TCRAP_Public/070814.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  

            Tuesday, August 14, 2007, Vol. 10, No. 159
  
                            Headlines

A U S T R A L I A

APP ENGINEERING: Commences Wind-Up Proceedings
ARMOR HOLDINGS: BAE Purchase Cues Moody's to Confirm Ratings
AUSTRALIAN SEAFOOD: To Declare Final Dividend on August 7
COEUR D'ALENE: Earns US$11.9 Million in Second Quarter 2007
COLES GROUP: Shareholders Get Better Offer by Wesfarmers

FRANEIL PTY: Placed Under Voluntary Liquidation
GONDEMAR PTY: Members Resolve to Close Business
HINEMOA (PROPERTIES): Commences Liquidation Proceedings
I. JEFFREE: To Declare Dividend for Employees on August 14
L.R. & M.F.: Undergoes Voluntary Liquidation

MEDALLIST SCHOFIELDS: Members to Hear Wind-Up Report on Sept. 7
PROGRAMMERS PARADISE: Supreme Court Enters Wind-Up Order
REVLON INC: June 30 Balance Sheet Upside-Down by US$1.1 Billion
RUSH IT COURIERS: Members and Creditors to Meet on August 22
UNITED GROUP: To Declare Final Dividend on August 15


C H I N A   &   H O N G  K O N G

ALERIS INT'L.: Appoints Mallak as SVP and Chief Acctg. Officer
BALLY TOTAL: Court Gives Interim Nod on Kurtzman as Notice Agent
BALLY TOTAL: Gets Prelim OK to Hire AP Svcs. as Crisis Managers
BENQ CORP: Denies Report on Design Center Spin-Off
BENQ CORP: Prager Claims Another EUR26 Mil. As Employees Bonus

FIL FUNDS: Members' Final Meeting Set for September 7
GRANJOY COMPANY: Final Meeting Slated for September 30
HIGHBURY LIMITED: Members Opt for Voluntary Liquidation
KONG WAH: Joint Annual Meetings Set for August 17
LAW AND BUSINESS: Members to Receive Wind-Up Report on Sept. 5

LUCKY KINGDOM: Members' Final General Meeting Set for Sept. 7
QUADRIGA ASSET: Liquidator Quits Post
TEXIND INDUSTRIES: Accepting Proofs of Debt Until August 17
TITANIUM METALS: Earns US$76.3 Million in Second Quarter 2007
TOM GROUP: Shareholders Approve Unit's Privatization

WING TAK: Members and Creditors to Meet on September 7


I N D I A

AES CORP: Lehman Brothers Reaffirms Overweight Rating on Firm
BANK OF BARODA: Earns INR3.31 Billion in First Quarter FY2008
BAUSCH & LOMB: Earns US$15 Million in Second Quarter of 2007
BHARTI AIRTEL: Creditors & Shareholders to Consider Scheme
CELSIA TECH: Incurs US$7.06-Mil. Net Loss in Qtr Ended June 30

TATA POWER: Barclays Lures Local Banks to Help Refinance Loan
TATA POWER: To Go Nuclear if Government Gives Approval
TATA STEEL: Prices US$725 Million Securities Offering


J A P A N

ELAN CORP: Dr. Lars Ekman to Assume Adviser Role on Dec. 2007
FURUKAWA ELECTRIC: Expands Auto Unit in India with Minda Group
GOODWILL GROUP: Comsn Gets 1,099 Applications from Likely Buyers
HERBALIFE LTD: Wedbush Morgan Reaffirms Buy Rating on Firm
SANYO ELECTRIC: Shares Fall Due to Sellout Reports

SENSATA TECH: Incurs US$44.9 Mln Net Loss in 2007 Second Quarter
TENNECO INC: Will Complete Financial Restatement by August 14
USINAS SIDERURGICAS: Posts BRL802MM Income in Qtr. Ended June 30
XERIUM TECH: Paying US$0.1125 Per Share Dividend on Sept. 14


M A L A Y S I A

DYNEA INTERNATIONAL: S&P Raises Ratings to B+ on Lower Leverage
FOAMEX INT'L: July 1 Balance Sheet Upside-Down by US$257.3 Mil.
KUMPULAN BELTON: Failure to File Reform Plan Cues Delisting
MEGAN MEDIA: German Firm Demands US$3.8MM From Share Purchase
TENGGARA OIL: Court Orders MYR8.7MM Payment to Malayan Banking

TENGGARA OIL: Insurance Firm Demands MYR477MM in Debt Payment


N E W  Z E A L A N D

AQUARIUS 2: Court to Hear Wind-Up Petition on August 16
EUROTEX LTD: Court Sets Wind-Up Petition Hearing on Aug. 23
FIDELITYGENETIC LTD: Court to Hear Wind-Up Petition on Sept. 20
GRAYBURN ROSS: Subject to CIR's Wind-Up Petition
HERITAGE GOLD: To Hold Annual Shareholders Meeting on Aug. 29

KARA DEVELOPMENTS: Accepting Proofs of Debt Until August 24
LEUSCHKE GROUP: Fixes August 24 as Last Day to File Claims
MCKELLAR PROPERTY: Names Robert Anthony Elms as Liquidator
MNR DRAINAGE: Court Enters Wind-Up Order
PINE LANDS: Commences Liquidation Proceedings

SAJ ENTERPRISES: Taps Fisk and Sanson as Liquidators


P H I L I P P I N E S

CE CASECNAN: Posts US$11-Million Net Income for 2007 2nd Quarter
EAST ASIA POWER: Isla Lipana Raises Going Concern Doubt
PHILCOMSAT HOLDINGS: Court Okays Amicable Settlement on Control
PHIL. AIRLINES: Allots US$420 Million for Additional Aircraft
PSI TECHNOLOGIES: Incurs US$2.7-Mil. Net Loss for 2nd Qtr 2007

WARNER MUSIC: Mulls Going Private & Other Options, Report Says


S I N G A P O R E

ADVANCED MICRO: Fitch Junks Rating on US$1.5BB Convertible Notes
ASICS AIR-CONDITIONING: Wind-Up Petition Hearing Set for Aug. 24
ITW MERITEX: Members" Final Meeting Set for September 11
LIANG HUAT: Tan Yong Kee Reduces Holdings of Direct Shares
LINDETEVES-JACOBERG: Posts SGD3 Mil. Net Loss in 2nd Qtr 2007

PEER CHEMICAL: Court Enters Wind-Up Order

     - - - - - - - -

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

APP ENGINEERING: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on June 25, 2007, the
members of APP Engineering Pty Limited resolved to voluntarily
wind up the company's operations.  

Barry Cook was then appointed as liquidator.

The Liquidator can be reached at:

         Barry Cook
         54 Beechwood Avenue
         Greystanes, New South Wales 2145
         Australia
         Telephone/Facsimile:(02) 9636 2845


ARMOR HOLDINGS: BAE Purchase Cues Moody's to Confirm Ratings
------------------------------------------------------------
Moody's Inventors Service has confirmed all ratings of Armor
Holdings, Inc., with the ratings outlook changed to stable.
This concludes the review for upgrade commenced on May 8, 2007
and follows the completion of the acquisition of Armor Holdings
by BAE Systems plc.

Concurrent with the sale to BAE, Armor announced on July 31,
2007 that it had received tenders and consents from the holders
of 100% of its 8.25% Senior Subordinated notes due 2013.  
Therefore, Moody's will withdraw the ratings of Armor's 8.25%
Senior Subordinated notes due 2013 immediately after the
confirmation of ratings.

Withdrawal of remaining ratings will be contingent on the
outcome of the conversion of Armor's 2% Convertible Subordinated
Notes due 2024.  These notes are subject to an adjustment to
their conversion rate in connection with a "fundamental change,"
in accordance with their indenture.  As such, all note holders
will have the option to convert these notes for cash at the deal
price on an as-converted basis plus an additional consideration
throughout their conversion period.  It is anticipated that all
notes will be converted by the end of the conversion period, in
which case Moody's will withdraw their rating, as well as
Armor's Corporate Family Rating and Probability of Default
Rating.  If any notes remain outstanding after the conversion
period, it is expected that such notes will not likely be
guaranteed by BAE, and absent adequate financial information
about Armor's stand alone financial condition, Moody's would
likewise withdraw all ratings of Armor.

Ratings confirmed and to be withdrawn:

Armor Holdings Inc.

-- Probability of Default Rating: Ba3
-- Corporate Family Rating: Ba3
-- Senior Subordinated Conv./Exch. Bond/Debenture: B1
-- Senior Subordinated Regular Bond/Debenture: B1

Outlook Actions:

Armor Holdings Inc.

-- Outlook, Changed To Stable From Rating Under Review

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

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


AUSTRALIAN SEAFOOD: To Declare Final Dividend on August 7
---------------------------------------------------------
Australian Seafood Industry Council Ltd, which is in
liquidation, will declare its first and final dividend on
August 7, 2007.

Accordingly, the creditors of the company are required to file
their proofs of claim by July 24, 2007, to be included from
sharing in the company's dividend distribution.

The company's liquidator is:

         Henry Kazar
         SimsPartners
         Chartered Accountants
         PO Box 211, Deakin West ACT 2600
         Australia

                    About Australian Seafood

Australian Seafood Industry Council Limited is involved with
business associations.  The company is located in Deakin, ACT,
Australia.


COEUR D'ALENE: Earns US$11.9 Million in Second Quarter 2007
-----------------------------------------------------------
Coeur d'Alene Mines's net earnings decreased to US$11.9 million
in the second quarter 2007, compared to US$32.6 million in the
second quarter 2006, Business News Americas reports.

Coeur d'Alene told BNamericas that the decline in the earnings
could be partly due to a one-time gain of US$11.2 million from
the sale of its Coeur Silver Valley property and income of
US$1.4 million from Coeur Silver operations in the second
quarter 2006.

BNamericas relates that Coeur d'Alene's revenues dropped to
US$51.7 million in the second quarter 2007, from US$54.0 million
in last year's second quarter.

According to BNamericas, Coeur d'Alene churned out three million
ounce of silver in the second quarter 2007:

         -- 1.2 million ounces from Rochester in Nevada,
         -- 369,500 ounces from Cerro Bayo in Chile,
         -- 809,026 ounces from Martha in Argentina,
         -- 124,441 ounces from Endeavor, and
         -- 476,494 ounces from Broken Hill in Australia.

The report says that Coeur d'Alene produced 25,453 ounces of
gold in the second quarter 2007.

Coeur d'Alene Chief Executive Officer Dennis Wheeler said in a
conference call that gold production would accelerate through
the remainder of 2007, with steadily improving cash costs.

Coeur d'Alene told BNamericas that silver production at Cerro
Bayo was lower and gold production higher year-over-year, with
silver down due to a transition into wider mineralized zones
that are more amenable to mechanized mining methods.

A new US$13.9-million mill facility with an up to 240 tons per
day capacity is being constructed at the Martha mine.  This mill
would be operational by year-end, BNamericas states.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver  
producer, as well as a significant, low-cost producer of gold.  
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                       *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


COLES GROUP: Shareholders Get Better Offer by Wesfarmers
--------------------------------------------------------
Coles Group Limited shareholders have received another takeover
offer from Wesfarmers Ltd. through a "mix and match" shares and
cash option, the Australian Associated Press Reports.

Under the proposal, AAP conveys that shareholders will be able
to choose between either the offer it made on July 2, 2007, or a
maximum scrip, or maximum cash offer.

Aside from this mix and match offer, Wesfarmers also flagged the
payment of a fully franked dividend of more than AU$2.00 per
Wesfarmers share to Coles shareholders in the 2008 and 2009
financial years, presuming the deal is approved, AAP relates.

Wesfarmers managing director Richard Goyder claims to AAP that
the revised terms and strong dividend yield will be attractive
to Coles shareholders saying that every shareholder will be able
to pick its own "particular preferences."  Mr. Goyder further
stated that Wesfarmers expected shareholders seeking 100% scrip
to be able to receive it, and to be eligible capital gains tax
rollover relief.

Coles, writes AAP, said its board will continue to monitor the
impact of Wesfarmers' share price on the value of the proposal
before providing advice to shareholders, but the confirmed
dividend represented a significant uplift.

All Coles shareholders will still get Coles' 25 cent fully
franked final dividend for 2006-07, AAP relates.

