TCRAP_Public/070813.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  

            Monday, August 13, 2007, Vol. 10, No. 158
  
                            Headlines

A U S T R A L I A

AUSTRAL HOSE: Shareholders to Meet on August 20
BURNETT VALLEY: Members' Final Meeting Slated for August 17
BURNETT VALLEY: Liquidators to Give Wind-Up Report on Aug. 17
COTECH PTY: Sets Final Meeting for August 31
DIXON FIRE: Shareholders to Hold Final Meeting on August 20

FORTESCUE METALS: To Build 250 Homes for Pilbara Workers
GALLUS PROPERTY: Members and Creditors to Meet on August 21
GRAIN ACCUMULATORS: Final Meeting Slated for August 17
JAMES LOUGHRAN: Members Opt for Voluntary Liquidation
MINING SUPPLIES: Shareholders to Hear Wind-Up Report on Aug. 20

POIX PTY: To Declare Priority Dividend on September 3


C H I N A   &   H O N G  K O N G

CHINA EVERBRIGHT: Looks to Tap Foreign Investors After Reform
COLIYIELD COMPANY: Annual Meetings Set for August 17
EXTRASURE INSURANCE: Members to Hear Wind-Up Report on Sept. 4
FERENDO LIMITED: To Hold Joint Annual Meetings on August 17
FERRO CORP: Reports US$4.5 Mln Net Income in 2007 Second Quarter

FIAT SPA: Repurchases 1.11 Million Ordinary Shares
GREENTOWN CHINA: Cuts Equity Stake in Ningbo Chuangfu
HEXCEL CORP: Completes US$62.5 Mln Asset Sale to JPS Industries
HONTINI (HK): Commences Wind-Up Proceedings
PACIFIC OPTICAL: Members Agree on Voluntary Liquidation

POLYMER GROUP: Registers Class A Common Stock with U.S. SEC
POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating
POPULAR STAR: Members to Hold General Meeting on Sept. 7
PROFESSIONAL MANAGEMENT: Faces Vineberg's Wind-Up Petition
THAI ASSET: Accepting Proofs of Debt Until Sept. 3

UNION CHASE: Court to Hear Wind-Up Petition on Sept. 19
WORLD CAPITAL: Court Sets Wind-Up Petition Hearing for Aug. 29


I N D I A

ANHDRA CEMENTS: To Consider Increasing Authorized Share Capital
ARTSON ENGINEERING: Earns INR11.49 Million in April-June '07
ATV PROJECTS: Incurs INR210-Mil. Loss in 15 Mos. Ended June 30
BAGALKOT UDYOG: Net Loss Widens by 285% to INR14.08 Million
TATA POWER: Signs EPC Contract W/ Toshiba for Turbine Generators

TATA STEEL: To Buy 35% Stake Riverdale's Mozambique Coal Project


I N D O N E S I A

ALCATEL-LUCENT: Costa Rican State Firm Levies CRC31.2-Bil. Fine
BANK DANAMON: To Act as Payment Bank for Perusahaan Listrik
BANK MANDIRI: To Set Aside IDR11 Tril. for Plantation Financing
BANK MANDIRI: Lends US$147.79 Million to Union Sampoerna
BANK NEGARA: Sees Oversubscription of Secondary Offering

BANK NIAGA: Moody's Review B2 Foreign Currency LT Deposit Rating
GOODYEAR TIRE: Names Mark Schmitz as Chief Financial Officer
MOBILE 8: Sells US$100 Million Dollar-Denominated Bonds
PERTAMINA: To Import 10.2MM Barrels of Fuel Products


J A P A N

ADVANCED MEDICAL: Withdraws Bid to Acquire Bausch & Lomb
BOSTON SCIENTIFIC: Inks Merger Change Pact w/ Advanced Bionics
DELPHI CORP: Picks Umicore as Best Bidder for Catalyst Business
DELPHI CORP: June 30 Balance Sheet Upside-Down by US$13.2 Bil.
FORD MOTOR: Sees Better Productivity, Lower Costs in Labor Talks

FUJI HEAVY: To Form Capital Ties with Toyota Motor Corp
SANYO ELECTRIC: In Talks w/ Sharp & Kyocera on Sale of Unit


K O R E A

ARROW ELECTRONICS: To Acquire Centia & AKS Group
KOREA HINET: Amends Private Placement of Common Stock
MIJU MATERIAL: Converts Fourth Bonds With Warrants Into Shares
MIJU STEEL: Converts 20th Bonds Into Additional Common Shares


M A L A Y S I A

PROTON HOLDINGS: Employees Provident Fund Cuts Stake to 13.24%
MALAYSIA AIR: Non-Core Business Div. Leads Track to Profits
SOLUTIA INC: Judge Beatty Rejects Disclosure Statement
SOLUTIA INC: Creditors' Committee Wants Settlements Approved
TEXCHEM RESOURCES: 2nd Qtr Profit Up on Gains from Unit Disposal


N E W  Z E A L A N D

AIR NEW ZEALAND: Mess at Heathrow Airport May Affect Revenues
ALL STAR:  Creditors' Proofs of Debt Due on August 16
DSK LTD: Taps Brown and Neilson as Liquidators
HARJIT GILL: Subject to Fresha Valley's Wind-Up Petition
KLASSIC KIWI: Proofs of Debt Due on July 17

MCLAUGHLIN PARK: Court to Hear Wind-Up Petition on Sept. 27
MELLENCAMP CARRYWEAR: Shareholders Decide to Liquidate Business
TEAMM DECORATORS: Accepting Proofs of Debt Until August 16
TINAKORI LTD: Shareholders Resolve to Shut Down Business
WARWICK MEWS: Fixes August 20 as Last Day to File Claims

ZINC LTD: Taps Heath and Lamacraft as Liquidators


P H I L I P P I N E S

FIL-ESTATE CORP: Sets Annual Stockholders' Meeting for Sept. 13
SAN MIGUEL CORP: Posts PHP7.9-Bil. Net Income in 2007 First Half
TOWER RECORDS: Judge Shannon Confirms Chap. 11 Liquidation Plan
VITARICH CORP: Files First Compliance Report with Court


S I N G A P O R E

INTEGRATED DEVICE: Proofs of Debt Due on September 10
ROTHSCHILD ASIA: Accepting Proofs of Debt Until Sept. 14
SG INDUSTRIAL: Pays First and Final Dividend
UNITY BUILDER: Pays Second and Final Dividend


T H A I L A N D

BLOCKBUSTER INC: Inks Acquisition Deal with Movielink

     - - - - - - - -

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

AUSTRAL HOSE: Shareholders to Meet on August 20
-----------------------------------------------
A final meeting will be held for the shareholders of Austral
Hose Pty Ltd on August 20, 2007, at 9:00 a.m., at the offices of
William Buck at 48 Greenhill Road, Wayville in South Australia
5034, Australia.

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

                        About Austral Hose

Austral Hose Pty Ltd is engaged in the business of industrial
machineries.  The company is located in Broken Hill, New South
Wales, Australia.


BURNETT VALLEY: Members' Final Meeting Slated for August 17
-----------------------------------------------------------
The members of Burnett Valley Holdings Limited will have their
final meeting on August 17, 2007, at 10:00 a.m.

At the meeting, the members of the company will receive the
liquidators' report about its wind-up proceedings and property
disposal.

The company's liquidators are:

         Bradley Hellen
         Ann Fordyce
         c/o Pilot Partners
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia

                      About Burnett Valley

Burnett Valley Holdings Limited operates offices of holding
companies.  The company is located in Murgon, Queensland,
Australia.


BURNETT VALLEY: Liquidators to Give Wind-Up Report on Aug. 17
-------------------------------------------------------------
A final meeting will be held for the members of Burnett Valley
Ltd on August 17, 2007, at 10:00 a.m.

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

The Liquidators can be reached at:

         Bradley Hellen
         Ann Fordyce
         c/o Pilot Partners
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia

                      About Burnett Valley

Burnett Valley Ltd, which is also trading as Burnett Valley
Stockfeeds, is a distributor of prepared feed and feed
ingredients for animals.  The company is located in Murgon,
Queensland, Australia.


COTECH PTY: Sets Final Meeting for August 31
--------------------------------------------
A final meeting will be held for the members and creditors of
Cotech Pty Ltd on August 31, 2007, at 10:00 a.m., in the offices
of B. K. Hamilton & Associates, Level 2/171 at Macquarie Street,
Hobart in Tasmania, Australia.

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:

         B. K. Hamilton
         Level 2, 171 Macquarie Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6224 4660
         Facsimile:(03) 6224 0545

                        About Cotech Pty

Cotech Pty Ltd is a distributor of metal household furniture.  
The company is located in Hobart, Tasmania, Australia.


DIXON FIRE: Shareholders to Hold Final Meeting on August 20
-----------------------------------------------------------
The shareholders of Dixon Fire Pty Ltd will hold a final meeting
on August 20, 2007, at 9:00 a.m., to hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         P. A. Taylor
         c/o William Buck
         48 Greenhill Road, Wayville
         South Australia 5034
         Australia

                        About Dixon Fire

Dixon Fire Pty Ltd is in the business of industrial launderers.  
The company is located in Silverwater, New South Wales,
Australia.


FORTESCUE METALS: To Build 250 Homes for Pilbara Workers
--------------------------------------------------------
Fortescue Metals Group Limited declared that 250 homes will be
built in Port and South Hedland for the staff working in the
company's Pilbara operations in north-west Western Australia,
ABC News reports.

Under the agreement, ABC writes, the houses will be built and
leased back to Fortescue to be made available to its port and
rail employees.

Also, the company will facilitate the sale of the houses to
staff in a move to foster a sense of permanency in the
community, ABC relates.

Initially, 100 units to be built have already been agreed on,
however, the remaining 150 is still under negotiation.  
Construction, conveys ABC, is expected to be completed by this
time next year.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.

In August 2006, Moody's Investors Service assigned a Ba3 rating
to approximately US$1.9 billion in senior secured 144A bonds to
be issued by FMG Finance Pty Ltd, the financing vehicle of the
Fortescue Metal Group.  The funding will be used to partially
finance the development of the Company's iron ore mine in the
Pilbara region of Western Australia as well as an associated
rail line and port infrastructure.


GALLUS PROPERTY: Members and Creditors to Meet on August 21
-----------------------------------------------------------
The members and creditors of Gallus Property Group Pty Ltd will
meet on August 12, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Geoffrey Mcdonald
         c/o Hall Chadwick
         Level 1, 91 Upton Street
         Bundall, Queensland 4217
         Australia

                     About Gallus Property

Gallus Property Group Pty Ltd is a distributor of durable goods.  
The company is located in Gaven, Queensland, Australia.


GRAIN ACCUMULATORS: Final Meeting Slated for August 17
------------------------------------------------------
Grain Accumulators (Australia) Pty Ltd will hold a final meeting
for its members and creditors on August 17, 2007, at 10:00 a.m.

At the meeting, I. A. Currie, the company's liquidator, will
give a report about the company's wind-up proceedings and
proerpty disposal.

The Liquidator can be reached at:

         I. A. Currie
         Currie Biazos Insolvency Accountants
         Level 5, 99 Creek Street
         Brisbane, Queensland
         Australia

                    About Grain Accumulators

Grain Accumulators (Australia) Pty Ltd provides business
services.  The company is located in Brisbane, Queensland,
Australia.


JAMES LOUGHRAN: Members Opt for Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on July 2, 2007, the members of
James Loughran & Sons Pty Ltd decided to voluntarily liquidate
the company's business and appointed Richard George Shoobridge
as liquidator.

The Liquidator can be reached at:

         Richard George Shoobridge
         c/o Deloitte Touche Tohmatsu
         ANZ Centre, Level 9
         22 Elizabeth Street, Hobart
         Tasmania 7000
         Australia
         Telephone:(03) 6237 7000
         Facsimile:(03) 6237 7001

                      About James Loughran

James Loughran & Sons Pty Ltd operates miscellaneous business
credit institutions.  The company is located in Burnie,
Tasmania, Australia.


