TCRAP_Public/070816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Thursday, August 16, 2007, Vol. 10, No. 161
  
                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Wants Exclusive Plan Filing Period Extended
ADVANCED MARKETING: Wants More Time to Decide on Two Leases
APRINT (AUST): Members Resolve to Liquidate Business
BARNDEN PARTNERS: Creditors Agree on Voluntary Liquidation
COULCO TRADING: Proofs of Debt Due on August 28

DHR WASTE: Liquidator to Present Wind-Up Report on August 22
FLAG INTERNATIONAL: Undergoes Liquidation Proceedings
FOOT LOCKER: Declares US$0.125 Per Share Quarterly Dividend
GLOBAL REALTY: Posts US$669,916 Net Loss in Q2 Ended June 30
JEWEL CITY: Members to Hold Meeting on August 27

KENDLE INT'L: Taps Timothy Forsey as Regulatory Affairs Advisor
NRG ENERGY: Closes Phase II of Capital Allocation Plan
PARKES CHEMICALS: Members' Meeting Set for August 27
PARKFAM HOLDINGS: Members to Receive Wind-Up Report on Aug. 27
PROGRESSIVE GAMING: Posts US$34.2MM Net Loss in Second Qtr. 2007

SUNSHINE PINE: Sets Final Meeting for August 31


C H I N A   &   H O N G  K O N G

BISHA CHEMICAL: Accepting Proofs of Debt Until September 7
CHINA SOUTHERN: To Acquire Catering Division for CNY269.51 Mil.
CITIC SECURITIES: First Half Net Profit Jumps Fivefold
CRIC MOTOR: Court Sets Wind-Up Petition Hearing for September 5
GOLD ASIAN: Lei Yanzhuang Quits as Liquidator

HONG GIAP: Commences Liquidation Proceedings
HONG LONG: S&P Gives 'B' Long-Term Corporate Credit Rating
INTERNATIONAL PAPER: Inks $185 Mil. Central Lewmar Buyout Deal
KEI CREATION: Subject to Or Kit Ping's Wind-Up Petition
MERNOM (HONG KONG): Liquidators Quit Posts

SUNRICH TECHNOLOGY: Members' Final Meeting Slated for Sept. 12
TAI FAT: Court to Hear Wind-Up Petition on September 5
TOP DESIGN: Court to Hear Wind-Up Petition on September 12
VALENCE TECH: June 30 Balance Sheet Upside-Down by US$67.9 Mil.
YORKSHIRE HONG KONG: Liquidators Step Down


I N D I A

AES CORPORATION: Earns US$247 Million in Second Quarter 2007
AFFILIATED COMPUTER: Exclusivity Agreement to Expire on Nov. 14
ESSAR OIL: Schedules 63rd Annual General Meeting on Sept. 28
HINDUSTAN COPPER: To Reduce Paid-Up Capital by Half
ITI LTD: Mathew George Quits Director-Finance Post

JCT ELECTRONICS: Schedules Annual General Meeting on Sept. 21
KDL BIOTECH: Names Rege & Thakkar as Internal Auditors
QUEBECOR WORLD: S&P Places B+ Long-Term Corporate Credit Rating


I N D O N E S I A

ALCATEL-LUCENT: Wins Contract From TransACT Capital
BERAU COAL: Plans to Sell Shares in Initial Public Offering
EXCELCOMINDO PRATAMA: Deploys Cantata Tecnology(TM)'s IMG 1010
FREEPORT-MCMORAN: Indonesian Gov't. Urges Limits on Daily Output
HILTON HOTELS: Closes Caledonian Hotel Sale for US$105.4 Million

TELKOM INDONESIA: Sees 30% Increase in Mobile Phone Users


J A P A N

CAPCOM CO: Revises H1 Forecast After Posting Good Q1 Results
DAIEI INC: To Continue Importing U.S. Beef After 2004 Sales Halt
GOODWILL GROUP: To Split Nursing Homes to 3 Firms Before Sale
TIMKEN COMPANY: Moody's Affirms Ba1 Medium Term Notes Rating
XERIUM: Restating Fin'l Statements Due to Interest Rate Swaps


K O R E A

CURON INC: Changes Name to CoreBrid Inc.
NAMAE INTERNATIONAL: Synco Co. Sells 6,000,000 Shares
NDCROP CO: Buys 33.3% Stake in Capgold Limited for KRW92,590MM


M A L A Y S I A

PROTON HOLDINGS: Launches New Sedan; Expects Strong Import Sales
STAR CRUISES: Group Posts US$23.4-Mil. Net Profit in 2nd Quarter


N E W  Z E A L A N D

ABSOLUTE DESIGN: Court to Hear Wind-Up Petition Today
AIR NEW ZEALAND: Use of Spare Capacity Ups Charter Revenue
AQUASOLEIL TRUSTEE: Undergoes Liquidation Proceedings
CAPITAL EVENTS: Faces APG Holdings' Wind-Up Petition
DENNY'S CORP: M. Jenkins Leaves SVP & Chief Mktg. Officer Posts

FILM SAFETY: Subject to CIR's Wind-Up Petition
H.D.F. HOLDINGS: Taps Stephen Charles Grey as Liquidator
HEADLAND CONSTRUCTION: Court Sets Hearing of Wind-Up Bid Today
HERNE BAY: Shareholders Agree on Voluntary Liquidation
KNA TIMBER: Shareholders Appoint J.F. Managh as Liquidator

LOADED HOG: Court to Hear Wind-Up Petition Today
PACIFIC EDGE: Schedules Annual Shareholders Meeting on Aug. 30


P H I L I P P I N E S

ACESITE: Earns PHP2.23 Million for Second Quarter 2007
ALLIED BANK: To Raise PHP5 Billion in Additional Capital
ALLIED BANK: Awaits BIR to Acknowledge 75% Equity in NYLIP
BAYANTEL: Turns Around in First Half with PHP820-Mil. Net Income
MIC HOLDINGS: June 30 Balance Sheet Upside-Down by PHP3.4MM

MIRANT CORP: Mirant Lovett Files Amended Plan of Reorganization
MIRANT CORP: Mirant Lovett Confirmation Hearing Set for Sept. 19
PRIME MEDIA: June 30 Balance Sheet Upside-Down by PHP821 Million
SWIFT FOODS: Loses PHP42.7 Million in 2007 Second Quarter


S I N G A P O R E

ADVANCED MICRO: Prices US$1.5 Bln of 5.75% Convertible Sr. Notes
CHINA AVIATION: Parent Firm May Inject Asset Before MOU Expires
ISOFT GROUP: Set to Deliver LORENZO to CSC Early Next Year
SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact


T H A I L A N D

BANGKOK STEEL: Postpones Release of Q2 2007 Financial Statement
FEDERAL-MOGUL: Wants Until December 1 to Decide on Leases
TRUE CORP: Mobile Phone Business Revenue Cuts 2Q Net Loss

     - - - - - - - -

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

ADVANCED MARKETING: Wants Exclusive Plan Filing Period Extended
---------------------------------------------------------------
Advanced Marketing Services Inc. asks the U.S. Bankruptcy Court
for the District of Delaware to further extend their exclusive
periods to:

   (1) file a plan of reorganization through August 14, 2007;
       and

   (2) solicit and obtain acceptances of that plan through
       November 30.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors have been working
in close cooperation with the Official Committee of Unsecured
Creditors to develop and draft a joint plan and related
documents.  The Debtors believe the requested extension is
consistent with the plan process timeline they have discussed
with the Creditors Committee.

Mr. Collins asserts that the Debtors' Exclusive Periods should
be extended because while the Debtors and the Committee are
close to finalizing a plan and intend to file it in the near
future, the plan is not yet ready.  An extension avoids possible
confusion and inefficiencies that may arise should a creditor or
other party-in-interest present a competing plan during the
brief period during which the Debtors would not technically have
exclusivity.

The Debtors submit that the extension of the Exclusive Periods
will not harm creditors or other parties-in-interest.  The
Debtors believe that they are requesting only a brief extension
of the exclusivity periods, and will be able to proceed with the
hearing for conditional approval of the disclosure statement, as
planned, at the September 26, 2007 omnibus hearing.

"That would also be the first hearing date even if the Debtors
and the Committee had filed the joint plan on August 10, 2007,"
Mr. Collins says.

Judge Sontchi will convene a hearing on September 26, 2007, at
10:00 a.m., to consider the Debtors' request.  Pursuant to
Del.Bankr.LR 9006-2, the Debtors' Exclusive Periods are
automatically extended until the conclusion of that hearing.

                    About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,  
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

(Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


ADVANCED MARKETING: Wants More Time to Decide on Two Leases
-----------------------------------------------------------
Advanced Marketing Services, Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
further extend the period within which they may assume or reject
(i) the Berkeley Lease and the New York Lease through August 31,
2007, and (ii) the Indianapolis Lease through September 30,
2007.

As of July 27, 2007, the Debtors are parties to three
nonresidential real property leases:

Debtor
Party to    Location         Location       Date of
the Lease   Description      Address        Lease     Landlord
---------   -----------      -------        -------   --------
AMS         Indianapolis,    Indianapolis   3/25/04   The            
            IN - Return                               Prudential
            Center                                    Company
                                                      of America

PGI         PGW - New York   New York,     11/17/87   841-853                
                             NY                       Broadway
                                                      Associates

PGI         PGW - Berkeley   Berkeley,      4/24/97   Demo 4th              
                             CA                       Street
                                                      Berkeley
                                                      LLC

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that Perseus Books LLC and the
Debtors are in discussions regarding the assumption by Perseus
of the Berkeley Lease and the New York Lease.  The Debtors
expect to file a motion to assume and assign both Leases
promptly.

Mr. Collins also relates that Baker & Taylor, Inc., has already
entered into a new lease for certain facilities formerly
occupied by the Debtors in Indianapolis.  AMS continues to
occupy the adjacent space, which is the subject of the
Indianapolis Lease, he says.  

Moreover, the Debtors and the landlord for the Indianapolis
space are in the process of finalizing an agreement for the
continued use of that space during the extension period so that
the Debtors can complete the disposition of AMS and PGW
inventory in that location, Mr. Collins explains.

"The Debtors have either obtained the prior written consent of
the lessors of each of the Leases to the extension of time for
the Debtors to assume or reject unexpired leases of
nonresidential real property or expect to do so prior to the
hearing on this Motion," Mr. Collins tells the Court.

Judge Sontchi will convene a hearing on August 24, 2007, at
10:00 a.m., to consider the Debtors' request.  Pursuant to
Del.Bankr.LR 9006-2, the Debtors' Lease Decision Period is
automatically extended until the conclusion of that hearing.

                    About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,  
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

(Advanced Marketing Bankruptcy News, Issue No. 15 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


APRINT (AUST): Members Resolve to Liquidate Business
----------------------------------------------------
At an extraordinary general meeting held on July 10, 2007, the
members of Aprint (Aust) Pty Ltd resolved to voluntarily
liquidate the company's business.

Richard J. Cauchi and Peter Gountzos were appointed as
liquidators.

The Liquidators can be reached at:

         Richard John Cauchi
         Peter Gountzos
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9639 4779
         Facsimile:(03) 9639 4773

                       About Aprint (Aust)

Aprint (Aust) Pty Ltd is in the business of commercial printing,
lithographic.  The company is located in Hawthorn, Victoria,
Australia.


BARNDEN PARTNERS: Creditors Agree on Voluntary Liquidation
----------------------------------------------------------
On July 11, 2007, the creditors of Barnden Partners Property Pty
Ltd had a meeting and resolved to voluntarily liquidate the
company's business.

The company's liquidator is:

         James Patrick Downey
         J. P. Downey & Co.
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                     About Barnden Partners

Barnden Partners Property Pty Ltd deals with real estate agents
and managers.  The company is located in Mildura, Victoria,
Australia.


COULCO TRADING: Proofs of Debt Due on August 28
-----------------------------------------------
Coulco Trading Pty. Ltd., which is subject to a deed of company
arrangement, will declare final dividend on August 29, 2007.

Accordingly, creditors of the company are required to file their
claims by August 28 so as to be included in the dividend
distribution.

The company's deed administrator is:

         Anthony R. Cant
         Romanis Cant
         Chartered Accountants
         2nd Floor, 106 Hardware Street
         Melbourne, Victoria 3000
         Australia

                      About Coulco Trading

Coulco Trading Pty Ltd is a distributor of motor vehicle
supplies and new parts.  The company is located in Braeside,
Victoria, Australia.


DHR WASTE: Liquidator to Present Wind-Up Report on August 22
------------------------------------------------------------
DHR Waste Services Pty Ltd will hold a final meeting for its
members on August 22, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         P. R. Vince
         Vince & Associates
         51 Robinson Street Dandenong
         Victoria
         Australia

                        About DHR Waste

DHR Waste Services Pty Ltd operates refuse systems.  The company
is located in Richmond, Victoria, Australia.


FLAG INTERNATIONAL: Undergoes Liquidation Proceedings
-----------------------------------------------------
During a general meeting held on July 11, 2007, the members of
Flag International Limited had a meeting and agreed to liquidate
the company's business.

James Patrick Downey was then appointed as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         J. P. Downey & Co
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                    About Flag International

Flag International Limited is in the hotels and motels business.  
The company is located in Melbourne East, Victoria, Australia.


FOOT LOCKER: Declares US$0.125 Per Share Quarterly Dividend
-----------------------------------------------------------
Foot Locker Inc.'s Board of Directors declared a quarterly cash
dividend on the company's common stock of US$0.125 per share,
which will be payable on November 2, 2007 to shareholders of
record on October 19, 2007.

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and  
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services said its
ratings, including the 'BB+' corporate credit rating, on New
York City-based specialty footwear retailer Foot Locker Inc.
remain on CreditWatch with negative implications.  This rating
action follows the announcement that Genesco (BB-/Watch
Developing/--) accepted an offer from The Finish Line Inc. for
US$1.53 billion (US$54.50 per share) on June 18, 2007.  Foot
Locker made two bids for Genesco earlier this year, but they
were subsequently rejected after Genesco's board concluded the
proposals were not in the best interest of its shareholders.


GLOBAL REALTY: Posts US$669,916 Net Loss in Q2 Ended June 30
------------------------------------------------------------
Global Realty Development Corp. reported a net loss of
US$669,916 on revenues of US$1.9 million for the second quarter
ended June 30, 2007, compared with a net loss of US$1.2 million
on revenues of US$4.6 million for the comparable period ended
June 30, 2006.

The decrease in net loss is partly attributable to decreases in
administrative expenses and interest expenses.

