmacia, among others, as
defendants.

The Nitro Tort Victims relate that they have been assured that
it is the Debtors' intent to include claims held by the Nitro
Tort Victims in the definition of "Tort Claims" so that their
claims will not be affected by the Debtors' Chapter 11 cases and
will be resolved under applicable state or federal law outside
of the proceedings.

However, as of July 30, 2007, the Tort Claims definition
proposed by the Debtors and appearing in the Plan does not
clearly and unequivocably include the claims held by the Nitro
Tort Victims, Douglas T. Tabachnik, Esq., at the Law Offices of
Douglas T. Tabachnik, in Manalapan, New Jersey, notes.  
Additionally, the language in the Debtors' Third Amended
Disclosure Statement circulated on July 25, 2007, but not filed,
regarding the "Monsanto/Pharmacia Injunction" does not clearly
and unequivocably allow the Nitro Tort Victims to pursue claims
they have or may have against Monsanto and Pharmacia, he says.

A certain relationship agreement, or any amendement to it,
between the Debtors and Monsanto, which the Debtors state is
critical to their Plan and which purports to contain the terms
of the Monsanto Settlement, has not been filed, Mr. Tabachnik
tells the Court.  

The Court and the Nitro Tort Victims do not have the necessary
factual background to evaluate the Monsanto Settlement to
determine if it is fair and equitable.  "No one knows what the
terms of that settlement are," Mr. Tabachnik argues.  Moreover,
the only filed version of the Relationship Agreement that was
filed on February 16, 2006, is incomplete and was not signed by
Monsanto, he points out.

The Relationship Agreement refers to 20 separate exhibits, which
are not included.  It is quite possible and likely that the
Relationship Agreement has materially changed since a version of
it was filed almost one and a half years ago.  "It is not
possible to determine if any other of Monsanto's obligations set
forth in the only Relationship Agreement filed has subsequently
been negotiated away," Mr. Tabachnik says.

The Relationship Agreement filed also provided that Monsanto
will indemnify Solutia for all "Tort Claims."  Because the
definition of Tort Claims has been revised to include "Solutia
Tort Claims," it appears that Monsanto is now not indemnifying
Solutia for all "Tort Claims," but rather for the "Legacy Tort
Claims," Mr. Tabachnik contends.

The Motion itself does not include all of the information on
which it relies, Mr. Tabachnik states.  The amount of
"consideration provided by Monsanto" is one of the key terms of
the compromise and settlement missing, he points out.


Also, the injunctive relief Monsanto will receive in the
Monsanto Settlement is exceedingly broad.  By its terms, the
Monsanto injunction enjoins all other tort claims against
Monsanto and all claims of any kind against Monsanto's unnamed
"Affiliates."  Mr. Tabachnik insists that all of these types of
tort claims need to be described so that the parties and tort
victims can be apprised that their rights are being affected.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 95; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TENCO BERHAD: To Change Name To Nagamas International
-----------------------------------------------------
Tenco Bhd disclosed with the Bursa Malaysia Securities Bhd that
it is proposing to change its name to Nagamas International Bhd.

The use of the name "Nagamas International Berhad" has been
approved by the Companies Commission of Malaysia, the company
said.  

However, the proposed change of name is still subject to the
approval of the shareholders of the company at the forthcoming
Annual General Meeting.  The change of name will be effective
from the date of issuance of the Certificate of Incorporation on
Change of Name by the CCM.

The proposed change of name is to facilitate the efforts of the
Group to re-brand itself and to reposition the Group to
potentially operate within the international arena as well as to
reflect the Malaysian identity.


Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.

The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco is therefore required to submit and
implement a plan to regularize its financial condition.


THERMADYNE HOLDINGS: Earns US$1.6 Million in 2007 Second Quarter
----------------------------------------------------------------
Thermadyne Holdings Corporation reported net income of
US$1.6 million for the three months ended June 30, 2007, a
turnaround from a net loss of US$5.2 million reported for the
same period in 2006.

Net sales in the 2007 second quarter rose to US$128.4 million,
an increase of 12.3% from the same quarter of 2006.  Net sales
for the first six months of 2007 increased to US$245.6 million,
8.6% greater than the comparable period of 2006.

"Year-to-year sales growth in the second quarter was driven by
the Asia Pacific and Middle Eastern regions where strong
markets, the results of our brand and product strategies,
enhanced sales and marketing efforts and the weaker U.S. dollar
combined to produce a 20% sales gain in the period," said Paul
D. Melnuk, Chairman and Chief Executive Officer. "U.S. markets
remained soft in the second quarter with mid-single digit growth
over last year's second quarter," he added.

"Gross profit in the second quarter of 2007 increased to US$38.3
million, or 29.8% of net sales, as compared to US$32.1 million,
or 28.1% of net sales, in the prior-year second-quarter period.  
Gross profit through June 2007 increased to US$76.4 million, or
31.1% of net sales, as compared to US$64.2 million, or 28.4% of
net sales, in the prior-year comparable period.

"In the second-quarter our gross profit margin percentage
improved 170 basis points over the prior year.  We achieved this
improvement despite continuing material price inflation due to
the favorable impact of the cost savings initiatives from our
'TCP' program as well as the benefits from improved pricing
management made possible with the achievement of targeted
customer service levels and our brand strategy.  We began to
show improvement in our gross margin in the third quarter of
last year and we are encouraged by our ongoing progress,"
commented Mr. Melnuk.

"Our business plan has focused on sales growth while
simultaneously expanding profit margins in the face of
substantial increases in commodity material costs.  Enhanced
customer service levels, a brand and product strategy, improving
pricing management and a company-wide program to reduce our cost
structure have more than offset the US$12.0 million inflationary
increases we experienced in the first half of the year," Mr.
Melnuk added.

