TCRAP_Public/070815.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  

            Wednesday, August 15, 2007, Vol. 10, No. 160
  
                            Headlines

A U S T R A L I A

APN NEWS: Macquarie Analyst Says Dipping Shares
AUSTEEL STAINLESS: Members Opt to Shut Down Business
CARTIGNY HOLDINGS: Members and Creditors to Meet on August 24
CLEAN SEAS: Joins Research Institutes to Develop Aquaculture
CORPORATE COMPUTERS: Joint Meeting Slated for August 29

KEELRAY PTY: To Declare Priority Dividend on August 28
MARCHANT INTERNATIONAL: Members and Creditors to Meet on Aug. 27
METROPOLITAN CONTAINERS: Supreme Court Enters Wind-Up Order
MULTIPLEX GROUP: SPB Sells Shares to Brookfield for AU$94.36MM
PARK BENCH: Sets Joint Final Meeting for August 31

SEVEN STAR: Appoints B. J. Marchesi as Liquidator
TYRAWERA PTY: Liquidators to Give Wind-Up Report on Aug. 27
WITBROUGH PTY: Members to Receive Wind-Up Report on August 27


C H I N A   &   H O N G  K O N G

BESTEL LIMITED: Liquidator Quits Post
DFS MACAU: Shareholder Resolves to Close Business
EUROPEAN TRANSPORT: Commences Liquidation Proceedings
EVERLIGHT ELECTRONICS: S&P Assigns 'BB' Long Term Corp. Rating
HOI SING: Creditors' Proofs of Debt Due on August 31

INFORMATION SECURITY: Court to Hear Wind-Up Petition on Sept. 5
IZUMI (CHINA): Proofs of Debt Must Be In By September 3
LEAN GIAP: Creditors' Proofs of Debt Due on September 11
LIDA TOYS: Lead Paint in Toys Leads to Massive Recall
PACIFIC RIM: Commences Wind-Up Proceedings

RELUX INVESTMENT: Taps Leung Chau Yuen as Liquidator
SHIMAO PROPERTY: Obtains US$328 Million in Loans From Banks
SINTRONIC TECH: TRC Hands Below Inv. Grades on Credit and Bonds
ZHU KUAN: Appoints New Liquidators
* China's Growth to Continue in 2008 Despite Concerns, S&P Says

* Govt. Directive No Rating Impact on Developers, Moody's Says


I N D I A

CANARA BANK: Revises Domestic Term Deposit Interest Rates
CANARA BANK: Shareholders Okay 70% Final Dividend for FY2007
DECCAN AVIATION: To Replace Old Aircraft with New Ones
EMCO LTD: Shareholders to Consider Scheme of Amalgamation


I N D O N E S I A

BANK CENTRAL ASIA: Fitch Affirms 'B' Short-Term Rating
BANK DANAMON: Fitch Affirms 'BB-' Long-Term Foreign Currency IDR
BANK INTERNASIONAL: Affirms 'B' Short-Term Foreign Currency IDR
BANK NIAGA: Estimates Amount of Interim Dividend
BANK RAKYAT: Signs MOU with Pikko Group on Apartment Mortgages

BANK UOB BUANA: Pays IDR18,453/Share Dividend for FY2006
HILTON HOTELS: Sets Special Stockholders' Meeting for Sept. 18
HUNTSMAN CORP: Messrs. Matlin & Pechock Quit from Board
MEDCO ENERGI: To Acquire 49% Stake in Somalia's Petroleum Firm
MEDCO ENERGI: To Spend US$1.4 Billion to Boost Oil Output

MGTI FINANCE: Moody's Puts 'Ba3' Sr. Bond Rating on Review
PERTAMINA: To Partner With Mitsubishi for Gas Plant Construction
PERUSAHAAN GAS: Signs US$2BB Gas Supply Pact with Husky Energy


J A P A N

CAPCOM CO: Reports a 57.2% Increase in Income for Q1 for FY07
SAPPORO HOLDINGS: Reports Net Loss for the Q1 for FY2007


K O R E A

ACTUANT CORP: Paying US$0.08 Per Share Dividend on Oct. 15
C&C ENTERPRISE: Amends Terms of Common Stock Offering
CHOROKBAEM MEDIA: Signs MOU with IB Sports on Business Tie-Ups
DAEYUVESPER CO: Extends Contract Period with GS Engineering
EG GREENTECH: Cancels Contract with Networklive

HYNIX SEMICONDUCTOR: Develops 1-Gigabyte Mobile DRAM
SHINWHA INTERTEK: Converts Bonds for Additional Shares
SILVER STAR: Converts Third Convertible Bonds into Shares


M A L A Y S I A

SYARIKAT KAYU: Securities Comm. Rejects Reform Plan Proposals


N E W  Z E A L A N D

AIR NEW ZEALAND: Commences Complaint Against Wellington Airport
AIR NEW ZEALAND: Inks Code-Share Pact with U.S. Airways
ALEXIAM CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 27
BLACK & WHITE: Names Parsons and Kenealy as Liquidators
CONCEPT BUILDINGS: Taps Graham Lewis Pedler as Liquidator

CRAIG'S TREE: Shareholders Resolve to Liquidate Business
INFRATIL LIMITED: Transportation Subsidiaries Get New Chief
MANN CONSULTING: Fixes August 18 as Last Day to File Claims
MCKELLAR PROPERTY: Sets August 24 as Last Day to File Claims
MLH ENGINEERS: Names Levin and Jordan as Liquidators

NUPLEX INDUSTRIES: Amends Terms of 2007 Capital Notes
NZ WINDFARMS: Admin Delays Cues Extension of Option Issuance
PACIFIC CONCRETE: Faces Allied Concrete's Wind-Up Petition
PHRUDAN HOLDINGS: Names Levin and Vance as Liquidators


P H I L I P P I N E S

ATLAS CONSOLIDATED: Board Approves Shares Issue to Toledo Mining
GEOGRACE RESOURCES: Employs Behre Dolbear to Undertake Valuation
PILIPINO TELEHONE: Posts PHP3.56 Billion Net Income for 1st Half
SOUTH CHINA RESOURCES: Incurs PHP6-Mil. Loss for 2nd Qtr 2007


S I N G A P O R E

EQUATION NANOTECH: Court to Hear Wind-Up Petition on Aug. 17
SELCO (SINGAPORE): Accepting Proofs of Debt Until August 24
SOON LAI: Court Set to Hear Wind-Up Petition on August 24
STATS CHIPPAC: Taps Jimmy Phoon as Director


T H A I L A N D

TRUE MOVE: Moody's Affirms B1 Rating for US$225MM Bond Issue


* Fitch Comments On Asia's Infrastructure Finance Euphoria

* BOND PRICING: For the Week 13 August to 17 August 2007

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

APN NEWS: Macquarie Analyst Says Dipping Shares
--------------------------------------------------------------
Macquarie Bank analyst Alex Pollak expresses that APN News &
Media Limited shareholders might be in for a bit more
disappointment after Independent News & Media's failed takeover,
reports the Sydney Morning Herald.

With APN News set to release earnings results next week, and
with shares in the company dipping (closing at AU$5.75 as of
August 8, 2007) since Perpetual and other institutional
investors blocked Irish billionaire Tony O'Reilly's AU$6.20-a-
share bid in May, Mr. Pollak shares with SMH the possible
scenarios as to what might happen:

   * Independent News comes back with a higher offer.  That
     would be surprising, considering its chief operating
     officer, Gavin O'Reilly, virtually ruled out another bid
     last month;

   * A new bidder emerges.  Unlikely, given Independent News has   
     a 40.7% stake in APN and could scuttle any deal;

   * APN's boss, Brendan Hopkins, emulates James Packer and
     Kerry Stokes, selling half of the media business (or more)
     to private equity.  Very unlikely, because it would turn
     APN into a mere shell company.

SMH quotes Mr. Pollak as saying that there is "only a small
chance of any corporate activity, given the current state of the
debt market."

Macquarie rates the stock underperforming, predicting it could
fall back to AU$5.20, the article conveys.

                      About APN News & Media

APN News & Media Limited -- http://www.apn.com.au/-- is an   
Australian company engaged in printing and publishing of
newspapers, magazines, directories; commercial and security
printing; radio broadcasting; specialist transit, and static
outdoor advertising.  The Company operates in four segments:
publishing of newspapers, magazines, directories and general
printing; broadcasting of radio transmissions; outdoor, and
print.  APN's New Zealand national publishing division includes
The New Zealand Herald, The Herald on Sunday, The Aucklander,
the New Zealand Woman's Weekly, The Listener and Creme. The
regional publishing division publishes 14 regional daily
newspapers in Australia.  The radio division has 12 Australian
stations in key metropolitan markets and 117 New Zealand
stations broadcasting across eight networks in all key cities
and major regional centers.  The APN Online division operates
job Web sites in Auckland and regional Queensland, and mapping,
directory and online auction Web sites.

The Troubled Company Reporter-Asia Pacific's July 10, 2007
distressed bonds column listed APN News & Media's bond,
with a 7.250% coupon, an October 31, 2008 maturity date, and  
priced at AU$5.02.


AUSTEEL STAINLESS: Members Opt to Shut Down Business
----------------------------------------------------
On June 28, 2007, the members of Austeel Stainless Pty Limited
resolved to shut down the company's business and appointed David
John Kerr as liquidator.

The Liquidator can be reached at:

         David John Kerr
         c/o RSM Bird Cameron Partners
         Level 12, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 8933
         Facsimile:(02) 9233 8521

                     About Austeel Stainless

Austeel Stainless Pty Limited is a distributor of durable goods.  
The company is located in Sydney, New South Wales, Australia.


CARTIGNY HOLDINGS: Members and Creditors to Meet on August 24
-------------------------------------------------------------
The members and creditors of Cartigny Holdings Pty Limited will
meet on August 24, 2007, at 10:30 a.m., to hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         P. M. Walker
         c/o Ferrier Hodgson Chartered Accountants
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                    About Cartigny Holdings

Cartigny Holdings Pty Limited is a distributor of packaging
paper, plastics film, coated and laminated.  The company is
located in Huntingwood, New South Wales, Australia.


CLEAN SEAS: Joins Research Institutes to Develop Aquaculture
------------------------------------------------------------
Clean Seas Tuna Limited has teamed up with the Australian
Seafood Co-operative Research Centre to help provide
AU$25.9 million over the next seven years for aquaculture
development, Valerina Changarathil and Rebecca Gill write for
Growfish, citing the Adelaide Advertiser as source.

According to the report, the investment aims at completing Clean
Seas' closure of the lifecycle of southern bluefin tuna and
improving the sustainable production of yellowtail kingfish and
mulloway for world markets.

The Port Lincoln-based company, according to the article,
guarantees AU$4.2 million on research and development
expenditure over the next seven years.  Meanwhile, the Seafood
CRC and Fisheries Research & Development Corporation will each
invest AU$600,000 a year over three years, with the option to
extend this contribution up to 2014, Growfish conveys.

Clean Seas will also make in-kind contributions of AU$9.3
million and aside from this, is making an "untied" contribution
to the CRC of AU$25,000 a year, Ms. Changarathil and Ms. Gill
relate.

The remaining fund will come from different research institutes
who will be participating in the project.  Among those who will
contribute include Flinders University, University of the
Sunshine Coast.

                     About Clean Seas Tuna

Port Lincoln, Australia-based Clean Seas Tuna Limited --
http://www.cleanseastuna.com/-- is engaged in the propagation  
of Kingfish producing fingerlings for sale, as well as the
growout of Kingfish and Mulloway. In addition, the company is
also constructing an onshore Southern Bluefin Tuna broodstock
facility at Arno Bay.

The Troubled Company Reporter-Asia Pacific's July 10, 2007
distressed bonds column listed Clean Seas Tuna's bond, with a
9.000% coupon and a September 30, 2008 maturity date, and priced
at AU$1.30.