Expenses from operations were US$937,105 for the three month
period ended June 30, 2007, as compared with US$1.9 million for
the prior year period.  The decrease from 2007 to 2006 is due
primarily to decreases in expenses related to the amortization
of pre-paid consulting services and stock based compensation.

During the three month period ended June 30, 2007, the company
had net interest expense of US$83,646 as compared with net
interest expense of US$658,206 during the three month period
ended June 30, 2006, respectively.  The decrease in net interest
expense was due to the retirement of a convertible subordinated
note.

The company had taxes of 261,795 for the three month period
ended June 30, 2007 as compared to taxes of US$0 for the three
month period ended June 30, 2006.

At June 30, 2006, the company's consolidated balance sheet
showed US$35.8 million in total assets, US$24.3 million in total
liabilities, and US$11.5 million total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2264

                        Going Concern Doubt

As reported in the Troubled Company Reporter on April 20, 2007,
Meyler & Company LLC raised substantial doubt about Global
Realty Development Corp.'s ability to continue as a going
concern after auditing the company's financial statements as of
Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's net losses of US$6.9 million and US$16.1 million for
the years ended Dec. 31, 2006 and 2005, respectively.

                       About Global Realty

Global Realty Development Corp. (OTC BB: GRLY) --
http://www.grdcorporation.com/-- operates as a land development  
company with properties located in Australia.  On Aug. 29, 2006,
Global acquired MJD Films and on Oct. 4, 2006, the company
purchased a 51% interest in the TFM Group, a newly formed joint
venture formed to develop television, film and music production
projects.


JEWEL CITY: Members to Hold Meeting on August 27
------------------------------------------------
The members of Jewel City Investments Pty Ltd will meet on
August 27, 2007, to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David H. Scott
         Scott Partners Consulting
         Insolvency & Forensic Accounting Specialists
         Level 1, 173 Burke Road
         Glen Iris, Victoria 3146
         Australia

                        About Jewel City

Located in Dandenong, Victoria, Australia, Jewel City
Investments Pty Ltd is an investor relation company.


KENDLE INT'L: Taps Timothy Forsey as Regulatory Affairs Advisor
---------------------------------------------------------------
Kendle International Inc. disclosed that Timothy Forsey, PhD,
has joined the company as Principal Regulatory Affairs
Consultant specializing in providing regulatory affairs guidance
to the company's biotechnology customers.  Based in Kendle's
Ely, Cambridgeshire, England office, he will work with customers
to gain regulatory approval for both new marketing
authorizations and changes to existing marketing authorizations.  
Dr. Forsey will provide customers with advice on strategy and
regulatory approaches to development, interact on their behalf
with regulatory agencies and assist them with dossier
preparation.

"As biotechnology's overall contribution to the health care
arena continues to grow, so will the demand for outsourcing
services, as new therapies move from preclinical to the clinical
phases of drug development," said Melanie Bruno, PhD, Vice
President Global Regulatory Affairs and Quality.  "Tim Forsey's
experience with this customer group and in the regulatory
environment will be a tremendous asset to our biotech and
pharmaceutical customers seeking to move their new compounds
from discovery to market approval," she added.

Dr. Forsey previously served as Head of Biologicals and the
Biotechnology Unit for The Medicines and Healthcare products
Regulatory Agency, where he was involved with a variety of
licensing and scientific issues, and represented the United
Kingdom on the Biologics Working Party of the Committee for
Medicinal Products for Human Use at the European Medicines
Agency.  He also worked as Senior Director, Head of European
Regulatory Affairs for Shire Human Genetic Therapies, Ltd.  
Prior to that, Dr. Forsey worked for Pharmacia, Amgen, the
National Institute for Biological Standards and Control and the
University of London.  In all, he brings more than 30 years of
pharmaceutical, governmental and research experience to his role
with Kendle.

Dr. Forsey earned a doctorate in microbiology from the
University of London and a Bachelor of Science in microbiology
from the University of Surrey, England.  A widely-published
author, he is a registered member of The Organization for
Professionals in Regulatory Affairs and the Drug Information
Association.

Dr. Forsey is the latest member of an international team of
pharmaceutical, clinical and non-clinical biotechnology experts
Kendle has assembled with backgrounds encompassing regulatory
agencies on three continents, as well as experience working for
a variety of pharmaceutical companies and academic and research
institutions.

                          About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL)
-- http://www.kendle.com/-- is a global clinical research  
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions: North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.

Kendle has existing operations in Australia, China and India.

                          *     *     *

As of July 3, 2007, the company carries Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook is stable.

In addition, the company also carries Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook is
stable.


NRG ENERGY: Closes Phase II of Capital Allocation Plan
------------------------------------------------------
NRG Energy Inc. has completed Phase II of the previously
announced US$1 billion Capital Allocation Plan.  From the
inception of Phase II on Nov. 3, 2006 through Aug. 13, 2007, the
company repurchased approximately 15.4 million common shares at
an aggregate cost of approximately US$500 million, for a volume
weighted average price of US$32.40 per share.  Phase I was
completed in the fourth quarter 2006, with the repurchase of
21,175,400 shares for approximately US$500 million, for a volume
weighted average price of US$23.61 per share.  Since NRG's
emergence from bankruptcy in December 2003, through the
completion of Phase II, NRG has repurchased approximately 75.3
million common shares at an aggregate cost of US$1.66 billion,
for a volume weighted average price per share of approximately
US$22.09.

"The value of our ongoing commitment to return capital to
shareholders is clearly demonstrated by the repurchase results
since inception," said Robert Flexon, NRG's Executive Vice
President and Chief Financial Officer.  "Having a balanced
approach in allocating the Company's substantial cash flows for
business reinvestment, while also offering immediate shareholder
returns, provides the foundation for sustainable long term
shareholder gains.  The cash flow productivity of our portfolio
allows for this capital allocation philosophy."

The next phase of NRG's Capital Allocation Plan is expected to
commence early 2008.  As previously announced, the Company's
total annual targeted return of capital to shareholders is
expected to be approximately 3% of NRG's current market
capitalization.  The Company plans to achieve this through a
combination of share repurchases and/or dividends, depending on
market conditions and other factors.

                            About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse  
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the United
States.  Its operations include baseload, intermediate, peaking,
and cogeneration and thermal energy production facilities.  NRG
also has ownership interests in generating facilities in
Australia, Germany and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s USUS$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed USUS$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.


PARKES CHEMICALS: Members' Meeting Set for August 27
----------------------------------------------------
The members of Parkes Chemicals (Aust) Pty Ltd will meet on
August 27, 2007, to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         David H. Scott
         Scott Partners Consulting
         Insolvency & Forensic Accounting Specialists
         Level 1, 173 Burke Road
         Glen Iris, Victoria 3146
         Australia

                     About Parkes Chemicals

Parkes Chemicals (Aust) Pty Ltd is a distributor of chemicals
and allied products.  The company is located in Seaford,
Victoria, Australia.


PARKFAM HOLDINGS: Members to Receive Wind-Up Report on Aug. 27
--------------------------------------------------------------
Parkfam Holdings Proprietary Limited will hold a meeting for its
members on August 27, 2007.

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

The company's liquidator is:

         David H. Scott
         Scott Partners Consulting
         Insolvency & Forensic Accounting Specialists
         Level 1, 173 Burke Road
         Glen Iris, Victoria 3146
         Australia

                     About Parkfam Holdings

Located in Somerville, Victoria, Australia, Parkfam Holdings
Proprietary Limited is an investor relation company.


PROGRESSIVE GAMING: Posts US$34.2MM Net Loss in Second Qtr. 2007
----------------------------------------------------------------
Progressive Gaming International Corporation incurred a net loss
in the three months ended June 30, 2007, of about
US$34.2 million. In the three months ended June 30, 2006, the
company incurred a net loss of US$14.3 million.

The company reported that system revenues, now reported as the
sole component of revenues from continuing operations, rose 59%
to US$18.8 million for the quarter ended June 30, 2007, from
US$11.9 million in the same period a year ago.

Pursuant to the company's intention and related agreements to
divest its Table Games Division and remaining Slot Assets, these
operations have been classified as discontinued operations and
the company recorded a loss, net of taxes of about US$29.3
million, and about US$800,000, for the second quarter 2007 and
second quarter 2006 periods, respectively, related to the
operations and write down of the assets of these divisions.  The
operations from the slot and table game route along with the
associated losses for the write down of the related assets are
included in the discontinued operations line item of the
company's statement of operations.

As of June 30, 2007, the company had total assets of
US$150.6 million, total liabilities of US$106 million, and total
stockholders' equity of US$44.6 million.

                      Management's Comments

Commenting on the results, Progressive Gaming International
Corporation president and chief executive officer, Russel
McMeekin, stated, "Reflecting our success in repositioning
Progressive as a leading supplier of system-centric products, in
the 2007 second quarter period we recorded year-over-year and
quarterly sequential systems based revenue growth of 59% and
28%, respectively, while generating gross margins at the high
end of our 2007 target.  Our ongoing progress in expanding our
systems business is evidenced by the installed base growth of
our products.  On a quarterly sequential basis, Casinolink
installations rose by 5%, or about 2,800 units, reflecting
growth in Asia and in European territories including in the
United Kingdom and Central European markets.  Table Management
systems also grew an impressive 8.6%, or by about 270 units on a
quarterly sequential basis.

"We also continue to generate meaningful traction with
placements of our CJS local and wide-area progressive/mystery
jackpot system with quarterly sequential installed base growth
of more than 20%, or more than 1,100 units, in the 2007 second
quarter period.  We expect CJS placements to accelerate further
in the third and fourth quarters and that our expected installed
base will meaningfully benefit the second half 2007 operating
results.  In July we achieved a significant milestone as CJS
received approval from the technology division of the Nevada
Gaming Control Board to move to field trials in the state.  We
are currently completing all site preparations for one multi-
site trial to begin later this month, with a second multi-site
trial expected to begin next month. Based on the strong existing
backlog of orders for CJS, and in anticipation of a final
approval for this product in Nevada, whereby we can begin to
install CJS in the largest domestic slot machine market, we
believe we are on track to achieve our target of 12,000
installations by the end of this year.

"In addition to growing our systems installed base, a second
priority for the company throughout 2007 has been on
streamlining our operations and cost structure and improving our
balance sheet.  In July we entered into a non-binding letter of
intent for the sale of our worldwide Table Game Division assets
to Shuffle Master Inc.  We are making progress toward completing
this transaction in accordance with our mutually agreed upon
closing date.  In addition to the capital expected to be
generated from this sale, we have other near-term opportunities
that we are analyzing to restructure our balance sheet in the
most optimal manner.  We believe these opportunities will also
provide additional liquidity to pursue long-term growth
opportunities for the company's high-margin recurring revenue
systems business."

Progressive Gaming International Corporation's executive vice
president, chief financial officer and treasurer, Heather Rollo,
added, "Our 2007 second quarter operating results from
continuing operations benefited from the ongoing strength in our
systems business as well as cost reduction initiatives
reflecting progress made in streamlining our operations.  
Systems revenues of US$18.8 million in Q2 2007 include the
recognition of US$3.8 million in revenues related to Q1 2007
systems placements, which, for GAAP purposes, were deferred
until the second quarter.  We also recognized approximately
US$1.7 million of slot and table revenues which are classified
in discontinued operations.  In addition to these recorded
revenues, there were proceeds from the sale of the slot game
assets which were offset against the assets being sold and also
classified as discontinued operations.  Reflecting the higher
level of systems based revenues in the overall mix for the
second quarter, we achieved gross margin from continuing
operations of 58% for the period, which is consistent with our
targeted 2007 gross margin range of 54% to 58%.

"We are making excellent progress in growing our systems
revenues as evidenced by US$33.6 million in revenue recorded in
the first half of 2007 which is a 29% improvement over systems
based revenues generated in first half of 2006.  Gross margin
improved by nearly 700 basis points in the first half of 2007
compared to the first half of 2006 and our Operating expenses
(including SG&A and R&D) declined by nearly 25% for the same
periods.  We believe we are positioned well for strong systems
growth across all product lines with the Casinolink installed
base expected to grow by approximately 10% to 15% year-over-year
fueled in part by initial placements related to the recent
strategic alliance we entered into with Melco / Elixir; expected
CJS installed base growth of more than 5,000 units in the second
half of 2007; and, table game management systems installed base
growth to 4,000 units by calendar year-end.  Our growing systems
placements are expected to benefit operating results in the
second half of 2007 and future periods will benefit from the
high operating margins associated with these daily recurring
revenues.

"With the sale of our slot business and pending sale of the
table game business, we have classified our anticipated revenues
of US$12 million to US$14 million for the full fiscal 2007 year
and the associated costs from these divisions as discontinued
operations.  As a result of these transactions, we have been
able to reduce headcount and other related costs resulting in
over US$7 million of annualized savings. We are now achieving
annual revenues of approximately US$280,000 per employee, which
is in line with other technology companies and we expect this
metric will continue to grow with our revenues."

                  Webb Litigation Status Update

The period for filing all post trial motions and responsive
pleadings has closed.  Based upon the company's review of the
pleadings, the applicable law, and the strength of its
arguments, the company expects that the Court will rule in the
company's favor and will reverse the jury verdict.  The company
anticipates that oral arguments related to the post-trial
motions will be heard in late 2007.  The posting of any bond
related to the jury verdict is stayed (on hold) unless and until
the Court issues an adverse decision on the motion for new
trial.

In the event that the company needs to file an appeal in this
matter, a supersedeas bond will need to be posted.  Filing a
bond is typical in appellate procedure and is not meant to be
punitive; hence, the company does not anticipate that the amount
of any required bond will be a material portion of the total
verdict.  The bond is meant to provide protection to the
judgment creditor by forcing the appellant to deliberate the
merits of their case before filing an appeal.

The company does not expect final conclusion of these post trial
matters until at least 2008.

                     About Progressive Gaming

Headquartered in Las Vegas, Nevada, Progressive Gaming
International Corporation formerly Mikohn Gaming Corp. is a
supplier of integrated casino management systems software and
games for the gaming industry.

The company has offices in Australia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on March 30, 2007,
Progressive Gaming International Corp. disclosed in a regulatory
filing with the Securities and Exchange Commission that the
company may be forced into bankruptcy if its appeal regarding a
US$43.7 million judgment fails.


SUNSHINE PINE: Sets Final Meeting for August 31
-----------------------------------------------
A final meeting will be held for the members of Sunshine Pine
Furniture Pty Ltd on August 31, 2007, at 10:00 a.m.

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

The company's liquidator is:

         A. L. Dunner
         Andrew Dunner & Associates
         Chartered Accountants
         23 Erin Street, Richmond
         Australia

                       About Sunshine Pine

Sunshine Pine Furniture Pty Ltd operates furniture stores.  The
company is located in Dandenong, Victoria, Australia.