MINING SUPPLIES: Shareholders to Hear Wind-Up Report on Aug. 20
---------------------------------------------------------------
Mining Supplies Australia Pty Ltd will hold a final meeting for
its shareholders on August 20, 2007, at 9:00 a.m., in the
offices of William Buck at 48 Greenhill Road, Wayville in South
Australia 5034, Australia.

P. A. Taylor, the appointed liquidator, will give a report about
the company's wind-up proceedings and property disposal.

                     About Mining Supplies

Mining Supplies Australia Pty Ltd (Minsup) is involved with
equipment rental and leasing.  The company is located in
Wingfield, South Australia, Australia.


POIX PTY: To Declare Priority Dividend on September 3
-----------------------------------------------------
Poix Pty Ltd, which is in liquidation, will declare its first
and final dividend on September 3, 2007.

Accordingly, company creditors who cannot file their claims by
August 8, 2007, will be excluded from sharing in the dividend
distribution.

The company's liquidator is:

         Hugh Mcpharlin
         c/o Edwards Marshall
         Suite 5, 1st Floor
         4-8 Angas Street, Kent Town
         South Australia 5067
         Australia

                         About Poix Pty

Poix Pty Ltd, is in the business of computer related services.  
The company is located in Kent Town, South Australia, Australia.


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

CHINA EVERBRIGHT: Looks to Tap Foreign Investors After Reform
-------------------------------------------------------------
China Everbright Bank will introduce foreign strategic
investors, if necessary, when its capital adequacy ratio meets
regulatory requirements and when it improves its asset quality,
reports say.

The lender, according to media reports, will also try to go
public and set an end-2008 deadline for the offer.

For the meantime, the bank's top priority is to complete the
implementation of its financial restructuring.  China Everbright
Bank had already gained the approval from various regulators o
begin the reform.


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

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

The Troubled Company Reporter-Asia Pacific stated on Aug. 9,
2007, that China has approved mid-sized lender China Everbright
Bank's plan for financial restructuring, paving the way for a
capital injection and eventual listing.

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


COLIYIELD COMPANY: Annual Meetings Set for August 17
----------------------------------------------------
The members and creditors of Coliyield Company Limited will have
their annual meetings on August 17, 2007, at 12:00 noon and
12:15 p.m., respectively, to hear the liquidator's report about
the company's wind-up proceedings and property disposal.

The meeting will be held in 1401, Level 14, Tower 1 of Admiralty
Centre at 18 Harcourt Road, Hong Kong.


EXTRASURE INSURANCE: Members to Hear Wind-Up Report on Sept. 4
--------------------------------------------------------------
A final meeting will be held for the members of Extrasure
Insurance Services (International) Limited on September 4, 2007,
at 10:00 a.m., on Level 28 of Three Pacific Place at 1 Queen's
Road in East, Hong Kong.

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


FERENDO LIMITED: To Hold Joint Annual Meetings on August 17
-----------------------------------------------------------
Ferendo Limited will hold its annual meetings for its members
and creditors on August 17, 2007, at 2:30 p.m. and 2:45 p.m.,
respectively.

The meeting will be held in 1401, Level 14, Tower 1 of Admiralty
Centre at 18 Harcourt Road, Hong Kong.


FERRO CORP: Reports US$4.5 Mln Net Income in 2007 Second Quarter
----------------------------------------------------------------
Ferro Corporation earned net income of US$4,5 million for the
three months ended June 30, 2007, compared to net income of
US$10.2 million for the same period in 2006.  The company
recorded sales of US$554 million for the quarter ended June 30,
2007, up 3 percent from sales of US$538 million in the second
quarter of 2006.

Income from continuing operations for the 2007 second quarter
was US$4.6 million compared with US$10.5 million in the second
quarter of 2006.  Income from continuing operations declined
primarily as a result of previously announced manufacturing
rationalization, the costs of a temporary plant shutdown, and
higher selling, general and administrative costs due to
litigation settlements.  These higher costs were partially
offset by lower interest expenses.  The 2007 second quarter
income from continuing operations included net pre-tax expenses
of US$10.0 million primarily related to a reserve for litigation
settlements and manufacturing rationalization costs.  The second
quarter 2006 income from continuing operations included net pre-
tax expenses of US$3.7 million from expenses primarily related
to the write-off of previously unamortized fees and discounts
related to the Company's debentures and an accounting
investigation and restatement.

"We maintained sales in the quarter, as our international
business helped compensate for the effects of weak residential
construction, appliance and automotive markets in the U.S.,"
said Chairman, President and Chief Executive Officer James F.
Kirsch.  "Our segment income was negatively impacted by an
interruption of manufacturing of our South Plainfield, New
Jersey plant.  However, we have improved the profitability in
our Organic Specialties Group, through product repositioning and
expense control. We continue to execute our restructuring
programs to improve the cost structure to support our worldwide
brand, technology and applications understanding."

Changes in foreign currency exchange rates accounted for the
increase in sales compared with the second quarter of 2006.
Price increases and volume declines were largely offsetting
during the quarter.  Volumes were lower overall, driven by
weaker market conditions in Electronic Materials, Polymer
Additives and Specialty Plastics.  Volumes were higher in
Performance Coatings compared with the second quarter of 2006.

Gross margins were 19.4 percent of sales for the second quarter,
compared with 20.6 percent of sales in the second quarter of
2006.  The company's 2007 second quarter gross profit was
reduced by US$1.9 million in accelerated depreciation costs
related to manufacturing rationalization activities.  Gross
margins were also negatively impacted by an interruption of
manufacturing activities at our South Plainfield, New Jersey
plant.  Operations at the site were resumed after operational
and safety issues were addressed, however, the interruption
resulted in approximately US$3 million in unrecovered
manufacturing costs and other expenses during the quarter.  In
addition, gross margin as a percent of sales continues to be
negatively impacted by rising precious metal costs.  Higher
precious metal costs are passed through to customers with
minimal contribution to margins.

Selling, general and administrative (SG&A) expense was US$84.4
million in the second quarter of 2007, or 15.2 percent of sales.
Included in SG&A expense are charges totaling US$7.8 million,
primarily related to an increased reserve for litigation
settlements.  SG&A expense in the second quarter of 2006 was
US$78.7 million, or 14.6 percent of sales, including charges of
US$1.6 million primarily related to the accounting restatement.

Interest expense for the 2007 second quarter was US$14.3
million, compared with US$18.1 million in the year-ago period.
The 2006 second quarter interest expense included a non-cash
US$2.5 million write-off of unamortized fees and discounts
associated with the company's debentures.  Interest expense also
declined from the prior-year period as a result of lower
borrowing levels resulting from the elimination of cash deposits
on precious metal consignments.  The elimination of these
deposits also resulted in a decline in interest income during
the second quarter compared with the second quarter of 2006.

The company's tax rate for the second quarter increased to 37.9
percent from 32.8 percent in the 2006 second quarter.  The
higher rate was largely the result of the mix of income by
country and an increase in the anticipated level of foreign
current-year earnings to be repatriated.

Total debt on June 30, 2007 was US$559.2 million, a decrease of
US$33.2 million from the end of 2006.  The company had net
proceeds of US$61.3 million from its U.S. accounts receivable
securitization program as of June 30, 2007, compared with
US$60.6 million at the end of 2006.  It had US$39.4 million in
net proceeds from similar programs outside the U.S. at the end
of the quarter, compared with US$33.7 million at the end of
2006.

                        Segment Results

Sales in the Performance Coatings segment increased in both the
tile and porcelain enamel product areas compared with the prior-
year quarter.  Both the Performance Coatings and Color and Glass
Performance Materials segments experienced growth in
international sales, particularly in Europe.  Sales in Polymer
Additives also increased compared with the prior year quarter,
with increased sales in both North America and internationally,
driven by repositioning sales toward a more favorable price and
product mix.  Sales in Electronic Materials declined in the
quarter, primarily driven by weaker dielectric materials demand
from supply chain inventory reductions by customers who
manufacture capacitors.  Sales in Specialty Plastics declined
compared with the second quarter of 2006, largely due to weaker
demand in the U.S. residential housing, appliance and automotive
markets.

Total segment income for the second quarter of 2007 was US$40.4
million compared with US$42.7 million in the prior-year period.
The decline was driven by reduced segment income in the
Electronic Material Systems segment as a result of lower volumes
of dielectric materials sold and the impact of the temporary
interruption of manufacturing at the South Plainfield site.
Segment income also declined modestly in Performance Coatings,
driven by lower income in the Company's porcelain enamel
business.  Segment income increased in Color and Glass
Performance Materials as a result of higher sales.  Income also
was higher in the Polymer Additives and Specialty Plastics
segments primarily as a consequence of expense control
initiatives taken during late 2006 and early 2007 in response to
weak market conditions.

                             Outlook

The company expects sales to increase in the third quarter
compared with sales of US$501 million in the third quarter of
2006.  Consistent with historical seasonality, sales are
expected to decline sequentially from the second quarter of
2007.  Sales for the third quarter, ending Sept. 30, are
expected to be in the range of US$505 million to US$530 million.
Sales in Electronic Material Systems are expected to increase
sequentially from the second quarter of 2007 and compared with
the prior-year quarter, as demand from manufacturers of
capacitors recovers.  Sales in Performance Coatings, Color and
Glass Performance Materials and Polymer Additives are expected
to increase compared with the prior-year period.

Net income per share in the third quarter is expected to be in
the range of 17 to 22 cents per share, including approximately 2
cents per share for charges related to the company's
manufacturing rationalization activities.  Net income per share
in the third quarter of 2006 was 12 cents per share.


Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of  
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


FIAT SPA: Repurchases 1.11 Million Ordinary Shares
--------------------------------------------------
Within the frame of the buy back program announced on April 5,
2007, Fiat S.p.A. purchased 1.11 million Fiat ordinary shares at
the average price of EUR19.701 including fees on Aug. 7.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 17.927 million for
a total invested amount of EUR377.8 million.

                    Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                         About Fiat SpA

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

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

                          *     *     *

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

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

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


GREENTOWN CHINA: Cuts Equity Stake in Ningbo Chuangfu
-----------------------------------------------------
Greentown China Holdings has agreed to transfer 35% and 30% of
its equity interest in Ningbo Chuangfu Real Estate Co., Ltd, to
Zhejiang Jinchang Real Estate Group Co. Ltd. and Shaoxing Yiquan
Real Estate Co. Ltd., in considerations of CNY133 million and
CNY114 million, respectively, Infocast News reports.

Upon completion of the transfer, Greentown will continue to hold
a 35% stake in NC Real Estate, the report adds.

In addition, Infocast reveals that Greentown, ZJ Real Estate and
SY Real Estate have further agreed to invest CNY373.8 million,
CNY373.8 million and CY320.4 million respectively in the project
by way of shareholders' loan.  Further capital may be required
to be contributed in proportion to the parties' respective
interest in NC Real Estate, the news agency adds.

NC Real Estate's current project involves development of state-
owned lands with a total land area of approximately 124,113
square meters located at Keqiao District, Shaoxing County,
Zhejiang Province.  The project has an estimated total ground
floor area of approximately 451,640 square meters, of which
approximately 394,160 square meters will be developed as
residential real estates and approximately 57,480 square meters
will be developed as commercial/office real estates.


Greentown China Holdings Ltd is one of the major property
developers in China with a primary focus on Hangzhou and hejiang
province.  It currently has a land bank in seventeen cities in
China with an attributable gross floor area of nine million
square meters.  Greentown was listed on the Hong Kong Stock
Exchange in July 2006.

Moody's Investors Service on June 25, 2007, placed Greentown
China Holdings Ltd's Ba2 corporate family rating and senior
unsecured bond rating on review for possible downgrade.  "The
review is prompted by Greentown's series of land acquisitions
recently, which is at a pace beyond our expectation," says Kaven
Tsang, Moody's lead analyst for Greentown.

In addition, the Standard & Poor's Ratings Services assigned its
'BB' issue rating to a CNY2.31 billion (about US$300 million)
zero coupon convertible bond issued by Greentown China Holdings
Ltd. (Greentown; BB/Stable/--).  The issue is due 2012 and will
be settled in U.S. dollars.  The bond is callable on or after
May 18, 2009, and putable on May 18, 2010.


