TCRAP_Public/070817.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, August 17, 2007, Vol. 10, No. 162
  
                            Headlines

A U S T R A L I A

21st Century: ASIC Ceases Trial; Director to Repay Investors
ABS GLOBAL: S&P Places Class Ratings on CreditWatch Negative
BASIS CAPITAL: Losses in Yield Fund May Exceed 80 Percent
DELRICH BAY: Members to Receive Wind-Up Report on August 27
DHR WASTE: Sets Joint Final Meeting for August 22

EVERGREEN GARDENS: Creditors Resolve to Liquidate Business
GPM COMMUNICATIONS: Undergoes Liquidation Proceedings
M.I.6 PROTECTIVE: Members and Creditors to Meet on August 31
NAB BAY: Members' Meeting Slated for August 27
SUMMIT RESOURCES: Settles Summit Proceedings with Pilbara Unit

WEST END: Commences Wind-Up Proceedings
YAKKA (WA): Sole Member Resolves to Liquidate Business


C H I N A   &   H O N G  K O N G

97 COLLECTIONS: Liquidators Resign from Post
APEX DRAGON: Liquidators Step Down from Post
BALLY TOTAL: Files Amended Chapter 11 Reorganization Plan
BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors
BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor

CHINA EVERBRIGHT: Parent to Complete Capital Boost by September
CHINA PROPERTIES: Moody's Affirms Corporate B1 Rating
CRYSTAL JADE: Accepting Proofs of Debt Until September 30
DANA CORP: Posts US$133 Mln Net Loss in Qtr. Ended June 30, 2007
EVERPRIDE BIOPHARMA: Looks To Gain US$30 Million on Shares Sale

FIAT SPA: Repurchases 1.2 Million Ordinary Shares
GREAT CHINA: Buys Loyal Best for US$24.51MM From Gentle Knight
INTERNATIONAL PAPER: Inks US$185 Mil. Central Lewmar Buyout Deal
KOLVILLE LIMITED: Sole Member Opts Voluntary Liquidation
MEGA GLORY: Placed Under Voluntary Liquidation

NEO CHINA: Moody's Keeps B1 Ratings After Bond Issue
RAZORBACK INTERNATIONAL: Voluntary Liquidates Business on Aug. 1
SUN SHING: Shareholders Agree on Voluntary Liquidation
SUN YIU: Appoints Chan Yim Wah as Liquidator
TWIINTERACTIVE (HONG KONG): Liquidators Quit Post

XINHUA FINANCE: Records 46% YOY Jump on First Half Revenue


I N D I A

AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab
NOVELL INC: Expands Enterprise Management Thru Senforce Purchase
PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mil.
STATE BANK OF INDIA: Inks Distribution Deal with Fidelity Fund
TATA MOTORS: Shareholders Agree to INR15 Dividend for FY2007

TATA STEEL: Sets Aside INR50 Cr. for Land in Tamil Nadu Project
TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors
TRAVANCORE RAYONS: Kerala Cabinet Approves Revival Proposal


I N D O N E S I A

ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold
ANEKA TAMBANG: To Invest US$1.5 Billion in Gold Mining Firm
ANEKA TAMBANG: To Build Aluminium Smelter with Russia's Rusal
BANK NEGARA: President Urges Continued Share Divestment
GEOKINETICS INC: Incurs US$14.2 Million Net Loss in Second Qtr.


J A P A N

FLOWSERVE CORP: Moody's Holds Low B Ratings on Loan Extension
SEIYU LTD: Posts JPY6.9-Billion Net Loss for First-Half 2007
SEIYU LTD: Shares Fall After Altering Forecast to Net Loss


K O R E A

DURA AUTOMOTIVE: Posts US$12,685,000 Net Loss in June 2007
DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale
DURA AUTOMOTIVE: Wants Nod on US$160.2MM Mobile Division Sale