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

BISHA CHEMICAL: Accepting Proofs of Debt Until September 7
----------------------------------------------------------
The creditors of Bisha Chemical Company Limited are required to
file their proofs of debt by September 7, 2007, to be included
in the company's dividend distribution.

The company entered wind-up proceedings on July 27, 2007,
through a special resolution passed on that day by the company's
shareholders.

The company's liquidators are:

         Chan Shu Kin
         Chow Chi Tong
         Tung Ning Building, 9th Floor
         249-253 Des Voeux Road, Central
         Hong Kong


CHINA SOUTHERN: To Acquire Catering Division for CNY269.51 Mil.
---------------------------------------------------------------
China Southern Airlines Co. Ltd would buy the in-flight catering
services, training facilities in Guangzhou, and the airline and
air cargo agency service from its controlling shareholder, China
Southern Air Holding Co., for CNY269.51 million
(US$35.53 million) in cash, Reuters reports, citing the
airline's statement.  

The airline would also sell all of its 90% stake in Guangzhou
Aviation Hotel to its controlling shareholder for
CNY74.72 million.

The move, according to the airline's statement, is aimed to
optimize its assets structure and help tighten cost controls,
Reuters relates.


Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com/-- engages in the operation of    
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.


CITIC SECURITIES: First Half Net Profit Jumps Fivefold
------------------------------------------------------
Citic Securities Ltd said that its 2007 first-half net profit
rose more than 5.5 times from a year earlier, roughly in line
with the company's projection in July, Reuters reports.

The firm attributed the jump in profits to China's stock market
bull run and the inclusion of two fund management in the
company's accounts, the news agency relates.  The two fund
management business contributed a total of CNY258 million to the
company.

According to the report, Citic's net commission income ballooned
to CNY6.64 billion (US$877 million) in the first half from
CNY1.11 billion a year earlier, while net investment income rose
to CNY2.08 billion from CNY409 million.

Furthermore, net income from securities underwriting climbed to
CNY473 million from CNY110 million, Reuters notes.

The results, according to Reuters, were published under China's
accounting standards.

                      About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

Standard & Poor's Ratings Services on May 9, 2007, assigned its
BB long-term corporate credit rating to CITIC Resources Holdings
Ltd.  The outlook is developing.  At the same time, it issued
its BB issue rating to a proposed intermediate-term U.S. dollar
benchmark issue of senior unsecured notes by Citic Resources
Finance (2007) Ltd.


CRIC MOTOR: Court Sets Wind-Up Petition Hearing for September 5
---------------------------------------------------------------
A petition to wind up the operations of Cric Motor Works Limited
will be heard before the High Court of Hong Kong on September 5,
2007, at 9:30 a.m.

The Government of the Hong Kong Special Administrative Region
acting through the Secretary for Justice filed the petition
against the company on June 28, 2007.

The council for the Petitioner is:

         Samuel Lee
         Department of Justice
         2nd Floor, High Block
         Queensway Government Offices
         66 Queensway, Hong Kong


GOLD ASIAN: Lei Yanzhuang Quits as Liquidator
---------------------------------------------
On July 13, 2007, Lei Yanzhuang ceased to act as liquidator of
Gold Asian Limited.

The former Liquidator can be reached at:

         Lei Yanzhuang
         Banyan Mansion
         Flat H, 3rd Floor
         Harbour View Gardens
         No. 24 Taikoo Wan Road, Taikoo Shing
         Hong Kong


HONG GIAP: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary general meeting held on July 27, 2007, a
special resolution was passed to voluntarily liquidate the
company's business.

Creditors are required to file their claims to the company's
liquidators, Wong Poh Weng and Wong Tak Man Stephen, by
September 11, 2007, so as to be included in the company's
dividend distribution.


HONG LONG: S&P Gives 'B' Long-Term Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to real estate company Hong Long
Holdings Ltd, with a stable outlook.

At the same time, S&P assigned its 'B' issue rating to the
company's proposed issue of up to US$200 million in five- to
seven-year senior unsecured notes.

The issue rating will be lowered one notch if Hong Long's ratio
of total secured debt to total assets does not fall to less than
15 pct from the current 28% after the proposed bond issuance,
S&P said.

"The rating on Hong Long factors in the impact of the proposed
high-yield bond.  It also reflects the favorable location of the
company's key commercial property," said S&P's credit analyst
Lawrence Lu.

These strengths are counterbalanced by the company's small asset
base, limited operating track record, aggressive management,
volatile financial performance, and project concentration in
four cities in Guangdong province, the agency added.


INTERNATIONAL PAPER: Inks $185 Mil. Central Lewmar Buyout Deal
--------------------------------------------------------------
International Paper has agreed to acquire Central Lewmar LLC,
from Chrysalis Capital Partners Inc. for approximately
US$185 million, subject to customary closing and post-closing
conditions.  The acquisition is expected to be complete within
30 days.
    
International Paper's distribution business, xpedx, will operate
Central Lewmar as a business unit within its multiple brand
strategy.  Xpedx is one of North America's business-to-business
distributors.
    
"This combination is an exciting opportunity for International
Paper, xpedx and our customers," Tom Kadien, International Paper
senior vice president and president of xpedx, said.  "The
acquisition of Central Lewmar will provide greater access to
important customers and improved operating synergies, while
meeting our selective reinvestment criteria.  We believe the
acquisition of a well-respected, customer-focused paper and
packaging business like Central Lewmar will enhance the value of
our expanding distribution business, and we are pleased that
Central Lewmar's management team will remain in place."
    
"Central Lewmar has a strong reputation for customer service,"
Les Stern, Central Lewmar president and chief executive officer,
said. "By joining the xpedx network of 105 distribution centers
and more than 140 retail stores in the U.S., Canada and Mexico,
the combined business will be well positioned for future growth.
As a unit of xpedx, Central Lewmar will continue to deliver
outstanding customer service, top quality products, and
distribution solutions to customers," he noted.
    
                       About Central Lewmar
    
Headquartered in Appleton, Wisconsin, Central Lewmar LLC --
http://www.centrallewmar.com/-- is a privately held paper and  
packaging distributors in the United States.  Founded in 1899,
the company has 400,000 square feet of warehouse space.  The
company serves 6,500 customers and employs approximately 550
people at three hub centers, 22 offices, and 14 locations,
including Strategic Paper Group, Whiteman Tower, Andrews Paper
House of York, Buff-Pac, Central Lewmar International, Central
Lewmar/MidAtlantic, Central Lewmar/Newark, Central Lewmar South,
Automated Machine and Control, First State Paper, Geo. W.
Millar, Marquardt & Company, McAliece Imaging Products, and
eight PickQuick Papers stores.

                 About Chrysalis Capital Partners

Headquartered in Philadelphia Chrysalis Capital Partners Inc. --
http://http://www.ccpfund.com/-- is a private equity firm  
focused on investments in a wide range of industries and
circumstances throughout the United States.

                          About xpedx
    
xpedx -- http://www.xpedx.com/-- is North America's marketer  
and distributor of printing papers and graphics supplies and
equipment.  It is also a distributor of packaging supplies and
equipment and janitorial-sanitary supplies and equipment.  xpedx
also provides third-party logistics services for companies
worldwide through xpedx Supply Chain Services, Tampa, Florida.  
Other xpedx owned-and-operated businesses include New York-based
Bulkley Dunton; Lenexa, Kansas-based xpedx Printing
Technologies; Loveland, Ohio-based Saalfeld Redistribution;
Cleveland, Ohio-based xpedx National Technology Center, well as
a network of more than 140 retail paper and graphics stores
across North America. .
    
                    About International Paper

Headquartered in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is an  
uncoated  paper and packaging company with primary markets and
manufacturing operations in North America, Europe, Russia, Latin
America, Asia and North Africa.  International Paper employs
approximately 54,000 people in more than 20 countries, and
serves customers worldwide, including China.   

                          *     *     *

International Paper Co. carries Moody's Investors Service Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


KEI CREATION: Subject to Or Kit Ping's Wind-Up Petition
-------------------------------------------------------
A petition to wind up the operations of Kei Creation Limited was
filed by Or Kit Ping on July 11, 2007.

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


MERNOM (HONG KONG): Liquidators Quit Posts
------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana ceased to act as
liquidators of Mernom (Hong Kong) Limited on August 6, 2007.

The former Liquidators can be reached at:

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


SUNRICH TECHNOLOGY: Members' Final Meeting Slated for Sept. 12
--------------------------------------------------------------
The members of Sunrich Technology Limited will meet on September
12, 2007, at 4:00 p.m., to receive the liquidator's report about
the company's wind-up proceedings and property disposal.

The meeting will be held at Suites 1403-4 of Nan Fung Tower at
173 Des Voeux Road in Central, Hong Kong.


TAI FAT: Court to Hear Wind-Up Petition on September 5
------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Tai Fat Hau Restaurant Limited on September 5,
2007, at 9:30 a.m.

The petition was presented to the Court by the Government of the
Hong Kong Special Administrative Region acting through the
Secretary for Justice.

The Government council is:

         Simon Lau
         Department of Justice
         2nd Floor, High Block
         Queensway Government Offices
         66 Queensway, Hong Kong


TOP DESIGN: Court to Hear Wind-Up Petition on September 12
----------------------------------------------------------
On July 10, 2007, Yuen & Partners, a firm of solicitors, filed a
petition to liquidate the business of Top Design Incorporated
Limited.

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

The petitioner can be reached at:

         Yuen & Partners
         Chiyu Bank Building, 10th Floor
         78 Des Voeux Road, Central
         Hong Kong
         Telephone: 2815 2688
         Facsimile: 2541 2088


VALENCE TECH: June 30 Balance Sheet Upside-Down by US$67.9 Mil.
---------------------------------------------------------------
Valence Technology, Inc., reported on Aug. 8, 2007, its
financial results for the fiscal first quarter ended June 30,
2007.

At June 30, 2007, the company's consolidated balance sheet
showed US$19.6 million in total assets, US$78.9 million in total
liabilities, and US$8.6 million in redeemable convertible
preferred stock, resulting in a US$67.9 million total
stockholders' deficit.

The company reported a net loss available to common shareholders
of US$4.4 million, compared to a net loss of US$5.7 million for
the first quarter of fiscal 2007.

For the first quarter of fiscal 2008, the company reported total
revenue of US$4.1 million, up 28 percent from US$3.2 million for
the first quarter of fiscal 2007.  Gross margin improved to
US$525,000 compared with US$22,000 last year.  Excluding a
US$414,000 favorable inventory reserve adjustment, gross margin
improved to US$111,000 compared with US$22,000 last year.

"I am pleased to report improved financial results in virtually
all areas of our business," said Robert L. Kanode, president and
chief executive officer of Valence Technology.  "Our team
continues to work diligently to increase revenue, improve gross
margin and reduce operating costs to reach our ultimate goal of
profitability."

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?226c

                       Going Concern Doubt

As reported in the Troubled Company Reporter on June 21, 2007,
PMB Helin Donovan LLP, in Austin, Tex., expressed substantial
doubt about Valence Technology, Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended March 31, 2007.  The
auditing firm pointed to the company's recurring losses from
operations, negative cash flows from operations and net
stockholders' capital deficit.  

The company has incurred operating losses each year since its
inception in 1989 and had an accumulated deficit of $521 million
as of June 30, 2007.

                     About Valence Technology

Headquartered in Austin, Texas, Valence Technology, Inc.
(Nasdaq: VLNC) -- http://www.valence.com/-- develops and  
markets  Lithium Phosphate Rechargeable Batteries.  The company
has facilities in Austin, Texas; Las Vegas, Nevada; Mallusk,
Northern Ireland and Suzhou, China.


YORKSHIRE HONG KONG: Liquidators Step Down
------------------------------------------
John James Toohey and Rainier Hok Chung Lam quit as liquidators
for Yorkshire Hong Kong Limited on July 31, 2007.

The former Liquidators can be reached at:

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


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

AES CORPORATION: Earns US$247 Million in Second Quarter 2007
------------------------------------------------------------
The AES Corporation earned US$247 million for the second quarter
of 2007 compared to US$175 million of net income for the same
quarter in 2006.

The company's revenues increased 17% to US$3.3 billion compared
to US$2.9 billion for the second quarter of 2006, while net cash
from operating activities increased 19% to US$526 million
compared to US$442 million last year.

Second quarter income from continuing operations was US$279
million versus US$193 million in second quarter 2006.  Adjusted
earnings per share (a non-GAAP financial measure) was US$0.41
versus US$0.28 in second quarter 2006.  This increase in
adjusted earnings reflects the positive impacts of:

  * a net positive per share impact of US$0.15 due to one-time
    benefits from a gain associated with the acquisition of
    lessor interests and tax recoveries at certain
    subsidiaries;

  * improvements in gross margin;

  * decreases in net interest expense.

Offsetting these positive impacts were:

  * a higher effective tax rate;

  * higher minority interest expense; and

  * emissions sales that were lower by US$24 million, or
    US$0.03 impact per share.

During the quarter, the company continued to expand its
alternative energy business around the globe.  The company
acquired two wind farm projects totaling 186 MW in the United
States and acquired a 49% stake in a joint venture to construct
and operate 225 MW of wind projects in China.  The company also
completed the construction of its 233 MW Buffalo Gap II wind
farm in Texas.  In its core power business, the company
commenced construction of its first project in Jordan, a 370 MW
gas-fired power plant located outside of Amman, and acquired a
51% stake in a 390 MW pipeline of hydroelectric projects in
Turkey.

"We had a strong quarter in terms of both our operational
results and building our growth pipeline," said Paul Hanrahan,
AES President and CEO.  "We continued to develop our alternative
energy business and, with more than 1,000 MW of wind facilities
in operations, we are on track to triple our wind generation
capacity by 2011.  We are also making good progress growing our
traditional business, with expansions into the high growth
markets of Turkey and the Middle East."

                          About AES Corp.

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

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

                          *     *     *

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


AFFILIATED COMPUTER: Exclusivity Agreement to Expire on Nov. 14
---------------------------------------------------------------
Affiliated Computer Services Inc. has suspended the Exclusivity
Agreement, dated March 20, 2007, between Darwin Deason, Chairman
of the company's Board of Directors, and Cerberus Capital
Management, L.P., expired at 11:59 p.m. on Aug. 9, 2007.  The
Exclusivity Agreement is now in effect and is scheduled to
expire on Nov. 14, 2007.

However, in light of the current conditions of the credit
markets, the Special Committee of the Board of Directors, which
is comprised of independent directors not affiliated with Mr.
Deason, is in discussions with Cerberus and Mr. Deason regarding
an extension of the suspension of the Exclusivity Agreement.  In
addition, the Special Committee is continuing to have
discussions with respect to strategic alternatives.