                        About Coles Group

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in  
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


FRANEIL PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on June 21, 2007, the members of
Franeil Pty Limited agreed to voluntarily liquidate the
company's business.

P. J. Sykes and K. A. Sykes were appointed as liquidators.

                        About Franeil Pty

Located in Young, New South Wales, Australia Franeil Pty Limited
is an investor relation company.


GONDEMAR PTY: Members Resolve to Close Business
-----------------------------------------------
On July 13, 2007, the members of Gondemar Pty Ltd had a meeting
and resolved to close the company's business.

Michael Lawrence Pinn, of Pinn Deavin & Associates, was
appointed as liquidator.

The Liquidator can be reached at:

         Michael Lawrence Pinn
         Pinn Deavin & Associates
         Level 5, 3-5 Stapleton Avenue
         Sutherland, New South Wales 2232
         Australia


HINEMOA (PROPERTIES): Commences Liquidation Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on July 13, 2007, the
members of Hinemoa (Properties) Pty Limited agreed to
voluntarily wind up the company's operations.

Subsequently, Robert Peile was appointed as liquidator.

The Liquidator can be reached at:

         Robert Peile
         3 John Davey Avenue Cronulla
         Telephone:(02) 9523 0637
         Australia


I. JEFFREE: To Declare Dividend for Employees on August 14
----------------------------------------------------------
I. Jeffree Pty Limited, which is in liquidation, will declare
its first and final dividend for its employees and unsecured
creditors on August 14, 2007.

Failure to file claims by August 7, 2007, will exclude a
creditor or an employee from sharing in the company's dividend
distribution.

The company's liquidator is:

         Bruce Gleeson
         c/o Jones Partners
         Chartered Accountants
         Australia
         Telephone:(02) 9251 5222

                        About I. Jeffree

I. Jeffree Pty Limited provides health and allied services.  The
company is located in Taree, New South Wales, Australia.


L.R. & M.F.: Undergoes Voluntary Liquidation
--------------------------------------------
The members of L.R. & M.F. Smith Pty Ltd had a meeting on
June 26, 2007, and decided to voluntarily liquidate the
company's business.

Nicholas G. Carr was tapped as liquidator.

The Liquidator can be reached at:

         Nicholas G. Carr
         c/o D. C. Carr & Associates
         Chartered Accountants
         Level 6, 65 York Street
         Sydney, New South Wales 2000
         Australia

                        About L.R. & M.F.

L R & M F Smith Pty Ltd, which is also trading as Smith & Smith,
is in the business of jewelry and precious stones.  The company
is located in Sydney, New South Wales, Australia.


MEDALLIST SCHOFIELDS: Members to Hear Wind-Up Report on Sept. 7
---------------------------------------------------------------
The members of Medallist Schofields Lot No.5 Pty Limited will
meet on September 7, 2007, at 10:00 a.m., to receive a report
about the company's wind-up proceedings and property disposal.

The company will also declare a final dividend on August 24,
2007.

Creditors must file their proofs of claim by August 14, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

         Christopher R. Campbell
         David J. F. Lombe
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia

                   About Medallist Schofields

Medallist Schofields Lot No 5 Pty Ltd provides business
services.  The company is located in Peakhurst, New South Wales,
Australia.


PROGRAMMERS PARADISE: Supreme Court Enters Wind-Up Order
--------------------------------------------------------
The Supreme Court of New South Wales entered an order on
July 12, 2007, directing the wind-up of Programmers Paradise
(Aust) Pty Limited's operations.

The company's liquidator is:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


REVLON INC: June 30 Balance Sheet Upside-Down by US$1.1 Billion
-------------------------------------------------------------
Revlon Inc. listed total assets of US$893.3 million, total
liabilities of US$2 billion, and total stockholders' deficit of
US$1.1 billion as of June 30, 2007.

The company's June 30 balance sheet also showed strained
liquidity with total current assets of US$465.9 million
available to pay total current liabilities of US$531.5 million.

                      Second Quarter Results

Net loss was US$11.3 million for the second quarter ended June
30, 2007, compared to a net loss of US$87.1 million for the
second quarter of 2006.

Net sales in the second quarter of 2007 advanced 8.8% to
US$349.2 million, compared to net sales of US$321.1 million in
the second quarter of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the second quarter increased
7.5% versus year-ago. Second quarter 2006 net sales were reduced
by about US$14 million from Vital Radiance.

In the United States, net sales in the second quarter of 2007
increased 13.4% to US$204.2 million, compared with net sales of
US$180 million in the second quarter of 2006.  Second quarter
2006 net sales were reduced by about US$14 million from Vital
Radiance.

In the company's international operations, net sales in the
second quarter of 2007 increased 2.7% to US$145 million,
compared to net sales of US$141.1 million in the second quarter
of 2006.

Operating income was US$16.9 million in the second quarter of
2007, versus an operating loss of US$45.9 million in the second
quarter of 2006.

Results for the second quarter 2007 included restructuring
expenses of US$2.1 million, while the second quarter 2006
included restructuring expenses of US$500,000.

                       Six Months Results

The company incurred net loss of US$46.5 million for the first
six months of 2007, as compared with net loss of
US$145.3 million for the first six months of 2006.

Net sales in the first six months of 2007 advanced 4.8% to
US$677.8 million, compared to net sales of US$646.6 million in
the first six months of 2006.  Excluding the impact of foreign
currency fluctuations, net sales in the first six months
increased 4.0% versus year-ago.

Cash flow used for operating activities in the first six months
of 2007 was US$33 million, compared with cash flow used for
operating activities of US$95.5 million in the first six months
of 2006.  This improvement was primarily due to a lower net
loss, decreased permanent display spending and was partially
offset by a smaller improvement in working capital in 2007
compared to last year.

Results for the first six months of 2007 included restructuring
expenses of US$6.4 million, while the first six months of 2006
included restructuring expenses of US$9.5 million.

A full-text copy of the company's second quarter report is
available for free at http://researcharchives.com/t/s?2243

                      Management's Comments

Commenting on the company's financial disclosure, Revlon
president and chief executive officer, David Kennedy, said "Our
performance in the second quarter was driven by a combination of
sales growth, benefits from the restructuring actions we took
last year and ongoing control of our costs.  We remain on-track
with our expectation to generate approximately US$210 million in
Adjusted EBITDA in 2007."

Mr. Kennedy continued, "As we look forward to 2008, we believe
that we have a strong offering of new product introductions for
our Revlon and Almay color cosmetics brands.  These
introductions include significant, innovative and unique new
product lines in the face category as well as collections across
all categories.  In addition, 2008 new products include
important upgrades to certain products launched in prior years.  
We intend to support these new products with advertising and
promotions, at competitive levels, using our exciting lineup of
spokesmodels."

In conclusion, Mr. Kennedy said, "We continue to execute our
business strategy.

   (1) Building and leveraging our strong brands - we recently
       launched several exciting new products in our core brands
       and are supporting these launches at competitive levels.  
       As noted, we believe we have a strong pipeline of new
       product launches for next year;

   (2) Improving the execution of our strategies and plans, and
       providing for continued improvement in our organizational
       capability - we have a strong team in place at Revlon and
       are focusing on developing our employees through new and
       expanded roles and enhancing our capabilities;

   (3) Continuing to strengthen our international business - we
       continue to strengthen our international business further
       by leveraging our U.S.-based Revlon brand marketing, as
       well as our strong regional brands;

   (4) Enhancing operating profit margins and cash flow - we are
       focusing on sales growth and expect continuing,   
       sustainable benefits from our restructuring actions and
       ongoing cost controls; and

   (5) Improving our capital structure -- we plan to refinance
       the remaining balance of our 8-5/8% senior subordinated
       notes prior to maturity."

                        About Revlon Inc.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has operations in
Australia, China, Hong Kong, Singapore, and Taiwan.

At Sept. 30, 2006, Revlon Inc.'s balance sheet showed USUS$925
million in total assets and USUS$2.150 billion in total
liabilities, resulting in a USUS$1.225 billion stockholders'
deficit.


RUSH IT COURIERS: Members and Creditors to Meet on August 22
------------------------------------------------------------
The members and creditors of Rush It Couriers Pty Limited will
meet on August 22, 2007, at 3:00 p.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         I. J. Purchas
         Level 1, 32 Martin Place
         Sydney, New South Wales
         Australia

                     About Rush It Couriers

Rush It Couriers Pty Limited provides business services.  The
company is located in Seven Hills, New South Wales, Australia.


UNITED GROUP: To Declare Final Dividend on August 15
----------------------------------------------------
United Group Property Holdings Pty Limited, which is in
liquidation, will declare a final dividend on August 15, 2007.

Creditors must file their claims by August 14, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

         D. J. F. Lombe
         S. J. Cathro
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia

                       About United Group

United Group Property Holdings Pty Ltd provides amusement and
recreation services.  The company is located in Surry Hills, New
South Wales, Australia.


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

ALERIS INT'L.: Appoints Mallak as SVP and Chief Acctg. Officer
--------------------------------------------------------------
Aleris International Inc. appointed Joseph M. Mallak as senior
vice president for finance, chief accounting officer and
controller.

Bob Holian, who has been serving in this role and has also been
leading the implementation of the Swiss CE structure in Europe,
will continue to work full time on the completion of this major
initiative for the company.

Mr. Mallak has over 20 years of finance and accounting
experience in private and public US and international
manufacturing organizations.  In his most recent role, Mr.
Mallak was a Managing Director for The Reserve Group, a private
equity firm based in Akron, Ohio, where he led the strategic
repositioning and restructuring of several portfolio companies.

Prior to joining The Reserve Group, Mr. Mallak served as vice
president, chief financial officer & treasurer of Stoneridge
Inc, a publicly traded automotive engineered products company.  
Prior to Stoneridge, Mr. Mallak served as vice president and CFO
for a global Textron division.  He began his career with the
Ford Motor Company.

"[Mr. Mallak]'s demonstrated track record in a wide array of
leadership roles in accounting, finance, and mergers and
acquisitions will be a great asset in his new role with Aleris,"
said Mike Friday, executive vice president and chief financial
officer.  

                  About Aleris International Inc.
  
Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 50 production
facilities worldwide, including China, Brazil, Germany, Mexico
and Wales.

                          *     *     *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by $125 million.  With the add-on, the total amount of
the facility is now US$1.23 billion.


BALLY TOTAL: Court Gives Interim Nod on Kurtzman as Notice Agent
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York in Manhattan signed an interim order authorizing Bally
Total Fitness Holding Corporation and its debtor-affiliates to
employ Kurtzman Carson Consultants LLC as their notice, claims,
and balloting agent.

As the notice and claims agent, Kurtzman Carson will, among
other things:

  -- distribute required notices to parties in interest;

  -- receive, examine, maintain and docket all proofs of claim
     and proofs of interest filed in the Chapter 11 cases and
     maintain the associated claims registers;

  -- if necessary, solicit, collect, and tabulate acceptances
     and rejections of Bally's plan of reorganization from
     parties entitled to vote; and

  -- provide other administrative services that the Court, the
     clerk's office, and the Debtors may require in connection
     with the Chapter 11 cases.

Kurtzman Carson will also assist the Debtors and the Clerk's
Office with, among other things, maintaining and updating the
master mailing lists of creditors, and to the extent necessary,
gathering data in conjunction with the preparation of the
Debtors' schedules of assets and liabilities and statements of
financial affairs.

The Debtors have selected Kurtzman Carson because of its
well-developed, efficient and cost-effective methods in its area
of expertise, Marc D. Bassewitz, senior vice president,
secretary and general counsel of Bally Total Fitness Holding
Corporation, says.  In addition, Kurtzman Carson is fully
equipped to handle the volume of mailing involved in properly
sending the required notices to creditors and other interested
parties in the Chapter 11 Cases.

Kurtzman Carson will be paid based on its hourly fees:

  Clerical                                  US$40 - US$65                
  Project Specialist                        US$75 - US$115
  Consultant                                US$125 - US$195
  Sr.Consultant/Sr. Managing Consultant     US$205 - US$250
  Technology/Programming Consultant         US$115 - US$195

Prior to the Debtors' bankruptcy filing, Kurtzman Carson
received a retainer of US$100,000.