HEXCEL CORP: Completes US$62.5 Mln Asset Sale to JPS Industries
---------------------------------------------------------------
Hexcel Corporation has completed the sale of the remaining
assets of its U.S. Electronics, Ballistics & General Industrial
reinforcement product lines to JPS Industries Inc.  

Hexcel has received the agreed upon initial cash purchase price
of US$62.5 million and it may receive up to US$12.5 million of
additional payments dependent upon future sales of the
Ballistics product line.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on June 25, 2007,
Moody's Investors Service raised Hexcel Corporation's Corporate
Family Rating to Ba3 from B1.  The ratings on Hexcel's senior
secured credit facility were upgraded to Ba1 from Ba2, while the
subordinated notes ratings were upgraded to B1 from B3.  The
ratings outlook is stable.


HONTINI (HK): Commences Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on July 30, 2007, the
members of Hontini (HK) Limited agreed to voluntarily wind up
the company's operations and appointed Heng Poi Cher as
liquidator.

The Liquidator can be reached at:

         Heng Poi Cher
         4304, China Resources Building, 43rd Floor
         26 Harbour Road, Wanchai
         Hong Kong


PACIFIC OPTICAL: Members Agree on Voluntary Liquidation
---------------------------------------------
On July 25, 2007, the members of Pacific Optical (H.K.) Company
Limited passed a resolution to voluntarily liquidate the
company's business.

Creditors are required to file their claims by August 22, 2007,
to be included in the company's dividend distribution.

The company's liquidators are:

         Ho Hoi Lam
         Man Fung Ying
         Gold & Silver Commercial Building, 8th Floor
         12-18 Mercer Street, Central
         Hong Kong


POLYMER GROUP: Registers Class A Common Stock with U.S. SEC
-----------------------------------------------------------
Polymer Group Inc. has filed a registration statement on Form S-
3 with the U.S. Securities and Exchange Commission.

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

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

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

                       *     *     *

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

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


POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' corporate
credit rating and other ratings on Intertape Polymer Group Inc.
remain on CreditWatch with negative implications, following the
company's recent announcement of a proposed rights issue of up
to US$90 million.
     
The ratings were originally placed on CreditWatch in
October 2006, after Intertape's announcement of a strategic
review process and S&P's concerns regarding weak operating
performance and tight liquidity.  Littlejohn & Co. LLC's
subsequent attempt to acquire the company was unsuccessful, and
the related financing transaction was cancelled.  S&P are
withdrawing its ratings on Tape Borrower Inc. because of the
cancellation of the financing transaction related to the
proposed acquisition.
      
"We remain concerned about Intertape's liquidity.  Of particular
concern were the company's comments at the time of the proposed
acquisition that if the acquisition was not approved by
shareholders, Intertape may have to seek appropriate
accommodations from its lenders with respect to financial
covenants," said Standard & Poor's credit analyst Paul Kurias.
     
The company's US$75 million revolving credit facility is a key
source of liquidity and any constraints in access to the
facility will meaningfully weaken liquidity.  In the recent
past, on occasions when full access to the US$75 million
facility would have resulted in a breach of financial covenants,
Intertape has had only limited access to the facility.
     
The company also has an unfavorable debt maturity profile with
the revolving credit facility scheduled to mature in 2009.  In
addition, S&P have concerns about the highly leveraged financial
profile.  Total adjusted debt outstanding as of March 31, 2007,
was US$338 million.
     
To date, Intertape Polymer has received commitments from some
shareholders totaling slightly more than over US$60 million for
the proposed rights offering.  If successful, the transaction is
likely to partly address our liquidity and leverage concerns.  
The company plans to use proceeds to pay down debt.  Pro forma
for the US$90 million transaction and the payment of debt, total
adjusted debt to EBITDA at March 31, 2007, would have been about
4.1x, down from the actual level of 5.5x.
     
However, Standard & Poor's notes that the commitments from
shareholders are contingent on the company's ability to avoid a
default on its existing credit facilities.  Therefore, if the
rights offering is not consummated or if the company is unable
to obtain bank covenant relief, S&P will likely lower the
ratings.  If the transaction and debt payment occur as planned,
S&P will raise the corporate credit rating on Intertape to 'B'
from 'B-' to reflect a meaningful decline in leverage, an
improvement in liquidity, and its expectation for an improvement
in the company's operating performance.  

The 'B' corporate credit rating will reflect a limited scope of
operations in the tapes niche of the North American packaging
sector and a small presence in films, low margins with some
volatility in earnings, vulnerability to cyclical end markets,
and a highly leveraged financial profile.  These risks are
partly offset by a fair position in the company's market niches,
breadth of customer base, and positive growth prospects for
industrial tape demand in North America.  The outlook will be
stable.  

The need to refinance debt within the next two years and the
volatility in earnings, as demonstrated in the second half of
2006 when quarterly earnings declined sharply for reasons
including a weaker housing market, which is an ongoing concern,
will constrain the ratings.  The recent track record of low
liquidity, including issues with covenant compliance, also
constrains the ratings.
     
S&P expect to resolve the CreditWatch listing when information
on the company's capacity to meet its financial covenants,
receipt of proceeds from the rights issue, and payment of debt
becomes available.

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


POPULAR STAR: Members to Hold General Meeting on Sept. 7
--------------------------------------------------------
A final general meeting will be held for the members of Popular
Star Enterprises Limited on Sept. 7, 2007, at 9:00 a.m., at the
15th Floor of Manulife Tower, 169 Electric Road, in North Point,
Hong Kong.

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


PROFESSIONAL MANAGEMENT: Faces Vineberg's Wind-Up Petition
----------------------------------------------------------
A petition to wind up the operations of Professional Management
Consultancy (Holding) Limited was filed by Vineberg Property
Management Limited on June 21, 2007.

The Court will hear the petition on August 29, 2007, at
9:30 a.m.

Vineberg's solicitor is:

         Messrs. Huen & Partners
         West Tower, Shun Tak Centre
         Units 3307-12, 33rd Floor
         Sheung Wan, Hong Kong


THAI ASSET: Accepting Proofs of Debt Until Sept. 3
--------------------------------------------------
The creditors of The Thai Asset Fund Limited are required to
file their proofs of debt by September 3, 2007, before
5:30 p.m., to be included in the company's dividend
distribution.

The company's liquidators are:

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


UNION CHASE: Court to Hear Wind-Up Petition on Sept. 19
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Union Chase (HK) Company Limited on September 19,
2007, at 9:30 a.m.

The petition was filed by Ma Lai Yue on July 17, 2007.

Ma Lai's solicitor is:

         Sit Fung Kwong & Shom
         Gloucester Tower, 18th Floor
         The Landmark
         11 Pedder Street, Central
         Hong Kong


WORLD CAPITAL: Court Sets Wind-Up Petition Hearing for Aug. 29
--------------------------------------------------------------
On June 25, 2007, Cowealth Medical Science & Biotechnology filed
a petition to wind up the operations of World Capital Pacific
Limited.

The petition will be heard before the High Court of Hong Kong on
August 29, 2007, at 9:30 a.m.

Cowealth Medical's solicitor is:

         Messrs. Liu, Chan and Lam
         Hutchison House
         17th Floor, Rooms 17010-18
         10 Harcourt Road, Central
         Hong Kong


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

ANHDRA CEMENTS: To Consider Increasing Authorized Share Capital
---------------------------------------------------------------
Andhra Cements Ltd's shareholders will hold an Extraordinary
General Meeting on Aug. 21, 2007, to transact these businesses:

   1. To increase the company's authorized share capital from
      INR125,00,00,000 divided into 12,00,00,000 equity shares
      of INR10 each, and 5,00,000 cumulative redeemable
      preference shares of INR100 each, to INR140,00,00,000
      divided into:

        -- 13,50,00,000 equity shares of INR10 each; and

        -- 5,00,000 cumulative redeemable preference shares of  
           INR100 each.

   2. To create, issue, offer and allot in one or more tranches,
      by way of preferential allotment up to 154,10,000 fully  
      paid up equity shares of INR10 each, at a price of
      INR28.60 per equity share (i.e. at a premium of INR18.60
      per share) and the aggregate amount so issued will not
      exceed INR44.08 crore to Infrastructure Development
      Finance Company Limited and the Promoters Association
      Companies, subject to necessary provisions & approvals.

   3. To borrow from time to time for the company's business,
      sums of money, which together with the moneys already
      borrowed by the company, may exceed the aggregate of the
      paid up capital and its free reserves that is to say,
      reserves not set apart for any specific purpose, provided
      that the total amount so borrowed by the board of
      directors will not at any time exceed INR1,000 crore.

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
scheme is presently under revision, the company notes in its
financial statements for the quarter ended March 31, 2007.


ARTSON ENGINEERING: Earns INR11.49 Million in April-June '07
------------------------------------------------------------
Artson Engineering Limited's net profit in the quarter ended
June 30, 2007, soared to INR11.49 million -- more than two times
the INR4.16-million profit booked in the corresponding quarter
last year.

The huge improvement in the bottom line is brought about by the
jump in sales from INR30.45 million in the quarter ended
June 30, 2006, to INR92.82 million in the June 2007 quarter.

Operating expenditures for the current reporting period totaled
INR79.1 million, hence the company earned an operating profit of
INR13.72 million.

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

               http://ResearchArchives.com/t/s?2254

Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company active
in specialized area of refineries, ports and airports.

The company was referred to the Board for Industrial and
Financial Reconstruction as a sick company.  Its proposal for
restructuring is currently under review, the company noted in
its financial results in the quarter ended March 30, 2007.


ATV PROJECTS: Incurs INR210-Mil. Loss in 15 Mos. Ended June 30
--------------------------------------------------------------
ATV Projects India Ltd reported a net loss of INR210.84 million
in the 15 months ended June 30, 2007.  Compared to the same
period in FY 2006, the net loss narrowed 30% from
INR273.5 million.

The company has changed its financial year from April 1, 2006,
to June 30, 2007.

The reduced net loss could be the result of lesser operating
expenses incurred in the current financial year.

For the 15 months ended June 30, 2007, the company recorded
total income of INR115.08 million a decline from the
INR124.73 million in the 15 months ended June 30, 2006.  
Expenses reduced more from INR165.39 million to
INR108.06 million in the latest reporting period, bringing the
company an operating profit of INR7.01 million.

For the current operating period, the company also booked
interest charges of INR189.85 million, depreciation of
INR27.98 million and taxes of INR30,000.

A copy of ATV Projects' financial results for the 15 months
ended June 30, 2007, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?2255


ATV Projects India Ltd undertakes engineering and construction
projects, besides manufacturing heavy engineering and industrial
equipment.  The company's projects include power plants, off-
site facilities, oil pipelines and sugar mills.  ATV Projects
also manufactures thermoplastic elastomer products.  The company
has private and public sector customers, domestically and
abroad.

The company is a sick industrial undertaking and has submitted a
rehabilitation and revival proposal with the Board for
Industrial and Financial Reconstruction.


BAGALKOT UDYOG: Net Loss Widens by 285% to INR14.08 Million
-----------------------------------------------------------
Bagalkot Udyog Ltd's net loss for the quarter ended June 30,
2007, widened to INR14.08 million from the INR3.66-million loss
incurred in the same quarter in 2006.

Because the company closed down its cement plant operations in
since May 2006, it did not have sales for the first quarter
ended June 30, 2007.  The company, however, recorded revenue of
INR1,000,000 representing "other income" in the April-June 2007
period.  In the same quarter in 2006, the company booked income
totaling INR34.93 million.

For the latest reporting period, the company's expenditures
totaled INR9.16 million, hence an operating loss of INR8.17
million.  The company also booked interest charges of INR1.62
million, depreciation of INR4.21 million and taxes of INR90,000.

A copy of Bagalkot Udyog's financial results for the quarter
ended June 30, 2006, is available for free at:

              http://ResearchArchives.com/t/s?225b

Bagalkot Udyog Ltd. manufactures cement, clinker and other by-
products.