Affiliated Computer Services Inc. (NYSE: ACS)
-- http://www.acs-inc.com/-- provides business process
outsourcing and information technology solutions to world-
class commercial and government clients.  The company has more
than 58,000 employees supporting client operations in nearly 100
countries.  The company has global operations in Brazil, China,
Dominican Republic, India, Guatemala, Ireland, Philippines,
Poland, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating and assigned a
stable rating outlook, following the company's conclusion of an
internal investigation into its options granting practices and
restoration to current U.S. Securities and Exchange Commission
financial reporting.

As reported in the Troubled Company Reporter on March 29, 2007,
Fitch Ratings placed Affiliated Computer Services Inc. on
Rating Watch Negative after the proposed offer from Darwin
Deason, founder and current chairman of ACS, and Cerberus
Capital Management L.P. to acquire the company in a leveraged
buyout transaction valued at US$8.2 billion, including existing
debt.

Ratings affected were (i) Issuer Default Rating 'BB'; (ii)
Senior secured revolving credit facility at 'BB'; (iii) Senior
secured term loan at 'BB'; and (iv) Senior notes at 'BB-'.


ESSAR OIL: Schedules 63rd Annual General Meeting on Sept. 28
------------------------------------------------------------
Fertilizers & Chemicals Travancore Ltd will hold its 63rd annual
general meeting on Sept. 28, 2007, a filing with the Bombay
Stock Exchange reveals.

In that regard, the company's Register of Members & Share
Transfer Books will be closed from Sept. 21 to Sept. 28 (both
days inclusive).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 1, 2007, FACT widened its net loss to INR463.6 million in
the three months ended June 30, 2007, from the INR307.5 million
recorded in that same period last year.

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
Company operates solely in the domestic market.

The company, which had been making profits for over a decade,
started reporting losses from 1998-99 onwards due to the steep
rise in cost of raw materials like naphtha, benzene, sulphur and
rock phosphate.  There were also uneconomic realization from
sales and the company had to stop production because of a
liquidity crunch.  In 2004, the company was referred to the
Board for Industrial and Financial Reconstruction as a
potentially sick Unit.  The company's revamp program helped the
company later to come out of the purview of BIFR but unexpected
increase in the raw material prices much above the levels taken
for Board for Reconstruction of Public Sector Enterprises
projections has again seriously affected the performance of the
company.  Hence, the company anticipates its turn around by
2006-07 will be delayed.


HINDUSTAN COPPER: To Reduce Paid-Up Capital by Half
---------------------------------------------------
Hindustan Copper Ltd plans to reduce the its paid up equity
share capital from INR768,21,80,000 (divided into 76,82,18,000
equity shares of INR10 each) to INR384,10,90,000 (divided into
76,82,18,000 equity shares of INR5 each), a filing with the
Bombay Stock Exchange reveals.  The move is still subject to the
confirmation of the Ministry of Corporate Affairs, Company Law
Board and any other government agencies.

The reduction will be effected by canceling the equity share
capital of INR384,10,90,000, which has been lost or
unrepresented due to past accumulated losses to the extent of
INR5 per equity share in each and every equity shares of the
company which have been issued.

Hindustan Copper also plans to get a government waiver.  
Specifically, the company will ask to waive off and adjust
against its accumulated losses preference share capital
amounting to INR180,73,24,000 comprising of 18,07,324 7.5% non
cumulative redeemable preference shares of INR1,000 each, held
by the president of India.

Additionally, the company will seek to write off its accumulated
losses to the tune of INR564,84,14,000 by:

   -- canceling the paid-up equity share capital by INR5 per
      equity share amounting to INR384,10,90,000; and

   -- waiving off the entire amount of preference share capital
      held by President of India amounting to INR180,73,24,000.

To, among others, consider the proposed reduction, the company
will hold its Extraordinary General Meeting of its members
today, Aug. 16, 2007.

In a separate BSE filing, Hindustan Copper disclosed that the
government has sanctioned the company's proposal for, inter
alia, conversion of non-plan loan of INR50 crore into equity,
waiver of 7.5% non-cumulative redeemable preference shares
amounting to INR180.73 crore, and reduction of face value of
equity share from existing INR10 to INR5 per share.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Hindustan Copper scheduled its Annual General Meeting
on Aug. 30, 2007.  The company, however, decided to postpone the
AGM "due to unavoidable reasons," a regulatory filing with the
Bombay Stock Exchange says.  The revised AGM date will be
intimated in due course, the company advised.

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

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


ITI LTD: Mathew George Quits Director-Finance Post
--------------------------------------------------
ITI Ltd informed the Bombay Stock Exchange in a regulatory
filing that Mathew George has resigned from his post as
Director-Finance by the Ministry of Telecommunications & IT with
effect from July 31, 2007.

In another BSE filing, the company discloses the appointment of:

   -- Lt. Gen. S P Sreekumar, AVSM, Ministry of Defence, New
      Delhi; and

   -- A. K. Srivastava, DDG (AS), Department of
      Telecommunication, New Delhi;

as part-time official directors on the company's board, in place
of R. Bandyopadhyay and P. K. Tiwari, respectively.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Apr. 23, 2007, that Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to  ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


JCT ELECTRONICS: Schedules Annual General Meeting on Sept. 21
-------------------------------------------------------------
JCT Electronics Ltd will hold its 30th annual general meeting on
Sept. 21, 2007.  In that regard, the company advises the Bombay
Stock Exchange that its Register of Members & Share Transfer
Books will be closed from Sept. 17-21, 2007.

JCT Electronics Ltd. manufactures color picture and black &
white tubes for television sets.  The company also manufactures
cathode ray tubes and gas discharge tubes.

JCT Electronics incurred net losses for at least two consecutive
years -- INR1.83 billion in FY2005-06 and INR1.73 billion in
FY2006-07.

The Troubled Company Reporter-Asia Pacific reported on
Aug. 10, 2007, that JCT Electronics has a stockholder's equity
deficit of INR165.74 million.


KDL BIOTECH: Names Rege & Thakkar as Internal Auditors
------------------------------------------------------
Kdl Biotech Ltd's board of directors has approved the
appointment of Rege & Thakkar, Chartered Accountants, as the
company's internal auditor company, a filing with the Bombay
Stock Exchange says.  Rege & Thakkar replaces Desai &
Associates, Chartered Accountants, which resigned from the
auditor post.

The board has also approved the appointment of Dr. Rajesh
Agarwal as Director-Technical of the company, the BSE filing
adds.

Headquartered in Maharashtra, India, KDL Biotech Ltd. --
http://www.kdlbiotech.com/-- manufactures biotechnology-based   
products.  The Group specializes in Semi-synthetic Penicillin
and related Enzymes.  KDL Biotech has a joint venture with
Synpac Pharmaceuticals to develop Penicillin-related products.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
reaffirms the 'D' rating of KDL Biotech's INR6.7-million Non
Convertible Debenture Issue.


QUEBECOR WORLD: S&P Places B+ Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
printing company Quebecor World Inc., including the 'B+' long-
term corporate credit rating, on CreditWatch with negative
implications.
   
"The CreditWatch placement reflect Quebecor World's ongoing weak
performance and our concerns that the company's earnings, credit
measures, and financial flexibility could weaken further due to
a challenging pricing environment, operating losses in its
European division, and intense competition," said Standard &
Poor's credit analyst Lori Harris.  "Furthermore, Quebecor
World's waivers from its bank group for certain financial
covenants are only approved through to the release of its third-
quarter 2007 financial results," Ms Harris added.
   
Standard & Poor's expects that Quebecor World will need to re-
enter discussions with its bank group to either extend the
waivers or loosen its financial covenants because it's unlikely
to be in compliance following expiry of existing waivers.  In
addition, Quebecor World could begin discussions with its bank
group during this difficult time to negotiate renewing its US$1
billion revolving credit facility, which matures in January
2009.
   
Reported revenues and adjusted EBITDA were down 6% and 20%,
respectively, in the six months ended June 30, 2007, compared
with the same period in 2006.  The adjusted EBITDA margin
declined to 7.5% in first-half 2007 from 8.9% in the same period
in 2006.  Although management has focused on restructuring
operations and retooling its equipment platform to improve cost
efficiencies and profitability, there are only limited signs of
pricing stabilization in the industry, a key driver of the
business turnaround.
   
Key credit measures (adjusted for operating leases, accounts
receivable securitization, preferred securities, and
nonrecurring charges) could weaken further from levels at
June 30, 2007.  Debt to EBITDA was 5.3x, funds from operations
to debt was 14%, and EBITDA interest coverage was 2.5x for
the 12 months ended June 30, 2007.
   
To resolve this CreditWatch listing, Standard & Poor's will meet
with management and review Quebecor World's overall financial
policies, as well as its operating and financial strategies.

Quebecor World Inc. (TSX: IQW) (NYSE: IQW) --
http://www.quebecorworld.com/-- provides print solutions to   
publishers, retailers, catalogers and other businesses with
marketing and advertising activities.  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


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

ALCATEL-LUCENT: Wins Contract From TransACT Capital
---------------------------------------------------
Alcatel-Lucent has been selected by TransACT Capital
Communications, a Canberra-based telecommunications carrier, to
complete a fibre to the home rollout to new greenfield sites in
Canberra.  The network will cover 1,000 premises and an
anticipated population of 2,500 people by 2013.

Project developers in Canberra, in conjunction with the Land
Development Agency, issued a tender for the FTTH project last
year, which was subsequently won by TransACT.  Alcatel-Lucent
was then chosen after a competitive tender process against eight
other providers to design and deploy the network.

The first network project will be in Forde, a new suburb in
Gungahlin, Canberra.  The deployment is TransACT's first venture
into Gigabit passive optical network FTTH technology.  Residents
will also receive unlimited free local calls to over 30,000
other TransACT phone customers, as well as capped national and
international call rates.

"The FTTH network is now a key consideration for inclusion when
assessing broadband deployments in suburbs, as it's a future-
proof technology offering nearly unlimited bandwidth
availability to carry new high speed services,"said Rod Barrett,
Project Manager, TransACT.  "We needed a solutions provider that
could accommodate our customers' increasing demand for our
existing bandwidth-hungry product offerings, including Video on
Demand, Voice over IP and IPTV services.  We chose Alcatel-
Lucent because of its technology leadership in GPON and the
proven reliability and scalability of its platform for
widespread deployment, "Barrett added.

"FTTH was the natural progression for a reliable high speed
broadband multiservice network in 'greenfields' and will deliver
appreciable social and economic benefits to a community, said
Hilary Mine, President of Alcatel-Lucent's Australasia
activities.  "The TransACT contract demonstrates our commitment
to accelerating high speed broadband services across the
country, and reinforces our global leadership in greenfield and
brownfield broadband fibre deployments,"Mine concluded.

Under the terms of the contract, Alcatel-Lucent will deliver its
7342 GPON ISAM Fiber-to-the-User product, along with the Optical
Network Terminals and the related management software.

TransACT will also be working with Alcatel-Lucent on future FTTH
bids in the Canberra area.

                         About TransACT

TransACT Communications Pty Limited was established in 2000 and
has since been building and maintaining a highly sophisticated
fibre-optic network to provide Canberra and Queanbeyan with
world-class communication services.  TransACT offers fixed-line
and IP telephony, broadband internet and mobile phone services,
as well as a subscription television service with real-time
entertainment on-demand.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


BERAU COAL: Plans to Sell Shares in Initial Public Offering
-----------------------------------------------------------
PT Berau Coal plans to sell shares in an initial public offering
to fund expansion, Reuters reports.

According to the report, the company is planning to increase its
output to 15 million tonnes by 2011 to meet rising demand of
fuel.

As source at a local brokerage said that Berau Coal is at an
early stage of the IPO process but didn't know how advanced the
company is, the report notes.

Reuters relates that Lehman Brothers, U.S. investment bank, said
that Berau has not indicated a timeframe for an IPO but has
already engaged investment banks for exploring the opportunity.
Management said the plan would be clearer in November/December
this year, the report adds.

                        About Berau Coal

Headquartered in East Kaliman, PT Berau Coal --
http://www.beraucoal.co.id/-- is Indonesia's fifth largest   
producer and exporter of thermal coal.  It operates three active
mines at a single site in East Kalimantan.  It has estimated
resources of 654.2 million tons with probable reserves estimated
at 61.6mt and proven mineable reserves of 127.6mt.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 27, 2006, that Standard & Poor's Ratings Services assigned
its 'B' corporate credit rating to PT Berau Coal (Berau), a coal
mining company in Indonesia.  The outlook is stable.  At the
same time, Standard & Poor's assigned its 'B' rating to the
US$325 million guaranteed senior secured notes issued by Berau's
wholly owned subsidiary, Empire Capital Resources Pte. Ltd.  The
notes are unconditionally and irrevocably guaranteed by Berau.

On Dec. 15, 2006, Moody's Investors Service assigned a final B1
corporate family rating to PT Berau Coal.  At the same time
Moody's assigned a final B1 rating to the US$325 million bonds
issued by Empire Capital Resources Pte Limited and guaranteed by
Berau.  This follows the completion of a US$325 million bond
issuance, consisting of US$100 million five-year amortizing
senior secured floating rate notes and US$225 million five-year
bullet senior secured fixed rate bonds.  The rating outlook is
stable.

The TCR-AP reported on Dec. 14, 2006, that Fitch Ratings
assigned a final rating of 'B+' with a Recovery Rating of 'RR4'
to the US$325 million senior unsecured notes due 2011 issued by
Empire Capital Resources Pte. Ltd. and guaranteed by PT Berau
Coal (rated 'B+'/Stable).


EXCELCOMINDO PRATAMA: Deploys Cantata Tecnology(TM)'s IMG 1010
--------------------------------------------------------------
PT Excelcomindo Pratama Tbk has deployed Cantata
Technology(TM)'s, IMG 1010(TM) integrated media and signaling
VoIP Gateway.  The IMG 1010 will enable XL to provide an
innovative hosted PBX solution to its corporate clients and
allow for the expansion of its international VoIP network.

Working with PT Lintas Teknologi, a Cantata partner and
solutions integrator, Excelcomindo deployed Cantata's IMG 1010
VoIP gateway with a hosted PBX application from Broadsoft to
deliver a complete suite of enhanced PBX functionality. This
solution allows Excelcomindo's mobile customers to receive all
the features and benefits of a fixed-line PBX over any IP
connection including a wireless GSM connection.  Cantata's IMG
1010 acts as the interface to the wireless network, offering a
unique GSM-PBX integration service, whereby mobile customers can
become hosted PBX extensions.  Excelcomindo also uses the IMG to
connect private networks to a carrier IP backbone providing a
cost effective solution for corporate networks using VoIP for
national and international services.