M A L A Y S I A

ARK RESOURCES: Unit's Contributories Appoint Liquidators
AYER MOLEK: Board Takes Legal Action Against Minority S'holders
PROTON HOLDINGS: VW Now Conducting Diligence Study, PM Says
SHAW GROUP: Finalizes US$1.1 Billion Mirant Power Plants Deal
SOLECTRON CORP: Special Stockholders' Meeting Set for Sept. 27

TRANSMILE AIR: RAM Cuts Rating to BB3 After Fabricating Revenue
TRANSMILE AIR: Group Posts Bigger Net Loss in End-March Quarter
THERMADYNE HOLDINGS: Strong Performance Cues S&P to Lift Rating


N E W  Z E A L A N D

INFRATIL LTD: Books NZ$45.9-Mil. Profit in Qtr. Ended June 30
INFRATIL LTD: Buys Shares w/ NZ Super Fund in Auckland Airport
NCM NZ: Placed Under Voluntary Liquidation
OLDCO LTD: Accepting Proofs of Debt Until August 31
SEPA WASTE: Shareholders Agree on Voluntary Liquidation

SIMPLY INSURANCE: S&P Affirms 'BB-' Counterparty Credit Rating


P H I L I P P I N E S

BENPRES HOLDINGS: First-Half Net Income Falls 6% to PHP1.78 Bil.
IPVG CORP: IT&T Division Reinforces VOIP Services w/ Altitude
WELLEX INDUSTRIES: Incurs PHP284,194 Net Loss in 2nd Quarter


S I N G A P O R E

KLOCKNER HAENSEL: Pays Dividend to Creditors
SOTHEBY'S: Moody's Lifts Corporate Family Rating to Ba2
SPECTRUM BRANDS: Posts US$7.4 Mil. Net Loss in Qtr. Ended July 1


T H A I L A N D

SR TELECOM: June 30 Balance Sheet Upside-Down by CDN$14 Million
* SET Suspends 7 Firms for Failure to File First Half Results


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

21st Century: ASIC Ceases Trial; Director to Repay Investors
-----------------------------------------------------------
Australian Securities & Investment Commissions and Jamie Neville
McIntyre have resolved the proceedings commenced by ASIC in the
Supreme Court of Queensland in 2002.

The proceedings relate to alleged breaches of the Corporations
Act by Mr. McIntyre concerning a wealth creation business
carried on under the name '21st Century Academy' and Mr.
McIntyre's management, as sole director, of the following
companies: Visual Changes Pty. Ltd. (Visual), Cashflow Creation   
Pty. Ltd., JNMAC Pty. Ltd., JNMAC2 Pty. Ltd. and Jaymac
Communications Aust No. 2 Pty. Ltd. (the McIntyre companies).   
Some of the McIntyre companies were involved in the 21st Century
Academy business.  The McIntyre companies were wound up in 2002
and 2003, following applications made by ASIC.

In the proceedings against Mr. McIntyre, ASIC sought:

   * declarations of contraventions of civil penalty provisions
     of the Act;

   * the imposition of a pecuniary penalty order in relation to
     those contraventions;

   * an order that Mr. McIntyre pay compensation to Visual,  
     being money borrowed by Visual from investors (at the
     behest of Mr McIntyre); and

   * an order that Mr. McIntyre be disqualified from managing a
     corporation.

ASIC has agreed to discontinue the proceedings in consideration
of Mr. McIntyre undertaking to repay investors who lent money to
Visual, enrolling in and completing a company director's course
with the Australian Institute of Company Directors and,
contributing to the outstanding fees of the liquidator of the
McIntyre companies.

As a result of the discontinuance of the proceedings,
restrictions relating to Mr. McIntyre's ability to deal with his
assets and travel overseas have been discharged.

21st Century Academy promotes, advertises and conducts a
business of holding wealth creation seminars.  These seminars,
and related materials, purport to teach people "how to excel in
the 21st century and make money while you sleep".  Mr. McIntyre
is described as 'the founder and head facilitator of the
Academy, a self-made millionaire and an inspiration to
thousands'.