The company incurred heavy losses that led to the erosion of its
entire net worth.  By order dated June 2, 2000, the Board for
Industrial & Financial Reconstruction, New Delhi, had declared
the company as a sick industrial unit under the provisions of
Sick Industrial Companies (Special Provisions), Act 1985.

On May 11, 2006, the operations of the company's cement plant at
Bagalkot came to a total stop.  The company booked net losses of
INR59.16 million for the fiscal year ended March 31, 2006, and
INR115.88 million in FY 2005.


TATA POWER: Signs EPC Contract W/ Toshiba for Turbine Generators
----------------------------------------------------------------
Tata Power Company Ltd signed an EPC contract for supply of five
(800 MW Steam Turbine Generators with Toshiba Corporation for
the first 4000 MW Ultra Mega Power Project in India to be
located at Mundra, Gujarat.

Toshiba Corporation's scope of work includes the design,
manufacture, test and supply of equipment related to the Steam
Turbine Generator packages for the five units of 800 MW each.
They will also be associated with supervision of commissioning
of the turbines.  

With the contract, Tata Power believes it has taken another step
forward in bringing world class technology to India.  Just as
Tata Power was the first company to usher in the era of 500 MW
units in India, it has also notched another first -- the 800 MW
era, the company points out.

This move further reinforces Tata Power's commitment to
accelerate the pace of the project by not only ordering the
equipments quickly but also tying up with world class technology
providers like Toshiba and Doosan Heavy Construction Ltd, ahead
of schedule.  Thereby, increasing the possibility of
contributing to the capacity addition within the 11th Five-Year
Plan itself.

Prasad R Menon, managing director if Tata Power said "This
agreement is a significant step towards our drawing on the
technical expertise of a strong international player like
Toshiba.  This partnership will provide an excellent technical
solution for Mundra UMPP which is also cost competitive."

Tata Power recently announced the signing of a contract for
complete Boiler Island scope on EPC basis with Doosan Heavy
Industries & Construction Co. Ltd., Korea.  The contract for
complete Boiler Island includes super critical boilers for the 5
units of 800 MW each, based on super critical technology
required for such large sized units.  Thus, bringing in the
first 800 MW Unit to India, thereby ushering India into the era
of 800 MW super-critical technology.

The company has also acquired Coastal Gujarat Power Ltd, a
Special Purpose Vehicle formed for Mundra UMPP.  The signing of
the Share Purchase agreement, Escrow agreement, Hypothecation
agreement, and Port Service agreements, by PFC, bankers,
procurers and Tata Power, now allows the Company to go ahead
with the various project development activities.  Coastal
Gujarat Power Ltd has also signed Power Purchase Agreements with
seven procurers (distribution licensees) for the sale of
contracted capacity and supply of 4000 MW electricity to these
licensees but it delineates responsibility of procurers and
Company for the next important milestone. It also nominated
Gujarat Distribution Company as the lead procurer on behalf of
all procurers."

                         About Tata Power

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

                          *     *     *

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

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


TATA STEEL: To Buy 35% Stake Riverdale's Mozambique Coal Project
----------------------------------------------------------------
Tata Steel Ltd and Australia's Riversdale Mining Ltd entered
into a Memorandum of Understanding, whereby Tata Steel will
become a strategic investor in Riversdale's Mozambique Coal
Project by acquiring a 35% stake in it for AU$100 million.

The Mozambique Coal Project includes the coal tenements of
premium hard coking coal in Benga and Tete, located in the Tete
province in Mozambique, which are fully owned by Riversdale
through its subsidiary.  The Benga and Tete tenements together
cover an area of 24,960 hectares.  The Riversdale management
expects that the potential mineralisation of the area will be
substantially high.

The MOU contemplates the relationship between Riversdale and
Tata Steel to develop the project.  Riversdale is presently
conducting a scoping study which is likely to be completed in
August 2007.  The Definitive Agreements are expected to be
finalized and executed by Nov. 30, 2007.

The hard coking coal derived from this project will be supplied
to the Corus facilities in the UK and Europe and also to the
Company's enhanced requirement in India in the future.

B. Muthuraman, Tata Power managing director, said, "The
Memorandum of Understanding with Riversdale is in the Tata
Steel's stated strategy of progressing towards raw material
security for its global business.  This partnership gives Tata
Steel an opportunity to jointly explore part of a large coal
basin which could prove to be a potential source to meet part of
the raw material requirement and enhance the long term
competitiveness of the global operations."

The completion of the transactions contemplated by the MOU is
subject to completion of due diligence, definitive agreements
and board approval of both companies and regulatory approvals.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro     
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Standard & Poor's Ratings Services, on July 10, 2007,
lowered its corporate credit rating on Tata Steel to 'BB' from
'BBB.'  The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.


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

ALCATEL-LUCENT: Costa Rican State Firm Levies CRC31.2-Bil. Fine
---------------------------------------------------------------
Published reports say that Costa Rican state-owned multi-utility
monopoly Instituto Costarricense de Electricidad has demanded a
CRC31.2-billion payment from Alcatel-Lucent.

According to the reports, Alcatel-Lucent failed to comply with a
mobile telephony infrastructure contract with Instituto
Costarricense.

Business News Americas relates that Instituto Costarricense
figured it is due an additional CRC10-billion payment in damages
resulting from the scandal that officials were bribed so Alcatel
could win the contract for 400,000 GSM lines.  

Alcatel-Lucent was then called Alcatel when it still had
contract with Instituto Costarricense, the press says, citing
the state firm's executive president Pedro Pablo Quiros.  

The contract was granted to Alcatel in 2002 for US$149 million,
BNamericas notes.  Instituto Costarricense cut off its relations
with Alcatel-Lucent in February 2007.

Alcatel-Lucent must compensate Instituto Costarricense for
service failures and noncompliance of the contract, BNamericas
says, citing Mr. Quiros.

Instituto Costarricense is also asking the 11 individuals
involved in the bribery scandal to pay.  Among those charged
with bribery are Costa Rica's former president Miguel Angel
Rodriguez and former Alcatel workers, BNamericas states.

                       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.


BANK DANAMON: To Act as Payment Bank for Perusahaan Listrik
-----------------------------------------------------------
PT Bank Danamon Indonesia Tbk signed an agreement with PT
Perusahaan Listrik Negara (Persero), which appoints Bank Danamon
as payment bank for the state power company's corporate business
in its West Java and Banten distribution regions.  This
strategic agreement will also allow select corporate customers
of PT PLN access to Bank Danamon's working capital financing.

"Our comprehensive line of corporate banking services; from
current account, cash management, to trade finance will be of
great value-add for PT PLN, as well as its corporate customers.
Our extensive distribution network throughout Indonesia, and in
particular the West Java and Banten provinces is forms part of
our strength and will be of benefit for companies with a wide
and varying customer base, such as PLN," stated Ali Yong,
Director of Bank Danamon.  To support this cooperation, Bank
Danamon relies on its integrated information technology to
facilitate the electronic information bridging with its
customers, PT PLN and other related parties.

                       About Bank Danamon

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

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

The specific ratings changes are as follows:

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

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

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

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

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

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

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

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '4'.

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


BANK MANDIRI: To Set Aside IDR11 Tril. for Plantation Financing
---------------------------------------------------------------
PT Bank Mandiri will set aside up to IDR11 trillion in over four
years to finance oil palm and rubber plantations owned by
community-based cooperatives, The Jakarta Post reports.

The report relates that Rafjon Yahya, bank senior vice president
for small business, said that the firm has already approved
IDR668 billion plantation-related loans for the first semester
this year.

According to the report, Mr. Yahya said that the loans will be
used to finance the development of 11,962 hectares of oil palm
plantations, owned by 8,000 farmers grouped in 17 different
cooperatives around the country.  The bank has already disbursed
IDR58 billion.

Bank Senior Vice President for Plantation Corporate Banking,
Sunarso, said that the plantation sector was highly promising as
it enjoyed big markets both domestically and internationally,
the report notes.

The report adds that Bank Mandiri extended IDR15.16 trillion in
loans to the plantation sector in the first semester of this
year.
                      About Bank Mandiri

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

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service revised some ratings of
Indonesia's Bank Mandiri as part of the application of the
agency's refined joint default analysis and updated bank
financial strength rating methodologies.  The specific ratings
changes are:

   * BFSR is changed to D- from E+.

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on August 1, 2006.

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

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

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

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


BANK MANDIRI: Lends US$147.79 Million to Union Sampoerna
--------------------------------------------------------
PT Bank Mandiri has signed a deal to provide PT Union Sampoerna
Triputra Persada a US$147.79 million loan to fund its takeover
of another plantation business, Reuters reports.

The report relates that Agus Martowardojo, Mandiri president
director, said that the loan is part of the firm's commitment to
expand its support to the country's plantation sector, which has
a huge potential given rising commodity prices.  Bank Mandiri
has so far lent a total of IDR15.08 to the plantation sector.

Union Sampoerna will use the funds to help finance the US$125-
million takeover of Malaysian palm oil firm Kulim (Malaysia)
Bhd, the report says.

Reuters notes that in June, Kulim (Malaysia) sold its Indonesian
plantation business to USTP to focus on more profitable ventures
elsewhere.

US$71.59 million of the loan would be used to finance the
acquisition of the 63,000 hectares plantation, and the rest is
for further investments funding, the report adds.

                      About Bank Mandiri

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

The Troubled Company Reporter- Asia Pacific reported on Aug 02,
2007, Moody's Investors Service has placed the foreign currency
long-term debt and foreign currency long-term deposit ratings of
PT Bank Mandiri on review for possible upgrade.

The detailed ratings are:

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

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

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


BANK NEGARA: Sees Oversubscription of Secondary Offering
--------------------------------------------------------
PT Bank Negara Indonesia expects its secondary offering of
3.47 billion shares at IDR2,050 each to be oversubscribed,
Thomson Financial reports citing Bank President Sigit Pramono.

According to the report, Bank Negara's secondary offering is
dated August 7-10, 2007, with listing on the Jakarta and
Surabaya stock exchanges on Aug 13.

The report notes that the government's holding in the bank will
then be reduced to 71.84% of the class-C shares and 1.42% of the
class-B shares.  The public will hold 26.27% of the class-C
shares and 0.47% of the class-B shares.

Separately, State Enterprises Minister Sofyan Djalil defended
the price of the secondary offering, which some analysts have
said is too low, saying that that the offering price is the
maximum price they can get, given the recent worldwide weakness
in equity markets.  The initial offering price was set in a
IDR2,050-2,700 per share range, the report relates.

The report adds that Mr. Djalil said that the firm expected a
IDR8.1-trillion gross proceeds, with the assumption of the
underwriter's exercising the greenshoe option.  The government,
with around IDR4 trillion portion, would use its stake to reduce
the sate budget deficit.

                       About Bank Negara

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

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


BANK NIAGA: Moody's Review B2 Foreign Currency LT Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a Aaa.id long-term
National Scale Rating to Bank Niaga.

The bank also has the following existing global scale ratings
assigned by Moody's:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

The Ba3 issuer/foreign currency subordinated debt and B2 foreign
currency long-term deposit ratings are on review for possible
upgrade.  The outlook for all other ratings is stable.

The suffix ".id" identifies the rating as country specific, in
this case Indonesia.

"The B2/Not Prime/D global scale ratings reflect Bank Niaga's
global default and loss expectation, while the Aaa.id NSR
reflects the standing of the bank's credit quality relative to
its domestic peers," says Beatrice Woo, a Moody's VP/Senior
Credit Officer.

The Aaa.id rating considers the bank's modest -- albeit
improving -- financial fundamentals as well as its small but
growing 2.6% deposit market share, including a limited franchise
of 247 branches as of June 2007.

Similar to other banks, Bank Niaga is targeting the consumer
area, especially the highly competitive housing loans sector.  
It has made headway with a 9.8% market share in May 2007 and is
the second largest mortgage provider in the country. Housing
loans represent 72.13% of its total consumer loans, which in
turn make up 23.4% of its total loan portfolio.