CORPORATE COMPUTERS: Joint Meeting Slated for August 29
------------------------------------------------------
The members and creditors of Corporate Computers Aust Pty Ltd
will jointly meet on August 29, 2007, at 9:30 a.m., to receive
the liquidator's report about the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         Nicholas Crouch
         c/o Crouch Insolvency
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia

                   About Corporate Computers

Corporate Computers Aust Pty Ltd is involved with computer
maintenance and repair.  The company is located in Subiaco,
Western Australia, Australia.


KEELRAY PTY: To Declare Priority Dividend on August 28
------------------------------------------------------
Keelray Pty Limited, which is in liquidation, will declare its
first and final priority dividend, in favor of employees'
superannuation and wages, on August 28, 2007.

Accordingly, the company requires affected parties to submit
their proofs of debt by August 21, 2007, so as to be included in
the dividend distribution.

The company's liquidator is:

         Michael G. Jones
         c/o Jones Partners
         Insolvency and Business Recovery
         Australia
         Telephone:(02) 9251 5222

                        About Keelray Pty

Keelray Pty Limited provides amusement and recreation services.  
The company is located in Mount Kuring-Gai, New South Wales,
Australia.


MARCHANT INTERNATIONAL: Members and Creditors to Meet on Aug. 27
----------------------------------------------------------------
A final meeting will be held for the members and creditors of
Marchant International on August 27, 2007, at 10:00 a.m.

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

The company's liquidator is:

         G. J. Parker
         Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                  About Marchant International

Located in North Bondi, New South Wales, Australia, Marchant
International Pty Ltd is an investor relation company.


METROPOLITAN CONTAINERS: Supreme Court Enters Wind-Up Order
-----------------------------------------------------------
On July 5, 2007, the Supreme Court of New South Wales entered an
order directing the wind-up of Metropolitan Containers Pty Ltd's
operations.  Steven Nicols was then appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         c/o Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9299 2289
         Website: http://www.bankrupt.com.au

                  About Metropolitan Containers

Metropolitan Containers Pty Ltd is in the business of packing
and crating.  The company is located in Ingleburn, New South
Wales, Australia.


MULTIPLEX GROUP: SPB Sells Shares to Brookfield for AU$94.36MM
--------------------------------------------------------------
SPB Investement, which holds 18.69 million units of securities
in Multiplex Group, has accepted a voluntary general offer from
Brookfield BidCO Pty. Ltd. for AU$94.36 million cash, reports
The Edge Daily.

According to the report, the 18.69 million units of securities
comprise Multiplex Property Trust units stapled with Multiplex
Ltd.'s shares, and represent a 2.2% stake.

SPB is offering the securities to Brookfield at AU$5.05 each,
conveys the report.

Brookfield, writes The Edge Daily, advised the Australian Stock
Exchange on August 3 that its current voting power over
Multiplex Securities was 31.50%.  With the acquisition,
Brookfield now has 50.1% ownership of Multiplex and receipt of
all consents required under the New Zealand Overseas Investments
Act 2005 and the Overseas Investments Regulations 2005.

SPB claims that the money of the sale "will be used to reduce
bank borrowings and for working capital," relates The Edge
Daily.

                    About Multiplex Group

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley.

The Troubled Company Reporter-Asia Pacific reported on Aug. 18,
2006, that Multiplex Group's financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


PARK BENCH: Sets Joint Final Meeting for August 31
--------------------------------------------------
Park Bench Enterprises Pty Limited will hold a final meeting for
its members and creditors on August 31, 2007, at 10:15 a.m.

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

The company's liquidator is:

         P. Ngan
         c/o Ngan & Co
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                        About Park Bench

Park Bench Enterprises Pty Limited, which is also trading as
Face Displays, operates advertising agencies.  The company is
located in Surry Hills, New South Wales, Australia.


SEVEN STAR: Appoints B. J. Marchesi as Liquidator
-------------------------------------------------
On July 11, 2007, a special resolution was passed appointing B.
J. Marchesi as the liquidator for Seven Star (International) Pty
Ltd.

The company went into liquidation on that same day.

The Liquidator can be reached at:

         B. J. Marchesi
         c/o Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                        About Seven Star

Seven Star (International) Pty Ltd operates investment offices.  
The company is located in Northcote, Victoria, Australia.


TYRAWERA PTY: Liquidators to Give Wind-Up Report on Aug. 27
-----------------------------------------------------------
Tyrawera Pty Ltd, formerly trading as Tenacity Software Pty Ltd,
will hold a meeting for its members and creditors on August 27,
2007, at 9:00 a.m.

At the meeting, Robyn Erskine and Peter Goodin, the company's
liquidators, will give a report about the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         c/o Brooke Bird & Co
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East 3123
         Australia
         Telephone:(03) 9882 6666

                       About Tyrawera Pty

Tyrawera Pty Ltd operates computer software stores.  The company
is located in Canterbury, Victoria, Australia.


WITBROUGH PTY: Members to Receive Wind-Up Report on August 27
-------------------------------------------------------------
The members of Witbrough Pty Ltd will meet on August 27, 2007,
at 9:00 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Wayne Lamb
         c/o Scott Partners Consulting
         Insolvency & Forensic Accounting Specialists
         Level 1, 173 Burke Road
         Glen Iris, Victoria 3146
         Australia

                       About Witbrough Pty

Witbrough Pty Ltd is a special trade contractor.  The company is
located in Mordialloc, Victoria, Australia.


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

BESTEL LIMITED: Liquidator Quits Post
-------------------------------------
On August 3, 2007, Cheung Man Yau, Timothy ceased to act as
liquidator of Bestel Limited.

The former Liquidator can be reached at:

         Cheung Man Yau, Timothy
         Fortis Bank Tower
         Room A, 15th Floor
         77-79 Gloucester Road, Wanchai
         Hong Kong


DFS MACAU: Shareholder Resolves to Close Business
-------------------------------------------------
On July 27, 2007, the sole shareholder of DFS Macau Limited
resolved to close the company's business.

Creditors who cannot file their claims by August 31, 2007, will
be excluded from sharing in the company's dividend distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


EUROPEAN TRANSPORT: Commences Liquidation Proceedings
-----------------------------------------------------
During a general meeting held on July 30, 2007, the members of
European Transport System Limited agreed to voluntarily
liquidate the company's business and appointed John Robert Lees
as liquidator.

The Liquidator can be reached at:

         John Robert Lees
         c/o John Lees & Associates Limited
         1904 Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


EVERLIGHT ELECTRONICS: S&P Assigns 'BB' Long Term Corp. Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Taiwan-based Everlight Electronics
Co. Ltd, the world's seventh-largest manufacturer of light
emitting diodes.  The outlook is stable.

"The rating is constrained by Everlight's limited, albeit
improving, operating scale, limited internal technology
resources, and high industry risks associated with the global
LED industry, including volatile product pricing, rapidly
evolving technology, and low entry barriers in terms of
manufacturing technology and capital," said Standard & Poor's
credit analyst Anshukant Taneja.

The rating is supported by Everlight's modest financial risk
profile, low cost structure, improving product mix, and strong
growth prospects in the LED market.

Everlight faces competition from larger integrated LED
manufacturers that have substantial technology resources and own
important patents on key blue and white LEDs.  Given its limited
internal resources, Everlight finds it less easy to adapt to
rapid technology changes.  However, the company consistently
increased its global market share and maintained robust
profitability in 2001-2006 because of its strengthening
technology capability, increasing high-end product sales, and
low cost structure.  Everlight's revenue and net income rose 19%
and 29% year-on-year, respectively, to NT$8.2 billion and NT$1.9
billion in 2006. Its EBITDA margin of 30.7% in 2006 outperformed
most of its peers'.

Everlight's growth prospects are robust due to strong demand
from new applications in liquid crystal display (LCD)
backlights, auto lights, and interior/exterior lighting.  In
addition, technology licensed from Munich-based OSRAM GmbH
(OSRAM) for white LEDs mitigates customers' patent concerns and
helps attract orders.

Everlight has a modest financial risk profile.  The company's
ratio of total debt to EBITDA was a low 0.7x in 2006.  It is
likely to maintain its significant net cash position over the
next few quarters, given its strong free operating cash flow
generation.

Everlight's liquidity is strong.  As at Dec. 31, 2006, the
company had NT$4.8 billion in cash and NT$385 million in liquid
short-term investments, compared with NT$1.7 billion in total
debt.  The company also has NT$1.9 billion in unused, albeit
uncommitted, short-term credit facilities, which help Everlight
to meet its liquidity needs.


HOI SING: Creditors' Proofs of Debt Due on August 31
----------------------------------------------------
Hoi Sing Construction Company Limited, which is in liquidation,
is set to declare an ordinary dividend.

To be included in the company's dividend distribution, creditors
must file their proofs of debt by August 31, 2007.

The company's liquidator is:

         Stephen Briscoe
         Allied Kajima Building, 7th Floor
         138 Gloucester Road, Wan Chai
         Hong Kong


INFORMATION SECURITY: Court to Hear Wind-Up Petition on Sept. 5
---------------------------------------------------------------
A petition to wind up the operations of Information Security One
(Hong Kong) Limited will be heard before the High Court of Hong
Kong on September 5, 2007, at 9:30 a.m.


IZUMI (CHINA): Proofs of Debt Must Be In By September 3
-------------------------------------------------------
The creditors of Izumi (China) Limited are required to file
their proofs of debt by September 3, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on August 6, 2007.

A final meeting will also be held for the members and creditors
of the company on September 10, 2007, at 2:00 p.m. and 3:30 p.m.

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

The Liquidator can be reached at:

         Tsuboi Harou
         Golden Centre, 24th Floor
         188 Des Voeux Road, Central
         Hong Kong


LEAN GIAP: Creditors' Proofs of Debt Due on September 11
--------------------------------------------------------
Lean Giap Trading (HK) Limited requires its creditors to file
their proofs of debt by September 11, 2007, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 27, 2007.

The company's liquidators are:

         Wong Poh Weng
         Wong Tak Man, Stephen
         Allied Kajima Building, 7th Floor
         138 Gloucester Road
         Hong Kong


LIDA TOYS: Lead Paint in Toys Leads to Massive Recall
-----------------------------------------------------
Lead-containing paint in about 1.5 million preschool toys made
by Lida Toy, a Foshan-based contract manufacturer for Mattel
Inc.'s Fisher-Price unit, causes a global recall by the U.S.
company, reports say.

The toys were made between April 19 and July 6 and sold in the
U.S. since May.  The recalled toys included popular preschool
characters such as Elmo and Big Bird and dozens of other items,
various sources say.  The case was the latest in a deluge of
product safety scares that have tainted the "made-in-China"
brand.

China's quality watchdog had banned Lida from exports, Reuters
notes.  

According to CNN, Mattel Inc. and its Fisher-Price unit have
been sued in connection with its recall of the Chinese-made toys
that are believed to be contaminated with lead paint.

Lead paint has been linked to health problems in children,
including brain damage.

The lawsuit, filed with the federal court in Manhattan, alleges
that Mattel and its unit were reckless and negligent in allowing
lead-tainted toys to reach the market and claims that Mattel's
voluntary recall is inadequate to reimburse purchasers of the
potentially contaminated toys, CNN says.

"Defendants are only offering to provide vouchers for
replacement toys," the lawsuit stated.  "Defendants' offer is
inadequate and fails to compensate plaintiff and other members
of the plaintiff class for their damages or make them whole."

Moreover, the lawsuit, which is seeking class-action status, was
filed on behalf of Farrah Shoukry, a Florida resident who
purchased a recalled 'Dora the Explorer' toy at a Target Corp.
store in Miami in June, CNN relates.

In related news, Chinese media reported that the boss of Lida
Toy, Zhang Shuhong, has committed suicide by hanging himself.  
The police are still investigating if the suicide was related to
the recent recall.