Selling, general and administrative costs of US$26.7 million in
the second quarter of 2007 were 20.8% of net sales.  The second
quarter 2007 expenses are US$2.7 million less than the 2006
second quarter which included US$3.3 million of incremental
accounting related costs and bondholder consent fees associated
with the company's delayed financial statement filings in 2006.
Selling, general and administrative costs of US$53.0 million for
the six months ended June 2007 were 21.6% of net sales and
US$0.6 million less than 2006, which included US$4.0 million of
incremental accounting related costs and bondholder consent fees
associated with the company's delayed financial statement
filings in 2006.

                  Other Income & Expense Items

Interest costs of US$7.3 million increased US$1.0 million over
second quarter 2006 and were US$14.3 million for the six months
ended June 2007, increasing US$1.9 million over the prior year's
first six months.  These increases result primarily from the
1.25% Special Interest Adjustment applicable in 2007 to the
Company's US$175 million Senior Subordinated Notes.  In
addition, US$20 million of Second Lien Facility borrowings
during the third quarter 2006 replaced Working Capital Facility
borrowings also increasing the 2007 interest costs as compared
to the same period of 2006.

The second quarter of 2007 reflects an income tax provision of
US$1.3 million, an effective rate of 43.8%.  In 2006, despite
the net loss in that period, the Company recognized an income
tax provision of US$1.3 million in the second quarter consisting
of taxes payable in various foreign locations.  For the first
six months of 2007, the income tax provision was US$3.6 million,
an effective rate of 55.3%.  Approximately 80% of the US$3.6
million tax provision is for foreign taxes, which are currently
payable.  The portion of the income tax provision that is not
currently payable relates to the use of net operating loss
carryovers and the deferred payment of additional U.S. income
taxes associated with earnings in foreign countries.

                       Net Income (Loss)

For the 2007 second quarter, net income from continuing
operations was US$1.7 million with net income of US$1.6 million,
after US$0.1 million of net loss from discontinuing operations.  
In comparison, the second quarter of 2006 figure was a net loss
of US$5.3 million, including net income of US$1.2 million from
discontinued operations during that period.  Net income from
continuing operations was US$2.9 million for the six months
ending June 30, 2007, with net income of US$3.0 million
including US$0.1 million of income from discontinued operations.  
In comparison, the first six months of 2006 reflected a net loss
from continuing operations of US$7.2 million and a net loss of
US$6.7 million including income of US$0.5 million from
discontinued operations.

             Divestitures & Discontinued Operations

In May 2007, the company completed the sale of its remaining
South African operations.  The sales proceeds were approximately
US$13.8 million.  The proceeds from the sale were used to reduce
the Second Lien Facility.

As announced in December 2006, the Company is in the process of
selling its manufacturing operations in Brazil and expects to
complete the disposition no later than September 2007.  
Operational results of the Brazilian and South African
businesses are shown as discontinued operations in the company's
2007 financial statements.

On Aug. 7, 2007, the company reported it had a material weakness
in its internal control over financial reporting as of
Dec. 31, 2006, with respect to the accounting for discontinued
operations and a US$0.3 million gain was included in
discontinued operations during the three months ended
June 30, 2007, as a correction of previously recorded amounts.  
The company also reported on Aug. 7, 2007, that the material
weakness has been remediated as of June 30, 2007.

                        2007 Outlook

"In addition to continuing our tradition of providing high-
quality products, we are showing good progress in delivering an
improved selection of competitively priced products and quick-
response service to meet the needs of our customers.  By
broadening our product lines in markets outside the United
States and strengthening our international sales capabilities,
we have further stimulated our international activity.  We see
continued strong growth in these markets for the remainder of
the year.  In addition, we anticipate that our new welding
products line will provide incremental growth in both the U.S.
and international markets.  We believe our U.S. sales pace will
continue at the slower mid-single digit pace that we have
experienced so far this year," Mr. Melnuk observed.

               Working Capital And Liquidity

"Our inventory and receivables management initiatives continue
to show an impact with further improvement in the working
capital efficiency in the second quarter of 2007.  It is
particularly noteworthy that our inventory turnover ratio
improved to 3.61 versus the 3.10 shown at Dec. 31, 2006, despite
the conscious build in welding equipment inventory to support
the launch," Mr. Melnuk stated.

On June 29, 2007, the company amended its senior secured credit
and second lien facilities increasing the amounts available to
the company under the senior facility to US$100 million from
US$70 million, reducing the interest rate structure on both
facilities and extending the maturities on both.  The company
also repaid US$14 million of the second lien facility reducing
it to US$36 million as of June 30, 2007.

As of June 30, 2007, the company had combined cash and
availability under its revolver of US$45 million in comparison
with US$35 million at December 31, 2006.

                  About Thermadyne Holdings

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national  
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the USUS$175 million senior subordinated
notes due in 2014.  Moody's changed the outlook to stable from
negative.


THERMADYNE HOLDINGS: Picks Terry Moody as VP-Global Operations
--------------------------------------------------------------
Thermadyne Holdings Corporation has appointed Terry A. Moody as
its Executive Vice President of Global Operations.

Mr. Moody was formerly employed by Videocon Industries, a
privately held manufacturer of high-end digital products, where
he served as the chief operating officer and senior vice
president of Europe.  In this role, he was responsible for
sales, marketing, new business development, manufacturing and
distribution for US$500+ million in revenues in Europe, North
and South America.