ASIC secured interlocutory undertakings from 21st Century
Academy and Mr. McIntyre on 5 April 2005 to restrain this
conduct, pending the Court's final decision.


ABS GLOBAL: S&P Places Class Ratings on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Rating Services said that it has placed the
ratings assigned to the Class E1 and Class F1 notes issued by
ABS Global Finance PLC on CreditWatch with negative
implications.  At the same time, the ratings on the three other
investment-grade tranches have been affirmed.
   
This rating action is due to higher-than-expected levels of
defaults in the current pool compared with the historically low
levels of defaults incurred from 2000 to 2006.

The CreditWatch negative placement implies that the ratings on
the Class E1 and Class F1 notes will be affirmed or lowered
within a 90-day period.

ABS Global Finance PLC (CFE Issuer) is a trade finance loan-
backed program established under the Citigroup Corporate and
Investment Bank Asset-Backed Securities Issuance Program (CABS
Program).  Under this program, the CFE Issuer issues notes
backed by corporate and commercial trade finance obligations
originated by Citi's Global Transaction Services (GTS) unit.  
The sellers/originators in the program are Citi's branches or
affiliates located in various countries in Asia.

Ratings Placed on CreditWatch Negative

Transaction              Class    Rating To      Rating From
ABS Global Finance PLC   E1       BB/Watch Neg   BB
ABS Global Finance PLC   F1       B/Watch Neg    B

Ratings Affirmed

Transaction              Class    Rating
ABS Global Finance PLC   A1       AAA
ABS Global Finance PLC   C1       A
ABS Global Finance PLC   D1       BBB


BASIS CAPITAL: Losses in Yield Fund May Exceed 80 Percent
---------------------------------------------------------
Basis Capital Funds Management Ltd. said that losses in its
Yield Fund may exceed 80%, reports Laura Cochrane of Bloomberg
News.

In a letter obtained by Ms. Cochrane, the Australian hedge fund
admits that it has been unable to "accurately estimate" the net
asset value of units in the fund because of "further
deterioration of market conditions."

Basis Capital Funds Management Ltd. manages and advises multi
strategy, relative value and arbitrage funds for Australian
domestic and international investors.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2007, that the Basis Field Fund and Basis Aust-Rim Fund ran into
trouble by investing in the unrated, riskiest portions of
collaterized debt obligations.  These portions also known by
bankers as "toxic waste" are first in line for any losses when
borrowers fall short on mortgage payments and have hired
Blackstone Group LP as an adviser to help avoid a fire of sale
of assets.  Blackstone will advise the hedge fund firm "to
prevent adverse pricing and selling of assets."


DELRICH BAY: Members to Receive Wind-Up Report on August 27
-----------------------------------------------------------
The members of Delrich Bay 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 Delrich Bay

Located in Carrum Downs, Victoria, Australia, Delrich Bay Pty
Ltd is an investor relation company.


DHR WASTE: Sets Joint Final Meeting for August 22
-------------------------------------------------
DHR Waste Services Pty Ltd will hold a final meeting for its
members and creditors on August 22, 2007, at 10:00 a.m., at the
offices of Vince and Associates at 51 Robinson Street Dandenong
in Victoria, Australia.

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

                        About DHR Waste

DHR Waste Services Pty Ltd is in the business of Refuse Systems.  
The company is located in Richmond, Victoria, Australia.


EVERGREEN GARDENS: Creditors Resolve to Liquidate Business
----------------------------------------------------------
During a meeting held on July 13, 2007, the creditors of
Evergreen Gardens Catering Pty Ltd resolved to liquidate the
company's business and R. A. Sutcliffe was appointed as
liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                    About Evergreen Gardens

Evergreen Gardens Catering Pty Ltd operates eating places.  The
company is located in Toorak, Victoria, Australia.


GPM COMMUNICATIONS: Undergoes Liquidation Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on July 13, 2007, the
members of GPM Communications Pty Ltd resolved to liquidate the
company's business.