According to Reuters, Lida was not immediately available for
comment and calls to its factory went unanswered.

                          About Mattel

Mattel Inc. (NYSE: MAT) -- http://www.mattel.com/-- is an  
American toy company and is the largest toy company based on
revenue.  It produces products including Hot Wheels and Matchbox
cars, Barbie dolls, board games, and, in the early 1980s, video
game consoles.  It was founded in 1945 by Harold "Matt" Matson
and Elliot Handler (hence the name "matt-el").  

                           About Lida

Headquartered in Fujian, China, Lida Toys is a company which
specializes in the manufacturing and exporting of all kinds of
products, including electronic piano, toys, dolls, stationery
and EVA machinery.  Most of our products at present are sold to
US, Europe, Middle East and ASEAN.


PACIFIC RIM: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on July 27, 2007, the
members of Pacific Rim Asia Limited resolved to voluntarily wind
up the company's operations and appointed Ma Lai Shuen Diana as
liquidator.

The company requires its creditors to file their proofs of debt
by August 27, 2007, to be included in the company's dividend
distribution.

The Liquidator can be reached at:

         Ma Lai Shuen Diana
         Hart Avenue Plaza, Room 503
         5-9 Hart Avenue, Tsimshatsui
         Kowloon


RELUX INVESTMENT: Taps Leung Chau Yuen as Liquidator
----------------------------------------------------
Relux Investment Limited went into liquidation on July 30, 2007,
and Leung Chau Yuen was appointed as liquidator.

Creditors must file their claims by September 15, 2007, to be
included in the company's dividend distribution.

The Liquidator can be reached at:

         Leung Chau Yuen
         Nan Fung Centre, Room 1606
         264-298 Castle Peak Road
         Tsuen Wan, New Territories


SHIMAO PROPERTY: Obtains US$328 Million in Loans From Banks
-----------------------------------------------------------
Shimao Property Ltd had secured a loan from a syndicate of 20
banks to finance property project developments and future land
acquisitions, Infocast News relates, citing a report from the
South China Morning Post.

According to the report, the property developer obtained around
US$328 million of syndicated loans.  The Post, however, did not
identify its source, Infocast says.

The three-year loan carries an annual interest rate of London
interbank offered rate (libor) plus 1.11%, the Chinese daily
said.

Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.  
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter-Asia Pacific reported on June 13,
2007, that Standard & Poor's Ratings Services said that its
rating on Shimao Property Holdings Ltd. (BB+/Stable/--) was not
immediately affected by the company's recent proposal to inject
most of its retail and commercial assets into A-sharelisted
Chinese property company, Shanghai Shimao Co. Ltd., in return
for ultimate controlling ownership in the company.

In addition, on July 24, 2007, Fitch Ratings has assigned a
Long-term Foreign Currency Issuer Default Rating of 'BB+' to
China-based Shimao Property Holdings Limited.  Simultaneously,
Fitch has assigned issue ratings of 'BB+' to Shimao's US$350
million senior notes due 2016 and USD250m senior floating rate
notes due 2011, respectively.  The Outlook for the IDR is
Stable.


SINTRONIC TECH: TRC Hands Below Inv. Grades on Credit and Bonds
---------------------------------------------------------------
Taiwan Ratings Corp. assigned its 'twBB-/twB' corporate credit
ratings on Sintronic Technology Inc.  The outlook is positive.

At the same time, Taiwan Ratings assigned 'twBB-' issue rating
on Sintronic's upcoming NT$600 million unsecured convertible
corporate bond issue due in 2010.  The proceeds from the
convertible bonds will be used to fund working capital needs.

The ratings on Sintronic reflect its limited market share in the
cold cathode fluorescent lamp (CCFL) market, sales
concentration, high industry volatility, and continuous product
pricing pressures.  Counterbalancing factors include favorable
industry growth prospects, its control on technology and
moderate leverage.

Sintronic is an emerging CCFL manufacturer with a 3% share of
the global market in terms of capacity in the first quarter of
2007.  Sintronic is exposed to volatile end TFT-LCD demand and
faces consistent pricing pressures from relatively powerful
downstream TFT LCD panel makers.  The company also needs to
rapidly expand its operating scale and lower its material costs
to enhance its cost position.  Sales concentration risk is high
with 80% of its sales going to Chunghwa Picture Tubes Co. Ltd.,
which currently owns a 19.29% stake in Sintronic.

Sintronic's strength lies with its good capability on key
electrode design and manufacturing, as well as yag coating,
partly because of its acquisition of CPT's facilities and its
experienced engineering forces for CRT production, which use
technology similar to CCFL, in 2006.  This differentiates
Sintronic from its local peers that rely on external electrode
supply and allows the company to offer high end customized
products and reduce production costs.

Sintronic's financial performance is improving rapidly due to
successful production ramping.  Sales and net income increased
sharply to NT$343 million and NT$47 million in the first quarter
of 2007, compared with persistent losses since its
establishment.  EBITDA margin, which was about 19% in the first
quarter of 2007, remains below those of leading peers, but is
likely to improve substantially over the next few quarters along
with rapidly expanding sales.

Sintronic has funded its capital expenditures and working
capital through equity and maintained a moderate leverage.  Its
ratio of total debt to capital was a moderate 26.8% as at Dec.
31, 2006, but is expected to increase slightly to 31% with the
upcoming NT$600 million convertible bond issue. Cash flow
protection measures were weak during 2001-2006 due to persistent
losses.  However, its ratio of funds from operations (FFO) to
total debt is expected to exceed 50% in 2007, given its
improving operating performance.

Sintronic's liquidity is adequate.  As at Dec. 31, 2006,
Sintronic had NT$481 million in cash and total debts of NT$500
million.  The company has unused short-term credit facilities of
NT$609 million at the same time.  The upcoming NT$600 million
convertible bonds are expected to further strengthen Sintronic
liquidity to meet its working capital and expenditure.

The positive outlook reflects Taiwan Ratings' expectations that
successful production ramping and favorable market growth
prospects will strengthen Sintronic's market position, its
operating performance and cash flow protection measures.  The
ratings may be raised if the company can maintain a sustainable
annual net income of NT$300 million and a ratio of FFO to total
debts above 40%.  Conversely, the outlook may be revised to
stable if the company's financial performance does not improve
as expected or its leverage rise significantly.


ZHU KUAN: Appoints New Liquidators
----------------------------------
On July 5, 2007, the High Court of Hong Kong appointed G
Jacqueline Fangonil Walsh and Cosimo Borrelli as the new
liquidators of Zhu Kuan Group Company Limited and Zhu Kuan (Hong
Kong) Company Limited.

The new Liquidators were appointed in place of Kelvin Edward
Flynn.

The Liquidators can be reached at:

         G Jacqueline Fangonil Walsh
         Cosimo Borrelli
         1401, Level 14
         Tower 1, Admiralty Centre
         18 Harcourt Road, Admiralty
         Hong Kong


* China's Growth to Continue in 2008 Despite Concerns, S&P Says
--------------------------------------------------------------
The Chinese economy expanded by 11.5% in the first six months of
the year following an unexpected resurgence of economic activity
from early 2007.  The Chinese government has so far met with
little success in reining in growth, which picked up further
between the first and second quarters of the year.

According to a report published by Standard & Poor's Ratings
Services entitled "China's Economy Refuels In Mid-Air", more
cooling measures can now be expected.

"The strong economic impetus of the first half of 2007 means
that real GDP growth for the year is now projected to come in at
11.3%," Standard & Poor's credit analyst Kim Eng Tan said.

"However, we expect the authorities to be cautious in applying
the brakes.  This suggests that the growth momentum could remain
in the double-digit range for yet another year, with growth
forecast at 10.2% in 2008."

The exceptional economic growth momentum in the first six months
of 2007 appears to have convinced policy makers that overheating
is no longer confined to specific sectors.  Thus while more
administrative measures are certainly on the cards, the
administration has also expressed a greater willingness to use
monetary policy as a means to cool the economy.

"Following three hikes in the first seven months of 2007, we
expect further increases in official interest rates to follow,"
Mr. Kim Eng Tan said.

But the Chinese government is not expected to slam down hard on
the brakes.  Over the next year or so, the leadership of both
the Communist Party and the government will undergo important
changes.

During this period, officials will be even more wary of
triggering unrest among the population through a sharp slowdown
in the economy.  "It is likely that the monetary authorities'
cautious handling of the economy will therefore maintain buoyant
economic growth in 2008," Mr. Kim Eng Tan added.


* Govt. Directive No Rating Impact on Developers, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that its ratings on Chinese
property developers are unlikely to be affected by a recent
Chinese government directive that restricts onshore real estate
companies or projects from taking on new foreign debt.  At the
same time, Moody's says that this latest development highlights
the ongoing regulatory uncertainty faced by property developers
in China.

In an internal circular, China's State Administration of Foreign
Exchange (SAFE) has indicated that it has stopped registering
foreign debt for real estate enterprises since June 1, 2007.  
The circular was originally distributed in early July and
details of the new restrictions were subsequently and widely
reported.

"The primary effect of the decision will be to end the use of
cross-border shareholder loans as a means of either injecting or
extracting capital from property firms or projects," says Peter
Choy, a Moody's VP/Senior Credit Officer.  "Accordingly, those
developers that rely on foreign debt -- in the form of shareholder
loans -- to directly fund their investments in China could be
affected."

"Furthermore, the measure could make it more onerous -- relative to
the use of shareholder loans -- to repatriate funds by way of
dividends to meet offshore debt and interest obligations," he
says.

"However, as indicated, the measure is not expected to
materially and negatively exert a credit impact on rated
developers since most have historically relied mainly on
registered capital to fund their projects in China," adds Kaven
Tsang, a Moody's Analyst who also monitors the sector.

"And for those that employ shareholder loans, such as Hopson and
COLI, the actual amounts only constitute a small part of their
total available capital and the measure should therefore have no
material impact on operations," says Tsang.

"Furthermore, Moody's expects rated developers will have
sufficient declared dividends from their profitable operations
in China to cover ongoing coupon payments for their foreign
bonds," says Tsang, adding, "They have mostly locked in long-
term funding and near-term refinancing risk is very low. Moody's
will continue to monitor the liquidity profiles of rated Chinese
property developers as a key rating consideration."

Other recently implemented regulatory measures include requiring
that at least 50% of funds, for projects over US$10 million,
consist of capital and a ban on investments in luxury
developments.  But it is unclear whether these and similar
measures are permanent or merely temporary.

Over the longer term, Moody's will consider whether the
Measures -- assuming they succeed in cooling down the Chinese
property market -- will lead to healthier, more sustainable growth
in the face of continued strong domestic demand.


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

CANARA BANK: Revises Domestic Term Deposit Interest Rates
---------------------------------------------------------
Canara Bank revised the interest rates on Domestic Term Deposits
for two years to less than five years maturity period with
effect from Aug. 10, 2007.

The revised interest rate for tenors two years to less than
three years will be 8.25% and for tenors three years to less
than five years will be 8.50%.

The interest rates on special deposit scheme will, however,
remain unchanged.

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

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


CANARA BANK: Shareholders Okay 70% Final Dividend for FY2007
------------------------------------------------------------
Canara Bank's members, at its 5th annual general meeting, have,
among others, agreed to the declaration of a 70% dividend as
final dividend for the financial year 2006-07.

According to a regulatory filing with the Bombay Stock Exchange,
the members also approved the adoption of the company's accounts
and passed the resolutions relating to raising of capital.

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

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


DECCAN AVIATION: To Replace Old Aircraft with New Ones
------------------------------------------------------
To enhance its fleet's efficiency and save on costs, Deccan
Aviation Limited plans to replace its older turbo prop aircraft
with new ones, Reuters reports, citing a company statement.

According to the report, Deccan Aviation, which adopts the sale-
and-leaseback-of-aircraft method, will return its ATR 42 series
of turbo prop planes and replace them with the ATR 72 units.
The charter aviation company had already returned two aircraft
to leasing firms, Reuters says.