"Terry has extensive experience in all facets of operations and
executive management.  He has a history of achieving results in
a low-margin, highly competitive industry where efficiency and
cost effectiveness are critical to success.  I am confident
Terry's experience will contribute to the growing success of
Thermadyne. We are very pleased to welcome him to the company
and our executive leadership team," stated Paul D. Melnuk,
Chairman and Chief Executive Officer.

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national  
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the US$175 million senior subordinated notes
due in 2014.  Moody's changed the outlook to stable from
negative.


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

BOTRY-ZEN: Reappoints Deloitte as Auditors
------------------------------------------
Botry-Zen Limited has reappointed Deloitte as its auditors, the
company informed the New Zealand Stock Exchange after its annual
shareholders meeting on Aug. 2.

According to the filing, the company has also reelected Maxwell
Shepherd as a director and adopted a new constitution.  

The board of directors has determined John Gilks and John
Forrest as its independent directors pursuant to Listing Rules,
the filing adds.

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.

The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Botry-Zen incurred a net loss of NZ$1.67 million for
the year ended March 31, 2007, up 6% from the NZ$1.58-million
loss booked in the previous fiscal year.  In FY2005, the company
also reported a loss of NZ$757,746.


CER GROUP: Books EBIT of NZ$393,000 in 6 Months to June 30
----------------------------------------------------------
The combined trading operations of publicly listed CER Group
recorded an Earnings Before Income Taxes of NZ$393,000 for the
six months ending June 30, 2007, an increase of 79% on 12 months
previously.  

Sales for the six months from its two businesses, Certified
Organics and NZ Nature, were up 10% to NZ$2.78 million.

"Both businesses made major progress in the first half of the
financial year, and are on track to record their best-ever
performances," said Chairman Wayne Cartwright.

"NZ Nature increased EBIT by 23% to NZ$318,000 and sales by 24%
to NZ$1.8 million," Dr. Cartwright said.  "If sales volumes
continue on present trends, revenue for NZ Nature for the full
year will be in excess of NZ$6 million."

Currently, NZ Nature is achieving 43% of its sales offshore,
with its major markets being Europe (19%) and North America
(17%).  More than two thirds of its sales are of products made
from sheepskin, silk, possum and merino.

The business has appointed direct marketing specialist Steve
Butler to head its operations, and to drive further
international growth.

"In addition to recording its first trading profit of NZ$75,000
against a loss of NZ$40,000 last year, Certified Organics has
made a major break through in achieving registrations in two
critical international markets," said Managing Director David
Warrick.

"Australia has approved 'first stage' commercial agricultural
registration of our patented herbicide product, and we have also
received United States Stage 1 EPA registration for indoor and
non-food use," Mr. Warrick added.  "Both registrations open up
significant and new markets for our organic biological control
products."

"In Australia, the South Australian Government has reconfirmed
is branched broomrape eradication programme, with a sales value
of up to NZ$700,000.  In the United States we are targeting to
introduce product to this market in late 2007 or early 2008,"
Mr. Warrick further stated.

CER Group Limited is preparing its unaudited half-year result
for release to the market soon.  The trading results of the
operations provided here do not include Group corporate costs.

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

The Troubled Company Reporter-Asia Pacific, citing a reported
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.



CLASSIC COATINGS: Court to Hear Wind-Up Petition on Oct. 11
-----------------------------------------------------------
An application to wind up the operations of Classic Coatings
Ltd. were filed by Susan Carole North and Harts Gauld Kelly
Trustees Limited on July 2, 2007.

The petition will be heard before the High Court of Auckland on
October 11, 2007, at 10:45 a.m.

The Petitioners' solicitor is:

         Christopher Maxwell Walker
         Level 1, 320 Te Rakau Drive
         East Tamaki, Auckland
         PO Box 38440, Howick
         Auckland
         New Zealand


CHRYSALIS SOCIAL: Court Sets Wind-Up Bid Hearing for Aug. 14
-----------------------------------------------------------
Road Safety Trust filed a petition to wind up the operations of
Chrysalis Social Marketing Ltd. on July 5, 2007.

The High Court of Wellington will hear the wind-up petition on
Aug. 14, 2007, at 10:00 a.m.

Road Safety's solicitor is:

         G. J. Toebes
         c/o Buddle Findlay
         State Insurance Tower, Level 17
         1 Willis Street, Wellington
         New Zealand


DIAMONDCHOPSTICKS CATERING: Court Appoints Liquidators
------------------------------------------------------
On July 9, 2007, the High Court at Wellington appointed David
Stuart Vance and Barry Phillip Jordan as liquidators
Diamondchopsticks Catering Ltd.

Creditors who were not able to file their claims before
August 6, 2007, will be excluded from sharing in the company's
dividend distribution.

The Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


F J CATERING: Names Vance and Jordan as Liquidators
---------------------------------------------------
On July 9, 2007, the High Court at Wellington appointed David
Stuart Vance and Barry Phillip Jordan as the liquidators of F J
Catering Limited.

Creditors who were not able to file their claims on August 6,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


PRINCIPLE ESTIMATING: Taps Fatupaito and McCloy as Liquidators
--------------------------------------------------------------
On July 12, 2007, Vivian Judith Fatupaito and Colin Thomas
McCloy were named as liquidators of McCloy Principle Estimating
Services Ltd.

Failure to file claims by October 12, 2007, will exclude a
creditor from sharing in the company's dividend distribution.

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         188 Quay Street
         Private Bag 92162, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


PROMPT FLEET: Subject to Wind-Up Petition by Tyres4U
----------------------------------------------------
On June 8, 2007, Tyres4U (NZ) Limited filed a petition to wind
up the operations of Prompt Fleet Service Ltd.