Major credit risks for the bank, in Moody's opinion, include its
lack of scale - given its small size in a system which is
consolidating and where competition is rising - and the rapid
growth of its loan portfolio in recent years although it is now
tapering off.  The expansion could raise asset quality concerns.

Finally, the rating is underpinned by Moody's expectations that
Bank Niaga would benefit from high support from its major
shareholder, Bumiputra Commerce-Holdings Berhad Group of
Malaysia (64.56% as of June 2007).  In addition, Moody's
assesses that support by the Indonesian government to the bank
in a systemic crisis would be very high.  This view is
predicated on its position as the seventh largest bank in a
concentrated system.

                        About Bank Niaga

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


GOODYEAR TIRE: Names Mark Schmitz as Chief Financial Officer
------------------------------------------------------------
W. Mark Schmitz has been appointed The Goodyear Tire & Rubber
Company's executive vice president and chief financial officer,
effective immediately.  Mr. Schmitz succeeds Richard J. Kramer,
who in March was named to the additional post of president of
Goodyear's North American Tire business unit.

Prior to joining Goodyear, Mr. Schmitz, 56, was most recently
vice president and CFO for Tyco International's Fire and
Security Segment, where he has been since 2003.  Mr. Schmitz,
however, spent the majority of his career with General Motors
Corp.

"As we considered candidates, we sought an experienced CFO who
could work with our leadership team to build on our recent
successes and drive our business strategy going forward," Robert
J. Keegan, Goodyear chairman and chief executive officer, said.  
"In Mark, we found an individual with a successful track record,
who is intimately familiar with the automotive industry and who
has considerable international experience."

"I'm fortunate to be joining Goodyear at such an exciting time,"
Mr. Schmitz said.  "Following the successful execution of its
turnaround strategy, the company is now in a position to pursue
growth opportunities.  I look forward to working with the
leadership team to help the company capitalize on the
opportunities that lie ahead."

Mr. Schmitz began his career with GM in the late 1970s, where he
rose to executive assistant to the president and chief executive
officer in Detroit.  In 1994, he was assigned to General Motors
do Brasil and ultimately was director of finance for Mercosul
operations and president of GM do Brasil's finance subsidiary.  
Finally, from 1999 to 2001, he served as vice president and CFO
of GM's DirectTV Latin America.

From 2001 to 2003, Schmitz served as vice president and chief
financial officer for Plug Power, Inc.

At Tyco International, Mr. Schmitz was part of a leadership team
brought in to turn around the Fire and Security business unit, a
$12 billion business with eight divisions worldwide.  During his
tenure, the leadership team implemented new business models and
financial controls that underpinned the successful turnaround
and the establishment of a solid control environment at Tyco's
largest business unit.

Mr. Schmitz has had corporate assignments in London, Brazil and
China, and he speaks fluent Mandarin Chinese and Portuguese.  
Mr. Schmitz received his bachelor's degree and his MBA from Ohio
State University in Columbus, Ohio.  Mr. Schmitz and his wife,
Nancy, have four daughters.

                          About Goodyear

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

                          *     *     *

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

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

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

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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


MOBILE 8: Sells US$100 Million Dollar-Denominated Bonds
-------------------------------------------------------
PT Mobile-8 Telecom Tbk sold US$100 million in dollar-
denominated bonds at a yield of 11.25% with Lehman Brothers as
bookrunner for the transaction, Reuters reported on Aug. 9.

The Troubled Company Reporter-Asia Pacific reported on
Aug. 8, 2007, that Mobile-8 Telecom mulls whether to postpone or
proceed with its planned US$150 million bond issue.

According to TCR-AP, the company's hesitation was due to market
volatility.  Global bond markets have been generally weak in
recent weeks, as investors have turned more risk averse due to
fears of losses in the troubled U.S. subprime mortgage market.

We've already closed the deal, Hidajat Tjandradjaja, Mobile-8
president director, was quoted by Reuters as saying.  The bonds
maturing in 2013 has a rate of 5.5 years, the report noted.

The report added that the proceeds from the bonds will be used
to pay off debt and to fund capital expenditure next year to
expand its business.

                    About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.

                          *     *     *

The Troubled Company Reporter-Asia Pacific on July 24, 2007,
that Moody's Investors Service has assigned a B2 corporate
family rating to PT Mobile-8 Telecom Tbk and a B2 rating to the
proposed US$150 million senior, unsecured bonds issued by
Mobile-8 Telecom Finance Company BV and guaranteed by Mobile-8.
The outlook on the ratings is stable.  This is the first time
that Moody's has assigned a rating to the company.

Moody's expects to affirm the ratings and remove them from
provisional status upon the closing of the proposed bond issue.

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.

Moody's Investors Service has assigned a B2 corporate family
rating to PT Mobile-8 Telecom Tbk and a B2 rating to the
proposed US$150 million senior, unsecured bonds issued by
Mobile-8 Telecom Finance Company BV and guaranteed by Mobile-8.
The outlook on the ratings is stable.


PERTAMINA: To Import 10.2MM Barrels of Fuel Products
----------------------------------------------------
PT Pertamina will import 10.2 million barrels of fuel products
in August and in September, Antara News reports citing Pertamina
Deputy Director for Marketing Hanung Budya.

The report recounts that in July, Pertamina imported 11.6
million barrels of fuel products.

The fuel imports comprise of 3.8 million barrels of gasoline,
5.6 million barrels of diesel fuel and 600,000 barrels of
kerosene and 200,000 barrels of other fuel products, the report
adds.

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
=========

ADVANCED MEDICAL: Withdraws Bid to Acquire Bausch & Lomb
--------------------------------------------------------
Advanced Medical Optics withdrew its offer to acquire Bausch &
Lomb Incorporated after Bausch & Lomb's Board of Directors
declined to grant AMO "adequate time" to provide evidence that
AMO stockholder approval on the proposed merger can be secured.  

AMO said in its letter that "[i]t is clear from the way [Bausch
& Lomb] has run the go-shop process and the unrealistic hurdles
that have been uniquely imposed on [AMO] that [Bausch & Lomb]  
does not have any interest in providing its shareholders with
the opportunity to receive the US$75 per share offer that [AMO]
proposed."

AMO argued that Bausch & Lomb remained intent on delivering its
business to Warburg Pincus at US$65 per share, a transaction AMO
which says is "inferior to AMO's proposal both in terms of value
and the ability for the Bausch & Lomb shareholders to
participate in the significant synergies that combining AMO and
Bausch & Lomb would create."

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and  
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. "In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                   About Advanced Medical Optics

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

                          *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Moody's Investors Service maintains Advanced Medical Optics,
Inc. ratings on review for possible downgrade following AMO's
announcement of its offer for Bausch & Lomb, Inc. for US$75 per
common share in a combination of US$45 in cash and US$30 in AMO
common stock.

These ratings remain on review for possible downgrade: B1
Corporate Family Rating; B1 Probability of Default Rating; Ba1
(LGD2/14%) rating on US$300 million senior secured revolver due
2013; Ba1 (LGD2/14%) rating on US$450 million senior secured
term loan B due 2014; B1 (LGD4/50%) rating on US$250 million
senior subordinated notes due 2017; and B3 (LGD5/81%) rating on
US$251 million convertible senior subordinated notes due 2024.


BOSTON SCIENTIFIC: Inks Merger Change Pact w/ Advanced Bionics
--------------------------------------------------------------
Boston Scientific Corporation has entered into an agreement to
amend its merger agreement with Advanced Bionics, which it
acquired in 2004, eliminating shared management provisions and
modifying the schedule of earnout payments.

The amendment grants Boston Scientific sole management and
control of the Pain Management business, including the emerging
indications program.  

The company has also entered into definitive agreements to sell
the Auditory business and drug pump development program to
principals of Advanced Bionics.

The transactions must be approved by former Advanced Bionics
shareholders who are entitled to earnout payments under the
original merger agreement, and are subject to customary
regulatory approvals.  The transactions are expected to close in
January 2008.


Following the closing of the transactions, the parties have
agreed to dismiss currently pending litigation between Boston
Scientific and former Advanced Bionics shareholders.

The Pain Management business Boston Scientific will retain
includes spinal cord stimulation technologies, as well as
emerging technologies such as the bion(R) microstimulator, that
will position the company well in the broader neuromodulation
field.  Boston Scientific currently has the number two overall
market position in pain management.  The transaction provides a
new schedule of consolidated, fixed earnout payments by Boston
Scientific to former Advanced Bionics shareholders, consisting
of US$650 million payable upon closing in January 2008 and $500
million payable in March 2009.  The Advanced Bionics principals
will acquire a controlling interest in the auditory and drug
pump businesses for an aggregate payment of $150 million at
closing.  The company expects to record an estimated after-tax
charge, primarily non-cash, of US$360 million related to the
transactions.

"We are excited about the immediate and long-term growth
opportunities presented by neuromodulation as an integral part
of the company," said Jim Tobin, President and Chief Executive
Officer of Boston Scientific.  "We hope to replicate the success
of the pain management technologies across a wide spectrum of
indications, expanding our microelectronic capabilities and
strengthening our leadership in neuromodulation and cardiac
rhythm management.  The sale of the Auditory business and drug
pump program is consistent with our previously announced
objective of selling assets we do not consider core to our long-
term strategy."

"We are very pleased that Advanced Bionics will continue serving
the needs of the hearing impaired, as an independent company,"
said Jeff Greiner, currently head of the Neuromodulation Group
at Boston Scientific and one of the principals purchasing the
Auditory and drug pump businesses.  "Advanced Bionics has always
been a pioneer in developing innovative cochlear implant
technology to treat severely and profoundly deaf children and
adults.  We look forward to building on our proud record of
achievement in hearing health, and to further developing the
implantable drug pump technology."

Under the terms of the agreements, the Pain Management business
and emerging indications program will operate as Boston
Scientific Neuromodulation under the leadership of Michael
Onuscheck, currently head of the Pain Management business.  The
business will continue to be headquartered in Valencia,
California.  The Auditory business and drug pump program will
operate as Advanced Bionics under the leadership of Jeff
Greiner, and will be headquartered in Valencia, California.

                     About Boston Scientific

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

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Boston Scientific Corp. to 'BB+' from 'BBB-' and
placed the ratings on the company on CreditWatch with negative
implications.  S&P has withdrawn the commercial paper rating at
the company's request.

At the same time, Fitch Ratings downgraded the ratings on Boston
Scientific Corp. including the company's 'BBB-' Senior Unsecured
Notes rating which was lowered to 'BB+'.  The Rating Outlook is
Negative.


DELPHI CORP: Picks Umicore as Best Bidder for Catalyst Business
---------------------------------------------------------------
Delphi Corporation and certain of its affiliates selected
Umicore as the successful bidder for Delphi's global original
equipment and aftermarket catalyst business, Delphi officials
disclosed.

At an Aug. 8, 2007 auction between Umicore and Catalytic
Solutions Inc., two qualified bidders, Umicore's offer of US$75
million (subject to adjustments) was determined to be the
highest and best bid.  Umicore's offer will be presented to the
U.S. Bankruptcy Court for the Southern District of New York for
approval on Aug. 16, 2007.

The sale to Umicore is expected to close before year-end 2007.

At the hearing before the U.S. Bankruptcy Court scheduled for
Aug. 16, Delphi will also present the offer submitted at the
August 8th auction by CSI to be approved as the "alternate
bidder" in the event the transaction between Delphi and Umicore
does not close.

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

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


DELPHI CORP: June 30 Balance Sheet Upside-Down by US$13.2 Bil.
--------------------------------------------------------------
Delphi Corp. listed total assets of US$15.5 billion, total
liabilities of US$28.5 billion, minority interest of US$209
million, resulting in total stockholders' deficit of US$13.2
billion as of June 30, 2007.

                   Second Quarter 2007 Results

The company reported second quarter 2007 financial results with
a net loss of US$821 million.  Non-GM revenues were US$4.1
billion, representing 59% of global revenues.  Net Loss for the
second quarter 2006 was US$2.3 billion.