"Over the years these aircraft have aged, requiring increased
down time for maintenance, which has hit our punctuality.  We
have decided to replace the ageing fleet in a phased manner,"
Reuters quotes Chief Executive Ramki Sundaram as saying.

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

The Troubled Company Reporter-Asia Pacific reported on Aug. 10,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million


EMCO LTD: Shareholders to Consider Scheme of Amalgamation
---------------------------------------------------------
Emco Ltd's shareholders will consider on Aug. 18, 2007, and, if
thought fit, approve a scheme of amalgamation of Urja Engineers
Ltd and India Energy Investments Pvt Ltd with the company and
their respective shareholders.

The move is pursuant to an order made by the High Court of
Judicature at Bombay.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the company has set its 42nd annual general meeting on
Aug. 18.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters; automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions; and high-end metering solutions like
trivector meters.  It also offers energy and revenue management
solutions.  Through its Projects Division, Emco offers turnkey
solutions from concept to commissioning for electrical
substation projects.  It also undertakes entire industrial
electrification work from designing to execution.  Emco offers
information technology solutions for power distribution
management.  Through its International Division, EMCO offers
transformers and energy meters conforming to international
specifications.

As of May 23, 2007, Emco's senior unsecured debt carries Credit
Analysis and Research Limited's BB rating.  The rating agency
downgraded the rating from A to BB on April 1, 2004, citing the
high level of debtors and increased collection period, which
resulted in cash flow problems and delays in payment of interest
on negotiable certificate of deposits, and increase in overall
gearing of the company.


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

BANK CENTRAL ASIA: Fitch Affirms 'B' Short-Term Rating
------------------------------------------------------
Fitch Ratings has upgraded the National Long-term rating of PT
Bank Central Asia Tbk to 'AA+(idn)' from 'AA(idn)'.  The Outlook
for the National rating remains Stable.  At the same time, Fitch
has also affirmed the following ratings:

   * Long-term Foreign Currency Issuer Default Rating at 'BB-'
     with a Positive Outlook,

   * Short-term Foreign Currency IDR at 'B',

   * Individual Rating at 'C/D',

   * Support Rating at '4' and

   * Support Rating Floor at 'B+'.

The upgrade of BCA's National rating reflects its sound
financial position relative to its peers, with generally good
asset quality, above average capitalisation and strong
profitability derived from its solid franchise in deposit taking
in the Indonesian banking market.  Its ratings also reflect its
systemic importance as the second largest bank in Indonesia
(10.4% of system-wide assets) although the probability of state
support is limited by the financial constraints of the
Indonesian government (rated 'BB-', Positive Outlook).

Thanks to its strong funding franchise that translated into a
favourable net interest margin of 5.3% in Q107 (2006: 6.0%), and
fee-based income that grew by about 31.6% yoy from higher usage
of electronic delivery channels, BCA has been able to book a
pre-tax ROA of 3.4% in Q107, which was similar to the average
pre-tax ROA in 2004-2006.  Fitch estimates that BCA will be able
to maintain its strong pre-tax ROA at around 3% in the next one
to two years on the back of strong funding franchise, while an
expected rise in the operating expenses incurred from investing
in its payment network should be compensated by higher fee-based
income derived from the network utilization.

BCA's asset quality was well-managed with its NPL ratio kept low
at 1.3% of gross loans in 2006 and 1.7% in 2005, despite a less
favourable macro-economy in H205-H106.  A slight increase in its
NPL ratio to 1.6% in Q107 was mainly due to lower gross loans
from repayment in commercial/SME loans owing to business
cyclicality reasons.  Nevertheless, with loans constituting only
32% of total assets at end-Q107, a slight increase in BCA's NPL
ratio may result as the bank further expands its loan book.
Fitch derives some comfort from the bank's adequate provision
cover of 1.9x NPLs (0.7x if special mention loans were included)
at end-Q107, with stress testing on harsher provisioning for its
existing pool of NPLs suggesting a minimum capital impairment
risk for the bank.  This is not expected to affect BCA's above
average total CAR of 24.9% (including market risk) at end-Q107.
Fitch, however, believes that the bank's CAR will decline over
time as loans grew, although the bank's management advises that
a future CAR target of near 20% should be maintained.

                     Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business   
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.


BANK DANAMON: Fitch Affirms 'BB-' Long-Term Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has upgraded the National Long-term rating of PT
Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-(idn)' (AA
minus(idn)) while affirming all its other ratings as follows:

   * Long term foreign currency Issuer Default Rating (IDR)
     'BB-' with a Positive Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.

The Outlook on the National rating remains Stable.

The upgrade in Danamon's National Rating by one notch to
'AA(idn)' reflects its improved profitability, the maintenance
of a well-reserved and below average non-performing loan
position, robust capital position, and a growing and well-
managed franchise in the high-yield micro lending business. Like
the sovereign rating, Danamon's foreign currency rating is on a
positive outlook with any sovereign upgrade likely to cause a
similar revision, provided the bank's strong financial profile
is maintained.  In this regard, downside risk could arise from
any sudden and sharp weakening in macroeconomic conditions
and/or execution risk from its expansion strategy for its high
yield consumer business.  Danamon's Support Rating reflects the
agency's belief that Temasek Holdings is likely to support
Danamon as a going concern although under more extreme
conditions, support may be limited by possible government
intervention , noting that such risks are higher in a sub-
investment grade sovereign.

                       About Bank Danamon

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


BANK INTERNASIONAL: Affirms 'B' Short-Term Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed all the ratings of PT Bank
Internasional Indonesia Tbk as follows:

   * Long term foreign currency IDR at 'BB-' with a Positive
     Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4', Support Rating Floor 'B' and

   * National Rating 'AA-(idn)' (AA minus (idn)).

The affirmation of BII's ratings is based on its stable capital
position with recent weakness in its profitability due partly to
efforts at addressing loan quality issues in its motorcycle
financing exposure.  Ownership in WOM Finance was raised to 51%
in June 2007 (from 46.99% at end-2006) and efforts were stepped
up to further integrate WOM's motorcycle operations with that of
the parent bank.  Such initiatives appear to be showing results
as reflected in the fall in gross NPL ratio to 4.3% at end-June
2007 from 5.4% at end-2006.  Similarly, the Positive Outlook on
the bank's long term foreign currency IDR reflects that of the
sovereign but will at the same time be reliant on the bank's
ability to keep its financial profile stable, particularly in
the area of asset quality and capital strength.

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--       
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.


BANK NIAGA: Estimates Amount of Interim Dividend
------------------------------------------------
PT Bank Niaga Tbk disclosed that due the exercise of its
employee stock option and warrant series one program, the
Company estimates its fiscal year 2007 interim dividend to be
between IDR17.17 and IDR19.76 per share.

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

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Aug 13, 2007, that Moody's Investors Service has assigned a
Aaa.id long-term National Scale Rating to Bank Niaga.

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

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

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

   -- and bank financial strength of D.

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

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


BANK RAKYAT: Signs MOU with Pikko Group on Apartment Mortgages
--------------------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk signed a memorandum of
understanding with property developer Pikko Group on apartment
mortgages in order to increase consumer lending, The Jakarta
Post reports.

The report relates that Toni Soetirto, BRI director for consumer
banking, said that apartment market in Indonesia is a lucrative
business.  Industry figures showed sale of apartments rose by
2.85% in the second quarter of the year over the previous
quarter, with the market absorption rate standing at 86.08% for
existing complexes and 45.08% for those still under
construction.

Under the agreement, Bank Rakyat will provide loans for people
wanting to buy apartments in three complexes developed by the
Pikko Group, namely the Sahid Sudirman Residence and Hampton's
Park, both in South Jakarta, and Maple Park in Central Jakarta,
the report notes.

According to the report, Joyce Farida Rosandi, BRI vice
president of consumer credit, said that apartment mortgages were
expected to more than triple the bank's total mortgage portfolio
to IDR4 trillion by the end of the year from IDR1.2 trillion as
of last December.

                   About Bank Rakyat Indonesia

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise    
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
December 31, 2005, the bank had one branch office in Cayman
Islands and two representative offices in New York and Hong
Kong, respectively.

                          *     *     *

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

The detailed ratings are:

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

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


Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk's:

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

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.

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


BANK UOB BUANA: Pays IDR18,453/Share Dividend for FY2006
--------------------------------------------------------
PT Bank UOB Buana Tbk paid the fiscal year 2006 dividend of
IDR18,453 per share on August 1, Reuters reports.

According to the report, the company paid the dividend to
shareholders of record as of July 18, 2007.

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT
Bank Buana Indonesia Tbk. -- http://www.bankbuana.com--  
provides public deposits, investment  portfolio, and other
financial services, including: demand, savings and time
deposits, Bank Indonesia promissory notes, bonds, consumer
loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers,
collection, issuing of bank guarantees and foreign currency
transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 01,
2007,Fitch Ratings has affirmed all the ratings of the bank as
follows:

   * Long-term foreign and local currency Issuer Default ratings
     BB-,

   * Short-term rating B,

   * Individual C/D, and

   * Support 3.


HILTON HOTELS: Sets Special Stockholders' Meeting for Sept. 18
--------------------------------------------------------------
Hilton Hotels Corporation has scheduled a special meeting of
stockholders for Sept. 18, 2007, at 9:00 a.m. local time.  The
special meeting will be held at the Beverly Hilton, 9876
Wilshire Boulevard, Beverly Hills, California.

At the special meeting, Hilton's stockholders will vote on a
proposal to adopt the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the merger is subject
to certain conditions, including the receipt of required
regulatory approvals and the approval of Hilton's stockholders.
Hilton's stockholders of record as of the record date of
Aug. 6, 2007 are entitled to vote on the proposed acquisition at
the special meeting.

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

                          *     *     *

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

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

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


HUNTSMAN CORP: Messrs. Matlin & Pechock Quit from Board
-------------------------------------------------------
Huntsman Corporation disclosed the resignation of David J.
Matlin and Christopher R. Pechock from Huntsman Corporation's
board of directors, effective Aug. 8, 2007.  Both Matlin and
Pechock are principals of MatlinPatterson Global Advisers LLC,
certain affiliates of which recently completed the sale of
approximately 57 million shares of Huntsman Corporation common
stock pursuant to an underwriting agreement announced by the
company on Aug. 2, 2007.

Jon M. Huntsman, Chairman and Founder of Huntsman Corporation,
said, "On behalf of the Board, we express our appreciation for
the years of service Mr. Matlin and Mr. Pechock have rendered on
the Board of Huntsman Corporation."

David J. Matlin, CEO of MatlinPatterson Global Advisers LLC,
commented, "It has been a wonderful experience to be involved
with such a fine group of directors, officers and managers.  We
leave the Board, not because of any disagreement with the Board
or the Company, but because our firm last week sold over 70% of
its stock holdings, leaving it with an ownership percentage of
less than 10% of the Huntsman equity."

Affiliates of MatlinPatterson Global Advisers LLC continue to
hold an interest in shares of Huntsman common stock by way of a
beneficial interest in HMP Equity Trust.  Pursuant to the terms
of a Voting Agreement dated July 12, 2007, they have agreed,
subject to certain exceptions, to retain ownership and vote
approximately 19.9 million shares in favor of the Agreement and
Plan of Merger with Hexion Specialty Chemicals, Inc.

                         About Huntsman

Huntsman Corporation -- http://www.huntsman.com/-- is a global      
manufacturer of differentiated and commodity chemical products.
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  The
company has operations in Indonesia, Italy and Guatemala.

The Troubled Company Reporter - Asia Pacific reported on Apr 02,
2007, Moody's Investors Service upgraded the corporate family
rating for Huntsman Corporation and Huntsman International LLC,
a subsidiary of Huntsman, to Ba3 from B1, and upgraded other
ratings as appropriate.  