The High Court of Auckland will hear the petition on Sept. 20,
2007, at 10:00 a.m.

The petitioner's solicitor is:

         V. T. M. Bruton
         Brookfields
         11th Floor, 19 Victoria Street West
         Auckland
         New Zealand


PROVINCIAL FINANCE: Investors Will Only Get Back Principal
----------------------------------------------------------
Investors in Provincial Finance Limited will get all their
principal back, but not their interest, ShareChat News reports,
citing a statement made by the company's receivers John Waller
and Maurice Noone of PriceWaterhouseCooper.

The receivers, pursuant to their investigations, has also
discovered evidence of alleged fraud committed against the
company, the report says adding that legal proceedings have
already been commenced against credit reporting agency Baycorp
and other parties.

The receivers believe that a successful outcome of the
proceedings will not materially change the outcome for
investors.

As to the future of the company, the receivers said they are in
discussions with a party with respect to the restructure of the
companies and continue to be in contact with parties who
expressed interest in the purchase of the business, the report
relates.  

Provincial Chief Executive and shareholder John Edilson is
currently working on a restructuring plan, ShareChat notes.  

A total of NZ$170,257,224 (57.5 cents in the dollar) has been
distributed to debenture holders to date, the receivers report
notes.  This has primarily been funded from collection of the
finance receivable books in the ordinary course of business.

PwC says the receivership is progressing favorably and the
company is on track to continue to make quarterly payments to
investors, the next being expected to be made in September 2007.

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance  
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter-Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The company owes
NZ$300 million to 14,000 small investors.


QUALITY CARNATION: Court to Hear Wind-Up Petition on Sept. 6
------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Quality Carnation Ltd. on September 6, 2007, at
10:45 a.m.

Voss De Waard Sijm Bloembollenteelt En-Handel, which is also
trading as VWS, filed the wind-up petition against the company
on May 25, 2007.

Voss De Waard's solicitor is:

         Poi N. Teei
         c/o Joyce Spence Teei
         2 Railside Avenue
         PO Box 21247 Henderson
         Auckland
         New Zealand


SQUEEZE JUICE: Creditors' Proofs of Debt Due on August 17
---------------------------------------------------------
The creditors of Squeeze Juice Bar Ltd. are required to file
their proofs of debt by August 17, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

         Malcolm Hollis
         John Howard Ross Fisk
         c/o PricewaterhouseCoopers
         119 Armagh Street
         PO Box 13244, Christchurch
         New Zealand
         Telephone:(03) 374 3000
         Facsimile:(03) 374 3001


TRU FREIGHT: Fixes October 12 as Last Day to File Claims
--------------------------------------------------------
On July 12, 2007, Vivian Judith Fatupaito and Colin Thomas
McCloy were appointed as liquidators of Tru Freight Ltd.

The Liquidators are receiving proofs of debt from its creditors
until October 12, 2007.

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         188 Quay Street
         Private Bag 92162, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


WHAITIRI POTATO: Accepting Proofs of Debt Until September 10
------------------------------------------------------------
The shareholders of Whaitiri Potato Company Ltd. passed a
resolution to liquidate the company's business on July 10, 2007.

Creditors are required to file their claims by September 10,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         John Howard Ross Fisk
         Richard Dale Agnew
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7238
         Facsimile:(04) 462 7492


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

CHIQUITA BRANDS: Morgan Joseph Maintains Buy Rating on Firm
-----------------------------------------------------------
Morgan Joseph analysts said in a research note published on
Aug. 3 maintain that they kept their "buy" rating on Chiquita
Brands International Inc.'s shares.

The target price for Chiquita Brands' shares was set at US$26,
Newratings.com reports.

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

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) USUS$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  USUS$225 million 8.875% senior unsecured notes due
2015 at Caa2 (LGD5, 89%).  Moody's changed the rating outlook
for Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about USUS$1.3 billion as of March 31, 2007.


IPVG CORP: ING Bank N.V. Manila Invests Additional PHP20 Million
----------------------------------------------------------------
IPVG Corp. raised an additional PHP20 million through the
issuance of shares to ING Bank N.V. Manila Branch (Trust
Department), the Philippine Star reports.

According to PhilStar's Zinnia B. Dela Pena, the additional
PHP20 million increases the total amount of fresh equity raised
by IPVG over the last 30 days to PHP750 million.  This also
increased ING Bank's investment in IPVG to PHP370 million.

IPVG said in a disclosure statement with the Philippine Stock
Exchange that it has executed an agreement with ING Bank for the
subscription of an additional 2.5 million shares of the company
at PHP8 per share.

Moreover, PhilStar notes that IPVG executed subscription
agreements with Philippine Equity Partners Inc. and RCBC Capital
for the issuance of 16 million IPVG shares also at PHP8 per
share for a total of PHP128 million.

According to the report, IPVG will use the proceeds from the
share sale to fund the expansion of its three core businesses:
data center, online games and contact center.   IPVG also
intends to invest in new capital equipment and fixed assets, as
well as to increase its working capital.


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

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

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


MIRANT CORP: Settles 2006 Pepco Disputes, Gains US$370 Million
--------------------------------------------------------------
Mirant Corporation has settled the challenge to its 2006
settlement of its disputes with Potomac Electric Power Company.
The 2006 Pepco settlement therefore will become effective in the
third quarter of 2007, resulting in a 2007 pre-tax book gain of
approximately US$370 million and an estimated federal tax
deduction of approximately US$600 million related to the
distribution of Mirant common shares to Pepco and to a
supplemental distribution to other claims holders in Mirant's
bankruptcy.
    