Delphi's net loss reflects a charge of US$332 million recorded
in the second quarter of 2007 for its current estimate of
liability, net of previous accruals, in the Securities and ERISA
multi-district litigation pending in the U.S. District Court for
the Eastern District of Michigan, arising from Delphi's
restatement of its financial statements for the period 1999 to
2004.  Delphi noted that this estimate of liability does not
consider any insurance proceeds that may be recoverable under
Delphi's insurance policies. Under the direction of a special
master appointed by the U.S. District Court, Delphi has begun
settlement discussions regarding a potential resolution of these
matters.

Global revenue for the second quarter 2007 was US$7 billion,
flat from US7 billion in second quarter 2006.

Non-GM revenue for the quarter was US$4.1 billion, up 5% from
US$3.9 billion in second quarter 2006.  Non-GM business
represented 59% of second quarter revenues, compared to year-ago
levels of 56%, primarily due to a 6% year-over-year decline in
GM revenues.  Excluding the favorable impact of foreign currency
exchange, non-GM growth for the second quarter was essentially
flat.

                     First Half 2007 Results

Global revenue was US$13.7 billion for the first half 2007, down
from US$14 billion in first half 2006.  Non-GM revenue for first
half 2007 was US$8 billion, up about 4% from  US$7.7 billion in
first half 2006.  Non-GM business reached 59% of first half 2007
revenues, compared to year-ago levels of 55%.  The increase in
non-GM revenues was primarily due to the impact of favorable
currency exchange rates.

Net loss was US$1.4 billion for the first half 2007, compared to
first half 2006 net loss of US$2.6 billion.  Included in the
first half 2007 net loss were charges of US$332 million related
to the Securities and ERISA litigation, employee termination
benefit and other exit cost charges of US$420 million and long-
lived asset impairment charges of US$199 million.  Included in
the first half 2006 net loss were charges of US$1.9 billion for
the U.S. employee special attrition programs.

                    Cash Flow and Liquidity

Cash flow used in operating activities was UA$431 million for
the first six months of 2007, as compared to US$187 million
provided by operating activities in the first six months of
2006.  The change in cash flow from operating activities was
driven by payments made as part of the U.S. employee special
attrition program, net of reimbursements from GM, and a net
increase in working capital.

Delphi continues to have sufficient liquidity available in
the U.S. and globally to finance our global operations.  As of
June 30, 2007, Delphi had US$1.5 billion of cash and cash
equivalents and US$1 billion of debt capacity under the
refinanced DIP credit facility.

Delphi had about US$2 billion of senior unsecured debt at June
30, 2007.  As of June 30, 2007, the company had US$453 million
outstanding under its accounts receivable factoring facilities
in Europe.  As of June 30, 2007, outstanding borrowings under
its European accounts receivables securitization program were
US$148 million.  As of June 30, 2007, the company had US$121
million of other debt, primarily consisting of overseas bank
facilities, and US$65 million of other debt classified as
liabilities subject to compromise.
    
A full-text copy of the company's first half 2007 report is
available for free at http://researcharchives.com/t/s?223f

                    About Delphi Corporation

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

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


FORD MOTOR: Sees Better Productivity, Lower Costs in Labor Talks
----------------------------------------------------------------
Ford Motor Company needs to see both lower costs and improved
labor productivity as it emerges from a crucial round of
contract talks with the United Auto Workers union, Kevin
Krolicki writes for Reuters, quoting Joseph Hinrichs, Ford's
vice president for manufacturing in North America.

The TCR-Europe reported on June 14, 2007, that the car companies
are trying to deal with health care costs that GM CEO Rick
Wagoner says cost them a combined US$12 billion in 2006.  
Providing health care to 2 million employees, retirees and
dependents contributed to losses at each of the U.S. automakers
last year, while Japanese rivals posted record profits.  The
difference is made even more significant by higher pensions and
retiree health care costs.

Most of that gap for the loss-making Detroit automakers
represents "legacy" costs, including the price of providing
health care to union-represented retirees, Reuters states.

"We've been working really hard on (productivity) and we still
have room for improvement. If you look at the domestic, Detroit
Three compared to the transplants, there's a gap," Mr. Hinrichs
said.  "And then there's the cost of that labor which we have to
work on and address, which includes the legacy cost," he said,
Reuters notes.

According to the report, Mr. Hinrichs' comments were in response
to prior remarks issued by Canadian Auto Workers President Buzz
Hargrove that the labor concessions the Detroit-based automakers
are seeking in ongoing labor negotiations with the UAW would not
make a meaningful contribution to a turnaround for the
struggling industry.

"Even if the Big Three get everything they are asking for from
the UAW, that would reduce the average production costs of a
vehicle they sell in North American by only US$500," Mr.
Hargrove said, Reuters notes.

Mr. Hinrichs had a different opinion, however, saying that
although he would not comment on the US$500-per-vehicle estimate
from Mr. Hargrove, that amount was enough to make a difference
in a competitive vehicle market, Reuters relates.

Prior to the talks, Ford had negotiated separate agreements with
the UAW for more flexible work rules at most of its plants and
an attrition program that saw 27,000 union-represented workers
leave the payroll during the first half.  Mr. Hinrichs said that
the more flexible work rules included in "competitive operating
agreements" negotiated with the union would save Ford US$500
million on an annualized basis once fully implemented, Reuters
reports.

                       About Ford Motor Co.

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

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

                          *     *     *

In July 2007, Moody's Investors Service said that the
performance of Ford Motor Company's global automotive operations
for the second quarter of 2007 was significantly stronger than
the previous year and better than street expectations.

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

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


FUJI HEAVY: To Form Capital Ties with Toyota Motor Corp
-------------------------------------------------------
Fuji Heavy Industries Ltd. and Toyota Motor Corp. are planning
to join forces, which will be considered their first domestic
alliance, sources close to The Asahi Shimbun revealed.

According to the sources, Fuji Heavy and Toyota will be making a
low-priced sports car predicted to come out in the market in
2010, which will be a combination of Fuji Heavy's distinctive
"flat" engine and bear the Toyota name.

Along with the joint sports car, Toyota's minicar subsidiary
Daihatsu Motor Co., will supply the Subaru-makers with
subcompacts under an original equipment manufacturer
arrangement, relates Asahi Shimbun.

The article conveys that in the OEM deal, Toyota subsidiary
Daihatsu will supply its Coo subcompact, sold as the Toyota bB
wagon model, to Fuji Heavy.

Fuji Heavy will rebrand the vehicle and begin sales by next
summer at the earliest.  Annual sales are projected at 6,000
units, Asahi Shimbun recounts.

                     About Fuji Heavy

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

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


SANYO ELECTRIC: In Talks w/ Sharp & Kyocera on Sale of Unit
-----------------------------------------------------------
Sanyo Electric Co., Ltd., is separately negotiating with Sharp
Corp. and Kyocera Corp. about selling its mobile phone arm --
Telecom Sanyo Co. -- in the hope of concluding a deal by the end
of 2007, the Japan Times reports, citing industry sources.

According to the report, Sanyo plans to pull out of the cell
phone business to focus on core areas such as rechargeable
batteries and commercial-use equipment.

Telecom Sanyo, Japan Times says, booked an operating loss for
the first time in the business year through March 31 due mainly
to appraisal losses over inventories.  It also recorded a
deficit in the April-June period on sales of JPY47.6 billion,
down 42% from the year before, due to sluggish domestic sales.
The company had to revise downward its global sales target for
the business year through next March to 11 million handsets from
an initial 12.5 million.

The report points out that Sharp and Kyocera are believed to be
interested in Sanyo's technology as well as its overseas sales
networks.  However, Sanyo and the two companies have not
finalized agreements due to various conditions, including the
price, according to the sources.

Sanyo is considering advancing negotiations by putting the sale
out to tender, Japan Times cites its sources as saying.

The TCR-AP reported on Aug. 3 that Sanyo had explained that
Telecom Sanyo is solely a retail operator, and has no relation
to its mobile phone manufacturing business, after reports spread
that Sanyo is planning to sell its mobile phone handset
production business.

                       About Sanyo Electric

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

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


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

ARROW ELECTRONICS: To Acquire Centia & AKS Group
------------------------------------------------
Arrow Electronics Inc. has signed a definitive agreement
pursuant to which Arrow will acquire Centia Group Limited and
AKS Group Nordic AB (Centia/AKS), Europe's leading specialty
distributors of access infrastructure, security and
virtualization software solutions.

"With the acquisition of Centia/AKS, we continue to execute on
our strategic objective to pursue opportunities in fast-growing
market segments.  This transaction further diversifies our
product portfolio in the European region and strengthens our
strategic focus on software solutions - which is unique to Arrow
and will enable us to continue to outgrow the market," said M.
Catherine Morris, president, Arrow Enterprise Computing
Solutions.

Centia/AKS has over 120 employees throughout Denmark, Finland,
France, Germany, Great Britain, the Netherlands, Norway and
Sweden.  The joint linecard includes leading suppliers such as
Citrix, VMware, and RSA.  Centia/AKS support value-added
resellers in delivering solutions that optimize, accelerate,
monitor and secure an end user's IT environment. Total sales for
2007 are expected to exceed US$120 million.

"Our reputation for technical excellence has been built up over
25 years.  We are excited to become part of a world-class value-
added distributor such as Arrow, and gain access to Arrow's
significant resources and broad customer base.  This partnership
will create meaningful opportunities for our organization," said
Yuri Pasea, founder and chairman, Centia/AKS.

The transaction is subject to customary closing conditions,
including obtaining necessary government approvals, and is
expected to be completed within the next 60 days.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and   
solutions to industrial and commercial users of electronic
components and computer products.  Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

On March 29, 2007, Moody's Investors Service affirmed the
(P)Ba1, (P)Ba2 and (P)Baa3 Shelf Registration Ratings to Arrow
Electronics, Inc.'s subordinated, preferred, and senior
unsecured stocks respectively.  Moody's also affirmed the Baa3
senior long-term debt rating of Arrow Electronics and revised
the outlook to positive from stable.


KOREA HINET: Amends Private Placement of Common Stock
-----------------------------------------------------
Korea Hinet Co., Ltd. has made some amendments to its private
placement of common shares, Reuters reports.

According to the report, the company move was initially
announced on July 13, 2007.

The details of the amendments are:

  -- issuance of 4,917,723 common shares; and

  -- listing date of September 18, 2007.

Headquartered in Seoul, Korea Hinet Co., Ltd. --
http://www.koreahinet.co.kr/-- is engaged in the provision of  
information technology (IT) solutions.  The company provides
four major services: system integration services, including
consulting, information strategies and hardware and network
integration; software services, which provides enterprise
resource planning (ERP) systems such as supply chain management
(SCM), management information systems (MIS), e-business
solutions and customer relationship management (CRM) tools;
distribution services, which provides computer parts, software
and network equipment, and e-business, which provides Intranet
solutions and Web solutions.

Korea Ratings gave the company's KRW4 billion convertible bonds
issue a B+ rating with a stable outlook on May 24, 2006.


MIJU MATERIAL: Converts Fourth Bonds With Warrants Into Shares
--------------------------------------------------------------
Miju Material Co., Ltd.'s KRW156,735,000 worth of fourth bonds
with warrants have been converted for 313,470 shares of the
company, Reuters reports.

According to the report, the bonds have an exercise price of
KRW500 per share.

The company move brings the total number of the company's
outstanding shares to 27,234,700, the report notes.

Reuters says that the shares will be listed on August 17, 2007.

Headquartered in Kyongsangnam Province, Korea, Miju Material
Co., Ltd. -- http://www.tech-one.co.kr/-- specializes in the   
manufacture of cold-head-quality wire, which is a type of coil
used in cold heading or cold forging to make bolts, nuts, rivets
and screws.  The company develops different wire materials based
on the ultimate usage, such as carbon steel for automotive and
general purposes, nickel-chrome-molybdenum steel for airplanes,
chrome-molybdenum steel for building construction and manganese
steel for machinery.

On May 8, 2006, Korea Ratings gave the company's US$2,000,000
overseas bond with warrants a 'B' rating with a stable outlook.