The ratings on recently redeemed debt have been withdrawn.  The
outlook for Huntsman's ratings was moved to stable from
developing.

Summary of the ratings activity:

Upgrades:

   * Huntsman Corporation

     -- Corporate Family Rating, Upgraded to Ba3 from B1

   * Huntsman International LLC

     -- Corporate Family Rating, Upgraded to Ba3 from B1

     -- Senior Secured Bank Credit Facility, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Subordinated Regular Bond/Debenture, Upgraded to
        B2 from B3, LGD5, 89%

   * Huntsman LLC

     -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1
        from Ba3, LGD2, 21%

     -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
        from B2, LGD4, 57%

Outlook Actions:

   * Huntsman Corporation

     -- Outlook, Changed To Stable From Developing

   * Huntsman International LLC

     -- Outlook, Changed To Stable From Developing

   * Huntsman LLC

     -- Outlook, Changed To Stable From Developing

Withdrawals:

   * Huntsman International LLC

     -- Senior Subordinated Regular Bond/Debenture, Withdrawn,
        previously rated B3

     -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
        previously rated B2

On Jan. 23, 2007 Standard & Poor's Ratings Services affirmed
its 'BB-' corporate credit rating and other ratings on Salt Lake
City, Utah-based chemicals producer Huntsman Corp. and its
subsidiary Huntsman International LLC.


MEDCO ENERGI: To Acquire 49% Stake in Somalia's Petroleum Firm
--------------------------------------------------------------
PT Medco Energi Internasional Tbk and Kuwait Energy Company are
to acquire a 49% stake in Somalia's first state petroleum
company, Arabian Business reports, citing Somalia Petroleum
Policy documents.

According to the report, the Somalia Petroleum Policy documents
indicate that the two companies would acquire their stake in
Somalia Petroleum Corporation on August 31.

The report notes that the move still depends on a national oil
law being passed that is currently awaiting parliamentary
debate.

Prime Minister Ali Mohamed Gedi is believed to be keen to see
the draft law governing oil and gas exploration in the fractured
Horn of Africa country enacted quickly, Arabian Business adds.

The news agency says the documents also state that Somalia's
petroleum minister would approve three out of seven directors to
the new company -- two from Medco and one from Kuwait Energy.
There are seven officials from those companies listed in the
documents as advisers to the government, including Medco
President Hilmi Panigoro and Kuwait Energy CEO Sara Akbar, the
report adds.

The report notes that under a sliding scale production-sharing
agreement, the government and state companies would earn US$1.2
billion, or 69% of revenues if 50 million barrels were extracted
at US$50 a barrel.

The documents set out acreage-based rental payments of US$100
per sq km, the report adds.

                       About Medco Energi

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


MEDCO ENERGI: To Spend US$1.4 Billion to Boost Oil Output
---------------------------------------------------------
PT Medco Energi Internasional Tbk is planning to spend up to
US$1.4 billion between 2008 and 2010 to boost its oil output by
about a third, The Jakarta Post reports.

The company will spend about US$300 million to US$400 million
each year for the next three years, the report says, citing
Lukman Mahfoedz, president director of PT Medco E&P Indonesia, a
unit of Medco Energi.

According to the report, the company has allocated US$300
million for capital expenditures this year, and plans to drill
17 exploratory oil and gas wells.

Medco Energi wants to raise its oil and gas output to 100,000
barrels of oil equivalent per day from the current 75,000, the
report adds.

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


MGTI FINANCE: Moody's Puts 'Ba3' Sr. Bond Rating on Review
----------------------------------------------------------
Moody's Investors Service has placed MGTI Finance Company Ltd's
Ba3 senior secured foreign currency bond rating on review for
possible upgrade.  The bond is guaranteed by P.T. Mitra Global
Telekomunikasi Indonesia and MGTI Finance B.V.  The rating
action follows Moody's decision to review the Indonesia's Ba3
foreign currency bond ceiling for upgrade.

MGTI Finance Company is a wholly owned subsidiary of Mitra
Global Telekomunikasi Indonesia.


PERTAMINA: To Partner With Mitsubishi for Gas Plant Construction
----------------------------------------------------------------
PT Pertamina (Persero) will sign an agreement with Mitsubishi
Gas Chemical Company Inc. to build a liquefied natural gas plant
in Senoro, Central Sulawesi, The Jakarta Post reports.

According to the report, Pertamina President Director Ari
Sumarno said that the US$1-billion contract with Mitsubishi will
be signed during Japanese Prime Minister Shinzo Abe's visit to
the country later this month.

Mitsubishi, which will become the sole buyer of LNG products, is
the majority shareholder in the project with a 51%stake, while
Pertamina owns 29% and Medco Energi has 20%, the report notes.

The Post relates that construction of the plant is scheduled for
this year and is expected to come onstream by 2010 with a
production capacity of up to two million tons per year.

Gas supplies will come from the Senoro block -- which is jointly
operated by Pertamina and Medco -- with 1.53 trillion cubic feet
of proven gas reserves, and Matindok block, which is operated by
Pertamina and has 0.70 tcf of proven gas reserves, the report
adds.

                        About Pertamina

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

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

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


PERUSAHAAN GAS: Signs US$2BB Gas Supply Pact with Husky Energy
--------------------------------------------------------------
PT Perusahaan Gas Negara signed a US$2-billion gas supply
contract with Canada's Husky Energy Inc., Reuters reports.

According to the report, under the agreement Husky Energy is
expected to supply Gas Negara with gas for 15-20 year, with a
total volume of 126 trillion British thermal units.

Raimo Keto, a general manager for Husky, expected the delivery
of gas to Gas Negara to start in 2011, the report relates.

The report adds that the gas would come from Husky's offshore
block in Madura, East Java.

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

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

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

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

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

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

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


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

CAPCOM CO: Reports a 57.2% Increase in Income for Q1 for FY07
-------------------------------------------------------------
Capcom Co., Ltd., posted its first quarter results ended
June 30, 2007, with a favorable operating income of
JPY2.08 billion, up 57.2% from the JPY1.32 billion reported for
the same period last year.

Net sales also ascended 35.1% to JPY14.28 billion from a year
earlier of JPY10.57 billion; net income climbed to
JPY1.13 billion, a 39.7% difference from same term last year's
ordinary income surged 79.0% to JPY2.51 billion compared to the
same duration last year's JPY1.40 billion.

According to the company, the full-fledged release of the new
stationary game consoles contributed to a gradual upward trend,
however, the market is still in a transitional period to new
console platforms.  Another contributing factor for the positive
performance of the first quarter results of Capcom Co., is the
continuing increase in portable games.  The Japanese video game
software developer also claims that the conducting of the sales-
promotion events and campaigns resulted to the success of the
first quarter ended June 30, 2007.

                         Segment Results

Home Video Games

The company's home video games, "Phoenix Wright 4," which
achieved sales of over 500,000 copies, "Resident Evil 4 Wii
Edition" and "Monster Hunter Freedom 2nd" contributed to the
74.7% increase in net sales for this division which totaled to
JPY7.91 billion as compared to the previous year's JPY4.53
billion.

Arcade Operations

Despite the marketing efforts of the Osaka-based company,
conducting various sales promotion events and offering
attractive and comfortable facilities, this segment only gained
net sales of 1.6% to JPY2.94 billion from last year's JPY2.90
billion.  Among the factors that negatively affected business
performance were fierce competition, and the "Entertainment and
Amusement Trade and the Implementation Rules for the
Entertainment and Amusement Trades Rationalizing Act" that
prohibited those under age 16 to enter game arcades after 6 p.m.

Arcade Games

This segment, which its main activity is the sale of trading
cards for "Wantame Music Channel," a card-dispensing game
machine, had a weak performance due to the softened market, the
lack of new products, and the defect found in the "Donkey Kong
Banana Kingdom" game.  Net sales slumped 67.6% to JPY693 million
and operating loss is JPY167 million as compared to the same
term last year's JPY479 million.

                       Contents Expansion

Of all the segments, this gained the highest.  Net sales reached
up to JPY2.17 billion, up 328.8% from JPY507 million of last
year.  Operating income surged 650.9% to JPY826 million from
JPY110 million.  The robust sales of "Devil May Cry 3" and the
distribution of games to mobile phones contributed to the very
high results for the first quarter of the current fiscal year.

                        Other Businesses

Net sales increased 9.5% to JPY564 million from JPY515 million
of last year, which is, according to the company, mainly due to
character-related licensing royalties.  However, Capcom posts an
operating loss for this division of 10.1% to JPY134 million from
last year's JPY149 million.

                        About Capcom Co.

Headquartered in Osaka, Japan, Capcom Co., Ltd. --
http://www.capcom.co.jp--is one of Japan's leading developers  
of home video-game software.  The company also engages in arcade
operations and arcade games sales businesses.  Its consolidated
sales in FYE3/2006 were JPY70.3 billion.

The Troubled Company Reporter-Asia Pacific reported on Feb. 14,
2007, that Moody's Investors Service placed Capcom Co. Ltd.'s
Ba2 senior unsecured long-term debt rating under review for
possible upgrade.


SAPPORO HOLDINGS: Reports Net Loss for the Q1 for FY2007
--------------------------------------------------------
Sapporo Holdings Limited posted its second quarterly loss after
booking costs to close a factory in Osaka, writes Maki Shiraki
of Bloomberg News.

Mr. Shiraki reports that Sapporo reported that the net loss is
JPY1.56 billion in the three months ended June 30, 2007,
compared with a profit of JPY1.99 billion a year earlier.

According to Cosmo Securities Co. analyst Shunichiro Manome,
"Sapporo needs to focus on the growing market for premium beers
and developing new categories of alcohol.  It shouldn't fight
Kirin and Asahi on their turf," referring to Kirin Holdings Co.
and Asahi Breweries Ltd.

The article states that shipments of beer and beer-like drinks
in Japan fell to their lowest level in the half since records
began in 1992 as the population declines and younger consumers
switch to other beverages.

Although shipments of Yebisu, its premium brand beer, which rose
30% to 5 million cases for the first quarter of the current
fiscal year, the brewer's total alcohol sales in Japan edged up
just 0.9% to JPY148 billion.  The alcohol sales contribute 70%
of the total revenue, relates Mr. Shiraki.

Overseas alcohol sales, according to Mr. Shiraki, rose fivefold
to JPY13.5 billion in the half, assisted by additional sales
from the acquisition of Canada's Sleeman Breweries Ltd., in
November.

The company booked a charge of about JPY7.2 billion to shut the
Osaka plant.  By shifting production to other sites, the brewer
expects to save JPY1.2 billion annually, relates Mr. Shiraki.

                    About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--  
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 7, 2006, Sapporo Holdings posted a JPY1.8 billion
operating loss for the first half of the fiscal year, and
forecast earnings to drop to JPY10.2 billion for FY2006 from an
initial forecast of JPY16.8 billion.

On March 15, 2007, the TCR-AP reported that Sapporo Holdings
posted net income of JPY2.34 billion for the year ended Dec. 31,
2006, a 35.6% drop from the JPY3.63 billion net income recorded
for the year ended Dec. 31, 2005.  Sapporo Holding's
consolidated balance sheet as of Dec. 30, 2006, showed strained
liquidity with JPY127.97 billion in current assets available to
pay JPY268.89 billion in current liabilities within the next 12
months.

On May 14, 2007, the TCR-AP reported that Sapporo Holdings
reported a net loss of JPY3.98 billion for the three months
ended March 31, 2007, down from the JPY5.91-billion loss booked
in the same quarter last year.

As of May 16, 2007, the company still carries Standard & Poor's
Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long-
Term Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on March 14,
2006.