Richard John Cauchi and Peter Gountzos were named 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 GPM Communications

GPM Communications Pty Ltd operates computer and computer
software stores.  The company is located in Kew East, Victoria,
Australia.


M.I.6 PROTECTIVE: Members and Creditors to Meet on August 31
------------------------------------------------------------
A final meeting will be held for the members and creditors of
M.I.6 Protective Group Pty Ltd on August 31, 2007, at 11:00 a.m.

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

The company's liquidator is:

         Leonard A. Milner
         Venn Milner & Co Chartered Accountants
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia

                     About M.I.6. Protective

M.I.6. Protective Group Pty Ltd provides detective and armored
car services.  The company is located in Blackburn, Victoria,
Australia.


NAB BAY: Members' Meeting Slated for August 27
----------------------------------------------
Nab Bay Pty Ltd will hold a meeting for its members on Aug. 27,
2007, at the offices of Scott Partners Consulting, Level 1 at
173 Burke Road, Glen Iris, in Victoria 3146, Australia.

At the meting, David H. Scott, the company's liquidator, will
give a report about the company's wind-up proceedings and
property disposal.

                          About Nab Bay

Located in Frankston, Victoria, Australia, Nab Bay Pty Ltd is an
investor relation company.


SUMMIT RESOURCES: Settles Summit Proceedings with Pilbara Unit
--------------------------------------------------------------
Paladin Resources Ltd. notes that on August 3, 2007, it has
announced that its wholly owned subsidiary, Mt. Isa Uranium Pty.
Ltd., had settled the court proceedings commenced against it and
Resolute Limited by Summit Resources Pty. Ltd.

As explained in an announcement to the Australian Stock Exchange
by Summit Resources Ltd. on August 6 Areva NC Pty. Ltd., is
seeking to intervene in the Summit Proceedings.

In its announcement of August 3, 2007, Summit explained that an
independent board committee of Summit made the decision to
settle the Summit Proceedings.  To be successful in its latest
legal proceedings, Areva must amongst other things, establish
that the decision to settle the Summit Proceedings was not in
the best interests of Summit.

As previously announced by Paladin, it has always remained
confident that the Summit Proceedings could be successfully
defended.  Moreover, it should be noted that Paladin now owns
approximately 82% of Summit shares and has the benefit of an
indemnity from Resolute Limited in relation to the Summit
Proceedings.

Paladin considers the chance of Summit ultimately acquiring a
100% interest in the Valhalla/Skal deposits as extremely remote.  
In any event, as a result of the indemnity and Paladin's 82%
ownership of Summit, a change in the ownership of the deposits
would not be of any significant consequence.  The actual outcome
of the Summit Proceedings is not considered by the Paladin Board
to be material to Paladin.

                     About Summit Resources

Perth, Australia-based Summit Resources Limited --
http://www.summitresources.com.au/-- is engaged in the  
identification of, and exploration for, base metal and precious
metal mineral resources in Australia.  In the Mount Isa province
of northwest Queensland, it has six wholly owned uranium
deposits, which are Andersons, Mirrioola, Watta, Bikini, Tjilpa
and Warwai uranium deposits. Under the Mount Isa Uranium Joint
Venture, it owns 50% interest in the Valhalla and the Skal
uranium deposits.  The Isa South project comprises nine
contiguous tenement applications covering over 2,140 square
kilometers of Proterozoic terrane in the south of Mount Isa.  It
has commenced drill testing a number of base metal targets in
the Isa North tenements.  It has interest in six sub-block
exploration permit minerals near CopperCo's Mount Kelly copper
gold discovery in Mount Isa.  During the fiscal year ended June
30, 2006, the company was engaged in the spin-off of its
Constance Range iron ore and phosphate assets by de-merging them
into subsidiary, Pacific Mines Limited.

The company suffered two consecutive net losses of AU$557,625
and AU$636,453 for the years ended June 30, 2006 and 2005,
respectively.