The 2006 Pepco settlement, once effective, will resolve all
remaining disputes between Pepco and Mirant in Mirant's
bankruptcy proceedings and will end Mirant's obligations to make
any further payments under out-of-market electricity supply
contracts for which Mirant became responsible in connection with
its purchase of Pepco's generation assets in 2000.

Mirant also will receive from Pepco cash reimbursements of
US$70 million for an advance payment made by Mirant in 2006
under the 2006 Pepco settlement and approximately US$36 million
for amounts paid by Mirant related to the out-of-market
contracts since May 31, 2006.
    
Pepco will receive a claim in Mirant's bankruptcy proceedings
for US$520 million.  To satisfy that claim, Mirant will
distribute to Pepco shares reserved by Mirant under its Plan of
Reorganization to address unresolved claims.  The exact number
of shares to be distributed will be determined by Mirant after
the 2006 Pepco settlement becomes effective and will be based
upon the then-current share price.
    
The challenge to the 2006 Pepco settlement was brought by some
holders of claims in Mirant's bankruptcy proceedings.  Both the
Bankruptcy Court and the U.S. District Court approved the 2006
Pepco settlement, and the challengers appealed to the United
States Court of Appeals for the Fifth Circuit.  Mirant and those
challengers have reached a settlement and the parties shortly
will request that the Fifth Circuit dismiss the appeal.  Upon
the dismissal, the 2006 Pepco settlement will become effective.
    
Under the settlement reached with the claims holders, once the
2006 Pepco settlement has become effective and Mirant has
distributed to Pepco the shares due it, Mirant will make a
supplemental distribution under the Plan of all but
approximately 1 million of the reserved shares that remain after
the distribution of shares is made to Pepco on a pro rata basis
to the holders of allowed Mirant Debtor Class 3-Unsecured Claims
in its bankruptcy proceedings.

Calculated based upon the closing price for Mirant's common
stock on Aug. 7, 2007, of US$39.63 per share, the number of
reserved shares to be distributed to Pepco under the 2006 Pepco
settlement would be approximately 13.5 million shares and the
number of shares to be distributed in the supplemental
distribution under the Plan would be approximately 6.3 million
shares.

These are estimates and the actual amounts of the shares
included in each of the two distributions will depend on the
closing price of Mirant's common stock on the date on which the
shares are distributed to Pepco.  Mirant expects that date to be
within two weeks of the Fifth Circuit's order dismissing the
pending appeal.
    
Regardless of variances in the closing price of Mirant's common
stock, the total number of reserved shares included in both the
distribution to Pepco and the supplemental distribution will be
approximately 19.8 million shares.  Mirant expects to make the
supplemental distribution of shares to holders of allowed Mirant
Debtor Class 3-Unsecured Claims shortly after the number of
shares to be distributed to Pepco is set in accordance with
the 2006 Pepco settlement.
    
The "reserved" shares, including the shares to be distributed
either to Pepco or as part of the supplemental distribution,
have been issued and included in the calculation of shares
outstanding and earnings per share since the company emerged
from bankruptcy on Jan. 3, 2006.  As a result, the distributions
to Pepco and holders of allowed Mirant Debtor Class 3 -
Unsecured Claims will not dilute current shareholders.
    
                        About Mirant Corp.

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

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

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

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  

                          *     *     *

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


UNIVERSAL ROBINA: Posts PHP4.7 Billion Net Profit for 1st Half
--------------------------------------------------------------
Universal Robina Corp.'s unaudited consolidated net income for
the first half of the fiscal year 2007 (October 2006 to June
2007) reached PHP4.694 billion, 200.1% higher than the
PHP1.564 billion reported in the same period last year, the
company disclosed in a press release.

Non-recurring items like the PHP2.859 billion gain from sale of
URC's investment in Robinsons Land Corp. shares and PHP435
million impairment loss provision for URC-BOPP machines and
equipment are included in the result.  On a recurring basis,
URC's net income amounted to PHP2.118 billion, or 35% higher
than the amount reported in the same period last year.

URC's consolidated net sales and services for the nine months
ended June 30, 2007, amounted to PHP27.481 billion, a 5.5%
growth from PHP26.043 billion in the same period last year.

The largest contributor to the group's sales revenue, URC's
Branded Consumer Food Group's domestic operations reported a 14%
sales increase to PHP14.765 billion, due to the 25% increase in
sales volume.  Beverage, accounting for 25.7% of BCFG's domestic
sales, is still growing exponentially with 53.8% growth in sales
value on the back of 71.5% increase in volume.  Sales of snack
foods increased by 4.9% to PHP8.706 billion boosted by domestic
consumption recovery and election spending.

URC's operating profit improved to PHP2.42 billion, an increase
of 10% versus the same period last year.  This was due to
resilient revenue growth, which offset the increase in the cost
of certain raw and packaging materials, and higher freight
expenses arising from the increase in the cost of fuel and
increasing product volumes.

The company's full disclosure and financials can be viewed for
free at:

http://www.pse.org.ph/html/disclosure/pdf/2007/pdf/dc2007-5107_URC.pdf


Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the   
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore.  URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006 that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


UNIVERSAL ROBINA: 3rd Quarter Profit Rises to PHP592.2 Million
--------------------------------------------------------------
Universal Robina Corp.'s net profit for the April-June quarter
rose more than fourfold, driven by higher sales, the Philippine
Daily Inquirer reports, citing Thomson Financial.

The company, considered one of the largest branded food product
companies in the Philippines, posted a 2007 third quarter net
profit of PHP592.2 million compared with the PHP138.7 million it
recorded for the same period last fiscal year, the Inquirer
relates.

According to the report, URC sales during the quarter rose
nearly 15% to PHP9.17 billion.