The Debtors will indemnify and hold harmless Kurtzman Carson,
its officers, employees and agents, except in circumstances of
Kurtzman's gross negligence or willful misconduct.  Any
controversy or claim arising out of or relating to the parties'  
engagement, or the breach of the engagement, will be settled by
arbitration in accordance with the rules of the American
Arbitration Association.

Christopher R. Schepper, Senior Managing Consultant of Kurtzman
Carson assures the Court that his firm is a "disinterested
person," as that phrase is defined in Section 101(14) of the
Bankruptcy Code as modified by Section 1107(b).

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

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

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


BALLY TOTAL: Gets Prelim OK to Hire AP Svcs. as Crisis Managers
---------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York in Manhattan approved, on an interim basis, Bally Total
Fitness Holding Corporation and its debtor-affiliates'
application to employ AP Services, LLC, as crisis managers,
effective as of the Petition Date.

APS has a wealth of experience in providing crisis management
services to financially troubled organizations, Marc D.
Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, tells Judge
Lifland.

In Bally's case, APS will provide temporary employees to assist
the Debtors in their restructuring efforts including Michael
Feder, Thomas Osmun and John Lausas.

Mr. Feder will serve as Bally's chief operating officer, under
the direct supervision of Bally's chief restructuring officer.  
Working collaboratively with the Debtors' senior management
team, Boards of Directors and the Debtors' other professionals,
Mr. Feder and APS will assist Bally in evaluating and
implementing strategic and tactical options through the
restructuring process.

In addition to the Full-time Temporary Employees, APS will
occasionally use Part-time Temporary Employees for certain
activities related to the administration of the Debtors' Chapter
11 cases.  Services provided by Part-Time Temporary Employees
will be billed to the Debtors for hours worked at hourly rates
similar to those of Full-Time Temporary Employees.

APS hourly rates are:

          Managing Directors      US$600 - US$750
          Directors               US$440 - US$575
          Vice Presidents         US$325 - US$450
          Associates              US$260 - US$315

The Debtors will reimburse APS for all reasonable out-of-pocket
expenses incurred in connection with its retention.

Prior to July 31, 2007, the Debtors paid a US$100,000 retainer
to APS to secure performance under the parties' engagement
letter.  For services rendered under the terms contained in the
Engagement Letter, the Debtors have paid APS US$472,874
representing actual and estimated fees earned and expenses
incurred to date.  All invoices are paid and current up to July
31, 2007, and neither AlixPartners nor APS are owed any amounts
by the Debtors for services rendered prior to July 31, 2007.

                          Success Fee

In addition to hourly fees, the Debtors will pay APS for
furnishing temporary employees by the payment of a contingent
success fee.

The Success Fee is an integral part of APS' compensation for the
engagement and is intended to reflect the alignment of the
interests of APS and the Debtors, Mr. Bassewitz
explains.

The Success Fee is not payable if APS is terminated for cause or
if there is a conversion of the Chapter 11 cases to Chapter 7,
and that the Success Fee is subject to Court approval when
earned, he adds.

The Debtors will indemnify, hold harmless and defend APS
employees serving as officers of Bally.  The Debtors will also
use their best efforts to specifically include and cover, as a
benefit for their protection, Temporary Staff serving as
officers of Bally or affiliates from time to time with a minimum
of US$10,000,000 of direct coverage as named insureds under the
Company's policy for directors' and officers' insurance.

In addition, because APS is not being employed as a professional
under Section 327 of the Bankruptcy Code, the Debtors propose
that APS not be required to submit quarterly fee applications
pursuant to Sections 330 and 331 of the Bankruptcy Code.            
Quarterly reports of compensation earned will be submitted
instead.  The first quarterly report of compensation earned
would be submitted by APS no later than 45 days after the end of
the first calendar quarter after the Petition Date, which will
cover the period to and including the last day of the first
quarter after July 31, 2007.

                    About Bally Total Fitness

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

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

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


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

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

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

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

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

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

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

                          *     *     *

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

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

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


BENQ CORP: Prager Claims Another EUR26 Mil. As Employees Bonus
--------------------------------------------------------------
BenQ Mobile Germany, through its insolvency administrator Martin
Prager, is again suing parent company BenQ Corp. for a further
EUR26 million (US$36 million) on top of more than EUR80 million
it is already claiming, Reuters reports.

Citing a statement from Mr. Prager's PR agency, Reuters relates
that the EUR26 million were partly for bonus payments promised
to Germany-based BenQ Mobile employees by the parent company
based in Taiwan, but which were in fact paid by the subsidiary,
BenQ Mobile.

According to the statement, Mr. Prager said that former BenQ
Mobile staff may have to pay back the bonuses if BenQ did not
pay up.  About 3,000 workers were made redundant through the
bankruptcy.

Reuters recounts that in the past, BenQ Corp. has already
rejected Mr. Prager's demands for payment to the unit's
creditors.

The parent firm said that it will spin off its struggling brand
and hope to return to profit at the end of 2007 or early next
year.


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

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

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

                          *     *     *

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

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

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


FIL FUNDS: Members' Final Meeting Set for September 7
-----------------------------------------------------
The members of Fil Funds Offshore Limited will meet on Sept. 7,
2007, at 10:00 a.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be held at 11695 Wildflower Court Cupertino in
California 95014, USA.


GRANJOY COMPANY: Final Meeting Slated for September 30
------------------------------------------------------
Granjoy Company Limited will hold a final meeting for its
members on September 30, 2007, at 11:00 a.m., in the company's
registered office.

Chan Chak Chung, the company's liquidator, will give a report
about the company's wind-up proceedings and property disposal.


HIGHBURY LIMITED: Members Opt for Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on July 20, 2007, the
members of Highbury Limited agreed to voluntarily wind up the
company's operations.

Bruce William Dunlop and Wong Poh Weng were appointed as
liquidators.

The Liquidators can be reached at:

         Bruce William Dunlop
         Wong Poh Weng
         Flat 9A, Stubbs Villa
         2 Shiu Fai Terrace, Happy Valley
         Hong Kong


KONG WAH: Joint Annual Meetings Set for August 17
-------------------------------------------------
The members and creditors of Kong Wah Electronics Enterprises
Limited, Kong Wah Estate Limited, Kong Wah Industrial
(Zhongshan) Investment Company Limited and Kong Wah
International Company Limited will have their annual meetings on
August 17, 2007, to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

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


LAW AND BUSINESS: Members to Receive Wind-Up Report on Sept. 5
--------------------------------------------------------------
The members of Law and Business Association of Hong Kong Limited
will meet on September 5, 2007, at 11:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held on the 19th Floor of Ritz Plaza at 122
Austin Road on Tsimshatsui, Kowloon.


LUCKY KINGDOM: Members' Final General Meeting Set for Sept. 7
-------------------------------------------------------------
A final general meeting will be held for the members of Lucky
Kingdom Limited on September 7, 2007, at 9:15 a.m., at the 15th
Floor of Manulife Tower, 169 Electric Road, in North Point, Hong
Kong.


QUADRIGA ASSET: Liquidator Quits Post
-------------------------------------
On July 30, 2007, Liu Kam Lung ceased to act as liquidator of
Quadriga Asset Management Limited.

The former Liquidator can be reached at:

         Liu Kam Lung
         Methodist House
         Room 1201, 12th Floor
         36 Hennessy Road, Wanchai
         Hong Kong


TEXIND INDUSTRIES: Accepting Proofs of Debt Until August 17
-----------------------------------------------------------
Texind Industries Limited is accepting proofs of debt from its
creditors until August 17, 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:

         Gabriel CK Tam
         Jacky CW Muk
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong


TITANIUM METALS: Earns US$76.3 Million in Second Quarter 2007
-------------------------------------------------------------
Titanium Metals Corporation reported that its net income
attributable to common stockholders increased 41% to
US$76.3 million for the quarter ended June 30, 2007, compared to
US$54.3 million for the quarter ended June 30, 2006.

The company's net sales increased 13% from US$300.9 million
during the second quarter of 2006 to US$341.2 million during the
second quarter of 2007 due primarily to increases in average
selling prices and favorable changes in product mix.  

Operating income increased 26% to US$118 million for the quarter
ended June 30, 2007 compared to US$93.6 million for the quarter
ended June 30, 2006.  

The company's sales order backlog at the end of June 2007 was
US$1 billion compared to $1 billion at the end of March 2007 and
US$0.9 billion at the end of June 2006.

The company reported total assets of US$1.2 billion, total
liabilities of US$316.7 million, and total stockholders' equity
of US$878.9 million as of June 30, 2007.

Full-text copies of the company's financials are available for
free at http://researcharchives.com/t/s?225f

Steven L. Watson, vice chairman and chief executive officer,
said, "We continue to see long-term favorable demand trends
across all of our primary markets.  Our facilities are operating
at high capacity levels that improve cost efficiency,
contributing to our record levels of operating income.  While
our near-term focus remains on maximizing our existing
productive capacity through initiatives that emphasize
efficiency, innovation and technological advances, we are also
continuing our efforts to expand our productive capacity across
all areas of our manufacturing operations.  We are committed to
maintaining the certainty, quality and reliability of supply to
service the expanding needs of our current and prospective
customers.

"Our 4,000 metric ton Vacuum Distillation Process ("VDP") sponge
expansion in Henderson, Nevada commenced commercial production
in April 2007, and we expect to be operating at full annual
capacity of approximately 12,600 metric tons by the end of the
third quarter of 2007.  As part of our plans to assure our
future supply of raw materials, we are continuing our design,
engineering and site selection for a new VDP premium-grade
sponge facility.  We are also continuing to explore and pursue
additional third-party long-term sources of sponge and scrap.

"Our electron beam cold hearth ("EB") melt capacity addition in
Morgantown, Pennsylvania of approximately 8,500 metric tons,
annually, is on schedule for an anticipated completion date of
early 2008.  We also commenced efforts to add a similar EB
furnace at our Morgantown, Pennsylvania facility, scheduled to
be completed in the last half of 2009.  During 2007 we have also
commenced construction of additional vacuum arc remelt ("VAR")
capacity additions at our Witton, Morgantown and Savoie
locations, all of which are expected to be completed by the end
of the second quarter of 2008.  Upon completion, these melt
capacity additions will increase our EB melt capacity by
approximately 107% and will increase our VAR capacity by
approximately 34%.  As we continue to adjust our long-term
business plan in response to industry trends, we will consider
more additions to our melt capacity based on our raw material
sources and product mix.

"We have numerous other capital projects in process to improve
and expand our productive capacity for scrap recycling and
production of mill products.  We also continue to evaluate
opportunities to enter into long-term conversion agreements with
third parties to address certain areas of additional or expanded
manufacturing requirements as an alternative to the addition or
expansion of our internal manufacturing capacity.  Our ongoing
and planned expansions of sponge and melt capacities, as well as
our efforts to expand our key relationships with third-parties,
allow TIMET to remain positioned to effectively utilize
available resources to strategically invest in our business to
achieve profitable growth and return on invested capital.  We
continue to emphasize initiatives that will increase our
participation in downstream value-added products and services
which are expected to provide strong operating results."

                   About Titanium Metals Corp.

Based in Dallas, Texas, Titanium Metals Corp. (NYSE: TIE) --
http://www.timet.com/-- produces titanium melted and mill  
products.  It offers titanium sponge, melted products, mill
products, and industrial fabrications.  The company has
substantial operations located in the United Kingdom, France and
Italy and sales offices in Australia, China, Japan, Saudi
Arabia, India, and Taiwan.

                          *     *     *

Titanium Metals carries Moody's Investors Services' Caa1 issuer
rating and B3 Long-Term corporate family rating.


TOM GROUP: Shareholders Approve Unit's Privatization
----------------------------------------------------
TOM Group and its subsidiary, TOM Online, said that their
shareholders had approved the scheme to privatize TOM Online,
Infocast reports.

It is expected that the scheme will become effective on
August 31 (Cayman Islands time), the report adds.  The scheme
will lapse if it does not become effective on or before December
31.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2007, that TOM Group will pay about HK$1.57 billion to buy the
remaining 1.03 billion shares -- a 24.27% stake -- it does not
own in TOM Online.

TOM Online's assets, apart from its mobile-services arm, include
joint ventures with Skype and U.S. Web auction giant EBay Inc.