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

ACTUANT CORP: Paying US$0.08 Per Share Dividend on Oct. 15
----------------------------------------------------------
Actuant Corporation's Board of Directors has approved a cash
dividend on the Company's common stock.  The Board declared a
dividend of US$0.08 per common share payable on Oct. 15, 2007,
to shareholders of record at the close of business on
Sept. 28, 2007.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial  
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and  
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


C&C ENTERPRISE: Amends Terms of Common Stock Offering
-----------------------------------------------------
C&C Enterprise Co., Ltd. has made amendments to its previously
disclosed common stock offering, Reuters reports.

The report notes that the total issuance number of new shares is
changed to 1,683,500 from 1,683,000 to raise KRW4,999,995,000 in
proceeds for its operational funds.

Headquartered in Seoul, Korea, C&C Enterprise Co., Ltd.
-- http://www.cncen.com/-- is specialized in the provision of     
electronic money systems.  The company provides its services
under three categories: automatic fare collection (AFC), smart
card and intelligent transport systems (ITS).  Its AFC system
enables deferred payment on public transit usages.  Its smart
card system stores money values electronically in the integrated
circuit (IC) cards and use electronic money for payments to
purchase products or services.  Its ITS provides solutions to
reduce fare collection and transaction time and integrate
various fare payment methods.  In addition, the company offers
access control, digital video record (DVR) and remote control
systems and other related services.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on August 10, 2007, stated
that the company had a US$14.50 million shareholders' equity
deficit on total assets of KRW28.05 million.


CHOROKBAEM MEDIA: Signs MOU with IB Sports on Business Tie-Ups
--------------------------------------------------------------
Chorokbaem Media Co., Ltd. has signed a memorandum of
understanding with IB Sports Inc. on Aug. 10, 2007, for a
business tie-up, Reuters reports.

According to the report, the scope of the tie-up covers
development of new media platform based contents, joint
investment in a user created contents production company as well
as in public entertainers/sports stars management businesses.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

The Troubled Company Reporter-Asia Pacific reported that Korea
Investors Service gave the company's unregistered US$8 million
convertible bonds a 'B' rating on Feb. 16, 2007.


DAEYUVESPER CO: Extends Contract Period with GS Engineering
-----------------------------------------------------------
DaeyuVesper Co. Ltd. extended the expiry of its supply agreement
with GS Engineering & Construction Corp, Reuters reports.

According to the report, the contract which was initially signed
on Dec. 20, 2006, has been extended to Dec. 31, 2007.

Subsequently, the revised contract period is from Dec. 11, 2006,
to Dec. 31, 2007, the report adds.

Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is    
a manufacturer specialized in the provision of wastewater
treatment equipment.  The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors (SBRs).

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on August 10, 2007, showed
that DaeyuVesper has a US$1.60-million shareholders' deficit on
total assets of US$19.06 million.


EG GREENTECH: Cancels Contract with Networklive
-----------------------------------------------
EG Greentech Co., Ltd.'s contract with Networklive for a
strategic alliance on 'World Peace One", which was announced on
June 18, 2007, has been canceled, Reuters reports.

According to the report, the cancellation was due to a third
party's non-fulfillment of the contract.

Networklive will repay the advance money on the contract to the
company, the report adds.

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--   
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment.  Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
June 8, 2007, that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


HYNIX SEMICONDUCTOR: Develops 1-Gigabyte Mobile DRAM
----------------------------------------------------
Hynix Semiconductor has developed the industry's smallest one
gigabyte memory chip for mobile phones and other portable
gadgets, The Korean Times reports citing a company statement.

The report notes that the product is also the industry's first
commercially available 1Gb mobile DRAM built on 66 nanometer
process technology.  The finer processing geometry reduces die
size and improves the speed and power efficiency of the device.

According to the report, Hynix plans to begin mass production
from the first quarter of 2008.  The product will be also
available as a package of DRAM and NAND flash.

                    About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.     
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.  

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


SHINWHA INTERTEK: Converts Bonds for Additional Shares
------------------------------------------------------
Shinwha Intertek's first convertible bonds have been converted
to an additional 16,985 shares, Reuters reports.

According to the report, the conversion price of the bonds is
KRW 4,250 per share.   This brings the total outstanding shares
of the Company to 13,195,449.

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

Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation
-- http://www.shinwha.com/main01_E.html-- is engaged in the   
manufacture and sale of adhesive tapes for the electronic,
electronic equipment, architecture and other industry fields.

Korea Ratings gave the company's convertible bonds a BB rating
on Oct. 24, 2006. The company's commercial papers also carry
Korea Rating's B rating effective Feb. 2, 2007.


SILVER STAR: Converts Third Convertible Bonds into Shares
---------------------------------------------------------
Silver Star Corporation's third convertible bonds have been
converted into 141,038 shares of the company, bringing the total
number of its outstanding common shares to 13,695,318, Reuters
reports.

According to the report, the listing dates of the shares are
August 3, 2007, August 17, 2007 and August 27, 2007.

Based in Los Angeles, California, Silver Star Energy, Inc.
(OTCBB: SVSE) -- http://www.silverstarenergy.com/ -- explores  
and develops of oil and natural gas reserves throughout western
North America.  The company management is focused on an
acquisition program targeting high quality, low risk prospects
provided via key strategic alliance partnerships.

Silverstar has operations in Korea.

                        Going Concern Doubt

Robison, Hill & Co., at Salt Lake City, Utah, raised substantial
doubt about Silver Star's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2006.  The auditor pointed to the company's
recurring losses from operations and a retained deficit of
approximately $6 million at Dec. 31, 2006.


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

SYARIKAT KAYU: Securities Comm. Rejects Reform Plan Proposals
-------------------------------------------------------------
Syarikat Kayu Wangi Bhd's Proposed Corporate and Debt
Restructuring Scheme was rejected by the Securities Commission.

In a disclosure with the Bursa Malaysia Securities Bhd, the
company outlined the reasons given by the Securities Commission
that lead to the rejection of the entire plan.

According to the SC:

   (a) The existing timber and property development businesses
       have not been operationally profitable for at least the
       past five financial years, mainly due to losses from the
       property development business, weak overall profit
       margins and weak operational viability;

   (b) There were no strong grounds demonstrated to justify
       the viability of the timber and property development
       businesses going forward given that:

       -- Property development shall continue to form part of
          the new restructured group's business following the
          completion of the proposed restructuring scheme; and

       -- There was no concrete evidence to support the
          substantial growth in revenue and profits as
          presented in the forecast; and

   (c) Lack of clear evidence on the ability of Wangnas (M)
       Sdn Bhd ("Wangnas"), being the substantial shareholder of
       SKWB, to fully subscribe to its entitlement of the rights
       issue shares and excess shares not taken up by other
       shareholders.  The financing arrangement to enable
       Wangnas to take up the rights issue subscription
       amounting to MYR31.489 million has yet to be finalized.
       In addition, the rights issue proposal does not involve
       any underwriting arrangement which could provide
       assurance on the success of this fund raising exercise.

Syarikat Kayu intends to submit an appeal on the decision of the
SC.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing the
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


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

AIR NEW ZEALAND: Commences Complaint Against Wellington Airport
---------------------------------------------------------------
Air New Zealand filed a legal complaint with the High Court
against Wellington International Airport over the airport's fees
and charges, the New Zealand Press Association reports.

Wellington Airport, NZPA relates, is increasing landing charges
by 2.85% a year for the next five years.  In that regard, ANZ's
airport costs in Wellington will rise by more than a third.

According to the report, ANZ is challenging the airport's
consultation.  The carrier reportedly asserted that the airport
company showed a predetermination of increases by majority owner
Infratil Ltd abusing its monopoly position.

Multiple landing charge increases were invalid, as airports must
consult when they increase charges, NZPA quotes ANZ General
cunsel John Blair as saying.

ANZ's claim against an airport is not the first.   Last month,
the carrier sought a judicial review of Auckland Airport's
charges.  The announcement that landing charges at Auckland
International Airport will increase by more than 13% over the
next five years again exposes the failings of having no
effective regulatory regime to protect the interests of
travelers from monopoly abuse, Air New Zealand said in July
2007.


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

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

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


AIR NEW ZEALAND: Inks Code-Share Pact with U.S. Airways
-------------------------------------------------------
Air New Zealand has agreed to a code-share deal with US Airways,
giving ANZ's customers more access to the U.S. East Coast, the
New Zealand Press Association reports.

The deal allows the airline's customers to more easily fly from
Los Angeles and San Francisco to Charlotte, Philadelphia and
Pittsburgh, NZPA relates.  The agreement, however, still needs
government approval in New Zealand and the United States.

ANZ has recently commenced reciprocal code-share flights with
two Chinese airlines -- Shanghai Airlines and Air China.


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

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

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


ALEXIAM CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 27
----------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Alexiam Construction Ltd. on September 27, 2007,
at 10:45 a.m.

Mr Sparkel Limited filed the petition against the company on
June 21, 2007.

Mr Sparkel's solicitor is:

         T. J. Rainey
         Grimshaw & Co
         Litigation & Dispute Management
         PO Box 6646, Auckland
         New Zealand
         Telephone:(09) 377 3300
         Facsimile:(09) 377 3305


BLACK & WHITE: Names Parsons and Kenealy as Liquidators
-------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed as liquidators of Black & White Trading Company Ltd.
on July 16, 2007.

The Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         c/o Indepth Forensic Limited
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Website: http://www.indepth.co.nz


CONCEPT BUILDINGS: Taps Graham Lewis Pedler as Liquidator
---------------------------------------------------------
On July 19, 2007, Graham Lewis St John Pedler was named
liquidator of Concept Buildings Ltd.

The Liquidator can be reached at:

         Graham Lewis St John Pedler
         c/o Gardiner Reaney Limited
         Maritime Building
         corner of Byron and Browning Streets
         Napier
         New Zealand
         Telephone:(06) 835 3385


CRAIG'S TREE: Shareholders Resolve to Liquidate Business
--------------------------------------------------------
On July 17, 2007, the shareholders of Craig's Tree & Stump
Removal Ltd. had a meeting and agreed to liquidate the company's
business.

Creditors who cannot file their claims by August 17, 2007, will
be excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         G. L. Hansen
         c/o Goldsmith Fox PKF
         PO Box 13141, Christchurch
         New Zealand
         Telephone:(03) 366 6706
         Facsimile:(03) 366 0265


INFRATIL LIMITED: Transportation Subsidiaries Get New Chief
-----------------------------------------------------------
Bruce Emson has been appointed as the new chief executive
officer of the NZ Bus Group of Companies.

Bruce Emson is currently General Manager, Distribution Oceania
and Logistics Australia, for Shell Petroleum.  This business has
operating expenditures in excess of US$230 million and operates
as a third party service provider within the Shell Group of
companies.

Bruce Emson has had a 30-year career with Shell Petroleum that
started in New Zealand and has included a number of global
postings.  More recently, he has had a number of operational
leadership roles in Australasia, Asia and Europe.

He replaces Bill Rae, who has been acting CEO of NZ Bus for the
past four months.  Lib Petagna, Chairman of NZ Bus, noted: "I
would like to acknowledge Bill's positive contribution to the
Company during this time, in particular spearheading the
initiative to develop a new vision and brand to drive us forward
with a renewed focus on service reliability and customer
service.  I would also like to publicly acknowledge the
tremendous role Bill has had with our company over the last 16
years.

Bill has made a substantial contribution to the success of
public transport in New Zealand, working to develop outstanding
bus services, first in Wellington, then in both Wellington and
Auckland as part of what was the Stagecoach team.

Bruce Emson will commence his new role in mid September 2007.

                        About Infratil

Wellington, New Zealand-based Infratil Limited --
http://www.infratil.com/-- is an infrastructure investor.  The     
company, along with its subsidiaries, operates in four
industries: investment in infrastructure and utility companies,
airport, transportation and energy operations.  The airport
operations comprise the revenue and expenses associated with
Infratil Limited's investments in Wellington International
Airport Limited and Infratil Airports Europe Limited;
transportation comprises the businesses of New Zealand Bus
Limited and New Zealand Bus Finance Limited and subsidiaries,
which was acquired by the company on November 30, 2005, and the
energy operations relate to Victoria Electricity Pty Limited and
Infratil Energy Australia Pty Limited.  On December 5, 2005,
Infratil Limited acquired a 90% interest in Flughafen Lubeck
GmbH (Lubeck Airport).  In December 2006, Alliant Energy Corp.
sold its ownership interest in Alliant Energy New Zealand
Limited to the company.