WEST END: Commences Wind-Up Proceedings
---------------------------------------
On July 16, 2007, the sole shareholder of West End Clothing Pty
Ltd passed a resolution to wind up the company's operations and
appointed D. R. Vasudevan as liquidator.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                         About West End

West End Clothing Pty Ltd is a distributor of wood products.  
The company is located in West End, Queensland, Australia.


YAKKA (WA): Sole Member Resolves to Liquidate Business
------------------------------------------------------
On July 16, 2007, a special resolution was passed by the sole
member of Yakka (WA) Pty Ltd to liquidate the business of
Yakka (Wa) Pty Ltd and appointed D. R. Vasudevan as liquidator.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                        About Yakka (WA)

Yakka (WA) Pty Ltd operates miscellaneous apparel and accessory
stores.  The company is located in Belmont, Western Australia,
Australia.


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

97 COLLECTIONS: Liquidators Resign from Post
--------------------------------------------
Paul David Stuart Moyes and Yeung Betty Yuen ceased to act as
liquidators for 97 Collections Limited on July 30, 2007.

The former Liquidators can be reached at:

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


APEX DRAGON: Liquidators Step Down from Post
--------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton ceased to act
as liquidators for Apex Dragon E & M Engineering Company Limited
on July 31, 2007.

The former Liquidators can be reached at:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


BALLY TOTAL: Files Amended Chapter 11 Reorganization Plan
---------------------------------------------------------
Bally Total Fitness has filed a motion with the U.S. Bankruptcy
Court for the Southern District of New York seeking approval to
amend its Joint Prepackaged Chapter 11 Plan of Reorganization to
implement a superior alternative restructuring proposal from
Harbinger Capital Partners Master Fund I, Ltd. and Harbinger
Capital Partners Special Situations Fund L.P. without the need
to resolicit votes from its creditors.
    
Under its proposal, Harbinger would invest approximately
US$233.6 million in exchange for 100% of common equity of the
reorganized Bally.   The amended plan would provide equal or
better treatment to holders of the company's 10-1/2% Senior
Notes due 2011 and its 9-7/8% Senior Subordinated Notes due  
October 2007, well as all other holders of unsecured claims
against the company.

Holders of existing common stock in Bally and certain other
claims treated as equity in bankruptcy would receive US$16.5
million in the aggregate.  Under the Existing Plan, common
stockholders would receive no distribution.  The amended plan
would also result in additional de-levering of the company.  

If the Bankruptcy Court grants the motions filed, the company
would be able to implement the amended plan and emerge from
Chapter 11 within a similar timeframe as the Existing Plan.
    
In its motion, Bally is seeking Court approval to pursue the
amended plan without further vote solicitation and to treat
received votes to accept the Existing Plan as votes to accept
the amended plan implementing the Harbinger-funded
restructuring.

Bally has also filed a motion seeking court approval to enter
into an Investment Agreement providing for Harbinger's
commitment to make its US$233.6 million equity investment, and a
Restructuring Support Agreement reflecting the parties'
commitment to implement the Harbinger-funded restructuring
through the amended plan.
    
Under the amended plan, the company can still consummate the
restructuring set forth in the Existing Plan if the Harbinger-
funded restructuring cannot be consummated.  

The Existing Plan would be funded by US$90 million in capital to
be provided through the issuance of new senior subordinated
notes in a rights offering backstopped by funds managed by
Tennenbaum Capital Partners, LLC, Goldman Sachs & Co., and
Anschutz Investment Company
    
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, the United
Kingdom, and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.

As of June 30, 2007, the Debtors had US$408,546,205 in total
assets and US$1,825,941,54627 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.


BALLY TOTAL: Court Gives Interim Nod on Deloitte as Tax Advisors
----------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates obtained authority, on an interim basis, from the
U.S. Bankruptcy Court for the Southern District of New York in
Manhattan to employ Deloitte Tax LLP as their tax services
provider, effective as of July 31, 2007.

According to Marc D. Bassewitz, senior vice president, secretary
and general counsel of Bally Total Fitness Holding Corporation,
Deloitte Tax and its professionals have extensive experience and
knowledge in the field of tax services, including providing tax
advisory services in cases before bankruptcy courts.