MIJU STEEL: Converts 20th Bonds Into Additional Common Shares
-------------------------------------------------------------
Miju Steel Co., Ltd.'s 20th bonds with warrants have been
converted for an additional 2,767,628 common shares of the
Company, at an exercise price of KRW 692 per share, Reutes
reports.

The report notes that this company move brings the total number
of the Company's outstanding common shares to 106,024,647.

The confirmed listing date of the new shares is August 16, 2007,
the report adds.

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of   
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on August 9, 2006.


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

PROTON HOLDINGS: Employees Provident Fund Cuts Stake to 13.24%
--------------------------------------------------------------
The Employees Provident Fund of Malaysia has reduced its
shareholding in Proton Holdings Bhd to 72.72 million shares,
after disposing of 3.6 million shares from July 10 to 23, The
Edge Daily reports.

According to The Edge, a filing with Bursa Malaysia showed EPF
dispose one million Proton shares on July 10 and another 1.12
million shares the next day.  The other shares were disposed
from July 12 to 23.

After the disposal of the shares, EPF's stake was reduced to
13.24%.

                    About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


MALAYSIA AIR: Non-Core Business Div. Leads Track to Profits
-----------------------------------------------------------
Malaysian Airline System Bhd is on track to attain sustained
profits driven by the potential growth of its cargo, catering
and engineering divisions that are relatively independent of its
core passenger operations, The Edge Daily reports, citing
economic research house Aseambankers Research.

Moreover, the national carrier's yield management initiatives
have also begun producing results, accompanied by increased
sales and higher seat factors as well as profitability of
domestic routes that could be enhanced by its Firefly
operations, the research house said.  

"We view its cargo, catering and engineering divisions as
distinct profit centres for MAS, with varying growth potentials.  
Critically, a deeper understanding of these departments throws
more light on just how attainable our FY08 and FY09 profit
forecasts are," Aseambankers was cited by the paper as saying.

According to the research house, the renewed vigor as well as
the widely anticipated restructuring at airport concessionaire
Malaysia Airports Holdings Bhd should add a lift to the three
divisions' growth prospects.

Of the three departments, Aseambankers Research said it was most
optimistic on the prospects of the dormant engineering unit,
especially with the certification for the airframe maintenance
of the Airbus A320 likely to be attained by end-FY07, Surin
Murugiah of The Edge reports.

"Prospects for MAS' engineering division appear very bright,
especially with interest already expressed by foreign firms to
join venture with MAS to set up maintenance, repair and overhaul
operations overseas," Aseambankers said.   Although the division
is currently dormant, it would eventually accommodate the in-
house repairs and maintenance departments, as well as third-
party MRO business.

"Third-party revenues in FY06 were estimated to have been about
MYR218 million.  In 1HFY07, this was already more than MYR150
million or over 68% of FY06's full-year contribution," it said.

Further, Aseambankers said MASkargo would likely grow despite
the current industry downturn, as evident from the Best Global
Ground Handler award conferred by Korean Air Cargo to the MAS
unit that recognised its quality and efficiency.

"Based on its existing freighter fleet which almost doubled its
capacity whilst incurring less that 50% increase in operating
costs, MASkargo should easily record double-digit net profit
growth in the base case scenario which we have imputed in our
FY07-FY09 forecasts," it said.

On MAS' 30% associate MAS Catering, the research house said the
division served 95% of the flights out of Malaysia and that the
growing attractiveness of the country as a regional destination
hub would provide the impetus for further growth, the newspaper
said.


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

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


SOLUTIA INC: Judge Beatty Rejects Disclosure Statement
------------------------------------------------------
Tiffany Kary at 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 US$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 Aug. 15, 2007.

The hearing on the Monsanto and Retiree Settlements is postponed
to Oct. 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 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)


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 US$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 Feb. 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)


TEXCHEM RESOURCES: 2nd Qtr Profit Up on Gains from Unit Disposal
----------------------------------------------------------------
Texchem Resources Bhd's net profit doubled to MYR6.57 million in
the second quarter ended June 30, 2007, from MYR3.22 million a
year earlier, mainly due to an exceptional gain of
MYR6.2 million from the disposal of Texchem Consumers Sdn Bhd,
The Edge Daily reports, citing the company's disclosure with the
Bursa Malaysia Securities Bhd.

Revenue fell to MYR306.08 million from MYR323.03 million mainly
due to the disposal of TCSB and lower sales volume achieved by
the family care, packaging and industrial divisions, which were
mitigated by higher sales from the food division, the newspaper
relates.

The company declared an interim dividend of 6% less tax.  

Meanwhile, for the six-month period to June 30, Texchem's net
profit fell to MYR5.68 million from MYR7.63 million a year
earlier, while revenue fell 2.9% to MYR611.15 million from
MYR629.59 million.  Earnings per share declined to 4.57 sen from
6.15 sen.

"The first six months of this year was quite challenging," said
Texchem's president and chief operating officer, Jeffrey Lee.  
"We appear to be turning the corner in our Myanmar seafood
processing operations, having addressed some structural and
operational issues, and built stronger disciplines and
efficiency.  The performance for the food division as a whole is
quite encouraging. However the good news from elsewhere is
offset by tough business conditions in both the industrial and
packaging divisions. Both are experiencing reduced sales
volumes.  We are looking at scaling back expenses as well as
ensuring we maximise returns by improving efficiencies. Quality
and efficiency will be the watchwords as some of the challenges
are unlikely to abate in the near term," he added.

The group's industrial division recorded a lower operating
profit compared to last year, a drop of 4.4% to MYR6.5 million
from MYR6.8 million.

According to the company, the decline in profit was mainly due
to the persistent high prices of chemical products and slowing
demand caused by the deceleration of manufacturing industry's
growth.  As such, the division was looking at growing beyond
Malaysia in order to sustain the business as well as to improve
on the growth potential.

The group's packaging division recorded a 56.6% decline in its
operating profit to MYR5.3 million from MYR12.2 million recorded
in the first half of 2006.

Texchem said the group was working on building a new factory
that would consolidate all the other manufacturing operations in
Thailand in preparation for future expansion plans.  The company
added that its family care division's operating profit rose
23.9% to MYR5.7 million in the first half of the year from
MYR4.6 million a year earlier.

Texchem said the food division was beginning to show positive
results, and recorded an operating profit of MYR500,00 compared
to the previous loss of MYR500,000 in the first half of 2006.

                     About Texchem Resources

Headquartered in Penang Malaysia, Texchem Resources Berhad --
http://www.texchemgroup.com/-- is principally engaged in  
trading in industrial chemicals and other products.  Its other
activities include manufacturing of family care products and
household insecticides and distribution and marketing of a wide
range of consumer and family care products; manufacturing and
marketing of raw surimi, fishmeal, feedmeal and seafood
products; manufacturing and selling of packaging products for
the electronics, electrical, semiconductor and disk drive
industries and investment holding.  The Group's operations are
located in Malaysia, Thailand, Singapore, Indonesia, China,
Vietnam, Myanmar and Italy.

Texchem is currently undergoing a financial rationalization and
restructuring program, which involves the disposal of a number
of dormant subsidiaries.


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

AIR NEW ZEALAND: Mess at Heathrow Airport May Affect Revenues
-------------------------------------------------------------
Air New Zealand's revenues earned in its Europe route may be
affected by the mess at the Heathrow Airport.

ANZ's services to London Heathrow could come under pressure as
passengers avoid the airport, Roeland van den Bergh of The
Dominion Post says.

Heathrow traffic is down 1.7% at a time when the global aviation
market is growing 6.3%, The Dominion Post reports, citing a
statement made by the International Air Transport Association.

IATA Director-General Giovanni Bisignani told The Post that
passengers are avoiding the Heathrow airport with the
"embarrassingly low service levels on everything from security
wait times to baggage delivery and almost everything in
between."  Heathrow's taxes are much higher too -- at NZ$146 on
a return ticket -- about three times higher than at Frankfurt,
or six times more than at Rome.

Heathrow is the only European gateway for ANZ, which flies there
twice daily via Hong Kong or Los Angeles, the news agency notes.

                     About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solid liquidity
position, with cash balances of NZ$1.071 billion held as at
June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.  The airline has operations in the
United Kingdom and the United States.


ALL STAR:  Creditors' Proofs of Debt Due on August 16
-----------------------------------------------------
All Star Cars (Lincoln Road) Ltd. is accepting proofs of debt
from its creditors until August 16, 2007.

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

The company's liquidators are:

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


DSK LTD: Taps Brown and Neilson as Liquidators
----------------------------------------------
Kenneth Peter Brown and Robert James Neilson were appointed as
liquidators of DSK Limited on July 19, 2007.

The Liquidators can be reached at:

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


HARJIT GILL: Subject to Fresha Valley's Wind-Up Petition
--------------------------------------------------------
A petition to wind up the operations of Harjit Gill Enterprises
Ltd. will be heard before the High Court of Auckland on Aug. 16,
2007, at 10:45 a.m.

The petition was filed by Fresha Valley Processors (Waipu)
Limited on May 18, 2007.

Fresha Valley's solicitor is:

         Stuart Henderson
         Henderson Reeves Connell Rishworth
         96 Bank Street
         PO Box 11, Whangarei
         New Zealand


KLASSIC KIWI: Proofs of Debt Due on July 17
-------------------------------------------
On July 17, 2007, John Howard Ross Fisk and Richard Dale Agnew
were named as liquidators of Klassic Kiwi Tees New Zealand Ltd.

Messrs. Fisk and Agnew are accepting proofs of debt from its
creditors until July 17, 2007.

The Liquidators can be reached at:

         John Howard Ross Fisk
         Richard Dale Agnew
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7044
         Facsimile:(04) 462 7492


MCLAUGHLIN PARK: Court to Hear Wind-Up Petition on Sept. 27
-----------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of McLaughlin Park Ltd. on Sept. 27, 2007, at
10:45 a.m.

The wind-up petition was filed by Wedding Earthmovers Limited on
June 26, 2007.

Wedding Earthmovers' solicitor is:

         R. J. W. Swan
         McVeagh Fleming
         HSBC House, Level 14
         1 Queen Street, Auckland 1010
         New Zealand         
         Telephone:(09) 377 9966
         Facsimile:(09) 377 9956


MELLENCAMP CARRYWEAR: Shareholders Decide to Liquidate Business
---------------------------------------------------------------
The shareholders of Mellencamp Carrywear Ltd. met on July 16,
2007, and resolved to liquidate the company's business.

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

The company's liquidator is:

         Damien Grant
         Waterstone Insolvency, PO Box 352
         Auckland
         New Zealand


TEAMM DECORATORS: Accepting Proofs of Debt Until August 16
----------------------------------------------------------
Teamm Decorators Ltd., which is in liquidation, requires its
creditors to file their proofs of debt by August 16, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

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


TINAKORI LTD: Shareholders Resolve to Shut Down Business
--------------------------------------------------------
On July 10, 2007, the shareholders of Tinakori Ltd. resolved to
liquidate the company's business and appointed David Bernard
Robinson as liquidator.

Accordingly, the company's creditors are required to file their
claims on or before August 17, 2007, to be included from sharing
in the dividend distribution.

The company's liquidator is:

         David Bernard Robinson
         c/o Gibson Sheat Lawyers
         PO Box 31905, Lower Hutt
         New Zealand
         Telephone:(04) 569 4873
         Facsimile:(04) 569 1571


WARWICK MEWS: Fixes August 20 as Last Day to File Claims
--------------------------------------------------------
Malcolm Grant Hollis and John Howard Ross Fisk were appointed as
liquidators of Warwick Mews Developments Ltd. on July 23, 2007.

Messrs. Hollis and Fisk are receiving proofs of debt from the
company's creditors until August 20, 2007.

The Liquidators can be reached at:

         Malcolm Grant 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


ZINC LTD: Taps Heath and Lamacraft as Liquidators
-------------------------------------------------
On July 17, 2007, Arron Leslie Heath and Michael Lamacraft were
appointed as liquidators of Zinc Ltd.