The Troubled Company Reporter-Asia Pacific, on July 3, 2007,
listed Infratil Ltd.'s 8.500% bond with a November 15, 2015
maturity date as distressed at a trade price of NZ$8.20.


J. N. CONSTRUCTION: Court to Hear Wind-Up Petition on Sept. 27
--------------------------------------------------------------
The High Court of Auckland filed a petition to wind up the
operations of J. N. Construction Ltd. on September 27, 2007, at
10:00 a.m.

Lighting International Limited filed the petition against the
company on June 24, 2007.

Lighting International's solicitor is:

         Malcolm Whitlock
         c/o Debt Recovery Group NZ Limited
         Level 5, 5 Short Street
         PO Box 99675, Newmarket, Auckland
         New Zealand


MANN CONSULTING: Fixes August 18 as Last Day to File Claims
-----------------------------------------------------------
Mann Consulting Ltd. went into liquidation on July 18, 2007.

The company fixed August 18, 2007, as the last day for creditors
to file their proofs of debt.

The company's liquidators are:

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


MCKELLAR PROPERTY: Sets August 24 as Last Day to File Claims
------------------------------------------------------------
McKellar Property Services Wellington Ltd., which is in
liquidation, requires its creditors to file their proofs of debt
by August 24, 2007.

The company entered wind-up proceedings on July 20, 2007.

The company's liquidator is:

         Robert Anthony Elms
         Martin Jarvie PKF
         PO Box 1208, Wellington
         New Zealand


MLH ENGINEERS: Names Levin and Jordan as Liquidators
----------------------------------------------------
Henry David Levin and Barry Phillip Jordan were named as
liquidators of MLH Engineers Ltd. on July 12, 2007.

Creditors who were not able to file their claims by August 9,
2007, will be excluded from sharing in the company's dividend
distribution.

The company's liquidators are:

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


NUPLEX INDUSTRIES: Amends Terms of 2007 Capital Notes
-----------------------------------------------------
Nuplex Industries Limited discloses in a filing with the New
Zealand Stock Exchange the new terms of its 2007 Capital Notes.

The new terms are the same as the conditions set forth in the
Capital Notes except for:

   New Election Date: 15 September 2012.
   New Interest Rate: 9.3% per annum.

The Capital Notes with the new terms will be known as
2012 Capital Notes.

In that regard, Nuplex advises the holders of the Capital that
on Sept. 17, 2007, they must decide whether to:

   -- retain some or all of the Capital Notes on the new terms
      offered with an interest rate of 9.3% per annum; or

   -- convert some or all of the Capital Notes into fully paid
      Nuplex shares (subject to Nuplex having the right to
      redeem or purchase the Capital Notes for cash); or

   -- sell some or all of the Capital Notes.

Holders will also have the opportunity to purchase more Capital
Notes on the new terms offered.

The new terms will apply from Sept. 17

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

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

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on its
Aug. 7, 2007 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2007, is trading at NZ$9.50.


NZ WINDFARMS: Admin Delays Cues Extension of Option Issuance
------------------------------------------------------------
NZ Windfarms Limited has extended the date to issue options to
directors and the Chief Executive Officer under the NZ Windfarms
Limited Share Option Scheme.  The extension was sought when
administrative delays in completing registration became
apparent.

The date has been extended from one month after allotment of
shares under the recent NZ$75-million capital raising to three
months after the allotment of those shares.  The new date for
the options to be issued will be Sept. 6, 2007.  In all other
respects the Prospectus is the same.

Christchurch, New Zealand-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.

The company reported consecutive net losses of NZ$397,999 and
NZ$118,594 for the years ending June 30, 2006, and 2005,
respectively.


PACIFIC CONCRETE: Faces Allied Concrete's Wind-Up Petition
----------------------------------------------------------
On June 26, 2007, Allied Concrete Limited filed a petition to
wind up the operations of Pacific Concrete Ltd.

The petition will be heard before the High Court of Auckland on
October 11, 2007, at 10:00 a.m.

Allied Concrete's solicitor is:

         S. N. McKenzie
         Preston Russell Law
         92 Spey Street
         PO Box 355, Invercargill
         New Zealand
         Telephone:(03) 211 0080
         Facsimile:(03) 211 0079


PHRUDAN HOLDINGS: Names Levin and Vance as Liquidators
------------------------------------------------------
On July 12, 2007, Henry David Levin and David Stuart Vance were
appointed as liquidators of Phrudan Holdings Ltd.

Creditors who were not able to file their claims by August 9,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidators can be reached at:

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


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

ATLAS CONSOLIDATED: Board Approves Shares Issue to Toledo Mining
----------------------------------------------------------------
The Board of Directors of Atlas Consolidated Mining and
Development Corporation approved the issuance of 12,981,232
common shares to Toledo Mining Corporation during a meeting held
on Aug. 8, 2007, according to a regulatory filing with the
Philippine Stock Exchange.

Toledo Mining exercises its option to convert into equity the
amount of US$2,753,250 (PHP129,812,325), which it advanced to
Berong Nickel Corporation on behalf and for the account of Atlas
pursuant to the April 16, 2006 Atlas-TMC Loan Agreement.


Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, total liabilities of PHP3.81 billion
exceeded total assets of PHP2.99 billion, resulting in a capital
deficiency of PHP820.5 million.  Total current liabilities of
PHP1.91 billion as of December 31, 2006, also exceeded total
current assets of PHP305.22 million.


GEOGRACE RESOURCES: Employs Behre Dolbear to Undertake Valuation
----------------------------------------------------------------
GEOGRACE Resources Philippines, Inc., through its financial
advisor, J.P. Morgan Securities Asia Private Limited, engaged
Behre Dolbear Australia Pty Limited to undertake an independent
valuation of the target mining rights pursuant to the Memoranda
of Agreement entered into by the company with Saprolite Mining,
Inc., and Garnierite Mining, Inc.

The details of the agreements are:

                                 End of First    End of Second
Date       Location    Area     180-day Period   180-day Period
----       --------    ----     --------------   --------------
Saprolite:
01/25/07   Zambales   3,474 has.    07/24/07       01/26/08
01/25/07   Zambales   2,029         07/24/07       01/26/08

Garnierite:
01/20/07   Zambales  12,957         07/19/07       01/26/08
02/01/07   Palawan    6,726         07/31/07       01/27/08
02/20/07   Bukidnon   6,804         08/19/07       02/15/08

According to a regulatory filing with the Philippine Stock
Exchange, GEO said that BDA has already completed its
independent valuation of the target mining rights.  The BDA
Valuation Report is currently being reviewed by a "Class A"
auditing firm.

Upon completion of the review, the company's management will
present to its board of directors the proposed structure of the
swap relating to the injection of the mining rights from
Saprolite and Garnierite into GEO.  The issuance of the shares
resulting from the proposed swap transaction will then be
subject to the approval of the Securities and Exchange
Commission and the Philippine Stock Exchange, Inc.

BDA is the Australia subsidiary of Behre Dolbear & Company,
Inc., an international minerals industry consulting group which
has operated continuously worldwide since 1911, with offices in
Denver, New York, Toronto, Vancouver, Guadalajara, Santiago,
London, Hong Kong and, Sydney.  Behre Dolbear specializes in
mineral evaluations, due diligence studies, independent expert
reports, independent engineer certification, valuations, and
technical audits of resources, reserves, mining and processing
operations and project feasibility studies.

                    About Geograce Resources

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.

As of Mar. 31, 2007, the company, however, had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.


PILIPINO TELEHONE: Posts PHP3.56 Billion Net Income for 1st Half
----------------------------------------------------------------
Pilipino Telephone Corporation recorded a net income of PHP3,556
million in the first six months of 2007, a 21.1% decrease from
the PHP4,507.7-million net income it reported for the same
period in 2006, according to a regulatory filing with the
Philippine Stock Exchange.

The company says the decrease in net income was a result of
higher provision for income tax in 2007 as compared to benefit
from income tax in 2006, and the additional depreciation on
certain fixed line network assets, partly offset by the
financing gain in 2007 versus a financing cost in 2006.

PilTel's total revenues increased by 25.6% to PHP7,655.7 million
for the first six months of 2007 from PHP6,096.4 million for the
same period last year, fueled by the increase in its prepaid
service, Talk 'N Text's subscriber base.

The company's balance sheets as of June 30, 2007, reflected
total assets of PHP19,882.8 million and total liabilities of
PHP1,756.7 million.  Equity increased by PHP3,556.0 million or
24.4% to PHP18,126.1 million as of June 30, 2007, from
PHP14,570.1 million at year-end 2006 due to the net income for
the first six months of 2007.

PilTel relates that on April 20, 2007, the Securities and
Exchange Commission approved its request to undergo equity
restructuring to eliminate the deficit of its parent company --
Philippine Long Distance Telephone Company -- as of December 31,
2006, amounting to PHP22,250.5 million against the additional
paid-in capital.  The equity restructuring was approved by
PilTel's BOD on March 5, 2007.


Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, PilTel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

As stated in its 2005 annual report, PilTel's non-participating
creditors may take forceful measures to enforce their claims,
and it is possible that the company would be required to submit
to a court-supervised rehabilitation proceeding or an
involuntary insolvency proceeding seeking liquidation.  All of
PilTel's creditors that participated in the debt restructuring
agreed that they would submit the company to a rehabilitation
proceeding in those circumstances and petition for the adoption
of a plan of rehabilitation that includes the financial terms of
the debt-restructuring plan.

As of December 31, 2006, PilTel said that its interest-bearing
financial liabilities amounted to PHP87.7 million, consisting of
liabilities to holders of convertible bonds who did not
participate in the debt restructuring program and the financial
lease with the Department of Transportation and Communication.
As at December 31, 2006, convertible bonds with a principal
amount of US$0.7 million had fallen due for payment and had not
been paid.  These bonds represent the sole unrestructured
borrowings of PilTel.  However, PilTel said that its failure to
redeem the convertible bonds when they fell due does not cause a
default under the debt arrangements of any other member of the
PLDT group.  Piltel is working to identify the holders of the
convertible bonds so that it can finalize redemption
arrangements.


SOUTH CHINA RESOURCES: Incurs PHP6-Mil. Loss for 2nd Qtr 2007
-------------------------------------------------------------
South China Resources, Inc., posted a net loss of
PHP5.759 million for the second quarter ended June 30, 2007,
compared with the PHP9.41-million net loss recorded for the same
quarter in 2006, according to the company's financial results
disclosed with the Philippine Stock Exchange.

In the first quarter of 2007, the company posted a net loss of
PHP5.57 million.  

The company raked a PHP11.331-million net loss for the first
half of the year.

South China Resources' balance sheets as of June 30, 2007,
showed total assets of PHP729.79 million and total liabilities
of PHP189.25 million resulting to a stockholders' equity of
PHP540.54 million.

A full-text copy of the company's financials for the quarter
ended June 30, 2007, is available for free at:

     http://bankrupt.com/misc2/SouthChina-TCRAP.pdf


Makati City-based South China Resources, Inc. was incorporated
in 1992 to undertake oil and gas exploration, development and
production.

South China Resources, Inc. suffered a net loss of
PHP26.33 million for the year ended Dec. 31, 2006, its third
consecutive yearly loss after the net losses of PHP36.17 million
and PHP48.74 million recorded for the years ended Dec. 31, 2005
and 2004, respectively.


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

EQUATION NANOTECH: Court to Hear Wind-Up Petition on Aug. 17
------------------------------------------------------------
A petition to wind up the operations of Equation Nanotech
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on August 17, 2007, at 10:00 a.m.