                     About TOM Group Limited

TOM Group Limited (stock code: 2383) is listed on the Main Board
of the Stock Exchange of Hong Kong.  A leading Chinese-language
media conglomerate in Greater China, TOM Group has diverse
business interests in Internet (TOM Online), Outdoor Media (TOM
Outdoor Media Group), Publishing, Television and Entertainment
across markets in Mainland China, Taiwan and Hong Kong.  In each
of the areas it operates, TOM Group has secured market
leadership.

The Group was founded in October 1999 as a joint venture between
Hutchison Whampoa, Cheung Kong (Holdings) Limited, and other
strategic investors.  Headquartered in Hong Kong, the Group has
regional headquarters in Beijing, Shanghai and Taipei with over
4,000 employees in more than 20 cities.

On March 13, 2007, Standard & Poor's Ratings Services affirmed
its BB+ long-term corporate credit rating on TOM Group Ltd.  The
outlook is stable.

At the same time, Standard & Poor's also affirmed its BB+ issue
rating on the outstanding convertible bonds due 2008 that were
issued by its subsidiary, TOM Holdings Ltd., and guaranteed by
TOM.


WING TAK: Members and Creditors to Meet on September 7
------------------------------------------------------
The members and creditors of Wing Tak Wholesale, Import and
Export Limited will meet on September 7, 2007, at 3:00 p.m. and
3:30 p.m., respectively, at the 32nd Floor of One Pacific Place
in 88 Queensway, Hong Kong.

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


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

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

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

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

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

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

                           About AES

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

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                          *     *     *

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


BANK OF BARODA: Earns INR3.31 Billion in First Quarter FY2008
-------------------------------------------------------------
Bank of Baroda doubled its net profit to INR3.31 billion for the
first quarter ended June 30, 2007, from the INR1.63 billion
earned in the same quarter in 2006.

The bank's total income has increased 32% from INR21.93 billion
for the quarter ended June 30, 2006, to INR30.25 billion in the
latest quarter under review.

For the reporting period, the bank's expenditures totaled
INR23.80 billion, up 37% from that incurred in April-June 2006.  
The bank booked taxes of INR1.72 billion, and set aside
INR1.41 billion as provisions and contingencies, which include
provision for non-performing assets of INR1.12 billion.

A copy of Bank of Baroda's unaudited results for the quarter
ended June 30, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2266

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking       
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.  

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

                          *     *      *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.   The agency also affirmed the
bank's Individual Rating of 'C/D'.  The outlook on all ratings
is stable.


BAUSCH & LOMB: Earns US$15 Million in Second Quarter of 2007
----------------------------------------------------------
Bausch & Lomb Inc. filed its Quarterly Report on Form 10-Q with
the Securities and Exchange Commission for the second quarter
and six months ended June 30, 2007.  Net earnings were
US$15 million in the second quarter of 2007, compared to a net
loss of US$15 million in 2006.  For the first six months of 2007
reported net earnings were US$33.5 million, compared to a net
loss of US$3.3 million in 2006.  First-half 2006 net earnings
were reduced by provisions associated with the MoistureLoc
recall totaling US$19.6 million.

Second-quarter consolidated net sales of US$649.5 million grew
14%, compared to US$571.5 million reported in the same period in
2006.  All of the company's geographic operating segments, and
four of its five product categories, reported increased sales.

For the first six months of 2007, net sales totaled
US$1.2 billion, compared to US$1.1 billion in 2006, a reported
growth rate of 10%.  Prior-year net sales were reduced by
US$19.1 million in provisions for customer returns and other
sales reductions associated with the MoistureLoc recall.  
Excluding those provisions, year-to-date 2007 net sales
increased 8%, or 5% in constant currency, with growth in each
geographic segment and in the Company's contact lens,
pharmaceuticals and cataract/vitreoretinal product categories.

Major factors contributing to second-quarter 2007 net earnings
include:

   * Gross margin improved to 57.9% of sales, compared to 56.3%
     in 2006, reflecting a shift in the sales mix toward higher
     margin newer products and higher lens care sales than the
     prior year.  Currency had a slightly negative effect on
     gross margins in the second quarter.

   * Selling, administrative and general expenses were
     US$280.3 million in 2007, compared to US$256.2 million in
     2006.  The increase reflected:
     
     a) higher legal fees associated with product liability
        lawsuits;
  
     b) higher mark-to-market expense related to deferred
        compensation and stock plans;

     c) professional fees incurred in connection with the
        proposed Warburg Pincus merger; and

     d) higher incentive compensation expense based on operating
        performance improvement compared to 2006.

   * Research and development expense totaled approximately
     US$55 million in the 2007 second quarter, compared to
     US$50 million in 2006.

   * Net financing expenses were US$6.2 million in the second
     quarter of 2007 versus US$13.7 in 2006, due to higher mark-
     to-market income on deferred compensation investments,
     lower waiver and consent fees associated with bank and
     public debt issuances, and lower interest expense due to
     the company's retiring debt in the second quarter of 2006.

   * The effective tax rate in the second quarter of 2007 was
     52.3%.

Cash and cash equivalents totaled US$547.7 million at the end of
the second quarter of 2007, compared to US$499.9 million at the
end of 2006.

Cash flows from operating activities totaled US$70.7 million.  
Positive earnings (adjusted for non-cash items) were somewhat
offset by payments for taxes and interest, combined with higher
accounts receivable and inventories.

The company used US$48.1 for investing activities in the first
six months of 2007, including US$29.6 million of capital
spending.

Net cash inflows from financing activities totaled US$23.3
million, mainly reflecting cash received from the exercise of
stock options and cash outflows to pay dividends.

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.

                          *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


BHARTI AIRTEL: Creditors & Shareholders to Consider Scheme
----------------------------------------------------------
Pursuant to the order made by the Honorable High Court of Delhi,
separate meetings of the secured and unsecured creditors of
Bharti Airtel Ltd will be held on Sept. 8, 2007, according to a
regulatory filing with the Bombay Stock Exchange.

During the meeting, the creditors will consider, and if thought
fit, approve, the Scheme of Arrangement of the company with
Bharti Infratel Ltd.

The company's shareholders will also meet on Sept. 7 to consider
approving the Scheme of Arrangement.

                       About Bharti Airtel

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

                          *     *     *

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

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


CELSIA TECH: Incurs US$7.06-Mil. Net Loss in Qtr Ended June 30
--------------------------------------------------------------
Celsia Technologies Inc. reported a net loss of US$7.06 million
and an operating loss of US$896,567 for the second quarter ended
June 30, 2007, compared with a net loss of US$1.65 million and
an operating loss of US$1.55 million for the same period 12
months ago.

The increase in net loss primarily reflects financing expense of
US$6.06 million, representing the fair value of the 50,504,696
shares of the company's common stock issued as an inducement to
the Series A & B preferred shareholders to consent to the 8%
Secured Convertible Debenture due May 25, 2010.  The company did
not record any financing expense in the 2006 quarter.

The decrease in operating loss primarily reflects a decrease in
selling and administrative expenses.

The company generated revenues of US$199,332 for the three
months ended June 30, 2007, compared to US$19,994 for the same
period last year.  The revenues are a result of customers paying
for test samples, commercial deliveries, and commercial sales to
CheongNam International Co. Ltd.'s customer base.  Cost of sales
for the three months ended June 30, 2007, was US$381,400
compared to US$185,274 for the same period last year.  This
higher cost of sales is attributable to increased production
activity originating from an increasing demand for the company's
products.

Selling and administrative expenses for the three months ended
June 30, 2007, were approximately US$585,000 compared to
approximately US$1.38 million for the same period last year.  
The decrease compared to last year is mainly attributable to
increased functional efficiency.  Furthermore, the company
reversed a portion of its executive bonus accrual from prior
periods of approximately US$400,000 that will not materialize.  
Adjusted for the expense reversal, the gross expenses were
approximately US$985,000 for the three months ended June 30,
2007.

At June 30, 2007, the company's consolidated balance sheet
showed US$8.4 million in total assets, US$7.1 million in total
liabilities, and US$1.3 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2236

               8% Secured Convertible Debentures

On May 25, 2007, the company issued 8% Secured Convertible
Debentures due May 25, 2010, in the aggregate principal amount
of US$8,142,847 to certain individuals and entities, together
with warrants exercisable for a total of 70,752,778 shares of
the company's common stock at a price of US$0.144, for an
aggregate of US$6,850,000 in cash and the surrender of
previously outstanding promissory notes of the company totaling
US$1,292,847.  The company used the Black Scholes option-pricing
model to value the warrants issued to the debenture holders and
applied it to the principal amount to determine the convertible
debt discount which totaled US$3,063,133.  The company will
amortize the discount over the life of the debenture (36
months).  During the six months ended June 30, 2007, the company
amortized US$85,807 of the debt discount into interest expense.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 25, 2007,
PKF, in New York, expressed substantial doubt about Celsia
Technologies Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2006, and 2005.  The auditing firm reported
that at Dec. 31, 2006, the company and its subsidiaries have
commenced limited revenue producing operations and have an
accumulated deficit of US$23.7 million.

                   About Celsia Technologies

Headquartered in Miami, Fla., Celsia Technologies Inc. (OTC BB:
CSAT) -- http://www.celsiatechnologies.com/-- is a full
solution provider and licensor of thermal management products
and technology for the PC, consumer electronics, lighting and
display industries.  The company is developing and
commercializing next-generation cooling solutions built on
patented micro thermofluidic technology.  Celsia Technologies'
extensive intellectual property portfolio includes patents
registered in Korea, the U.S., Japan and Taiwan, with patents
pending in the EU, Russia, India and in China.


TATA POWER: Barclays Lures Local Banks to Help Refinance Loan
-------------------------------------------------------------
Barclays Bank PLC is enticing Indian lenders to refinance the
US$950-million bridge loan taken by Tata Power to acquire
Indonesian thermal coal producers PT Kaltim Prima Coal and PT
Arutmin Indonesia, The Economic Times reports.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Tata Power, on June 27, disclosed the completion of its
acquisition of 30% equity stake in the two Indonesian thermal
coal companies as well as related trading companies owned by PT
Bumi Resources Tbk.

In completing the acquisition, the US$950-million bridge loan
facility has been provided by a group of banks led by Barclays.  

To refinance the bridge loan facility, Indian financial
institutions are expected to join Barclays as consortium
partners.

"We are now looking at raising US$950 million through a
syndication, of which the Exim Bank of India would be funding
US$120 million," The Economic Times quotes an unnamed source as
saying.  "Talks are on with other banks like ICICI Bank, State
Bank of India and Bank of India.  These banks are expected to
bring in debt, ranging between US$100 million and US$150
million."

                         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 POWER: To Go Nuclear if Government Gives Approval
------------------------------------------------------
Tata Power Company Ltd. will go into the nuclear power sector
after it gets the government's nod, various reports say.

The company had aligned with "some major nuclear equipment
suppliers and is ready to apply to the government to seek
permission to enter into country's nuclear energy sector," the
United Press Trust of India quotes Tata Chairman Ratan Tata as
saying.

Tata Power is reportedly in talks with French nuclear group
Areva SA for the supply of equipment for nuclear power
generation.

India does not allow private firms to take part in nuclear power
generation but the government has indicated recently that it
will soon permit partnerships with publicly-owned companies.  So
while waiting for the approval of its application, the company
is studying various aspects of nuclear technology.

According to UPTI, Tata's chairman sees the company producing
10,000 megawatts of power by 2012.  Bloomberg News says the
company's target of nuclear power capacity by 2020 is 40,000
megawatts.

This year alone, Tata Power plans to spend INR26 billion on
adding new power capacity, Bloomberg adds, citing Mr. Tata.

                         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: Prices US$725 Million Securities Offering
-----------------------------------------------------
As part of the long-term financing plan of Tata Steel Limited,
the company has priced the issue of Foreign Currency Convertible
Alternative Reference Securities aggregating to US$725 million,
which was oversubscribed by more than two times.  There is a
green shoe option of US$150 million which has not yet been
exercised.

Application will be made to list the CARS on an overseas stock
exchange.  The CARS will be convertible into either Qualifying
Securities (which may be in the form of depositary receipts with
restricted rights of withdrawal representing underlying ordinary
shares with differential rights as to voting) or ordinary
shares.  The CARS will be convertible at an initial conversion
price of INR876.6225 per share, which is at a premium of 35% to
the company's closing share price on the National Stock Exchange
of India Limited as on Aug. 6, 2007.