"Working with our client XL, we looked at all of the leading
gateway products and Cantata had the best routing feature set,
including its high density and scalability, and integrated SS7
signaling, which is a critical capability for a carrier such as
Excelcomindo,"said Subagia Handaja, CEO of Lintas Teknologi.  
"In addition to the outstanding product features of the IMG
1010, Cantata also provided excellent customer service and
technical support, even customizing a special time-zone feature
that was required for the project."

The award-winning IMG 1010 is an integrated media and signaling
VoIP gateway that provides any-to-any network connectivity,
enabling delivery of SIP services into legacy SS7, PRI and CAS
networks, as well as IP-to-IP transcoding to connect IP networks
using different protocols.  The IMG 1010 offers the widest range
of network interfaces in a compact, high density 1U package,
allowing service providers to deploy applications across fixed
and mobile networks worldwide. The IMG 1010 has already been
deployed by more than 55 carriers in 20 countries, spanning five
continents.

              About PT Lintas Teknologi Indonesia

PT Lintas Teknologi Indonesia (LT Indonesia) provides effective
network infrastructure solutions to Indonesia telecommunications
network providers, as well as round-the-clock technical support
for various solutions deployed throughout Indonesia. Our fully
functional laboratory enables us to provide our customers with
7/24 support throughout Indonesia, as well as offer our customer
on-site support, customized maintenance and training programs.
Lintas offers solutions covering NGN, Switching, Optical
Networking, Transport, Broadband Access, Network Management,
Messaging, Professional Services, and Maintenance Support.
Lintas Teknologi Indonesia is headquartered in Jakarta,
Indonesia, and has operations in Sri Lanka. For more
information, visit http://www.lt-indonesia.com.

                    About Cantata Technology

Cantata Technology, established in 2006 through the combination
of Brooktrout Technology(R) and Excel Switching Corporation,
provides enabling communications hardware and software that
empowers the creation and delivery of anytime, anywhere IP-based
communications applications. Leveraging more than 20 years of
experience, Cantata offers the broadest range of products, along
with a worldwide network of partners that allows service
provider and enterprise customers to develop new products,
introduce new services and cost-effectively transition networks
to IP. Headquartered in Needham, Mass., Cantata maintains
multiple locations worldwide in North America, Asia and Europe.
For more information, visit http://www.cantata.com.

                  About Excelcomindo Pratama

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

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

                          *     *     *

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

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


FREEPORT-MCMORAN: Indonesian Gov't. Urges Limits on Daily Output
----------------------------------------------------------------
Freeport-McMoran Copper&Gold Inc. has been recommended by an
Indonesian-government team to limit daily production in the
remote area of Papua to minimize environmental damage and
process more copper within the country, Reuters reports.

The report relates that Witoro Soelarno, a director at the Mines
and Energy Ministry and member of the audit team, said that
production at Freeport's Papau Grasberg mine should be limited
to around 250,000 tonnes of ore per day.  The company is allowed
to produce up to 300,000 tonnes of ore a day according to an
environmental impact study approved by the government.

Mr. Soelarno said that the government doesn't want to change the
environmental impact study but there should be a limitation.  If
it can increase output without resulting in significant impact
for the environment it will be good, but the recommendation was
not yet final, the report notes.

Reuters explains that the Grasberg mine has long been
controversial because of its environmental impact, the share of
revenue going to Papuans and the legality of payments to
Indonesian security forces who helped guard the site.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 07, 2006, that a United States public pension fund revealed
plans for a shareholder drive to urge Freeport-McMoRan to
improve environmental practices at its gold and copper mine
in Indonesia.  Freeport-McMoRan is accused of polluting the
World Heritage- listed Lorenz National Park and dumping copper-
rich ore around the edge of its Papua mining operations

New York City Comptroller William Thompson contended that
Freeport-McMoRan may be adversely affecting Indonesia's
environment, the Funds' long-term share value, as well as its
societal license to operate in Indonesia, the TCR-AP noted.

The report adds that in April, native Papuan workers at the mine
held a four-day strike, demanding better welfare.

                      About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry      
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                          *     *     *

As reported in the Troubled Company Reporter- Asia Pacific
reported on Jul 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.

FCX

    -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
    -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
    -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
    -- 7% convertible notes due 2011 to 'BB' from 'BB-'.


In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

    -- US$500 million PT Freeport Indonesia/FCX Secured Bank
       Revolver at 'BBB-';

    -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45
billion five-year term loan A.  Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014.  The term loan amortizes at 10% per annum with the
remainder due at maturity.

The Rating Outlook remains Positive.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family  
rating to Ba2 from Ba3.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.


HILTON HOTELS: Closes Caledonian Hotel Sale for US$105.4 Million
----------------------------------------------------------------
Hilton Hotels Corporation has completed the sale of the
Caledonian Hilton hotel to The Caledonian Operating Company Ltd
UK for GBP51.7 million in cash (approximately US$105.4 million).  
The purchase was funded by Bank of Scotland Corporate.
Hilton will retain a long-term management contract for the 251-
room hotel.

This contract will ensure the continuation of the Hilton brand
in this historic landmark hotel, superbly located in the heart
of Scotland's capital city.  The Caledonian Operating Company
Ltd UK has agreed to an investment programme of GBP13.5 million
to maintain the high standard of amenity and service in the
grade II listed building which originally opened in 1903.

Hilton was advised by C B Richard Ellis Hotels.

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.


TELKOM INDONESIA: Sees 30% Increase in Mobile Phone Users
---------------------------------------------------------
PT Telekomunikasi Indonesia Tbk expects the number of mobile
phone users in the country to grow more than 20 million this
year, representing a gain of about 30%, Reuters reports.

The report relates that Rinaldi Firmansyah, Telkom's president
director, is optimistic they would meet their targets for this
year.  Telkomsel's target have been achieved in June and
national mobile phone subscribers can grow by 18-20 million this
year or even more than that.

Telkomsel managed to sign more than five million new users this
year, taking its total mobile phone subscribers to 42.8 million,
ahead of its full year target of 42 million, the report adds.

                      About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long       
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


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

CAPCOM CO: Revises H1 Forecast After Posting Good Q1 Results
------------------------------------------------------------
Capcom Co., Ltd., has revised its consolidated earnings forecast
for the first half of the current fiscal year, which period ends
at Sept. 30, 2007, after it has posted its results for the
quarter ended June 30, 2007.

Consolidated net sales, which was initially forecast at
JPY29.30 billion, is now revised to JPY30.35 billion, a 3.6%
increase; operating income is foreseen to be at JPY2.40 billion
from what was forecasted on May 18, 2007, at JPY1.50 billion, a
high 60.0% jump.  Ordinary income is expected to total at
JPY2.85 billion from JPY1.80 billion, a JPY1.50 billion
increase.  Net income, primarily predict to be at
JPY750 million, has now been changed to JPY1.35 billion, an
80.0% increase.

According to the company, the "favorable sales" of its home
video games such as "Phoenix Wright 4", "Resident Evil 4 Wii
edition", and "Monster Hunter Freedom 2nd" made them change its
forecast for the first quarter for fiscal year 2007.

Troubled Company Reporter-Asia Pacific reported on August 15,
2007, that the video game software developer reported a 57.2%
increase in net income of JPY2.08 billion from the JPY1.32
billion.

The TCR-AP article writes that the home video games division
surged a 74.7% increase in net sales which totaled to
JPY7.91 billion from the previous year's JPY4.53 billion.

                      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.


DAIEI INC: To Continue Importing U.S. Beef After 2004 Sales Halt
----------------------------------------------------------------
Daiei Incorporated said it will resume stocking American beef
starting this Saturday after stopping sales in February 2004 out
of fear of mad cow disease, reports the Japan Times.

According to the report, the U.S. beef will initially be sold
only once a month at 205 outlets since the company has not yet
secured a large supply of the meat.

The Kobe-based retail company revealed that they will only
accept meat from cattle whose aged 20 months or less and will
only deal in meat whose distribution process has been documented
to safeguard against mad cow disease, relates Japan Times.

The beef will be sold at JPY188 per 100 grams, Japan Times
conveys.

                        About Daiei Inc.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.  
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


GOODWILL GROUP: To Split Nursing Homes to 3 Firms Before Sale
-------------------------------------------------------------
Goodwill Group, Inc., plans to set up three new companies to
take over the assisted-living facilities operations run by its
scandal-hit subsidiary, Comsn Inc., in order to smooth their
sales, Japan Times reveals, citing unidentified sources.

Reportedly, Goodwill based its decision on the lengthy time it
would take to sell individually the more than 200 nursing homes
and other assisted-living facilities for the elderly.

Japan Times writes that Comsn's facilities can be grouped into
three types in accordance with the necessary services and
prices.  The operations, including personnel, will be
transferred to the three companies and sell them to a buyer,
Japan Times cites its sources as saying.

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

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

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


TIMKEN COMPANY: Moody's Affirms Ba1 Medium Term Notes Rating
------------------------------------------------------------
Moody's Investors Service revised Timken's ratings outlook to
positive from stable.

The positive outlook reflects improvements in the company's
operating performance and leverage as well as Moody's view that
the company's margin volatility may have been reduced as a
result of the business transformation initiatives it has pursued
in the past few years.  At the same time, Moody's affirmed
Timken's Ba1 corporate family rating and the Ba1 rating on
Timken's US$300 million Medium Term Notes, Series A.

Moody's Ba1 ratings reflect Timken's market position as a
leading producer of tapered roller and needle bearings, its
well-regarded reputation and long operating history, along with
its moderate leverage and reduced pension underfunding.  
However, the Ba1 ratings incorporate Moody's concern over the
ongoing poor operating performance of its automotive segment,
which comprises a significant proportion of the company's end
market exposure, low operating margins, and modest free cash
flow, which is due in part to elevated capital expenditures in
support of growth initiatives, working capital pressures and
pension contributions.

The stronger credit profile of the company reflects the
expansion into new industrial segments and international
markets, as well as the de-leveraging efforts in large part due
to the company's materially improved pension funding status
having made US$900 million in contributions to the plan since
2002.  The company continues to pursue growth initiatives, such
as its move into high growth markets, particularly, aerospace
and industrial, strategic divestitures of unprofitable
businesses and the expansion of global distribution channels.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered  
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.


XERIUM: Restating Fin'l Statements Due to Interest Rate Swaps
-------------------------------------------------------------
Xerium Technologies Inc. disclosed that based on the findings of
its previously announced review of the accounting treatment
related to interest rate swaps that it entered into in June
2005, it will restate certain of its previously issued financial
statements.

"The interest rate swap transactions that are the subject of
this restatement provide effective economic hedges and this
change in accounting method will not minimize the benefits from
this risk management strategy," said Thomas Gutierrez, Chief
Executive Officer of Xerium Technologies.  "Accounting for
hedging activities is an extremely complex area and we are
committed to making sure that we make the proper adjustments
now, and that future periods will be accounted for properly.
This is a technical accounting issue which we expect will affect
only interest expense and income taxes thereon and the resultant
impact on net income (loss).  This issue will not impact our
cash flow or the operating results we announced earlier this
week, including sales, income from operations and Adjusted
EBITDA."

                        Background

The restatement will correct the company's accounting for the
fair value of its interest rate swap agreements that it entered
into in June 2005.  To date, the Company has accounted for these
interest rate swaps as hedging instruments in accordance with
SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities," as amended.  The fair value of these interest rate
swap agreements was adjusted quarterly, with the changes
recorded as deferred gains or losses on the Company's
consolidated balance sheet with the offset recorded in
accumulated other comprehensive loss, net of tax.  It has been
determined that the swaps do not qualify as hedging instruments
because the Company inappropriately applied the 'short-cut'
method to evaluate these interest rate swaps for hedge
accounting purposes from the date of inception.  Accordingly,
the Company will recognize the change in the fair value of these
swaps as a component of earnings for past and future periods.

           Financial Statements to be Restated

The consolidated financial statements expected to be restated
are the consolidated balance sheets as of Dec. 31, 2006, and
2005 and the consolidated statements of operations,
stockholders' equity (deficit), and cash flows for the years
2006 and 2005 and the company's unaudited quarterly financial
statements during these years, commencing with the quarter ended
June 30, 2005, and the quarter ended March 31, 2007.  These
consolidated financial statements, as filed, contain errors and
should therefore not be relied upon.  As a result of this
determination, related reports of the company's independent
registered public accounting firm on the consolidated financial
statements and internal control over financial reporting
included in the annual report on Form 10-K for the year ended
Dec. 31, 2006, would no longer be relied upon.

Following completion of its work and that of its independent
registered public accounting firm, the restatement of the
company's financial results will be effected as soon as
practicable by the filing of an amended annual report for the
year ended Dec. 31, 2006, and an amended quarterly report on
Form 10-Q for the quarter ended March 31, 2007.

The accounting review was initiated to address a matter
involving the company's historical accounting for interest rate
swap agreements that it entered into in June 2005.  The company
identified the matter during the ordinary course of reviewing
the company's interest rate swaps and financial results for the
second quarter of 2007.  It is necessary for the company to
complete these restatements in order to complete its quarterly
report on Form 10-Q for the quarter ended June 30, 2007, and
accordingly, this report was not filed by its due date, but is
expected to be filed upon the completion of the restatement.


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

                          *     *     *

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

Affirmed ratings are:

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


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

CURON INC: Changes Name to CoreBrid Inc.
----------------------------------------
Curon Inc. disclosed that it changed its name to CoreBrid, Inc.,
Reuters Key Developments reports.

According to the report, this company move took effect on
August 13, 2007.

Seoul-based Curon Inc. -- http://www.curon.co.kr-- is engaged    
in the provision of diaphragms, vaporizers and Video On Demand
servers.  The company provides three main products: diaphragms
and vaporizers, which are used in gas meters, speakers,
automobiles, medical applications, heavy machinery, industrial
valves and pumps; VOD servers such as StreamXpert, which supply
High Definition Television (HDTV) multimedia content; and
Telematics, which are used in entertainment, games, digital
multimedia players, traffic information, satellites, digital
versatile discs, TVs and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


NAMAE INTERNATIONAL: Synco Co. Sells 6,000,000 Shares
-----------------------------------------------------
Namae International. Co., Ltd. disclosed that Synco Co., Ltd.
has sold off 6,000,000 shares of the Company, Reuters Key
Developments reports.

According to the report, this resulted to a decrease of Synco's
stake in Namae International down to 0.43% from 11.75%.