Universal Robina is 60%-owned by JG Summit Holdings Inc. and
has a growing presence in markets in Asia, including China, the
Inquirer notes.


Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the   
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore. URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006 that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


WARNER MUSIC: June 30 Balance Sheet Upside-Down by US$23 Million
----------------------------------------------------------------
Warner Music Group Corp. reported on Aug. 7, 2007, its third
quarter results for the third quarter ended June 30, 2007.

Net loss was US$17 million for the quarter.  Adjusted to exclude
non-recurring items, net loss was US$29 million for the quarter.
Net loss in the third quarter of fiscal 2006 was US$14 million.

Total revenue of $804 million for the third quarter of fiscal
2007 decreased 2% from the prior-year quarter, or 5% on a
constant-currency basis.

Digital revenue increased to US$119 million, or 15% of total
revenue in the quarter, up 29% from US$92 million in the prior-
year quarter and up 7% sequentially from US$111 million in the
second quarter of fiscal 2007.

Operating income increased to US$45 million in the quarter
compared to US$28 million in the prior-year quarter.  Adjusted
to exclude US$38 million in expenses related to the company's
realignment initiatives, a US$52 million benefit related to the
company's  settlement with Bertelsmann AG regarding Napster and
US$8 million in expenses incurred in connection with the
potential acquisition of EMI Group plc, operating income for the
quarter increased 39% to US$39 million.

Operating income before depreciation and amortization (OIBDA)
increased to US$107 million from US$86 million in the prior-year
quarter.  Adjusted to exclude non-recurring items, OIBDA for the
quarter increased 17% to US$101 million.

"We are transforming Warner Music Group to a music-based content
company with a more comprehensive approach to participating in
artist revenue streams to drive our long-term success," said
Edgar Bronfman, Jr., Warner Music Group's chairman and chief
executive officer.  "Despite a challenging industry environment,
we achieved several milestones this quarter which validate our
A&R strategy. According to sales data released this quarter, our
global market share for calendar year 2006 improved, moving us
up to the third-largest global recorded music company.  We also
reached a WMG 10-year record for U.S. album share for both the
quarter and first half of 2007."

Michael Fleisher, Warner Music Group's executive vice president
and chief financial officer, added: "Given our ongoing focus on
financial discipline, our realignment initiatives announced last
quarter remain on track for total one-time restructuring and
implementation charges in the range of US$65 million to
US$80 million by the completion of our fiscal year 2007."

                     Third-Quarter Results

For the third quarter of fiscal 2007, revenue slipped 2% to
US$804 million from US$822 million in the same period last year,
or 5% on a constant-currency basis.  This decline was driven by
a challenging Recorded Music industry environment as the shift
in consumption patterns from physical sales to new forms of
digital music continues.  Declines in the company's physical
Recorded Music revenue were only partially offset by increases
in Music Publishing and digital Recorded Music revenue.  
Domestic revenue was down 1% while international revenue
declined 4%, or 9% on a constant-currency basis.

Operating income for the quarter rose to US$45 million from
US$28 million in the prior-year quarter and operating margin was
up 2.2 percentage points to 5.6%.  Adjusted to exclude non-
recurring items, operating income for the quarter rose 39% to
US$39 million and operating margin was up 1.5 percentage points
to 4.9%.

OIBDA for the quarter rose to US$107 million from US$86 million
in the prior-year quarter and OIBDA margin increased 2.8
percentage points to 13.3%.  Adjusted to exclude non-recurring
items, OIBDA for the quarter grew 17% to US$101 million and
OIBDA margin widened 2.1 percentage points to 12.6%.  The
increase in OIBDA margin this quarter reflected cost-management
initiatives and a more profitable revenue mix.  In addition, the
company realized a temporary benefit from its previously
announced realignment plan as it continues to make investments
focused on new business initiatives.

The company reported a cash balance of US$396 million, total
long-term debt of US$2.3 billion and net debt (total long-term
debt minus cash) of US$1.9 billion, all as of June 30, 2007.

For the quarter, net cash provided by operating activities was
US$90 million compared to US$18 million in the comparable fiscal
2006 quarter.  Free cash flow (calculated by taking cash flow
from operations less capital expenditures and cash paid or
received for investments) was US$57 million, compared to
negative US$33 million in the comparable fiscal 2006 quarter.  
Unlevered after-tax cash flow (calculated by excluding cash
interest paid from free cash flow) was US$105 million, which
includes net cash from the non-recurring items, compared to
unlevered after-tax cash flow of US$14 million in the comparable
fiscal 2006 quarter.

At June 30, 2007, the company's consolidated balance sheet
showed US$4.55 billion in total assets, US$4.58 billion in total
liabilities, resulting in a US$23 million total stockholders'
deficit.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with US$1.27 billion in total current
assets available to pay US$1.83 billion in total current
liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2233
                   
                       Non-Recurring Items

On May 8, 2007, the company announced a realignment plan to
implement changes intended to better align the company's
workforce with the changing nature of the music industry and to
improve financial flexibility by consolidating and streamlining
the structure of the company's businesses.  Approximately
US$38 million of non-recurring costs were incurred in the third
quarter of fiscal 2007, consisting of US$32 million in
restructuring costs and US$6 million in non-recurring severance
and IT outsourcing related charges reflected in selling, general
and administrative expenses. Of the US$38 million of non-
recurring costs, US$33 million were incurred by the Recorded
Music division, US$1 million were incurred by the Music
Publishing division and US$4 million were corporate costs.  This
quarter's restructuring and severance charges related primarily
to redirecting resources to growth areas of the company's
businesses and eliminating duplicative positions.