The CARS carry a 1% coupon and the effective YTM is 5.15%.  The
outstanding CARS, if any, at maturity will be redeemable at a
premium of 23.3419% of the principal amount.  The issue is
subject to fulfillment of certain Conditions Precedent.

Citigroup acted as the sole global coordinator and book runner
to the offering with ABN AMRO Rothschild and Standard Chartered
Bank being the joint book runners.

                         About Tata Steel

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.


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

ELAN CORP: Dr. Lars Ekman to Assume Adviser Role on Dec. 2007
-------------------------------------------------------------
Elan Corporation plc said that Dr. Lars Ekman, current president
of research and development, member of the operating committee
and the board of directors, will transition from his current
operational role to become an adviser as a member of the board
of directors effective Dec. 31, 2007.

Dr. Ekman will continue to chair the Science and Technology
committee, which has as its charter to provide long-term
strategic guidance and input to the Chairman and CEO on matters
relating to Elan's research platform and portfolio.  Other board
members of the Science and Technology Committee include Dr.
Dennis Selkoe and Dr. Floyd Bloom.

During his transition through year-end, Dr. Ekman will remain an
integral part of the company's science, clinical development and
corporate activities and will continue as key senior
spokesperson for Elan as president of research and development.
Dr. Ekman will continue as co-chair on the joint steering
committee with Wyeth.

As the 2007 progresses, Dr. Ekman's focus and energies will
shift toward Elan's intermediate and long-term plans as he
dedicates his time to provide strategic advice to the Chairman
and the CEO in his continuing role as a member of the Board of
Directors.

Dr. Ekman joined Elan in January 2001 after holding a number of
senior executive positions in the pharmaceutical industry. His
leadership over the past seven years has been instrumental in
advancing Elan's pipeline.  During this period, Elan received
approval for four U.S. New Drug Applications; three European
Marketing Approval Applications; and five Investigational New
Drug Applications.  

"After nearly twenty-five years in multiple senior operational
roles, I look forward to devoting my time and energy to tackling
broader strategic issues.  As a Board member and Chairman of the
Science and Technology Committee, I will have the forum to do
so.  We have made great advancements in our pipeline and I look
forward to continuing to be intimately involved in the coming
years," Dr. Ekman stated.

"Lars has been an invaluable member of Elan's management team.
We are delighted and fortunate to have Lars remain on our Board,
and we look forward to his continued guidance, support and
leadership as we move this company forward," Kyran McLaughlin,
Chairman of the Board, commented.

"Lars is a truly unique individual and his contribution to Elan
has and will continue to be immeasurable. I have the highest
degree of respect and admiration for Lars from both a
professional as well as personal point of view.  I look forward
to working closely with Lars as a member of the Board for years
to come," Kelly Martin, Elan's president & CEO, added.

                        About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology   
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

The company has locations in Bermuda and Japan.

                          *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Gaming, Lodging and Leisure,
Manufacturing, and Energy sectors, Moody's Investors Service the
rating agency confirmed its B3 Corporate Family Rating for Elan
Corporation plc and assigned a B2 probability-of-default rating
to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


FURUKAWA ELECTRIC: Expands Auto Unit in India with Minda Group
--------------------------------------------------------------
Furukawa Electric Co., Ltd., has entered into a joint venture
with India's Minda Group to expand its automotive division.

The Tokyo-based company disclosed in a statement that the merger
will be called Minda Furukawa Electric Private Ltd. in India,
where its business scope is the manufacturing and sales for the
Automobile Wiring Harness for mainly Japanese Automobile Makers
in India, such as Indian-based affiliation of Suzuki Motor
Corporation, Maruti Suzuki who has the largest automobile market
share in India.

Minda Furukawa Electric Private Ltd., will develop Automotive
Products Business in India combining the technology of Design,
Development, Manufacturing and Quality Control, which Furukawa
Group possess and Labor Management in India which Minda Group is
good at in order to obtain the customer satisfaction in Indian
Market as leading BRICs.

The joint project is targeting sales revenues of approximately
JPY5 million in 2010 an will expand its business in the future
in manufacturing and sales of Automotive Components, such as
Steering Roll Connectors etc, using for the airbag system which
is one of the safety devises for cars.

                      About Furukawa Electric

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and  
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.
The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

The Troubled Company Reporter-Asia Pacific reported on March 20,
2007, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Furukawa Electric Co. Ltd. to
'BB' from 'BB-' and its senior unsecured debt rating to 'BB+'
from 'BB'. The outlook on the long-term corporate credit rating
is positive.


GOODWILL GROUP: Comsn Gets 1,099 Applications from Likely Buyers
----------------------------------------------------------------
Goodwill Group Inc. has received a total of 1,099 applications
to take over its nursing-care services division, Japan Times
reports, citing an independent advisory panel to the company.

Specifically, the panel, which is tasked to select buyers for
Comsn's operations, received a total of 1,012 applications from
parties who are interested to take over Comsn's at-home nursing
care services while 87 applications are for Comsn's nursing
homes, conveys Japan Times.

According to the panel, it has already stopped taking more bids.
The report says that the panel, headed by lawyer Tsutomu Hotta,
is expected to select buyers by mid-September after examining
the applicants' financial status to determine if they will be
able to manage the care operations in a stable manner.

The panel, according to the article, did not reveal the names of
the companies who passed their proposals.  However among those
companies who disclosed that they submitted an application are:
nursing-care provider Tsukui Corp., who admitted that it filed
to take over the operations in all prefectures; at-home care
provider Nichii Gakkan Co., who applied to take over operations
in 17 locations; and Wisenet Co., who wants to take over
services in Tokyo and three neighboring prefectures.

                       About Goodwill Group

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

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

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


HERBALIFE LTD: Wedbush Morgan Reaffirms Buy Rating on Firm
----------------------------------------------------------
Wedbush Morgan analysts have reaffirmed their "buy" rating on
Herbalife Ltd.'s shares, Newratings.com reports.

Newratings.com relates that the 12-month target price for
Herbalife's shares was set at US$47.

The analysts said in a research note that Herbalife reported its
second quarter 2007 revenues and adjusted earnings per share
ahead of the estimates.

The analysts told Newratings.com that the "upside was mainly due
to the better-than-expected US business, which experienced 31%
sales growth."

"Accelerating growth momentum in the US has mainly been on
account of the sustained penetration of Nutrition Clubs,"
Newratings.com says, citing Wedbush Morgan.

The earnings per share estimate for 2007 was increased to
US$2.58 from US$2.53, while the estimate for 2008 was raised to
US$2.93 from US$2.87, Newratings.com states.

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

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

                          *     *      *

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


SANYO ELECTRIC: Shares Fall Due to Sellout Reports
--------------------------------------------------
Shares of Sanyo Electric Co., Ltd., dipped after reports that
the company is in talks to sell its mobile phone unit, Hiroshi
Suzuki of Bloomberg News relates.

As of 9:47 a.m. of August 13, 2007, Sanyo's stock declined 3.1%
after dropping 5.2% to JPY188 on the Tokyo Stock Exchange,
conveys Mr. Suzuki.

Sanyo, writes Mr. Suzuki, will announce a business framework by
the end of September including its future strategy on the
semiconductor and handset operations.

In a phone interview, Ahikiko Oiwa, a company spokesman,
revealed to Mr. Suzuki that Sanyo hasn't decided whether it will
sell the 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.


SENSATA TECH: Incurs US$44.9 Mln Net Loss in 2007 Second Quarter
----------------------------------------------------------------
Sensata Technologies B.V. posted a net loss of US$44.9 million
on US$345.6 million of net revenues for the three months ended
June 30, 2007, compared to a net loss of US$41.6 million.  The
net revenue represents an increase of US$47.4 million or 15.9%
over the second quarter of 2006.  Adjusted EBITDA was
US$89.2 million, an increase of US$8.3 million or 10.3% over the
second quarter of 2006 adjusted EBITDA.

Quarter ending cash balances grew to US$105.9 million up 18%
from US$89.8 million at March 31, 2007.

Tom Wroe, Chairman and Chief Executive Officer said, "We
continue to meet or exceed the financial goals that we have set
for the company.  Our long term goal is to grow earnings at a
rate that is the same or faster than net revenue.  We continue
to make progress toward this goal."

                    Recent Developments

On June 8, 2007, the company entered into a definitive Agreement
with Airpax Holdings, Inc., a manufacturer of components and
systems for power protection, sensing and control applications.

The US$276 million purchase, plus fees and expenses, was
completed on July 27, 2007, and affirms Sensata's position as a
leading global supplier of sensors and controls across a broad
array of markets and applications.  Sensata closed the
acquisition with a combination of cash and new borrowings.  A
new senior subordinated term loan was issued for approximately
US$195 million and the balance was funded with cash from
operations.

Mr. Wroe added, "This transaction gives us leading customer
positions in electrical protection for high-growth network and
telecom power and high-reliability mobile power applications.  
The transaction further secures Sensata's position as a leading
designer and manufacturer of sensing and electrical protection
solutions for the residential, industrial, heating, ventilation,
air-conditioning, military and mobile markets.  The purchase
also offers opportunities for operational synergies across both
organizations."

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2007, Moody's Investors Service affirmed Sensata
Technologies B.V.'s B2 corporate family rating in response to
the company's issuance of EUR141 million (US$195 million) senior
subordinate term loan and use of cash on hand to acquire Airpax
Holdings, Inc. for US$276 million, including fees and expenses.


TENNECO INC: Will Complete Financial Restatement by August 14
-------------------------------------------------------------
Tenneco Inc.  plans to complete the restatement of its financial
statements by Aug. 14, 2007.  The company will restate its
reported financial results to correct the accounting for
interest rate swaps that the company entered into in 2004.  

The restatement will also reflect other accounting adjustments,
well as the results of Tenneco's reconciliation of its deferred
tax balances.  The restatement will impact the years ended
Dec. 31, 2004, 2005 and 2006 and the quarters ended March 31,
2006 and 2007, June 30, 2006, and Sept. 30, 2006.
    
Tenneco plans to file an amendment to its Form 10-K for the year
ended Dec. 31, 2006, and an amendment to its Form 10-Q for the
quarter ended March 31, 2007, immediately prior to filing its
Form 10-Q for the quarter ended June 30, 2007.
    
Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and  
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany.

                          *     *     *

As reported in the Troubled Company Reporter on April 2, 2007,
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on Tenneco Inc.'s senior secured first-lien
bank facilities, after changes to the size of individual
facilities.  These ratings were assigned: BB-/Stable/B-1 on
corporate credit rating; BB (recovery rating: 1) on $830M senior
secured credit facilities; and Class M-3 downgraded to 'C/DR4'
from 'CC/DR4'.


USINAS SIDERURGICAS: Posts BRL802MM Income in Qtr. Ended June 30
-----------------------------------=----------------------------
Usinas Siderurgicas de Minas Gerais SA disclosed net income of
BRL802 million for the three months ended June 30, 2007,
compared to BRL$704 million of net income for the same period in
2006.

The global steel industry is currently experiencing a favorable
period due to the fast-paced growth of steel production and
demand in China coupled with the positive performance of the
main global economies.  Forecasts indicate continued growth in
consumption over the next few years, further favored by the
consolidation process in the industry.  The Brazilian steel
industry has successfully positioned itself within this business
scenario.  The mills are operating with consistent scale and
technology and are economically and financially prepared to face
the challenges of consolidation and global competition.

In turn, the Usiminas System, primarily propelled by the solid
performance of the Brazilian economy and the robust demand for
flat steel, ended 1H07 with impressive results -- net revenues
of BRL6.7 billion, net profit of BRL1.4 billion and EBITDA of
BRL2.4 billion, numbers which are, respectively, 12%, 38% and
23% higher than in the same period in the previous year.

The solidity of these financial results, as well as the
company's commitment to its public (shareholders, customers,
creditors, suppliers, employees and community) resulted in the
rating agencies Fitch and S&P attributing an Investment Grade
rating to the Usiminas System.  The recognition undoubtedly
reflects the maturity that the Usiminas System has undergone to
execute its Development Program -- vision 2015, which will
allocate more than US$8 billion towards upgrading and expanding
its production facilities.