Headquartered in Gyeonggi Province, Korea, Namae International.
Co., Ltd., formerly CPN Co., Ltd. -- http://www.cpns.co.kr/--     
is engaged in the provision of distribution services.  The
company operates its business through three divisions:
distribution, education and Internet divisions. Its distribution
business division distributes golf sticks, hair care products,
shampoos, hair conditioners, hair packs, body cleansers, baby
formulas, batteries, lip care products, chocolates, mask packs
and others to more than 4000 stores in Korea.  Its education
business division offers academic and athletic training
curriculums.  Its Internet business division provides e-coin
cards and other related products.

Korea Investors Service affirmed its CCC ratings on both series
4 and series 5 of the company's convertible bond on July 11,
2006.  Both ratings carry a stable outlook.


NDCROP CO: Buys 33.3% Stake in Capgold Limited for KRW92,590MM
--------------------------------------------------------------
NDcrop Co., Ltd. has decided to purchase a 33.3% stake in
Capgold Limited for KRW92,590 million, Reuters reports.

According to the report, the transaction is expected to settle
on November 18, 2007.

Capgold Limited is engaged in mine development, the report adds.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged
in the storage area network (SAN) and communication solutions
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and
distributes wired and wireless communication products, including
voice-over-Internet protocol (VoIP) residential gateways, VoIP
asymmetric digital subscriber line (ADSL) modems and VoIP cable
modems, and System Integration business, which provides servers,
work stations and data storage systems for digital media
services.

Korea Ratings gave the company's KRW10.30 billion convertible
bonds issue a B- rating with an evolving outlook on July 31,
2006.


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

PROTON HOLDINGS: Launches New Sedan; Expects Strong Import Sales
----------------------------------------------------------------  
Proton Holdings Corp recently unveiled its new sedan and
anticipates robust sales to include exports in the region and
Europe, AFP reports.

The sleek new 1,600-cc Persona sedan is designed to appeal to
the young professional after the company last year lost its
status as the country's leading car seller to local rival
Perodua, the news agency relates.  The new car was designed to
replace its 14-year-old Wira model.

Proton's chairman Mohammed Azlan Hashim was quoted by AFP as
saying that the company expects Persona sales to reach between
30,000 and 40,000 units in the next 12 months.

"Already, 2,200 bookings have been made so far, and these
bookings have been made by customers who have not even seen the
actual car," Mohammed Azlan said, adding that new models were
also on the drawing board.

The Persona, which is available both in manual or automatic
transmission, is priced between MYR44,999 and MYR55,800
(US$13,325 to US$16,411 dollars).

Proton managing director Syed Zainal Abidin Syed Mohammed Tahir
said the company was also looking at exporting the vehicle to
Singapore, Thailand, Indonesia, Australia and Britain, AFP says.

"You cannot concentrate on the domestic market alone as it is
getting smaller and smaller. That's why export is going to be
the approach," Mr. Syed Zainal was quoted as saying.

                    About Proton Holdings

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

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

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

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


STAR CRUISES: Group Posts US$23.4-Mil. Net Profit in 2nd Quarter
----------------------------------------------------------------
Star Cruises Group posted a net profit of US$23.4 million
(MYR80.73 million) for the quarter ended June 30, 2007, compared
with US$33.9 million loss in the same quarter the previous year.

Net revenue rose 11.5% to US$657 million, due on higher cruise
ticket and onboard gaming revenue in the Star Asia fleet that
was partially offset by a decline in cruise ticket prices for
NCL Group's inter-island cruises in Hawaii and lower onboard
spending, The Edge Daily notes from the company's disclosure.

Overall group occupancy stood at 104.8% compared with 103.4% in
2Q06.

Star Cruises added that its ship operating expenses per
capacity, for the second quarter, fell 3.3% compared to the same
quarter in 2006 due to lower payroll and related costs of NCL
America, lower fuel costs and receipt of certain insurance
proceeds.

The selling, general and administrative expenses (SG&A) per
capacity day rose 6.3% compared to 2Q06 due to higher
advertising and promotional costs in Star Asia fleet, increased
shoreside expenses to support the expanded operations in China
and the timing of certain SG&A expenses for NCL Group.

It recorded a gain of US$53.7 million from the disposal of its
25% interest in RWS for S$255 million (MYR582.68 million).

Malaysia-based Star Cruises Limited --
http://www.starcruises.com/-- is a company publicly listed in  
Hong Kong and is a core member of the Genting Group and 36.1%
owned by Resorts World, which is, in turn, 57.7% owned by
Genting Berhad.  Star Cruises operates 22 ships with 35,000
lower berths under five main brands: Star Cruises and Cruise
Ferries, which service Asia Pacific, and three brands under NCL.

Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.  The ratings were placed on CreditWatch on Dec.
11, 2006, following the announcement that Genting International
PLC had won its SD$5.2 billion bid to build Singapore's second
integrated resort on Sentosa Island.

Moody's Investors Service confirmed the B1 corporate family
rating of Star Cruises Limited.  The rating outlook is stable.  
This concludes the ratings review initiated on January 25, 2007.


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

ABSOLUTE DESIGN: Court to Hear Wind-Up Petition Today
-----------------------------------------------------
On May 9, 2007, the Commissioner of Inland Revenue filed a
petition to liquidate the business of Absolute Design and
Drafting Services Ltd.

The petition will be heard before the High Court of Auckland
today, August 16, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Adam R. A. Pell
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand


AIR NEW ZEALAND: Use of Spare Capacity Ups Charter Revenue
----------------------------------------------------------
Over the past 14 months Air New Zealand has increased its focus
on charter activity resulting in revenue contribution of more
than NZ$18 million, a significant increase on the previous
equivalent period.

Air New Zealand General Manager Airline Operations and Planning
Glen Sowry said that this charter revenue has been achieved by
using spare aircraft capacity and crew that was not required to
operate Air New Zealand's commercial schedule.

"Air New Zealand typically has surplus aircraft capacity over
the winter months when travel demand to and from New Zealand is
lower than during our peak season.

"During this period and whenever we have surplus capacity, we
have an active charter operation with a wide range of customers,
for example we have carried rock bands around the Pacific, we
recently undertook two flights to Kuwait and the UAE carrying
Australian Defence Force personnel, and just two weeks ago
recovered stricken P&O cruise ship passengers from Noumea.

"As recently as this past weekend, Air New Zealand operated a
charter A320 flight to Wallis Island in the Pacific to carry
over 9 tonnes of fresh food supplies to the remote island
community when the regular shipping service was unable to
operate.

"Customers will typically charter aircraft where they have
significant passenger volumes and it is cheaper than purchasing
standard tickets on scheduled commercial services or where they
have a desired departure date or time not available from a
scheduled service, or they desire a non-stop service and the
only available scheduled services involve stopovers.

"The aircraft used for charter operations are Air New Zealand
aircraft operating under Air New Zealand's Air Operating
Certificate and as such are subject to, and abide with,
applicable NZCAA regulations.

"In flying such charter operations, Air New Zealand flies
standard commercial air routes and operates to and from airports
that meet all the normal commercial requirements required by Air
New Zealand for our standard passenger operations," said Mr.
Sowry.

"In most cases, Air New Zealand has competed for charter
contracts in open tender processes with other commercial
airlines. The high success rate that Air New Zealand has had in
securing and successfully operating these charters is a tribute
to the depth of experience and integrity of Air New Zealand's
operational staff and crew," said Mr. Sowry.

                      About Air New Zealand

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

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

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


AQUASOLEIL TRUSTEE: Undergoes Liquidation Proceedings
-----------------------------------------------------
On July 19, 2007, the shareholders of Aquasoleil Trustee Ltd.
passed a resolution to liquidate the company's business.

Stephen Rex Tietjens and John Joseph Cregten, the appointed
liquidators, require the company's creditors to file their
claims by August 27, 2007.

The Liquidators can be reached at:

         Stephen Rex Tietjens
         John Joseph Cregten
         AMP Centre, Level 15
         29 Customs Street West
         PO Box 532, Auckland
         New Zealand
         Telephone:(09) 358 1230
         Facsimile:(09) 358 3646


CAPITAL EVENTS: Faces APG Holdings' Wind-Up Petition
----------------------------------------------------
On May 16, 2007, APG Holdings Limited filed a petition to wind
up the operations of Capital Events Holdings Ltd.

The petition will be heard before the High Court at Auckland
today, August 16, 2007, at 10:45 a.m.

APG Holdings' solicitor is:

         Murray David Branch
         c/o Harkness Henry & Co
         KPMG Tower, 8th Floor
         85 Alexandra Street, Hamilton
         New Zealand


DENNY'S CORP: M. Jenkins Leaves SVP & Chief Mktg. Officer Posts
---------------------------------------------------------------
Denny's Corporation and Margaret L. Jenkins, senior vice
president, marketing and chief marketing officer of the company,
agreed that Ms. Jenkins' employment with the company would
terminate effective Aug. 31, 2007.

In connection with her termination the company, through its
subsidiary Denny's Inc., and Ms. Jenkins entered into a
separation agreement, the material terms of which include, in
exchange for her complete release of any and all claims against
the company and her agreement to a 24 month non-compete and no
solicitation provision:

   i. a lump sum severance payment by the company to Ms. Jenkins
      in the amount of $1,338,150 representing 200% of her       
      current base salary, target annual incentive bonus and car   
      allowance;

  ii. the immediate vesting of all stock option awards from the
      company to Ms. Jenkins and the extension to Ms. Jenkins of
      the right to exercise her vested stock options for the
      lesser of the remaining term of the stock option or 36
      months; and

iii. a one-time payment from the company to Ms. Jenkins equal
      to, for a 24 month period, the difference between the
      COBRA rate for continuation of the company's group health
      benefits and the current active employee group health
      benefit premium rate.

                    About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a  
full-service family restaurant chain in the U.S., with 521
company-owned units and 1,024 franchised and licensed units,
with operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                          *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


FILM SAFETY: Subject to CIR's Wind-Up Petition
----------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Film Safety Ltd. on May 9, 2007.

The High Court of Auckland will hear the petition today,
Aug. 16, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Adam R. A. Pell
         17 Putney Way  
         PO Box 76198, Manukau
         Auckland
         New Zealand


H.D.F. HOLDINGS: Taps Stephen Charles Grey as Liquidator
--------------------------------------------------------
On July 16, 2007, the members of H.D.F. Holdings Ltd. resolved
through a special resolution to liquidate the company's
business.  Stephen Charles Grey was then named as liquidator for
the company.

Creditors who were not able to file their claims by August 10,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidator can be reached at:

         Stephen Charles Grey
         c/o Chester Grey Chartered Accountants Limited
         230 Great South Road, 1st Floor
         Papatoetoe, Auckland
         PO Box 97999, South Auckland Mail Centre
         New Zealand
         Telephone:(09) 277 8278
         Facsimile:(09) 278 2725


HEADLAND CONSTRUCTION: Court Sets Hearing of Wind-Up Bid Today
--------------------------------------------------------------
A petition to wind up the operations of Headland Construction
Ltd. will be heard before the High Court of Auckland today,
August 16, 2007, at 10:45 a.m.

Fletcher Steel Limited filed the petition against the company on
May 18, 2007.

Fletcher Steel's solicitor is:

         Crispin Ross Vinnell
         c/o Anthony Harper
         Anthony Harper Building, Level 5
         47 Cathedral Square
         PO Box 2646, Christchurch
         New Zealand
         Facsimile:(03) 366 9277


HERNE BAY: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------
On July 20, 2007, the shareholders of Herne Bay Property Trust
Ltd. had a meeting and agreed to liquidate the company's
business.

Laurence George Chilcott and Peter Charles Chatfield were
appointed as liquidators.

The Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfield
         c/o Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Shortland Tower One, Level 11
         51-53 Shortland Street
         PO Box 5545, Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


KNA TIMBER: Shareholders Appoint J.F. Managh as Liquidator
----------------------------------------------------------
On July 30, 2007, John Francis Managh was named as liquidator of
KNA Timber Remanufacturing Ltd.

Mr. Managh is accepting proofs of debt from the company's
creditors until August 30, 2007.

The Liquidator can be reached at:

         John Managh
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280


LOADED HOG: Court to Hear Wind-Up Petition Today
------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Loaded Hog Auckland (2005) Ltd. today, August 16,
2007, at 10:00 a.m.

Match Realty Limited filed the petition against the company on
May 30, 2007.

Match Realty's solicitor is:

         C. M. Murphy
         Simpson Western
         5-7 Byron Avenue, Takapuna
         New Zealand


PACIFIC EDGE: Schedules Annual Shareholders Meeting on Aug. 30
--------------------------------------------------------------
Pacific Edge Biotechnology Limited will hold its 2007 annual
meeting of shareholders on Aug. 30, in the Centre for Innovation
Seminar Room, 87 Saint David Street, in Dunedin.

The matters to be considered during the meeting are:

   1. the presentation of the annual report for the year ended
      March 31, 2007, and the report of the auditor.

   2. the passing of these Ordinary Resolutions:

         (a) That Colin Dawson be re-elected as director;

         (b) That David Band be elected as director;

         (c) That Peter Foster be elected as director; and

         (d) That Johnny Cochrane be elected as director.

   3. the re-appointment of PricewaterhouseCoopers as auditors
      and the board's authorization to fix the auditor's
      remuneration for the ensuing year.

   4. the presentation by executives of a summary of the
      company's recent developments and achievements.

Any person who is registered as a shareholder of the company at
4:00 p.m. on Aug. 28, 2007, is entitled to attend and vote at
the meeting or to appoint a proxy to attend and vote in their
place.

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing protein/
antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

The company has booked at least two consecutive annual net
losses -- NZ$1,880,836 for the year ended March 31, 2007, and
NZ$2,516,838 for the year ended March 31, 2006.


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

ACESITE: Earns PHP2.23 Million for Second Quarter 2007
------------------------------------------------------
Acesite (Phils.) Hotel Corporation posted a net income of
PHP2.23 million for the second quarter of 2007, a turnaround
from a PHP24.25-million net loss a year before.

Hotel occupancy rate went up by five percentile points to
68.14%, combined with a higher average room rate at PHP1,994.

Gross revenues amounted to PHP177.89 million for the second
quarter of 2007, a 7.16% increase against the PHP166.00 million
reported for the second quarter of 2006.

The company, however, posted a lower gross operating income for
the period in review at PHP63.58 million, a 12.27% decrease from
PHP72.48 million in the previous corresponding period.

The company's financial statements for the quarter ended
June 30, 2007, can be viewed for free at:

             http://bankrupt.com/misc2/acesite.pdf

                     About Acesite (Phils.)