Moreover, the firm has performed other work for the Debtors in
the past, and is therefore familiar with the Debtors' corporate
structures and businesses, and many of the potential issues that
may arise in the context of the Chapter 11 cases, Mr. Bassewitz
says.  

As Tax advisors, Deloitte Tax will render tax advisory services
to the Debtors, including:

   (a) assisting the Debtors with the federal tax effects of the
       commencement of the Chapter 11 cases;

   (b) providing the Debtors with various tax compliance
       services, including assisting the Debtors with certain
       FAS 109 calculations and preparing various federal, state
       and local tax returns;

   (c) providing general corporate tax advisory services;

   (d) assisting the Debtors with their efforts to implement
       FASB Interpretation No. 48; and

   (e) providing tax examination services.

Mr. Bassewitz tells the Court that Deloitte Tax will charge the
Debtors a fixed weekly fee of US$10,000 for approximately 40 to
60 hours of tax compliance services pursuant to an engagement
letter dated May 29, 2007.

Deloitte Tax will be paid on its hourly rates for all other
services:

           Partner or Director     US$475 - US$645
           Senior Manager          US$400 - US$535
           Manager                 US$325 - US$450
           Senior Associate        US$275 - US$365
           Associate               US$175 - US$270

David Hoffman and Rochelle Kleczynski are the professionals
expected to have primary responsibility for providing services
to the Debtors.

As a result of Deloitte FAS' and its affiliate, Deloitte Tax  
LLP's prepetition services to the Debtors, both parties received
retainers from the Debtors in the 90 days prior to the Petition
Date:
                                  Amount
                                  ------
           Deloitte FAS       US$1,681,004  
           Deloitte Tax          645,863

About US$50,562 in Deloitte FAS' retainers remained as of the
Petition Date, while US$91,370 remained in Deloitte Tax's
retainers.  No amounts were due and owing from the Debtors to
both advisors prior to that Date.

The Debtors will indemnify and hold harmless Deloitte Tax, its
subcontractors and their personnel from all claims, liabilities
and expenses relating to the engagement, except to the extent
finally judicially determined to have resulted primarily from
Deloitte Tax's bad faith, intentional misconduct or
recklessness.  

The Debtors agree these indemnification provisions:

Richard Bodnum, Esq., a partner at Deloitte Tax, assures the
Court that Deloitte Tax is a "disinterested person" as that
phrase is defined in Section 101(14) of the Bankruptcy Code, as
modified by section 1107(b).

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

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

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


BALLY TOTAL: Gets Interim Nod to Hire Jefferies as Fin'l Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan gave Bally Total Fitness Holding Corporation and   
its debtor-affiliates authority, on an interim basis, to employ
Jefferies & Company Inc. as their financial advisor, effective
as of July 31, 2007.

Jefferies & Company Inc. is an investment banking firm, which
has provided prepetition services to the Debtors, working
closely with them to pursue available alternatives, thereby
playing a pivotal role in the Debtors' proposed Plan of
Reorganization, Marc D. Bassewitz, senior vice president,
secretary and general counsel of Bally Total Fitness Holding
Corporation, tells the Court.

Jefferies is, thus, familiar with the Debtors' business
operations, capital structure, financing documents and other
material information, and is able to assist the Debtors in their
restructuring efforts, Mr. Bassewitz says.

As financial advisor, the firm is expected to:

   -- advice and assist the Debtors in connection with
      analyzing, structuring, and effecting -- including
      providing valuation analyses as appropriate -- and acting
      as financial advisor in connection with, any potential
      restructuring;

   -- perform financial advisory services, including (i)
      analyzing the business, operations, properties, financial
      condition, and prospects of the Debtors, (ii) advising the
      Debtors on the current state of the restructuring market,
      (iii) assisting and advising the Debtors in developing a
      general strategy for accomplishing a restructuring,
      including the value of the securities, if any, that may be
      issued, (iv) providing valuation and related services in
      connection with any proposed restructuring, and (v)
      rendering other financial advisory services as may from
      time to time; and

   -- provide advice and assistance in connection with the
      solicitation of votes.