United Italian Trading Corporation (Private) Limited filed the
petition against the company on July 18, 2007.

United Italian's solicitor is:

         Francis Khoo & Lim
         20 Havelock Road
         #03-18, Central Square
         Singapore 059765


SELCO (SINGAPORE): Accepting Proofs of Debt Until August 24
-----------------------------------------------------------
Selco (Singapore) Pte Ltd, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by August
24, 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:

         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SOON LAI: Court Set to Hear Wind-Up Petition on August 24
---------------------------------------------------------
On August 2, 2007, Canusa Trading & Engineering Pte Ltd filed a
petition to wind up the operations of Soon Lai Seng Teck
Construction Pte Ltd.

The High Court of Singapore will hear the petition on August 24,
2007, at 10:00 a.m.

Canusa Trading's solicitor is:

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


STATS CHIPPAC: Taps Jimmy Phoon as Director
-------------------------------------------
STATS ChipPAC Ltd. disclosed on Aug.6, 2007, that it has
appointed Jimmy Phoon Siew Heng as a member to its Board of
Directors.

"We are pleased to have Jimmy Phoon join our Board.  He brings
with him a wealth of financial acumen and diverse investment
experience.  As the company continues to grow, we expect Jimmy's
varied experience to be a significant addition to the strength
of our Board," said Charles Wofford, Chairman of STATS ChipPAC.

Mr. Phoon is currently Senior Managing Director and Chief
Investment Officer at Temasek Holdings (Private) Limited.  Prior
to joining Temasek Holdings in 1999, Mr. Phoon was with Standard
Chartered Merchant Bank Asia Ltd.  He was a Deputy Director in
the Ministry of Finance, Singapore, from 1988 to 1992.  Mr.
Phoon also sits on the Board of Directors of Shin Corporation
Public Company Limited, Alliance Bank Malaysia Berhad, among
others.  Mr. Phoon was previously a Director of SP PowerGrid
Limited, SMRT Corporation Ltd, Singapore Airport Terminal
Services Limited, SIA Engineering Company Limited and a Board
Commissioner in PT Bank Internasional Indonesia Tbk and PT Bank
Danamon Indonesia Tbk.

Mr. Phoon is a degree holder of Bachelor of Economics (Honors)
from Monash University, Australia.

                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers  
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


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

TRUE MOVE: Moody's Affirms B1 Rating for US$225MM Bond Issue
------------------------------------------------------------  
Moody's Investors Service has affirmed its B1 bond rating for
True Move Company Limited with a stable outlook.  The issue of
the US$225 million, 7-year senior, unsecured bond has been
completed and the rating is removed from provisional status.

The bond proceeds will be used to refinance existing Baht-
denominated loans.


Headquartered in Bangkok, True Move (formerly TA Orange) with
8.1 million subscribers (as of 31st March 2007), is Thailand's
third largest mobile operator.  It holds a concession from
state-owned CAT Telecom Public Company Limited to operate an
1800-MHz cellular business until 2013.

True Move's (93%) major shareholder, True Corp, is an integrated
provider of fixed-line, broadband, internet, mobile services and
pay TV; the latter via its recent acquisition of True Visions
(formerly UBC).

Listed on the Thai Stock Exchange, True Corp's major shareholder
is the Charoen Pokphand Group, with an approximate 30.4%
shareholding.


* Fitch Comments On Asia's Infrastructure Finance Euphoria
----------------------------------------------------------
Fitch Ratings notes, in its "Infrastructure Finance in Asia -
Boom, Bust and In Between", that investment is the "big buzz" in
Asian financial and government circles these days.  The present
euphoric environment, in which construction contracts and bank
loans are closed in record time, with little attention to risk
analysis and mitigation, ignores Project Financing's real
nature, and its history in Asia.  In the report, jointly written
by William Streeter, Managing Director and Head of
Infrastructure and Project Finance Asia Pacific, Fitch looks at
the current liquid environment for infrastructure finance
transactions, as well as the risks of repeating the boom and
bust cycles of the past, while missing out on the annuity value
that only infrastructure projects can offer.

Project Finance often features stand-alone, non-recourse, and
sometimes single-asset financing.  "It relies on the economic
value of its projects, the integrity and conditionality of its
contracts, and the ability and willingness of its counterparties
to honor the provisions of these contracts," commented Mr.
Streeter.  It also relies on the availability and depth of the
transaction's risk mitigation provisions, such as reserves,
liquidity facilities and insurance coverage.  Infrastructure
finance always has layers of risk, even when the eventual off-
taker is a highly rated government entity.

Although many Asian countries have made great progress towards
establishing a supportive environment for infrastructure
finance, especially on the macroeconomic front, their legal and
regulatory frameworks, and domestic debt markets often remain
works in progress.  "It is still hard to find Asian countries
with a high level of political comfort in public-private
partnerships, especially with the private sector's expectation
of earning a reasonable rate of return on investments in
facilities that often provide essential public services," said
Robert Zivcic, Director and joint author of the report.

"A number of studies published in recent years by institutions
including the UN, the World Bank and the Asian Development Bank
(ADB) have indicated the need for Asian countries to invest
significant amounts in basic infrastructure -- power, roads,
airports, ports, water and sewerage projects -- for many years
to come," noted S. Nandakumar, Director and joint author of the
report.  Some of this investment is necessary to sustain
economic growth, but much is needed to accommodate the
expectations of Asia's expanding middle class.

There is considerable cash available in Asia after years of
economic growth; the supply of money for infrastructure is
therefore not a problem, although it consists mostly of short-
to medium-term bank loans.  Infrastructure projects (as long-
term assets in search of long-term financing) and pension funds
(with long-term liabilities in search of long-term assets)
appear to present a perfect fit.  In anticipation of this
development in supply and demand conditions, new infrastructure
funds have sprung up at speeds that rival China's ability to
build new power stations.

In this positive context, the subject of risk, or worries about
Asia's underdeveloped credit culture have slipped from view.  
The Asian crisis of the late 1990s, and its dramatic effect on
infrastructure investment, seems a long time ago, and the ebb
and flow of capital no longer appears to be a concern because
new capital is homegrown.  Nevertheless, the question remains:
will Asia's boom and bust cycles repeat themselves in
infrastructure finance.


* BOND PRICING: For the Week 13 August to 17 August 2007  
--------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.80
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.30
Arrow Energy NL               10.000%  03/31/08     AUD     2.97
Aurox Resources Limited        7.000%  06/30/10     AUD     0.99
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     9.90
Becton Property Group          9.500%  06/30/10     AUD     0.93
BIL Finance Ltd                8.000%  10/15/07     NZD    10.50
Bounty Industries Limited     10.000%  06/30/10     AUD     0.81
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    11.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    11.00
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.22
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.95
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.85
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.33
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.45
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.25
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.70
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.50
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.20
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    11.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.00
IMF Australia Ltd             11.500%  06/30/10     AUD     0.82
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.70
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.12
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Nuplex Industries Limited      9.300%  09/15/07     NZD     9.50
Primelife Corporation         10.000%  01/31/08     AUD     1.02
Silver Chef Limited           10.000%  08/31/08     AUD     1.02
Speirs Group Ltd.             10.000%  06/30/49     NZD    56.00
TrustPower Ltd                 8.300%  09/15/07     NZD    10.25
TrustPower Ltd                 8.300%  12/15/08     NZD     9.10
TrustPower Ltd                 8.500%  09/15/12     NZD     8.50
TrustPower Ltd                 8.500%  03/15/14     NZD     8.65


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.20
Ample Zone Bhd                 9.300%  01/27/12     MYR    68.92
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.47
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.51
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.60
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.71
EG Industries Berhad           5.000%  06/16/10     MYR     0.60
Equine Capital                 3.000%  08/26/08     MYR     2.91
Greatpac Holdings              2.000%  12/11/08     MYR     0.16
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.49
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.46
Insas Bhd                      8.000%  04/19/09     MYR     0.71
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.36
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.93
Kumpulan Jetson                5.000%  11/27/12     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.53
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.54
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.54
Lebuhraya Kajang Bhd           5.850%  06/12/18     MYR    69.31
Lebuhraya Kajang Bhd           2.000%  06/12/19     MYR    72.48
Lebuhraya Kajang Bhd           2.000%  06/12/20     MYR    69.31
Media Prima Bhd                2.000%  07/18/08     MYR     1.85
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.62
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.64
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.97
Pelikan International          3.000%  04/08/10     MYR     1.80
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     1.92
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.90
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.90
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.26
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.25
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.63
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.07
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.77
Wah Seong Corp.                3.000%  05/21/12     MYR     6.30
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.97


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
August 10, 2007
Turnaround Management Association
   Special Olympics Sportsman's Lunch
     Sofitel, Brisbane, Queensland, Australia
       Telephone: 1300 303 863
         Web site: http://www.turnaround.org/

October 16-19, 2007
Turnaround Management Association - Australia
   TMA 2007 Annual Convention
     Boston Marriott Copley Place, Boston, MA, USA
       e-mail: livaldi@turnaround.org

November 14, 2007
Turnaround Management Association
   TMA Australia 4th Annual Conference and Gala Dinner
     Hilton, Sydney, Australia
       Web site: http://www.turnaround.org/

November 29, 2007
Turnaround Management Association
   Special Speaker
     Hilton, Sydney, Australia
       Web site: http://www.turnaround.org/

March 25-29, 2008
Turnaround Management Association - Australia
   TMA Spring Conference
     Ritz Carlton Grande Lakes, Orlando, FL, USA
       e-mail: livaldi@turnaround.org

October 28-31, 2008
Turnaround Management Association - Australia
   TMA 2008 Annual Convention
     New Orleans Marriott, New Orleans, LA, USA
       e-mail: livaldi@turnaround.org

TBA 2008
INSOL
   Annual Pan Pacific Rim Conference
     Shanghai, China
       Web site: http://www.insol.org/

June 21-24, 2009
INSOL
   8th International World Congress
     TBA
       Web site: http://www.insol.org/

October 5-9, 2009
Turnaround Management Association - Australia
   TMA 2009 Annual Convention
     JW Marriott Desert Ridge, Phoenix, AZ, USA
       e-mail: livaldi@turnaround.org

October 4-8, 2010
Turnaround Management Association - Australia
   TMA 2010 Annual Convention
     JW Marriot Grande Lakes, Orlando, FL, USA
       e-mail: livaldi@turnaround.org

Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
Beard Audio Conferences
   Distressed Real Estate under BAPCPA
     Audio Conference Recording
       Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Changes to Cross-Border Insolvencies
   Audio Conference Recording
     Telephone: 240-629-3300
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Beard Audio Conferences
Healthcare Bankruptcy Reforms
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Beard Audio Conferences
Calpine's Chapter 11 Filing
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Changing Roles & Responsibilities of Creditors' Committees
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Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
   Validation and Risk Assessment
     Audio Conference Recording
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Beard Audio Conferences
Employee Benefits and Executive Compensation
   under the New Code
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Beard Audio Conferences
Dana's Chapter 11 Filing
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Beard Audio Conferences
Reverse Mergers-the New IPO?
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Fundamentals of Corporate Bankruptcy and Restructuring
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High-Yield Opportunities in Distressed Investing
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Privacy Rights, Protections & Pitfalls in Bankruptcy
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Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
   Audio Conference Recording
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Clash of the Titans -- Bankruptcy vs. IP Rights
   Audio Conference Recording
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   Audio Conference Recording
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Homestead Exemptions under BAPCPA
   Audio Conference Recording
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Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
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Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
   E-Discovery and Records Management for Bankruptcy
     Practitioners and Litigators
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Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
   Latest Decisions
     Audio Conference Recording
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Beard Audio Conferences
KERPs and Bonuses under BAPCPA
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Beard Audio Conferences
Diagnosing Problems in Troubled Companies
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Equitable Subordination and Recharacterization
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                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***