Formerly known as Delbros Hotel Corporation, Acesite (Phils.)
Hotel Corporation -- http://www.manilapavilion.com.ph/-- is a   
foreign-owned domestic corporation incorporated to engage in
hotel operations and investing.  DHC owns the Holiday Inn Manila
Pavilion Hotel, a deluxe hotel situated along United Nations
Avenue in Manila.  The operations of the latter are being
managed by Holiday Inn Worldwide.  A major customer of the hotel
is the Philippine Amusement and Gaming Corporation, which
operates the Casino Filipino - Pavilion.

                 Debt Default and Restructuring

An event of default occurred with respect to the Acesite's
payment of its US$15 million loan with the Singapore Branch of
the Industrial and Commercial Bank of China, which matured on
March 31, 1998.  On June 3, 2003, the loan was restructured by
ICBC, which stipulated six semi-annual installment payments of
principal and interest until April 2006.  In July 2004, the
company's new management requested for a reprieve on loan
principal payments due for the period, which the company
suggested to be placed at the end of the term of the Amended
Agreement.  The outstanding principal balance of the ICBC loan
as of March 31, 2006, is US$9.18 million.  Management is still
negotiating with ICBC for a rescheduling of payment on the
remaining principal balances.

                       Material Lawsuits

Acesite is party to a case that involves a PHP30.15 million
petition for the Bureau of Internal Revenue to refund Extended
Value Added Tax payments made from July 1996 to October 1997.  
Both the Court of Tax Appeals and then later the Court of
Appeals ruled in favor of Acesite, and ordered the BIR to refund
PHP30.05 million.  The case is presently with the Supreme Court
on further appeal by the BIR.

Acesite also has a PHP5.26 million petition for the City
Treasurer of Manila to refund local taxes payments made on
April 19, 2002.  The case is still pending with the Regional
Trial Court in Manila, Branch 15.


ALLIED BANK: To Raise PHP5 Billion in Additional Capital
--------------------------------------------------------
In a disclosure with the Philippine Stock Exchange, Allied
Banking Corp. said that its board of directors approved and
authorized a plan to raise capital by issuing Core (Hybrid
Tier 1) and Supplemental (Upper/Lower Tier 2) Capital up to
PHP5 billion through a public offering.

The Philippine Star notes that Allied Bank has tapped ING Bank
N.V.-Manila Branch as arranger and lead underwriter for the
capital-raising exercise.

In 2005, PhilStar recounts, Allied Bank issued Tier 2 notes that
raised US$50 million (roughly PHP2.8 billion) through a private
placement also managed by ING Bank.

PhilStar cites Allied Bank President Reynaldo A. Maclang as
saying that the capital-raising activity is a continuation of
the bank's capital build-up program for "more elbow room."

Allied Banking Corporation -- http://www.alliedbank.com.ph/--    
is a universal bank incorporated in the Philippines on April 4,
1977.  The company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients.  Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services.  In addition, the bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.

Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 2, 2006, Moody's Investors Service revised the outlook
of Allied Banking Corp.'s foreign currency long-term deposit
rating of B1 to stable from negative.


ALLIED BANK: Awaits BIR to Acknowledge 75% Equity in NYLIP
----------------------------------------------------------
Allied Banking Corp. acquired 75% of the total outstanding and
issued shares of New York Life Insurance (Philippines) Inc., the
bank recounts through a regulatory filing with the Philippine
Stock Exchange.

In an update, the Philippine Star cites Allied Bank first vice
president for corporate affairs and planning, Fabian A.
Pagaduan, as saying that the full appreciation of the bank's
control of the 75% equity in NYLIP will be realized after the
Bureau of Internal Revenue acknowledges the new equity control
through a certificate of registration.

As reported in the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Allied Bank increased its stake in NYLIP from 25%
to 75% under a definitive share purchase agreement with New York
Life International LLC.

The bank acquired the 25% equity in the local unit of New York
Life last year in a deal worth PHP225 million, before acquiring
the additional 50% in April 2007, PhilStar recalls.

According to the report, the bank said that it is studying
options of buying the remaining 25% stake to take full control
or allow New York Life Insurance Co. (USA) to retain minority
control.

Allied Banking Corporation -- http://www.alliedbank.com.ph/--    
is a universal bank incorporated in the Philippines on April 4,
1977.  The company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients.  Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services.  In addition, the bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.

Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 2, 2006, Moody's Investors Service revised the outlook
of Allied Banking Corp.'s foreign currency long-term deposit
rating of B1 to stable from negative.


BAYANTEL: Turns Around in First Half with PHP820-Mil. Net Income
----------------------------------------------------------------
Bayan Telecommunications turned around in the first half this
year with net earnings of PHP820 million, compared with the
PHP1.19-billion net loss it incurred in the same period in 2006,
driven by the strong performance of its data and voice
businesses, Zinnia Dela Pena writes for the Philippine Star.

The Philippine Daily Inquirer relates that BayanTel's revenues
reached PHP2.6 billion, up 12% from the PHP2.32 billion it
reported in the first half of last year.

PhilStar cites BayanTel Chief Executive Consultant Tunde Fafunwa
as attributing revenues growth to the company's Internet
business, which registered the biggest increase in revenues at
PHP466 million or 58% higher as the number of DSL subscribers
jumped 150% to about 40,000 nationwide.

Moreover, data revenues went up 23% to PHP992 million as
international leased lines registered a 10% growth in revenues
to PHP119 million, PhilStar says.  Revenues from voice
operations, comprising of monthly rates paid by telephone
subscribers and local and international long distance revenues,
rose 6% to PHP1.57 billion.

Earnings before taxes and depreciation dropped 6% to
PHP823 million as more funds were allocated to the rollout of
its wireless landline business, the Inquirer notes.

PhilStar adds that given its strong first half performance, the
company is confident of sustaining its income growth for the
year and expects its bottom line to reach between PHP1.4 billion
to PHP1.6 billion on the increasing subscriber base in wireless
landline and DSL services, and a growing market share in
corporate data services.

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC  
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star states that
BayanTel, which has been under receivership since 2004, is
setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash. It has so far paid
PHP2 billion out of its total debt of US$325 million.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


MIC HOLDINGS: June 30 Balance Sheet Upside-Down by PHP3.4MM
-----------------------------------------------------------
MIC Holdings Corporation posted a net loss of PHP2.93 million
for the first half of 2007, compared with the PHP4.41-million
net loss it reported for the first half of 2006.

Revenues amounted to PHP1.92 million for the period in review,
while cost of service amounted to PHP2.81 million, and operating
expenses amounted to PHP2.04 million.

The company's balance sheets as of June 30, 2007, showed total
assets of PHP51.01 million and total liabilities of
PHP54.41 million, resulting in a capital deficit of
PHP3.40 million.

A full-text copy of MIC Holdings' financial results for the
first half period ended June 30, 2007, is available for free at:

            http://bankrupt.com/misc2/micholdings.pdf

Headquartered in Quezon City, Philippines, MIC Holdings
Corporation's board of directors approved the following
amendments to the articles of incorporation: change of name from
Metropolitan Insurance Company to its present one; change of
primary and secondary purposes from insurance to that of a
holding company; and removal of preemptive rights.  On July
1999, the Securities and Exchange Commission approved the
amended articles.


MIRANT CORP: Mirant Lovett Files Amended Plan of Reorganization
---------------------------------------------------------------
Mirant Lovett, LLC, delivered an Amended Chapter 11 Plan of
Reorganization to the U.S. Bankruptcy Court for the Northern
District of Texas on August 3, 2007, to reflect non-material
modifications to the Plan.

The non-material modifications include additional definition of
certain terms:

  (a) Priority Claim means any claim against Mirant Lovett to
      the extent the Claim is entitled to priority right of
      payment under Section 507(a) of the Bankruptcy Code, other
      than Secured Claims, Administrative Claims and Tax Claims;

  (b) Protected Persons subject to the releases contained in the  
      Mirant Lovett Plan are to include Mirant Lovett's (i)
      Thomas Legro, senior vice president and controller, and
      (ii) Patricia Bernard, senior vice president for  
      administration.

Under the Plan, "Protected Persons" include (a) all
professionals, officers, directors and managers of the Debtors,
(b) the members of Committees and their professionals, (c)
William Snyder in his capacity as the examiner in the Chapter 11
cases and his professionals and (d) Dean Nancy Rapoport, in her
capacity as fee examiner.

                    Means For Implementation

Aside from the New York Settlement Agreement, the Amended Plan
also incorporates a 2007 tax agreement and a 2007 amended
consent decree into the Mirant Lovett Plan, which will be fully
enforceable against Mirant Lovett, to the extent permitted by
applicable non-bankruptcy law.

In the event of a conflict between the Mirant Lovett Plan on the
one hand and the terms of the New York Settlement Agreement, the
2007 Tax Agreement and the 2007 Amended Consent Decree on the
other hand, the terms of the applicable agreement will govern.

                       Governing Entity

The governing entity of Mirant Lovett will be the same as the
governing entity existing immediately prior to the effective
date of the proposed Mirant Plan.  The current officers or
managers of Mirant Lovett will continue to serve in the
positions after the Mirant Lovett Plan Efective Date in
accordance with their corresponding employment agreements, if
any, and applicable law.

A full-text copy of Mirant Lovett's Amended Plan of
Reorganization is available for free at:

        http://bankrupt.com/misc/LovettAmendedPlan.pdf

                       About Mirant Corp.

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

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

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

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 128;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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


MIRANT CORP: Mirant Lovett Confirmation Hearing Set for Sept. 19
----------------------------------------------------------------
The Hon. D. Michael Lynn of the U.S. Bankruptcy Court for the
Northern District of Texas will convene a hearing to consider
confirmation of Mirant Lovett, LLC's proposed Plan of
Reorganization on Sept. 19, 2007, at 1:30 p.m. (Prevailing
Central Time).

Any objections to the Lovett Plan must be filed by September 12,
at 4:00 p.m. (Prevailing Central Time).

The Court also approves Mirant Lovett's Recommencement Notice
and directs the Debtor to serve the Notice on all of its
creditors within five days, in accordance with Rules 2002 and
3017 of the Federal Rules of Bankruptcy Procedure.

Mirant Lovett will publish the Recommencement Notice in each of
(a) the national edition of The Wall Street Journal, and (b) The
Journal News, with the initial publication being at least 25
days prior to the Confirmation Hearing.

According to Judge Lynn, holders of Class 1 -- Tax Jurisdiction
Settlement Claims are deemed to have accepted the Lovett Plan,
and Mirant Lovett is not required to solicit the votes of the
Tax Claim holders.

The Court further rules that the votes by holders of unsecured
claims -- Class 2 Unsecured Claims and Class 4 Convenience
Claims -- with respect to Mirant Corporation's Plan of
Reorganization, are deemed to be votes in favor of the Lovett
Plan, therefore, Mirant Lovett is not required to solicit votes
from these Claim holders.

                       About Mirant Corp.

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

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

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

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 128;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

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


PRIME MEDIA: June 30 Balance Sheet Upside-Down by PHP821 Million
----------------------------------------------------------------
Prime Media Holdings, Inc., posted a net income of
PHP7.18 million for the six months ending June 30, 2007, a
turnaround from the net loss of PHP4.71 million posted for the
six months ending June 30, 2006.

Revenues for the semester in review amounted to
PHP11.95 million, while expenses amounted to PHP4.77 million.

As of June 30, 2007, the company had total assets of
PHP48.94 million and total liabilities of PHP870.13 million,
resulting in a capital deficiency of PHP821.19 million.

Prime Media Holdings, Inc. (formerly First E-bank Corporation),
was incorporated in the Philippines and is listed in the
Philippine Stock Exchange.  The company's principal place of
business is at BDO Plaza, 8737 Paseo de Roxas Avenue, Makati
City.

On December 6, 2002, the company's board of directors approved
the amendment of its articles of incorporation to change its
primary purpose from a development bank to a holding company,
which would hold investments in media industry.  The Securities
and Exchange Commission approved the amendment on October 1,
2003.


SWIFT FOODS: Loses PHP42.7 Million in 2007 Second Quarter
---------------------------------------------------------
Swift Foods, Inc., incurred a net loss of PHP42.7 million for
the second quarter of 2007 and PHP68.0 million for the first
half of the year.  These figures are an increase from the net
income of PHP8.0 million and PHP38.0 million for the second
quarter and first half periods in 2006.

The company registered revenues for the 2nd quarter and 1st half
of 2007 amounted to PHP712.0 million and PHP1.4 billion,
respectively, as compared to PHP774 million and PHP1.55 billion
for the same period last year or a decrease of about 8% and 9%,
respectively due to decrease in volume and in average selling
prices.

Cost of sales for the 1st half of the year as a percentage of
sales increased to 98% from 91% for the same period last year
due to the continuous increase in prices of major raw materials.
Operating expenses decreased by about 1.62% when compared to 1st
half of 2006.

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/swiftfoods.pdf

Mandaluyong City-based, Swift Foods, Inc. --
http://rfm.com.ph/swift/swift_foods-- was incorporated to    
assume RFM's business of manufacturing, marketing, and
distributing processed and canned meat products, poultry
products, and commercial feeds. It is organized into two major
divisions -- agribusiness and meat processing and sales
distribution. Its agribusiness division produces broiler
chickens and feeds while the latter manufactures processed meat,
canned goods and customized meat products for fast-food chains.

                Significant Doubt on Going Concern  

Teresita M. Baes of Sycip Gorres Velayo & Co., the company's
independent auditor, expressed doubt on the company's ability to
continue in the normal course of business after auditing its
annual report for the period to Dec. 31, 2006.


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

ADVANCED MICRO: Prices US$1.5 Bln of 5.75% Convertible Sr. Notes
----------------------------------------------------------------
Advanced Micro Devices, Inc. has completed the pricing of
US$1.5 billion aggregate principal amount of 5.75% Convertible
Senior Notes due 2012 in a private placement to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended.

AMD granted to the initial purchaser a 30-day option to purchase
up to US$225 million aggregate principal amount of additional
notes to cover over-allotments, if any.  Interest on the notes
will be paid semiannually on Feb. 15, 2007, and Aug. 15, 2007,
at a rate of 5.75% per year.

The notes will be convertible into shares of common stock based
on an initial conversion rate of 49.6771 shares per US$1,000
principal amount of notes, which is equivalent to an initial
conversion price of approximately US$20.13 per share.  This
initial conversion price represents a premium of approximately
50% relative to the last reported sale price on Aug. 8, 2007, of
AMD's common stock of US$13.42 per share.  Holders of the notes
may require AMD to repurchase the notes for cash equal to 100%
of the principal amount to be repurchased plus accrued and
unpaid interest upon the occurrence of certain designated
events.