According to Mr. Bassewitz, investment bankers like Jefferies do
not charge for their services on an hourly basis.  Instead, they
customarily charge a monthly advisory fee plus an additional fee
that is contingent upon the occurrence of a specified type of
transaction.

For its services rendered to the Debtors, Jefferies will be
paid:

   -- an initial monthly fee equal to US$125,000 per month from
      February 24, 2007, through June 30, 2007;

   -- a second monthly fee equal to US$150,000 per month from
      July 1, 2007, through September 30, 2007; and

   -- a final monthly fee equal to 50% of second monthly fee
      from and after October 1, 2007, until the expiration of
      the agreement.

A transaction fee of US$3,350,000 was earned unconditionally on
the execution of the restructuring engagement letter with the
Debtors, and payable prior to June 30, 2007.

Mr. Bassewitz clarifies that 50% of the aggregate initial
monthly fees actually paid to Jefferies in excess of US$375,000
will be credited against the Transaction Fee.

The Debtors will also reimburse Jefferies for all fees,
reasonable disbursements and reasonable out-of-pocket expenses,
including Jefferies' counsel fees, not to exceed US$50,000 in
the aggreagate absent the consent of the Debtors; and,
Jefferies' counsel disbursements, not to exceed US$100,000 in
the aggregate.

Mr. Bassewitz adds that for its advisory services, Jefferies
will be paid:

   (a) an advisory transaction fee of US$1,650,000, upon
       consummation of a Merger & Acquisition transaction;

   (b) a non-core transaction fee of 2% of the transaction value
       in the event of a non-core transaction, plus, in the
       discretion of the Debtors' chief restructuring officer,
       additional compensation up to an aggregate of US$500,000
       for all non-core transactions.  Non-core transaction fees
       will not exceed US$1,000,000 in the aggregate.

In the event the Debtors request that Jefferies render an
"Alternate Opinion", the Debtors and Jefferies will mutually
agree on a reasonable fee for the services which will be based
on the prevailing market rate.

Pursuant to an M&A advisory engagement letter between the
Debtors and Jefferies, an M&A opinion fee of US$500,000 will be
charged for each M&A opinion delivered, of which 100% of the
amount will be credited against the advisory transaction fees.

Jefferies will apply to the Court for payment of compensation
and reimbursement expenses in accordance with applicable
provisions on the Bankruptcy Code.

Mr. Bassewitz notes that prior to the Petition Date, Jefferies
received approximately US$4,099,761 in fees and US$45,677 in
expenses from the Debtors, for prepetition services rendered and
expenses incurred in advising the Debtors.

No indemnification will be available to the Debtors for losses
that are determined, by a final, nonappealable judgement by a
court to have resulted primarily from an indemnified person's
own gross negligence or willful misconduct, reveals Mr.
Bassewitz.

William Q. Derrough, managing director of Jefferies & Company,
Inc., assures the Debtors that Jefferies is a "disinterested
person" as the phrase is defined in Section 101(14) of the
Bankruptcy Code as modified by Section 1107(b).

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

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

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


CHINA EVERBRIGHT: Parent to Complete Capital Boost by September
---------------------------------------------------------------
China Everbright Group is set to complete the planned capital
injection into Everbright Bank Co. for its financial
restructuring in September, Xinhuanet News says, citing a report
from the China Securities Journal.

The group has also set a 2008 deadline for the offering of
shares, the report said.

The group was reorganizing its financial assets, and would bring
in strategic investors, such as commercial banks, at
international level "when needed," the news agency quotes Tang
Shuangning, chairman of Everbright Group, as saying.  

On August 9, 2007, the Troubled Company Reporter-Asia Pacific
reported that China approved the bank's plan for financial
restructuring, paving the way for a capital injection and
eventual listing.