The Liquidators are accepting proofs of debt from its creditors
until August 17, 2007.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


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

FIL-ESTATE CORP: Sets Annual Stockholders' Meeting for Sept. 13
---------------------------------------------------------------
The Annual Stockholders' Meeting of Fil-Estate Corporation will
be held on Sept. 13, 2007, at EDSA Shangri-La Plaza Hotel, in
Mandaluyong City.

Among the agenda for the meeting are the election of new
directors and appointment of auditors.

Headquartered in Pasig City, Philippines, Fil-Estate Corporation
was originally incorporated as San Jose Oil Company, Inc. whose
primary purpose was to prospect for and market, oil, natural gas
and other minerals and secondarily invest in non-mining
corporation or other enterprises.  In July 1996, the Board of
Directors and the stockholders approved the change in the
company's primary purpose from oil exploration to that of a
holding company authorized to engage in property and
infrastructure development, as well as the increase in
authorized capital stock from PHP300 million to PHP2 billion
with par value of PHP1.00 per share.

On January 22, 1998, the Securities and Exchange Commission
approved the change in corporate name to Fil-Estate Corporation,
the change in primary purpose from oil exploration to a holding
firm, the change in par value from P0.01 to P1.00 per share, and
the declassification of the A and B shares.  The company shall
engage in infrastructure, privatization, leisure and real estate
investments through directly managed subsidiaries, associated
entities and strategic alliances. On December 31, 2002, the SEC
approved the company's increase in authorized capital stake from
PHP300 million shares to PHP2 billion shares.

The key investment of Fil-Estate Corporation is in the form of
equity interest in Metro Rail Transit Holdings, Inc., and Metro
Rail Transit Holdings 2.  The combined investment in these two
holding companies represents approximately 28.5% interest in the
MRT phase I train system which runs from North triangle and Taft
Avenue.

The Troubled Company Reporter - Asia Pacific reported that as of
September 30, 2006, Fil-Estate Corporation's balance sheet
revealed a stockholders' deficit of PHP310,171,379.


SAN MIGUEL CORP: Posts PHP7.9-Bil. Net Income in 2007 First Half
----------------------------------------------------------------
San Miguel Corporation reported a net income of PHP7.88 billion
for the first half of 2007, almost double the amount in 2006.

Consolidated sales revenue reached PHP112.7 billion, 9% above
the same period last year.  While beer domestic and food
businesses improved operating income by 21% and 10%,
respectively, consolidated operating income declined to PHP8.20
billion.  This is due to the increased costs of National Foods'
operations -- a direct result of the prolonged drought in
Australia.  Beer international gained in the second quarter but
San Miguel's packaging and liquor subsidiaries, although
improving, are still behind last year.

Consolidated net financing charges fell 44% to PHP2.23 billion,
aided by the continuing strength of the peso.  Other income,
representing gains on the same of Del Monte shares and gains
from discontinued operations, pushed consolidated net income to
PHP7.88 billion.

San Miguel's domestic beer operations recorded 3% higher
volumes, courtesy of a robust second quarter delivering for the
business, 6% higher revenue at PHP21.2 billion.  Operating
income grew by 21% to PHP5.7 billion on account of stronger
volumes and contained fixed operating expenses.

Overseas, San Miguel Brewing Int'l, Ltd., ended the first
semester with encouraging results.  The second quarter's
operating income significantly narrowed he 1st quarter's loss
from considerable gains in North China, Australia and Export
operations offsetting the lower sales in Indonesia and South
China.

Ginebra San Miguel, Inc., ended the first half with 6% higher
volumes, fueled by domestic liquor sales and exports.  Revenue
hit PHP6.32 billion -- 3% higher than last year driven by
Ginebra San Miguel Bilog's resurgence and GSM Blue's strong
performance.  Despite an improved sales mix, operating income
nevertheless declined to PHP382 million as high input costs and
absorption of the 8% excise tax offset gains in volume.

The San Miguel Food Group brought in PHP31.7 billion in revenue
for the first six months of 2007 -- up 5% year-on-year due to
higher volumes across all businesses and improved selling
prices, particularly in the second quarter.  Operating income
rose 10% to PHP1.18 billion as a result of significant cost
improvements in dairy, processed meats, and food service
operations.

Meanwhile, the Packaging Group's revenue fell 9% to
PHP9.29 billion.  Operating income likewise declined to
PHP157 million as over-all demand remained sluggish.  
Significant sales improvements in the glass, plastics and metal
segments nonetheless were recorded in the second quarter, which
are expected to be sustained for the rest of the year.

National Foods' first semester revenue reached AU$967.6 million,
10% above last year despite the prevailing drought condition
across the continent.  Higher costs of imported juice
concentrates amid tight fruit supply however dragged operating
income down to AU$40.8 million.

                        About San Miguel

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

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

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


TOWER RECORDS: Judge Shannon Confirms Chap. 11 Liquidation Plan
---------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware, on Aug. 6, 2007, entered a formal
order confirming MTS Inc., dba Tower Records, and its debtor-
affiliates' Joint Chapter 11 Plan of Liquidation.

Judge Shannon determined that the plan satisfies the statutory
requirements set forth under Section 1129(a) of the Bankruptcy
Code.

                        Terms of the Plan

Under the Plan, Administrative Claims and Other Priority Claims
will be paid in full, in cash, or other treatment as the Debtors
and holders agreed on in writing.

At the Debtors' option, holders of Priority Tax Claims will be
paid, either:

     a. in cash; or

     b. in full, in cash, over time in equal cash installment
        payments on a quarterly basis with interest during a
        period not to exceed five years after the order of
        relief.

Holders of CIT Claims will receive the treatment as to which the
Debtors and the holders have agreed on in the DIP Financing
Order and DIP Financing Agreement.

Holders of Other Secured and Trade Vendor Claims will received
on or a combination of these:

     a. cash equal to the amount of the claims;

     b. collateral securing the claims; or

     c. other treatment which the Debtors and the holders agreed
        on in writing.

Holders of General Unsecured Claims will receive a pro rata
share of the available assets.

Interest and Securities Subordinated Claims will not receive any
distribution under the Plan.

                       About Tower Records

MTS Incorporated -- http://www.towerrecords.com/-- owns Tower
Records and retails music in the U.S., with nearly 100 company-
owned music, book, and video stores.  The company and its
affiliates filed for chapter 11 protection on Feb. 9, 2004
(Bankr. D. Del. Lead Case No. 04-10394).

The company has stores in the United Kingdom, the Philippines
and Colombia.

The Debtor and its seven debtor-affiliates filed a second
Chapter 11 petition on Aug. 20, 2006 (Bankr. D. N.Y. Case Nos.
06-10886 through 06-10893, Lead Case No. 06-10891).  Mark D.
Collins, Esq. of Richards Layton & Finger represent the Debtors
in their Restructuring efforts.  When the Debtors filed for
protection from its creditors, it listed estimated assets and
debts of more than US$100 million.


VITARICH CORP: Files First Compliance Report with Court
-------------------------------------------------------
Vitarich Corporation said in a disclosure with the Philippine
Stock Exchange that on August 7, 2007, it filed a compliance
report with the Regional Trial Court, Branch 7, in Malolos
Bulacan with regard to its Petition for Corporation
Rehabilitation.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that Judge Danilo Manalastas of the RTC Branch 7 approved
Vitarich Corp.'s rehabilitation plan on May 31, 2007.

The decision requires the company to implement the plan and to
submit monthly reports on the execution of the plan to both the
Court and the Rehabilitation receiver.

According to a TCR-AP report on Feb. 1, 2007, the Court
appointed Eduardo T. Rondain as Rehabilitation Receiver for
Vitarich Corp.

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated   
producers and wholesalers of poultry and animal feed products in
the Philippines.  The company also develops, produces and sells
animal health products.  

The Company reported net losses worth PHP163.79 in 2006,
PHP249.3 million in 2005 and PHP291.2 million in 2004 .

Vitarich is currently implementing a rehabilitation plan.


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

INTEGRATED DEVICE: Proofs of Debt Due on September 10
-----------------------------------------------------
The creditors of Integrated Device Technology Singapore (1997)
Pte Ltd are required to file their proofs o f debt by
September 10, 2007.

Creditors who cannot file their clams by the due date will be
excluded from sharing in the company's dividend distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


ROTHSCHILD ASIA: Accepting Proofs of Debt Until Sept. 14
--------------------------------------------------------
Rothschild Asia Pacific Limited, which is voluntary liquidation,
is accepting proofs of debt from its creditors until
September 14, 2007.

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

The company's liquidator is:

         Timothy James Reid
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


SG INDUSTRIAL: Pays First and Final Dividend
--------------------------------------------
SG Industrial Pte Ltd paid the first and final dividend to its
creditors on July 30, 2007.

The company's creditors receive 10.13% of dividend.

The company's liquidator is:

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


UNITY BUILDER: Pays Second and Final Dividend
---------------------------------------------
Unity Builder Pte Ltd., which is in liquidation, paid the second
and final dividend to its creditors on June 29, 2007.

The company paid 4.4212% of dividend.

The company's liquidator is:

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


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

BLOCKBUSTER INC: Inks Acquisition Deal with Movielink
-----------------------------------------------------
Blockbuster Inc. has acquired Movielink LLC, one of the nation's
leading movie download services, in a move to further provide
customers with even more convenient access to home
entertainment.  The acquisition gives Blockbuster access to one
of the largest libraries of downloadable movies and a large
array of television content. Terms of the agreement were not
disclosed.

With thousands of movies and television shows available in its
digital library for downloading, Movielink offers customers the
ability to legally download entertainment content for rental
(VOD) and for purchase (EST).  The service was created in 2002
by Movielink, LLC, a joint venture of Metro-Goldwyn-Mayer
Studios Inc., Paramount Pictures, Sony Pictures Entertainment,
Universal Pictures and Warner Bros. Studios.

The acquisition of Movielink, which has VOD and EST license
agreements with the five founding studios, as well as more than
30 other studios, television-content distributors, and foreign
and independent content providers, enables Blockbuster to offer
consumers downloadable entertainment content via their PCs,
portable devices, television-connected home networks and
approved set-top boxes.

"Blockbuster is committed to keeping pace with the changing
needs of customers by offering them an expanding array of
convenient ways to access entertainment content," said Jim
Keyes, Blockbuster Chairman and CEO.  "Our acquisition of
Movielink, with its associated digital content, is the next
logical step in our planned transformation of Blockbuster.  Now,
in addition to the entertainment content we provide through our
stores and by mail, we have taken an important step toward being
able to make movie downloading conveniently available to
computers, portable devices and ultimately to the television at
home."

"The studios' goal with the Movielink service has always been to
make digital entertainment content more conveniently, more
widely and more securely available to consumers.  This
acquisition should further that goal," said Jim Ramo, CEO of
Movielink from its inception.  "With Blockbuster's ability to
leverage its store network, online assets, and marketing
expertise, Blockbuster should be able to grow the market for
digitally-delivered entertainment content, and we believe that's
good news for consumers and content providers alike."

Blockbuster plans to continue to operate the Movielink service
and to eventually make elements of the service available through
blockbuster.com.

"Thanks to the vision of the participating studios, Movielink
has been at the forefront of the emerging digital media market,"
said Mr. Keyes.  "We are grateful to the studios for entrusting
us with their content, and we look forward to continuing to work
with them to make even more digital content available to a
growing consumer audience."

                    About Movielink LLC

Movielink -- http://www.movielink.com/-- is a leading movie
download service, offering U.S. customers an extensive selection
of new and classic hit movies, foreign films and other hard-to-
find content.  Movielink draws its content offerings from the
vast libraries of Metro-Goldwyn-Mayer Studios, Paramount
Pictures, Sony Pictures Entertainment, Universal Studios, Warner
Bros, Walt Disney Pictures, Miramax, Artisan and others on a
non-exclusive basis.

                   About Blockbuster Inc.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster
Inc.'s corporate family rating to Caa1, its senior secured
credit facilities to B3, and speculative grade liquidity rating
to SGL-4.  In addition, Moody's affirmed the senior subordinated
notes rating at Caa2.  Moody's said the rating outlook remains
negative.





                            *********


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
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Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
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