The company continues, therefore, to fully execute our value
creation agenda with the same transparency and responsibility
that enabled us to consolidate ourselves as the largest flat
steel complex in Latin America.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service upgraded the foreign
currency debt ratings of Usinas Siderurgicas de Minas Gerais
S.A. -- USIMINAS, and Companhia Siderurgica Paulista -- COSIPA,
to Ba1 from Ba2, and assigned a corporate family rating of Ba1
on its global scale and Aa1.br rating on the Brazilian national
scale.  Moody's said the ratings outlook is positive.

Ratings upgraded are:

  -- US$175 million foreign currency notes due 2009 issued by
     Cosipa, guaranteed by Usiminas: upgraded to Ba1 from Ba2

  -- US$200 million senior unsecured foreign currency notes due
     2016 issued by Cosipa Commercial Ltd., jointly guaranteed
     by Usiminas and Cosipa: upgraded to Ba1 from Ba2

  -- US$500 million Senior Unsecured Global MTN Program:
     upgraded to Ba1 from Ba2


XERIUM TECH: Paying US$0.1125 Per Share Dividend on Sept. 14
------------------------------------------------------------
Xerium Technologies Inc.'s Board of Directors, on Aug. 7, 2007,
declared a dividend of US$0.1125 per share of common stock
payable on Sept. 14, 2007 to shareholders of record as of the
close of business on Sept. 5, 2007.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two  
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

                          *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

    * Corporate family rating; B1
    * Guaranteed senior secured term loan B; B1
    * Guaranteed senior secured revolving credit facility; B1


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

DYNEA INTERNATIONAL: S&P Raises Ratings to B+ on Lower Leverage
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B+' from 'B' its
long-term corporate credit rating on Finnish specialty chemicals
company Dynea International Oy.  At the same time, the rating
was removed from CreditWatch where it had been placed with
developing implications on Nov. 22, 2006.  The outlook is
stable.

"The upgrade reflects Dynea's improved cash flow metrics and
leverage following the successful disposal of its North American
unit and use of the proceeds to redeem debt," said Standard &
Poor's credit analyst Lucas Sevenin.  The rating also gives room
for the company's strategy to grow the business, notably through
potentially debt-funded acquisitions.  The disposal, a Canadian
private equity firm, was completed only in July, eight months
after its announcement (November 2006).

"The stable outlook reflects our expectations that the group
will continue to benefit from fair EBITDA generation and
maintain appropriate credit metrics," said Mr. Sevenin. Notably,
we expect FFO to adjusted debt in the mid to high teens, and
positive FOCF.  S&P also factored in small to midsize
acquisitions, as well as important growth and efficiency capital
expenditure.

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing  
solutions.  In 2005, Dynea had revenues of EUR1.2 billion.  
After the transaction Dynea has 39 production units and some
2,200 employees in 23 countries in including Malaysia, Ukraine
and Brazil.


FOAMEX INT'L: July 1 Balance Sheet Upside-Down by US$257.3 Mil.
---------------------------------------------------------------
Foamex International Inc. posted total assets of
US$566.2 million, total liabilities of US$823.5 million, and
total stockholders' deficit of US$257.3 million as of July 1,
2007.

The company reported net income of $7.6 million on net sales of
US$320.8 million for the quarter ended July 1, 2007, as compared
with net loss of US$13.2 million on net sales of
US$344.9 million for the quarter ended July 2, 2007.

For the two quarters ended July 1, 2007, the company had net
loss of US$9.4 million on net sales of US$638 million, as
compared with net income of US$3.8 million on net sales of
US$710.8 million for the two quarters ended July 2, 2006.

                  Liquidity and Capital Resources

The company's operations are conducted through its wholly-owned
subsidiary, Foamex L.P. and its liquidity requirements consist
primarily of the operating cash requirements of Foamex L.P.

Foamex L.P.'s liquidity requirements consist principally of
accounts receivable, inventory and accounts payable, scheduled
payments of interest and principal on outstanding indebtedness,
capital expenditures and employee benefit plan obligations. Cash
flow from Foamex L.P.'s operating activities, cash on hand and
periodic borrowings under Foamex L.P.'s revolving credit
agreements have been adequate to meet Foamex L.P.'s liquidity
requirements.

Cash and cash equivalents were US$4.2 million at July 1, 2007,
compared to US$6 million at Dec. 31, 2006.  Working capital at
July 1, 2007, was US$146.2 million and the current ratio was
1.90 to 1 compared to working capital at Dec. 31, 2006, of
US$24 million and a current ratio of 1.08 to 1.  The current
ratio improvement was primarily due to the repayment of the DIP
Revolving Credit Facility and DIP Term Loan, which were
classified as current liabilities at Dec. 31, 2006.

Total long-term debt and revolving credit borrowings at July 1,
2007, were US$613.9 million, down US$29.7 million from Dec. 31,
2006. As of July 1, 2007, there were US$31.8 million of
revolving credit borrowings with US$83.2 million available for
borrowings and US$21 million of letters of credit outstanding.  
Revolving credit borrowings at July 1, 2007, reflect working
capital requirements.

A full-text copy of the company's second quarter report is
available for free at http://researcharchives.com/t/s?225c

                    About Foamex International

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning  
for bedding, furniture, carpet cushion and automotive markets.  
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.

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

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. has become effective and the company
has successfully emerged from chapter 11 bankruptcy protection
on Feb. 12, 2007.


KUMPULAN BELTON: Failure to File Reform Plan Cues Delisting
-----------------------------------------------------------
Bursa Malaysia Securities Bhd will delist and remove the
securities of Kumpulan Belton Bhd from its official list on
August 21, 2007, after the company failed to submit it
regularization plan to the Securities Commission and other
relevant authorities.

On June 6, 2007, the bourse had already commenced a delisting
procedure against the securities of the company, but it was
deferred pending Kumpulan Belton's request to extend its
deadline to file a plan.

As reported by the Troubled Company Reporter-Asia Pacific on
June 7, 2007, Kumpulan Belton asked the Bursa Securities to
extend the time for it to submit its regularization plan
proposals to relevant authorities.  The deadline was supposed to
be on June 5, 2007.

In its decision on the company's request, Bursa said: "After due
consideration of all facts and circumstances of the matter,
Bursa Securities has decided to de-list the securities of Belton
from the Official List of Bursa Securities as the company does
not have adequate level of financial condition to warrant
continued listing on the Official List of Bursa Securities."

Kumpulan Belton's securities may remain deposited with the
bourse despite the delisting.  Alternatively, shareholders of
the company who intend to hold their securities in the form of
physical certificates can withdraw these securities at anytime
after the delisting procedure has been put into effect.

Shareholders will be asked to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  These shareholders can contact any Participating
Organisation of Bursa Securities and/or Bursa Securities'
General Line at 03-2034 7000 for further information on the
withdrawal procedures.


Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com/-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatmentservices and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was identified as an affected listed issuer of
Practice Note 17, as its consolidated shareholders' equity as of
December 31, 2005, was less than 25% of its issued an paid up
capital.  As an affected issuer, the Company is required to
submit a Regularization Plan to the relevant authorities for
approval and implement the Regularization Plan within the
timeframe stipulated by the relevant authorities.


MEGAN MEDIA: German Firm Demands US$3.8MM From Share Purchase
-------------------------------------------------------------
Megan Media Holdings Bhd disclosed with the Bursa Malaysia
Securities Bhd that it received a letter of demand from Deutsche
Investitions-und Entwicklungsgesellschaft mbH (DEG) for payment
of the shares purchased by the company owned by the German firm
in PT Megaplast Jayacitra.

Based on the demand, the German firm is asking for a payment of
US$3,795,962.37 plus accrued default interest representing the
purchase price for the put shares.

Deutsche Investitions; Megan Media; Megan Media's wholly owned
subsidiary, MJC (Singapore) Pte Ltd; and its associate, PT
Megaplast Jayacitra; Jimmy Samantha; and Edy Kusnadi entered
into an agreement on June 17, 2005, where the parties agreed to
purchase the shares owned by DEG in the company's associate,
PTMJ.

Currently, Megan Media is engaged in discussions with creditor
banks to come up with a comprehensive debt restructuring and
regularization plan.  The company also stressed that DEG will be
treated equally with all other creditors of the company and its
subsidiaries and the amount demanded in terms of the Put Option
will be dealt with under the debt restructuring and
regularization plan.


Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products such as
computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable
(DVD-R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia has downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
lifted the Rating Watch (with a negative outlook) that had been
placed on MTSB on May 9, 2007, following the failure of MTSB and
MJC (Singapore) Pte Ltd, another wholly owned subsidiary of
Megan Media, to repay their trade facilities amounting to
MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


TENGGARA OIL: Court Orders MYR8.7MM Payment to Malayan Banking
--------------------------------------------------------------
The High Court of Kuala Lumpur issued a judgment order in favor
of Malayan Banking Bhd against Tenggara Oil Bhd and its wholly
owned subsidiary, Tenggara Lubricant Sdn Bhd.

Under the order, the court required the two company defendants
to pay Malayan Banking:

     1) the total sum of MYR8,692,039.08;

     2) an interest on MYR900,966.26 at a rate of 9.5% (base
        lending rate (6.75%) + 1.75% per annum + 1% penalty
        interest) on the basis of daily rests from 1 July 2006
        up to the date of full settlement;

     3) interest on MYR7,469,728.20 at a rate of 9.5% (base
        lending Rate (6.75%) + 1.75% per annum + 1% penalty
        interest) on the basis of daily rests from July 1, 2006,
        up to the date of full settlement; and

    4) Legal costs of MYR240.00.

The Board of Directors of Tenggara Oil is currently seeking
legal advice.

According to a report from the Troubled Company Reporter-Asia
Pacific on April 2, 2007, Tenggara Oil and Tenggara Lubricant
were both named second and first defendant respectively.

According to Tenggara, the claims are in respect of the
defaulted repayment to the term loan facilities amounted to
MYR7,791,072.82 and overdraft facilities amounted to
MYR900,966.26 respectively provided by MBB to Tenggara Lubricant
Sdn. Bhd.  The claim against TOB is in respect of TOB as the
corporate guarantor to the aforesaid facilities.\


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

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

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


TENGGARA OIL: Insurance Firm Demands MYR477MM in Debt Payment
-------------------------------------------------------------
Tenggara Oil Bhd received on August 10, 2006, a demand from
Messrs. Sumathi Shanmugam Divakaran Nair & Co. on behalf of
Malaysian Reinsurance Berhad for the sums which are due and
owing to the insurance firm.

The amount due and payable by Tenggara as at August 10 to
Malaysian Reinsurance is MYR477,601.34.


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

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

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


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

AQUARIUS 2: Court to Hear Wind-Up Petition on August 16
-------------------------------------------------------
A petition to wind up the operations of Aquarius 2 Ltd. will be
heard before the High Court of Auckland on August 16, 2007, at
10:45 a.m.

Rice Craig Nominees Limited filed the wind-up petition against
the company on April 27, 2007.

Rice Craig's solicitor is:

         Neville Woods
         c/o Rice Craig
         Barristers & Solicitors
         10 Queen Street, Papakura
         New Zealand


EUROTEX LTD: Court Sets Wind-Up Petition Hearing on Aug. 23
-----------------------------------------------------------
A petition to wind up the operations of Eurotex Ltd. will be
heard before the High Court of Auckland on August 23, 2007, at
10:00 a.m.

Aqua Air Freight Services Limited filed the petition against the
company on May 17, 2007.

Aqua Air's solicitor is:

         C. R. English
         c/o Miller Bradley Lawlor
         321 Great South Road, Greenlane
         Auckland
         New Zealand


FIDELITYGENETIC LTD: Court to Hear Wind-Up Petition on Sept. 20
---------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Fidelitygenetic Ltd. on September 20, 2007, at
10:45 a.m.

Roseville Holdings Limited filed the wind-up petition against
the company on June 27, 2007.

Roseville Holdings' solicitor is:

         Sean O. Mcanally
         Keegan Alexander
         Barristers & Solicitors
         AMI Insurance Building, Level 12
         63 Albert Street, Auckland
         New Zealand


GRAYBURN ROSS: Subject to CIR's Wind-Up Petition
------------------------------------------------
On June 26, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Grayburn Ross & Partners
(Putaruru) Ltd.