On April 24, 2007, the company and Bertelsmann AG jointly
announced a settlement of contingent claims held by the company
relating to Bertelsmann AG's relationship with Napster in 2000-
2001.  The settlement covers the resolution of the related legal
claims against Bertelsmann AG by the company's Recorded Music
and Music Publishing businesses.  As part of the settlement, the
company received US$110 million, which was allocated 90% to
Recorded Music and 10% to Music Publishing.  Net of amounts
payable to artists and songwriters, the company recorded other
income of US$52 million in the third quarter of fiscal 2007
related to this settlement.  Of the US$52 million, US$49 million
went to the Recorded Music division and US$3 million went to the
Music Publishing division.  The balance of the US$110 million,
or US$58 million, is being shared with the company's recording
artists and songwriters.

In the third quarter of fiscal 2007, the company expensed
US$8 million in costs associated with the potential acquisition
of EMI Group plc, all at the corporate level.

These non-recurring items had a related tax benefit of
US$6 million.

                     About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a stand-alone music company that operates through numerous
international affiliates and licensees in more than 50
countries.  Warner Music maintains international operations in
Argentina, Australia, Brazil, Canada, Croatia, Denmark, France,
Germany, Greece, Hong Kong, Hungary, India, Ireland, Malaysia,
Mexico, Philippines, Thailand, and the United Kingdom, among
others.

                          *     *     *

As reported in the Troubled Company Reporter on July 23, 2007,
Standard & Poor's Ratings Services said that its ratings for
Warner Music Group, including the 'BB-' corporate credit rating,
remain on CreditWatch with negative implications.  The ratings
have been on CreditWatch because of S&Ps' concern about the
company's interest in EMI Group PLC.  S&P still see uncertainty
surrounding management's alternate strategies following WMG's
statement that it will not submit a competing bid for EMI.


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

ADVANCED SYSTEMS: Net Loss Widens to SGD1.6MM in 2nd Qtr. 2007
--------------------------------------------------------------
Advanced Systems Automation Limited posted in the Singapore
Stock Exchange its unaudited financial statements for the second
quarter ended June 30, 2007.

The Group's net loss in the second quarter ended June 30, 2007,
widened to SGD1.6 million compared to SGD60, 000 net loss in the
second quarter of 2006.

For the second quarter ended June 30, 2007, the group's revenue
decreased by 28% to SGD5.8 million from SGD8.2 million in the
same quarter of 2006.

As of June 30, 2007, the group's balance sheet showed total
assets of SGD38.8 million and total liabilities of SGD45.3,
resulting in a shareholders' equity deficit of SGD7 million.

The company's balance sheet as of June 30, 2007, reflects SGD42
million of total assets and SGD47 million of total liabilities
leaving a shareholders' equity deficit of SGD5 million.

                About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg/--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry.  The
company's subsidiaries include Avalon Technology Pte. Ltd.;
Microfits Pte. Ltd.; Beijing Microfits Precision Electronics
Engineering Co., Ltd. and Beijing Advanced Precision Electronics
Engineering Co., Ltd., both of which are engaged in the
manufacture of precision tools, dies and moulds; Acetech
Solutions Ltd.; Advanced Systems Automation, Inc., and Advanced
Systems Automation (Europe) Limited, which is engaged in the
sale and provision of services to the European semiconductor
manufacturing market.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Ernst & Young auditors reported in the company's  
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years.  The group incurred a net loss of SGD3.4
million for the financial year ended March 31, 2006, and the
group's and the company's current liabilities exceeded current
assets by SGD20.9 million and SGD22.9 million respectively.  As
of March 31, 2006, the group and the company were in net
shareholders' deficit positions of SGD13.8 million and SGD11.2
million respectively.  These matters described above indicate he
existence of a material uncertainty, which may cast significant
doubt about the group and company's ability to continue as going
concerns."

Ernst & Young added that the ability of the group and the
company to continue as going concern is dependent on the
company's completion of the proposed renounceable rights issue,
disposal of non-core assets and business restructuring.


CREATIVE TECHNOLOGY: Posts US$19 Mil. Net Loss in 4th Qtr. '07
--------------------------------------------------------------
Creative Technology Ltd. announced its financial results for the
fourth quarter of fiscal year 2007 and the full 2007 fiscal
year, ended June 30, 2007.

Revenues for the fourth quarter were US$165.2 million, compared
to revenues of US$230.9 million for the same quarter last year.
Revenues for the 2007 fiscal year were US$914.9 million,
compared to revenues of US$1.1 billion for the previous fiscal
year.

Net loss for the fourth quarter was US$19.3 million, with a loss
per share of US$0.23, including restructuring charges of US$2.4
million.  This compares to a net loss of US$12.7 million with a
loss per share of US$0.15 for the same period last year,
including a US$10.0 million tax credit.

Net income for the 2007 fiscal year was US$28.2 million, with
earnings per share of US$0.34, including a US$100 million paid-
up license from Apple for its use of the ZEN Patent in its
products.  This compares to a net loss of US$118.2 million with
a loss per share of US$1.42 for the previous fiscal year.

As of June 30, 2007, the company's balance sheet reflects total
assets of US$723 million and total liabilities of US$314
million, resulting in a shareholders' equity of US$409 million.

The paid-up license from Apple for use of the ZEN Patent in its
products was previously included in Creative's revenues for the
second quarter of fiscal year 2007, ended December 31, 2006.
However, taking into consideration recent comments the Company
received from the United States Securities and Exchange
Commission, the Company has now classified the entire US$100
million as non-operating other income in the cumulative twelve
months consolidated statements of operations.