AMD estimates that the net proceeds from the offering will be
approximately US$1,479 million, or about US$1,701 million if the
initial purchaser exercises its over-allotment option in full,
after deducting discounts, commissions and estimated offering
expenses.

AMD intends to use the net proceeds of the offering, together
with available cash, to repay in full the outstanding balance of
the term loan AMD entered into with Morgan Stanley Senior
Funding, Inc. in October 2006.  If the initial purchaser
exercises its over-allotment option, AMD intends to use the
additional net proceeds for general corporate purposes,
including working capital and capital expenditures.

                            About AMD

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

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

                             *   *   *

The TCR-Europe reported on Aug. 6, 2007, that Moody's Investors
Service has downgraded the ratings of Advanced Micro Devices'
US$390 million senior notes due 2012 to B2 from Ba2 and upgraded
the ratings of the US$1.6 billion term loan due 2013 to Ba1 from
Ba2.

Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.

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


CHINA AVIATION: Parent Firm May Inject Asset Before MOU Expires
---------------------------------------------------------------
China National Aviation Fuel Group Corporation, the parent
company of China Aviation Oil (Singapore) Corporation Ltd, may
inject assets in China Aviation before the Memorandum of
Understanding, entered between the two and BP Investments Asia
Limited, will expire on October 28, 2007.

"CNAF has indicated that it will propose an asset for injection
for CAO's consideration before the MOU expires.  If CAO
considers the asset suitable for injection, an appropriate
announcement will be made accordingly. However, we envisage that
BP may not, at this point of time, have suitable assets for
injection into CAO.  The MOU will not be extended when it
expires", said Lim Jit Poh, Chairman of CAO.

Sun Li, President of CNAF and Deputy Chairman of CAO, said, "The
selection of suitable assets to inject into CAO under the MOU
has always been an important issue for CNAF.  We believe that
the asset that we will propose for injection will benefit CAO's
growth."

According to Michael Bennetts, Chief Executive of Integrated
Supply and Trading, BP Eastern Hemisphere, and Director of CAO,
"BP remains committed to seeking asset injections into CAO in
future, in line with CAO's strategy.  At the same time, BP will
work closely with CAO to explore ways to help CAO improve its
trading capabilities for mutual benefit."

The MOU was signed on December 5, 2005, with the view to
increase CAO's asset base, earning capacity and prospects, and
thereby further enhancing shareholder's value.

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel    
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


ISOFT GROUP: Set to Deliver LORENZO to CSC Early Next Year
----------------------------------------------------------
iSOFT Group plc is committed to deliver LORENZO 3.5 to Computer
Sciences Corp. by early 2008.  CSC in turn is due to start
rolling it out to the National Programme for IT in England
(NPfIT) from mid 2008 onwards.

"Our aim over the next few years is to exploit fully the
existing portfolio of strategic products -- especially iPM and
iCM -- prior to the gradual introduction of LORENZO from mid-
2008 onwards," John Weston, chairman and acting chief executive
officer of iSOFT, said.

                      New Agreement with CSC

In August 2006, iSOFT entered into a new contract with CSC, with
whom it has been working successfully in the North-West region
of the NPfIT since 2004.  Under that contract iSOFT agreed to be
paid by CSC based on delivery against a number of key
milestones.  The majority of these milestones involved key
product deliverables, comprising interim stages leading to the
delivery of full LORENZO 3.5 functionality in the first quarter
of 2008.  As the quid pro quo for greater control and certainty
over payment, iSOFT agreed that in the event it failed to
deliver on time against the key milestones, CSC would have the
right to step in and manage iSOFT's development operation, but
without taking over any intellectual property rights.

The agreement was entered into in anticipation of a major
redistribution of responsibilities within the NPfIT.  In
September 2006 it was announced that Accenture would transfer to
CSC its obligations to provide services to the North-East and
East and East Midlands regions with effect from Jan. 8, 2007 and
CSC retained iSOFT to provide software in the regions that it
took over.

The August 2006 agreement with CSC has recently been superseded.  
On June 18, 2007, iSOFT and CSC agreed to integrate their teams
involved in the development of software for NPfIT, under CSC's
leadership.  iSOFT will contribute certain of the teams of
people directly involved in the NPfIT project although the
responsibility for employment of all such staff would remain
with iSOFT.

iSOFT will retain the intellectual property rights to LORENZO,
including the rights to exploit it outside the CSC clusters.  
LORENZO installations (current and planned) outside these
clusters will be unaffected and iSOFT does not anticipate that
the changes to the contract will impact its core long term
strategy of developing LORENZO as its strategic product to be
sold internationally.  In addition to LORENZO, CSC will take
responsibility for the code streams of i.Patient Manager (i.PM)
and i.Integration Engine (i.IE) for the NPfIT, two of iSOFT's
current products.  The provision and support of these products
by iSOFT for other customers will be unaffected.

Some two-thirds of license payments to iSOFT under the new
agreement will for the next three years be calendar-based and
the remainder will be based on mutually agreed milestones in
order to ensure the alignment of both parties' interests.  At
the same time, CSC gave its consent under the August 2006
agreement to a change of control in the ownership of iSOFT.

Under the terms of the CompuGROUP offer for iSOFT that was
published on July 20, 2007, CompuGROUP declared that, if it is
successful in acquiring iSOFT, it intends to sell to CSC those
parts of iSOFT's operations that are currently under CSC
management and which develop and support product for the NPfIT
and that CompuGROUP will transfer to CSC copies of certain
source codes, tangible assets and staff resources used by iSOFT
in the business of the development and support of the NHS
versions of the LORENZO software and the NPfIT versions of
i.Patient Manager and i.Integration Engine.

The initial target of this program was to reduce the annualized
cost base from GBP210 million at the start of last year, to
below GBP180 million in the financial year which commenced
May 1, 2007.  

                         About LORENZO

LORENZO is iSOFT's flagship strategic offering and it is central
to the group's future.  It is an integrated healthcare system,
built using a modern service oriented architecture and adopting
web-based protocols.  It is designed to be flexible, adaptable
and will provide customers with easy operability and lower costs
of ownership than any other healthcare IT product.  That
flexibility will enable customers to upgrade existing systems
incrementally, phase and manage their investment resources and
provide them with a low-risk, fully compatible upgrade path.

LORENZO comprises several layers of development.  The technology
layers provide a framework within which both iSOFT and third-
party systems can be retained by customers but enabled to
communicate securely with newly installed LORENZO solution
applications.  LORENZO functionality is now being tested at
early adopter sites in Germany and the Netherlands.

iSoFT group continues to apply substantial resources to the
development of LORENZO, with much of that resource located in
Chennai and Hyderabad in India, where the group now has
approaching 1,300 employees, being enhanced by resources from
CSC.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                            *   *   *

In June 2006 iSOFT revealed a change in accounting policy for
revenue recognition, as a consequence of which it became
necessary to review and restate revenues in prior years.  
Arising out of that review a number of possible accounting
irregularities came to light in which it appears that some
revenues reported in the financial years ended April 30, 2004
and 2005 may have been recognized earlier than they should have
been.

On July 20, 2006 the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006 it was confirmed that
there were indeed matters that needed further investigation and
we handed over relevant documents to the Financial Services
Authority (FSA), which is now conducting that investigation.  
The Group is working closely and cooperatively with the FSA in
order to complete the investigation as quickly as possible.

On Oct. 25, 2006 the Accountancy Investigation and Discipline
Board (AIDB) announced that it will conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended April
30, 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities conducted
by Deloitte & Touche LLP in July and August 2006 did not uncover
evidence that any of the current non-executive directors had any
knowledge of the irregularities.

At the present time the Group has no indication of when either
the FSA or the AIDB intend to conclude their investigations and
report.  On the basis of information that has come to light so
far, the directors consider that the restatement of revenues in
the financial statements for the year ended April 30, 2006
corrected, where appropriate, the impact of these particular
matters.  As the investigation is not yet concluded, it is not
possible for the Board to finally determine what implications,
if any, may arise from the conclusion of the investigations into
these matters.  Nevertheless they must be thoroughly
investigated and the Group will continue to cooperate with both
organizations.

                      Going Concern Doubt

At April 30, 2007, in preparing their cash flow projections,
iSOFT's directors recognize that there are material
uncertainties that may cast significant doubt on the Group's
ability to continue as a going concern.  

The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones.  In addition, until the proposed
CompuGROUP transaction legally completes, the successful
completion of the transaction (including shareholder and court
approval) and ongoing willingness and ability of CompuGROUP to
provide financial support to the Group remain uncertainties.  
Should the transaction not proceed, it would be necessary to
extend or renegotiate the Group's banking agreements beyond
their current expiry date of Nov. 14, 2007.


SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact
-------------------------------------------------------------
Syniverse Technologies Inc. entered into a US$464 million
amended and restated credit agreement.  The agreement provides
for a term loan of US$112 million in aggregate principal amount,
a delayed draw term loan of US$160 million in aggregate
principal, a Euro-denominated delayed draw term loan facility of
the equivalent of US$130 million, a revolving credit line of
US$42 million, a Euro-denominated revolving credit line of the
equivalent of US$20 million and a multi-currency letter of
credit commitment of US$15 million.
Syniverse used US$112 million of the total amount borrowed under
the senior credit facility plus available cash on hand to repay
its previous senior credit facility and to pay related
transaction fees and expenses.  The delayed draw term loans are
intended to fund the proposed acquisition of the wireless
clearing and financial settlement business of Billing Services
Group, including the refinancing of existing debt of Billing
Services Group, and to pay related transaction fees and
expenses.

Lehman Brothers Inc. and Deutsche Bank Securities Inc. acted as
joint lead arrangers and joint book-running managers for the
deal.  Bear, Stearns & Co. Inc. and LaSalle Bank National
Association acted as co-documentation agents.

                          About Syniverse

Based in Tampa, Florida, Syniverse Technologies, Inc.
-- http://www.syniverse.com/-- provides technology outsourcing  
to wireless telecommunications carriers.

The company has its international offices in the Netherlands,
China, Japan and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
June 29, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating, along with its stable outlook,
and its 'B' senior subordinated debt rating on Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed $489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


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

BANGKOK STEEL: Postpones Release of Q2 2007 Financial Statement
---------------------------------------------------------------
Bangkok Steel Industry PCL said that it has postponed the
delivery of its second quarter 2007 financial statement due to
significant changes in its accounting policy, Reuters Key
Developments relates.

The company intends to extend the submission of its financial
statement for another month until September 17, 2007.

                      About Bangkok Steel

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel   
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

The Troubled Company Reporter - Asia Pacific reported that as of
December 31, 2006, the company had total assets of
THB13,660,121,959.61 and total liabilities of
THB18,009,307,218.91, resulting in a capital deficiency of
THB4,349,185,259.30.

                     Going Concern Doubt

Somchai Kurujitkosol at S.K. Accountant Services Company
Limited, the company's independent auditors raised significant
doubt on the group's ability to continue as a going concern
saying that the group incurred an accumulated deficit of
THB18.34billion (2005: THB20.94 billion).  He also cited the
company's capital deficiency.  He adds that the company is
proceeding with its rehabilitation plan, as accepted by the
company's creditors and approved by the Central Bankruptcy
Court.  

The auditor explains that the continuity of going concern for
the company depends largely on the company's capability to repay
liabilities under the rehabilitated plan.  


FEDERAL-MOGUL: Wants Until December 1 to Decide on Leases
---------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District if Delaware to extend the
period within which they may assume or reject nonresidential
real property leases through and including the earlier of:

  (a) December 1, 2007; or

  (b) the effective date of a plan of reorganization.

The Real Property Leases relate to numerous facilities integral
to the Debtors' ongoing business operations, notes James E.
O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones  &
Weintraub LLP, in Wilmington, Delaware.  While the Debtors'
management has largely completed the process of evaluating each
of the Real Property Leases for their economic desirability and
compatibility with the Debtors' long-term strategic business
plan, and a number of economically improvident Real Property
Leases have been rejected by the Debtors with the Court's
approval, several Real Property Leases are continuing to be
evaluated, Mr. O'Neill tells Judge Fitzgerald.  He notes that
the process of evaluating Real Property Leases has taken place
as the Debtors seek to (i) consolidate their facilities to
eliminate redundancies and inefficiencies; and (ii) shift
certain manufacturing efforts to portions of the country and the
world more suitable to their businesses, consistent with their
overall business plan.

An extension, Mr. O'Neill asserts, should be granted to:

  (1) allow time for the Debtors' evaluation process to
      continue; and

  (2) afford the Debtors maximum flexibility in restructuring
      their business.

"Given the inherent fluidity in the operation of a large,
complex business enterprise such as the Debtors', circumstances
may arise during the pendency of there Chapter 11 cases that
will cause the Debtors to rethink the need to continue leasing a
particular facility or their decision to reject a given Real
Property Lease," Mr. O'Neill points out.  "In the absence of an
extension. . .the Debtors could be forced prematurely to assume
Real Property Leases that may later be burdensome, giving rise
to large potential administrative claims against the Debtors'
estates and hampering the Debtors' ability to reorganize
successfully.  Alternatively, the Debtors could be forced
prematurely to reject Real Property Leases that would have been
of benefit to the Debtors' estates, to the collective detriment
of all stakeholders."

The Debtors request does not prejudice the lessors under the
Real Property Leases because the Debtors will continue to
perform all of their obligations under the Leases in a timely
fashion, including payment of all postpetition rent due,  Mr.
O'Neill assures the Court.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which include Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.  The confirmation hearing started on
June 18, 2007.  (Federal-Mogul Bankruptcy News, Issue No. 145;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


TRUE CORP: Mobile Phone Business Revenue Cuts 2Q Net Loss
---------------------------------------------------------
True Corp narrowed its net loss to THB690 million in the 2007
second quarter, compared with a net loss of THB1.3 billion from
a year earlier, due mainly to higher service revenues from its
mobile phone business.

The figure, however, was considerably more than what was
forecast by two analysts polled by Reuters, as they expected an
average net loss of THB299 million for the quarter.

According to the company's statement, its service revenues rose
31% to THB15.7 billion baht in the second quarter, when it
booked interconnection fee revenues fully.

The fees, paid by a caller's network to the receiving party's,
are expected to boost mobile phone revenues and help curb price
wars as firms shift from "per call" tariffs to promoting calls
within their networks, Reuters' analysts said.

However, True's operating expenses rose 24% to THB15.4 billion
as selling and promotion costs rose and network operating
expenses almost doubled a year earlier.

The firm had a THB631 million foreign exchange gain, but
interest expenses climbed 16%, due partly to a US$225 million
bond issue sold in the first six months to refinance debt,
Reuters says, citing the company's disclosure.


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

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

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




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
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