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

The CIR's solicitor is:

         Rachel Louise Scott
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0416


HERITAGE GOLD: To Hold Annual Shareholders Meeting on Aug. 29
-------------------------------------------------------------
Heritage Gold NZ Limited will hold its annual meeting of
shareholders will be held on Aug. 29, 2007, at the Titoki Room,
Jubilee Building, in Parnell, Auckland.

Among others, the shareholders will receive and consider the
company's annual report including the financial statements for
the year ended Mar. 31, 2007, and the related auditor's report.

The shareholders will also consider and, if thought fit, pass
these resolutions:

1. Re-election of Directors

   (a) James Murray McKee retires by rotation and, being
       eligible, offers himself for re-election.

   (b) Matthew Geoffrey Hill retires and, being eligible, offers
       himself for re-election.

   (c) Warwick Robert Grigor retires and, being eligible, offers
       himself for re-election.

2. Increase Director Fees

   The maximum aggregate directors' fees payable to directors be
   increased from NZ$15,000 to NZ$50,000 per annum, with those    
   fees to be allocated on a basis determined by the two
   independent directors.

3. Re-appointment of Auditors

   To record the re appointment of Carlton-DFK as the company's
   auditors under section 200 of the Companies Act 1993, and to
   authorize the directors to settle their remuneration.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.


KARA DEVELOPMENTS: Accepting Proofs of Debt Until August 24
-----------------------------------------------------------
Kara Developments Ltd., which is in liquidation, requires its
creditors to file their proofs of debt by August 24, 2007.

The company went into liquidation on July 18, 2007.

The company's liquidator is:

         Damian Paul Botherway
         c/o Schramm Law
         127 Collingwood Street
         PO Box 1069, Hamilton
         New Zealand
         Telephone:(07) 839 1122
         Facsimile:(07) 839 1133


LEUSCHKE GROUP: Fixes August 24 as Last Day to File Claims
----------------------------------------------------------
The shareholders of Leuschke Group Architects Ltd. appointed
Paul Graham Sargison and Gerald Stanley Rea as the company's
liquidators on July 23, 2007.

Messrs. Sargison and Rea fixed August 24, 2007, as the last day
for creditors to file their proofs of debt.

The Liquidators can be reached at:

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


MCKELLAR PROPERTY: Names Robert Anthony Elms as Liquidator
----------------------------------------------------------
On July 20, 2007, Robert Anthony Elms was named as liquidator of
McKellar Property Services Auckland Ltd.

Mr. Elms is accepting proofs of debt from its creditors until
August 24, 2007.

The Liquidator can be reached at:

         Robert Anthony Elms
         85 The Terrace, 3rd Floor
         Wellington
         New Zealand
         Telephone:(04) 472 7919


MNR DRAINAGE: Court Enters Wind-Up Order
----------------------------------------
The High Court at Whangarei entered an order on July 16, 2007,
to wind up the operations of MNR Drainage Ltd.

Paul William Gerrard Jenkins and Wayne John Deuchrass were
appointed as liquidators.

The Liquidators can be reached at:

         Paul William Gerrard Jenkins
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


PINE LANDS: Commences Liquidation Proceedings
---------------------------------------------
On July 16, 2007, members resolved to liquidate the business of
Pine Lands Otoroa Ltd.  Wayne Michael Weber was then appointed
as liquidator.

The Liquidator can be reached at:

         Wayne Michael Weber
         10 Fairway Drive
         PO Box 501, Kerikeri
         New Zealand
         Telephone:(09) 407 7117
         Facsimile:(09) 407 7649


SAJ ENTERPRISES: Taps Fisk and Sanson as Liquidators
----------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were named as
liquidators of SAJ Enterprises Ltd. on July 16, 2007.

Messrs. Fisk and Sanson are accepting proofs of debt from its
creditors until September 16, 2007.

The Liquidators can be reached at:

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


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

CE CASECNAN: Posts US$11-Million Net Income for 2007 2nd Quarter
----------------------------------------------------------------
CE Casecnan Water and Energy Company, Inc., posted a net income
of US$11.14 million for the three months ended June 30, 2007,
compared with the US$9.46-million net income it recorded for the
same period in 2006.

CE Casecnan's net income for the six months to June 30, 2007,
was US$24.82 million, compared with the US$30.68 million it
posted for the first half in 2006.    

The company's balance sheets as of June 30, 2007, reflected
total current assets of US$74.44 million and total current
liabilities of US$122.27 million.   

Moreover, CE Casecnan's total assets as of end-June 2007 was at
US$393.89 million and its total liabilities was at US$175.77
million, resulting into a total shareholders' equity of
US$218.12 million.   

CE Casecnan, an 85%-owned subsidiary of MidAmerican Energy
Holdings Co. (MidAmerican Energy; A-/Stable/--), is the owner
and operator of a combined water and hydroelectric power project
on the island of Luzon in the Philippines.  The project diverts
water through 29 km of tunnels from the Casecnan and Denip
rivers to a 150-megawatt (MW) power plant.  The Philippine
National Irrigation Administration uses the water for irrigation
and sells the electricity to National Power Corp. (foreign
currency BB-/Stable/--; local currency BB+/Stable/--), the
national electric utility.

The Troubled Company Reporter-Asia Pacific reported that on
Sept. 15, 2006, Standard & Poor's Ratings Services raised its
issue rating on Philippines' CE Casecnan Water and Energy Co.
Inc.'s US$171.5 million senior secured notes to 'BB-' from 'B+'.
The outlook is stable.  The rating upgrade reflects its improved
financial risk profile, after significant debt amortization in
2005.


EAST ASIA POWER: Isla Lipana Raises Going Concern Doubt
-------------------------------------------------------
Isla Lipana & Co. raised significant doubt on East Asia Power
Resources Corporation's ability to continue as a going concern
after auditing the company's and it's subsidiaries' consolidated
financial results for the fiscal year ended Dec. 31, 2006.

Isla Lipana pointed out that East Asia Power and its units --
East Asia Diesel Power Corporation; Duracom Mobile Power
Corporation; Sunrise Power Company, Inc.; East Asia Global
Management Limited; East Asia Power Services, Inc.; First
Electric Utilities Service Corporation; and East Asia
Transmission and Distribution Corporation -- have been incurring
significant losses and have reported significant capital
deficiencies as of Dec. 31, 2006, and 2005.  The group is
experiencing operational and financial difficulties as indicated
by the inability of the remaining operating subsidiaries --
EADPC and DMPC -- to generate sufficient cash flows to meet
their obligations and to sustain their operations, and the non-
operation of SPCI, EAGML, EAPSI, FEUSC and EATDC whose future
business prospects are uncertain.

East Asia Power's consolidated balance sheets as of Dec. 31,
2006, showed illiquidity with total current assets of
PHP1,175,553,298 and total current liabilities of
PHP8,643,284,322.

East Asia's total assets as of end-December 2006 was
PHP4,632,566,264 and its total liabilities was PHP8,656,366,619,
resulting in a capital deficiency of PHP4,023,800,355.

The company and its subsidiaries incurred a net loss of
PHP595,224,005 for the year ended Dec. 31, 2006 -- or PHP0.167
per share -- on total revenues of PHP2,220,986,371.

A full-text copy of East Asia Power's consolidated financial
statements for the year ended Dec. 31, 2006, can be viewed for
free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PWR_17A_Dec2006.pdf


                     About East Asia Power

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the company changed its
primary purpose from mining to holdings.  In 1996, the company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.


PHILCOMSAT HOLDINGS: Court Okays Amicable Settlement on Control
---------------------------------------------------------------
The Supreme Court has allowed two groups of businessmen to
settle their disputes amicably over the control of Philippine
Overseas Telecommunications Corp., Philippines Communications
Satellite Corp., and Philcomsat Holdings Corp., the Manila
Bulletin reports.

According to the report, Justice Minita V. Chico-Nazario denied
the petition-in-intervention of lawyer Alma Kristina O. Alloba
opposing the motion filed by his former client, Manuel H. Nieto
Jr., seeking the withdrawal of his case against Victor A. Africa
and his group to give way for a peaceful settlement of their
disputes.

Justices Consuelo Ynares Santiago, Ma. Alicia Austria Martinez,
and Antonio Eduardo B. Nachura of the SC's third division
concurred with the decision, Manila Bulletin says.

The report states that the SC also granted the motion to
withdraw the petition filed by Mr. Nieto with the conformity of
Mr. Africa.  The SC noted Mr. Nieto and Mr. Africa's assertion
that the lawyer "was nothing more than a counsel for Nieto."

The SC also noted that Atty. Alloba has no legal interest in the
case because she has no personal stake in POTC and Philcomsat
and that she became an officer only by virtue of the appointment
by the board of directors of the two corporations, the Bulletin
relates.

The report recounts that Mr. Nieto had initially moved for the
nullification of writ of preliminary injunction issued by the
Court of Appeals on Oct. 25, 2004, enjoining his group from
implementing the July 8, July 26, and Aug. 20, 2004 orders of
the Securities and Exchange Commission that validated his
group's election in the POTC and Philcomsat boards during the
August 2002 stockholders' meetings.

However, on Nov. 24, 2006, M.M. Lazaro and Associates law firm
representing Mr. Nieto filed a motion to withdraw the petition
after a meeting with Mr. Africa's group and other stockholders
of the POTC, Philcomsat, and PHC.

Under the settlement, Mr. Nieto and other stockholders agreed to
hold stockholders meetings of the POTC and Philcomsat to
exercise stockholders rights during the meetings to be held by
electing a common slate of directors they have chosen for
efficient management and operations of the corporations, the
Manila Bulletin points out.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.  
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter - Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.  
The Philippine Senate has initiated an inquiry into the matter.  
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill gotten, had
been confiscated by the Government.


PHIL. AIRLINES: Allots US$420 Million for Additional Aircraft
-------------------------------------------------------------
Philippine Airlines has allotted more than US$400 million to
fund the acquisition of six additional planes as part of their
expansion program, SunStar Manila reports.

According to the report, Philippine Airlines plans to purchase
six additional Boeing 777-300ERs, which are expected to be
delivered from 2009 until 2011.

A Boeing 777-300ER costs US$70 million and the airline will pay
at least US$420 million for the six planes, SunStar points out.

SunStar cites PAL President Jaime Bautista as saying that their
decision to purchase more aircraft was prompted by their foreign
creditors' renewed confidence.  He attributed this renewed
confidence to the company's good financial situation after being
placed under rehabilitation in 1998, which in turn enabled it to
recover and establish a solid track record of operational
productivity and financial strength.

Mr. Bautista, however refused to divulge to SunStar the total
amount of loan which their creditors have committed for the new
planes.

The report recounts that PAL started its modernization and fleet
upgrade in September 2006 with the acquisition of 20 brand-new
Airbus A320-family jets.  Six of the aircraft are already in
service and four more will arrive this year.


Philippine Airlines -- http://www.philippineairlines.com/-- is     
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter-Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

According to a TCR-AP report on July 24, 2007, Philippine
Airlines Inc. is considering emerging from its rehabilitation
after it brought down its foreign debts to US$953 million as of
March 31, 2007, from the initial US$2.3 billion upon entering
rehab in June 1999.


PSI TECHNOLOGIES: Incurs US$2.7-Mil. Net Loss for 2nd Qtr 2007
--------------------------------------------------------------
PSi Technologies Holdings Inc. filed its financial results for
the three months ended June 30, 2007, with the United States
Securities and Exchange Commission.

The company reported a net loss of US$2,714,177 for the 2007
second quarter compared with the US$1,898,945 net loss it
incurred for the same period in 2006.   

The company achieved sales revenue in the second quarter of 2007
of US$22.7 million, representing an increase of 9.7% from the
US$20.7 million in sales revenue from the same period last year,
and a decline from the previous quarter's sales of
US$24.7 million.

According to PSi, during the second quarter of 2007, sales of
power semiconductors were weaker than expected due to inventory
adjustments in one of its key packages to a major customer in
the appliance market.  Additionally, the company said it
witnessed an overall flat demand from its other customers in the
consumer electronic and motherboard markets.

For the six-month period to June 30, 2007, PSi recorded a net
loss of US$4,508,981.