"During the quarter, although we were able to reduce our
operating expenses to US$51.3 million, we still suffered an
operating loss, primarily resulting from a drop in sales in the
U.S. market," said Craig McHugh, president of Creative Labs,
Inc.

"Despite the lower sales in the U.S., we were able to reduce our
inventory by 12% from the previous quarter and by 43% year-over-
year.  This helped us to keep our strong cash position at US$250
million, even after paying off US$75 million of our long-term
debt in the period. Looking forward, we will continue to push to
bring our operating expenses in line with our gross margins and
revenues as we target to get closer to break-even in the current
quarter and return to profitability by the end of the calendar
year."

During the fourth quarter, Creative announced its plans to
voluntarily delist the Company's Ordinary Shares from the NASDAQ
Global Market, with August 31, 2007, as the last day of trading
on NASDAQ.  The company's listing on the Singapore Exchange
Securities Trading Limited, where Creative has the vast majority
of its trading volume, will become its sole exchange listing.

                   About Creative Technology

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.
The Company also makes modems and CD and DVD drives for PCs.
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.

Tough competition in the electronics market has hurt Creative,
causing it to incur recurring losses.  The Company reported a
net loss of US$114.33 million in the three months to March 31,
2006, reversing the year-ago profit of US$15.91 million due to
one-time charges and a drop in flash memory prices, which led to
an inventory writedown.  The Company is also facing ongoing
disputes with several companies in the United States.  Creative
also periodically receives licensing inquiries and threats of
potential future patent claims from a variety of entities,
including Lucent Technologies, MPEG LA, Dyancore Holdings,
Advanced Audio Devices and Nichia Corporation.


HEXION SPECIALTY: Funds US$100 Million of Incremental Term Loans
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. funded incremental term loans
under its second amended and restated credit agreement in the
aggregate amount of US$100 million in the form of new tranche C-
7 term loans.  

The proceeds of the incremental term loans will be used to repay
revolving loans and for general corporate purposes.  The
Incremental Credit Facility will mature on May 5, 2013.

                      About Hexion Specialty

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. --
http://www.hexion.com/-- serves the global wood and industrial   
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.  
It is an Apollo Management L.P. portfolio company.  Hexion had
2006 sales of US$5.2 billion and employs more than 7,000
associates.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand
                           *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.


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

ARVINMERITOR INC: Selling European Operations to Klarius Group
--------------------------------------------------------------
ArvinMeritor Inc. has sold its Light Vehicle Aftermarket (LVA)
European exhaust operations to Klarius Group Limited, located in
the United Kingdom.  Terms of the sale were not disclosed.

"This transaction completes the divestiture of the LVA
business," said Chip McClure, ArvinMeritor chairman, CEO and
president.  "Our strategy is to focus resources and capital on
areas within our core businesses that produce the highest
returns for our shareowners."

This divestiture includes approximately 1,000 employees at LVA
facilities in Blackpool, Lancaster and Stoke-on-Trent, England;
Dreux and Nanterre, France; and Finale Emilia, Italy.

Mr. McClure added, "Completing the sale of LVA is another recent
achievement toward strengthening the company and positioning
ourselves for profitable future growth."

                     About Klarius Group

Klarius Group is a privately owned U.K. group established to
invest in the European automotive sector.

                      About ArvinMeritor

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

                          *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


ARVINMERITOR INC: Sells LVA Exhaust Operations to Klarius Group
---------------------------------------------------------------
ArvinMeritor Inc. has sold its Light Vehicle Aftermarket
European exhaust operations to Klarius Group Limited, located in
the United Kingdom.  Terms of the sale were not disclosed.
    
"This transaction completes the divestiture of the LVA
business," Chip McClure, ArvinMeritor chairman, CEO and
president, said.  "Our strategy is to focus resources and
capital on areas within our core businesses that produce the
highest returns for our shareowners."
    
This divestiture includes approximately 1,000 employees at LVA
facilities in Blackpool, Lancaster and Stoke-on-Trent, England;
Dreux and Nanterre, France; and Finale Emilia, Italy.
    
"Completing the sale of LVA is another recent achievement toward
strengthening the company and positioning ourselves for
profitable future growth," Mr. McClure added.
    
                   About Klarius Group Limited
    
Klarius Group is a privately owned U.K. group established to
invest in the European automotive sector.
    
                     About ArvinMeritor Inc.

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

                          *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


DOLE FOOD: Reaches Settlements in Two Banana Antitrust Lawsuits
---------------------------------------------------------------
Dole Food Co. Inc. reached settlements for two consolidated
class actions filed by direct and indirect banana buyers in
Florida federal court, according to the company's July 31, 2007
Form 10-Q Filing with the U.S. Securities and Exchange
Commission for the quarterly period ended June 16, 2007.

A number of class actions were filed against the company and
three competitors in the U.S. District Court for the Southern
District of Florida.

The lawsuits were filed on behalf of entities that directly or
indirectly purchased bananas from the defendants and have now
been consolidated into two separate class actions:

     -- one by direct purchasers (customers); and
     -- another by indirect purchasers (those who purchased
        bananas from customers).

Both consolidated class actions allege that the defendants
conspired to artificially raise or maintain prices and control
or restrict output of bananas.

On May 17, 2007 and June 26, 2007, respectively, Dole entered
into settlement agreements resolving these putative consolidated
class actions filed by the direct purchasers and indirect
purchasers.

These settlement agreements and their terms are subject to
various court approvals and required notices.  

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and  
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
the Philippines, Thailand, Colombia and Ecuador, primarily to
wholesale florists and supermarkets in the U.S.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook was stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------


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

AUSTRALIA

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


CHINA AND HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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




                            *********


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

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