Sales revenue was US$47.4 million in the first six months of the
current fiscal year, representing an increase of 10.5% over the
US$42.9 million in sales revenue booked in the same period in
2006.  Excluding the US$2.2 million sales revenue that its now-
closed China operations contributed to sales in 2006, revenues
from Philippine operations alone have grown by 16.6% over the
corresponding period in 2006, the company said in its disclosure
with the SEC.

Moreover, the company's balance sheets as of June 30, 2007,
showed strained liquidity with total current assets of
US$20,257,410 and total current liabilities of US$31,400,543.

PSi noted that its current liabilities as of end-June 2007
decreased by US$6.4 million from US$37.8 million as of Dec. 31,
2006.  This reduction, in addition to other expenditures,
contributed to a reduction in PSi's cash level to
US$1.9 million, the company said.

New acquisitions in property, plant and equipment totaled
US$1 million during the first half of 2007 mostly related to
machinery and equipment upgrade to remove capacity bottlenecks.

The long-term liability account of US$5.7 million is the
carrying amount of the Exchangeable Notes issued in July 2003
and June 2005, net of discount representing the embedded
conversion feature of the Note.

The company's total assets as of June 30, 2007, was
US$52,488,905, and its total liabilities was US$43,299,748,
resulting in a total stockholders' equity of US$11,899,205.

                     About PSi Technologies

PSi Technologies-http://www.psitechnologies.com/-isan   
independent semiconductor assembly and test service provider to
the power semiconductor market.  The company provides
comprehensive package design, assembly and test services for
power semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.

                      Going Concern Doubt

SyCip Gorres & Velayo Co. raised substantial doubt about PSi
Technologies Holdings Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Dec. 31, 2006, due to recurring losses from
operations and negative net working capital position.

The company incurred net losses of US$11.6 million for the year
2006, us$19.7 million for 2005 and US$14.6 million for 2004.  
The company's deficit amounted to US$61.7 million as of Dec. 31,
2006, and US$50.1 million as of Dec. 31, 2005.  The company also
reported successive annual illiquidity, as its negative working
capital amounted to US$13.4 million as of Dec. 31, 2006, and
US$13.0 million as of Dec. 31, 2005.


WARNER MUSIC: Mulls Going Private & Other Options, Report Says
--------------------------------------------------------------
Warner Music Group Corp. is considering privatization in
response to the downward spiral of Warner Music's stock price,
coupled with investors' negative sentiment for the music
industry in general, the New York Post reports, quoting a source
inside the company.

The company is also mulling other options ranging from a stock
buyback to a securitization deal for its music publishing
assets, the Post states.

According to the report, the insider says Warner Music's
plummeting stock price, which closed trading yesterday down 10
percent at an all-time low of US$9.89 after the label posted a
wider-than-expected quarterly loss, is frustrating its financial
backers.

"Given the company's cash flow performance, they think the stock
should be trading between US$18 and US$20, not US$10," the
source told the Post.

Warner Music's financial backers, which include Thomas H. Lee,
Bain Capital, and Providence Equity Partners, expected the
company's stock price to rebound to around US$14 after it backed
out of the EMI auction, believing that it relieved investor
concerns about overpaying, the report says.

The trio are now exploring the option of privatizing Warner
Music a mere two years after the company was made public.  The
discussion is still in its early stages though, and the company
may still choose to remain public, the Post relates.

According to the report, while avoiding the going-private issue,
Warner CEO Edgar Bronfman Jr. told analysts, "Clearly we've got
to try and deliver increased value to our shareholders given
where our share price is."

The day after the Post published the privatization report,
shares in the stock surged 21 percent to close at US$12 after
hitting a new all-time low of US$9.79.  The fact that Citigroup
analyst Jason Bazinet upgraded his rating on the stock to a
"buy" also helped the company.  Mr. Bazinet said the company's
current share price is undervalued given its cash flow
performance and thinks it is worth US$13, the Post relates.

The Warner Music deal has been extremely lucrative for its
private equity backers, the Post observes.  Shortly after buying
Warner Music from Time Warner for US$2.6 billion the group
recouped their US$1 billion equity outlay by paying out a
US$1.4 billion dividend.

                    About Warner Music Group

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

                          *     *     *

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


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

ADVANCED MICRO: Fitch Junks Rating on US$1.5BB Convertible Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.  The 'CCC+/RR6' rating also
applies to up to US$225 million of additional notes issued
within the next 30 days to cover over-allotments.  The 'BB-/RR2'
rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed
and withdrawn, as the company will use net proceeds from debt
issuance, as well as available cash, to fully repay the term
loan.

These ratings are affirmed:

   -- Issuer Default Rating at 'B';
   -- Senior unsecured debt at 'CCC+/RR6'.

The Rating Outlook remains Negative.  Approximately US$4.1
billion of total debt, pro forma for the repayment of the term
loan, is affected by Fitch's actions.

AMD issued US$1.5 billion aggregate principal amount of 5.75%
convertible senior notes due 2012 in a private placement to
qualified institutional buyers pursuant to Rule 144A.  AMD also
granted the initial investors a 30-day option to purchase up to
US$225 million of additional notes to cover any over-allotments.  
The notes are pari passu with the company's existing senior
unsecured debt and convertible into shares of AMD common stock
at an initial conversion price of approximately US$20.13 per
share.  Fitch believes the refinancing moderately improves AMD's
financial flexibility and liquidity, as the company will be
permitted to use proceeds from asset sales for ongoing capital
expenditures rather than to reduce term loan balances, as was
required by the covenants associated with the term loan.  
Nonetheless, Fitch also believes AMD's liquidity, which
consisted solely of approximately US$1.6 billion of cash and
cash equivalents at June 30, 2007, remains relatively weak,
particularly considering the company's cash burn rate and need
for continued capital investments.  Fitch notes AMD has reduced
2007 capital spending guidance by approximately US$700 million
as of the second quarter ending June 30, 2007, to approximately
US$1.8 billion to alleviate some pressure on free cash flow.

Pro forma for the private placement and repayment of the term
loan, total debt was US$5.5 billion at June 30, 2007 and
consisted of:

     i)  US$893 million Fab 36 Secured Term Loan due 2011;

    ii) US$1.5 billion 5.75% convertible senior unsecured notes
        due 2012;

   iii) US$2.2 billion 6% senior unsecured convertible notes due
        2015;

    iv) US$390 million senior unsecured notes due 2012; and

     v) other debt, including capital leases, of approximately
        US$556 million.

Ratings concerns center on:

  -- significant product technology risk associated with the MPU
     market, potentially resulting in meaningful share shifts
     between AMD and Intel going forward, as well as continued
     cyclical operating results;

  -- Intel's meaningful manufacturing technology advantage over
     AMD, driven by capital expenditures consistently in excess
     of US$5 billion, forcing AMD to aggressively upgrade
     manufacturing facilities; and

  -- AMD's limited financial flexibility due to high debt levels
     coupled with significant spending requirements on capital
     equipment, R&D investments, and marketing initiatives.

The ratings continue to be supported by AMD's:

  -- meaningfully higher share of the MPU market;

  -- expectations for the ability to provide platform products
     to the marketplace and additional revenue growth
     opportunities from the acquisition of ATI Technologies; and

  -- strengthened and expanding relationships with original
     equipment manufacturers, including Dell Inc. (rated
     'A/F1' on Rating Watch Negative by Fitch).

The Recovery Ratings continue to reflect Fitch's belief that AMD
would be reorganized rather than liquidated in a bankruptcy
scenario, given Fitch's estimates that AMD's current
reorganization value of US$1.5 billion remains higher than its
projected liquidation value of US$1.2 billion.  In estimating
reorganization, Fitch assumes a 5 times multiple and 50% stress
to AMD's EBITDA for the latest 12 months ended June 30, 2007 of
approximately US$614 million.  Fitch arrives at an adjusted
reorganization value of US$1.3 billion after subtracting
administrative and cooperative claims.  Based upon these
assumptions and pro forma for the reduction of senior secured
debt minimal recovery (0-10%) would be available for the senior
unsecured debt, resulting in 'RR6' ratings.

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:  
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.


ASICS AIR-CONDITIONING: Wind-Up Petition Hearing Set for Aug. 24
----------------------------------------------------------------
A petition to wind up the operations of Asics Air-Conditioning
Engineering Pte Ltd will be heard before the High Court of
Singapore on August 24, 2007, at 10:00 a.m.

The petition was filed by Daikin Airconditioning (Singapore) Pte
Ltd on July 31, 2007.

Daikin Airconditioning's solicitor is:

         Tan, Oei & Oei LLC
         18 Cross Street #07-05
         China Square Central
         Singapore 048423


ITW MERITEX: Members" Final Meeting Set for September 11
--------------------------------------------------------
The members of ITW Meritex (Singapore) Pte Ltd will have their
final meeting on September 11, 2007, at 10:00 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held at 138 Cecil Street #15-00, in Cecil
Court, Singapore 069538.

Steven Tan Chee Chuan and and Douglas Tan Kay Yeow are the
company's liquidators.


LIANG HUAT: Tan Yong Kee Reduces Holdings of Direct Shares
----------------------------------------------------------
Tan Yong Kee, a substantial holder and at the same time a
director of Liang Huat Aluminium Limited has reduced his
holdings of direct shares in the company.

Presently, Mr. Tan holds 11,359,400 direct shares with 1.02%
issued share capital.  Prior to this, Mr. Tan held 14,359,400
direct shares with 1.29% issued share capital.  Mr. Tan still
holds 267,032,320 deemed shares with 24.05% issued share
capital.

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is   
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

As of Dec. 31, 2006, the company's balance sheet showed total
assets of SGD0.84 million and SGD138.78 million in total
liabilities, which leaves a shareholders' equity deficit of
SGD137.93 million.


LINDETEVES-JACOBERG: Posts SGD3 Mil. Net Loss in 2nd Qtr 2007
-------------------------------------------------------------
Lindeteves-Jacoberg Limited filed with the Singapore Stock
Exchange Trading Limited its financial results for the second
quarter and half-year ended June 30, 2007.

For the second quarter ended June 30, 2007, the group narrowed
down its total loss by 94% to SGD3.3 million from SGD55.1
million in the second quarter of 2006.  For the first half of
2007, the group posted a total loss of SGD7.3 million compared
with SGD6 million total profit in the first half of 2006.

The Group is reporting its performance with its operations on
BCW Electric Motor Corp., which is classified as discontinuing
operations.  Group sales in second quarter of 2007 of SGD77.5
million was 38.3% above that of the corresponding quarter in
2006.  The higher sales were due to strong demand for high
voltage motors and also improved sales of low voltage motors.

Gross profit for second quarter of 2007 improved significantly
to SGD19 million as compared to second quarter of 2006 by 106.2%
or SGD9.8 million.  The increase in gross profit was attributed
to improved sales and higher utilization of production
capacities.

Miscellaneous gain increased due mainly to gain on disposal of
property, plant and equipments.

Exceptional items for second quarter of 2007 was due mainly to
impairment loss of financial asset, available-for-sale.

Other expenses for second quarter of 2007 decreased by 93.1% or
SGD22.4 million due mainly to impairment and write-off of
inventories, trade receivables and property, plant and equipment
in second quarter of 2006 as a result of the restructuring
exercise.

Loss from discontinued operations relates to losses at BCW.  For
the quarter under review, BCW incurred losses of SGD4 million as
compared to SGD23.8 million of the corresponding quarter in
2006.

As of June 30, 2007, the group's balance sheet showed SGD306
million of total assets available to pay SGD387 million of total
liabilities, resulting in a shareholders' equity deficit of
SGD81 million.

On the other hand, the company's balance sheet as of June 30,
2007, reflects total assets of SGD293 million and SGD271 million
of total liabilities resulting in a shareholders' equity of
SGD22 million.

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

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

As of June 30, 2007, the group's balance sheet showed SGD306
million of total assets available to pay SGD387 million of total
liabilities, resulting in a shareholders' equity deficit of
SGD81 million.


PEER CHEMICAL: Court Enters Wind-Up Order
-----------------------------------------
On July 6, 2007, the High Court Singapore entered an order
directing the wind-up Peer Chemical & Metallurgy Pte Ltd's
operations.

ISP (Singapore) Pte Ltd filed the petition against the company.

Peer Chemical's liquidator is:

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




                            *********


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

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