According to Xinhuanet's Jiang Yuxia, the restructuring would
divide the Everbright Group into two companies with Everbright
Financial Holding Company managing the financial assets and
Everbright Industrial Company controlling non-financial assets.

Central Huijin, the central bank's investment arm, would be the
controlling shareholder in the two different companies after the
capital injection into both Everbright Group and Everbright
Bank.

The group, however, would continue to be the shareholder of
Everbright Securities Company Limited and Everbright Bank, and
raise prospects for Everbright Securities with the listing of
the two companies.

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

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

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

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


CHINA PROPERTIES: Moody's Affirms Corporate B1 Rating
-----------------------------------------------------
Moody's Investors Service has affirmed China Properties Group
Limited's (China Properties) B1 corporate family rating and
senior unsecured bond rating, and removed both ratings from
their provisional status following the successful closing of the
company's US$300 million bond issuance.

The ratings outlook is stable.

Incorporated in Grand Cayman, China Properties Group Limited
(China Properties) was listed on the Hong Kong Stock Exchange in
February 2007.  It is 74.7% owned by Wong Sai Chung, who is also
the owner of a private conglomerate, Pacific Concord Holding
Limited. China Properties has two property projects in Shanghai,
which have a total Gross Floor Area of 2.4 million square
meters.  


CRYSTAL JADE: Accepting Proofs of Debt Until September 30
---------------------------------------------------------
Crystal Jade La Mian Xiao Long Bao (Taikoo) Limited requires its
creditors to file their proofs of debt by September 30, 2007, so
as to be included in the company's dividend distribution.

The company went into liquidation on July 27, 2007.

The company's liquidators are:

         Wu Shek Chun, Wilfred
         Lam Siu Wing
         Hong Kong Trade Centre, 10th Floor
         161 Des Voeux Road, Central
         Hong Kong


DANA CORP: Posts US$133 Mln Net Loss in Qtr. Ended June 30, 2007
----------------------------------------------------------------

                        Dana Corporation
         Unaudited Condensed Consolidated Balance Sheet
                        At June 30, 2007

ASSETS

CURRENT ASSETS
Cash and cash equivalent assets                US$1,001,000,000
Restricted cash                                     103,000,000
Accounts receivable
   Trade                                          1,411,000,000
   Other                                            297,000,000
Inventories                                         
   Raw materials                                    322,000,000
   Work in process and finished goods               451,000,000
Assets of discontinued operations                   194,000,000
Other current assets                                143,000,000
                                               ----------------
      Total current assets                     US$3,922,000,000
                                               ----------------
Investments and other assets                      1,042,000,000
Investments in equity affiliates                    211,000,000
Net property, plant and equipment                 1,732,000,000
                                               ----------------
      TOTAL ASSETS                             US$6,907,000,000
                                               ================

LIABILITY AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
   Notes payable, including current portion
      of long-term debt                          US$265,000,000
   DIP Financing                                    900,000,000
   Accounts payable                               1,146,000,000
   Liabilities of discontinued operations            96,000,000
   Other accrued liabilities                        837,000,000
                                               ----------------
      Total current liabilities                US$3,244,000,000
                                               ----------------

Liabilities subject to compromise               US$3,653,000,000
Deferred employee benefits and other
   non-current liabilities                          473,000,000
Long-term debt                                       20,000,000
DIP financing                                                 -
Commitments and contingencies                                 -
Minority interest in consolidates subsidiaries       92,000,000
Shareholder' equity (deficit)                      (575,000,000)
                                               ----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     US$6,907,000,000
                                               ================

                        Dana Corporation
         Unaudited Consolidated Statement of Operations
              For Three Months Ended June 30, 2007

Net Sales                                      US$2,289,000,000
Costs and expenses
   Costs of sales                                 2,141,000,000
   Selling, general and administrative expenses      88,000,000
   Realignment charge, net                          134,000,000
   Impairment of assets                                       -
   Other income, net                                (32,000,000)
                                               ----------------
Income (loss) from operations                        42,000,000
Interest expense                                     28,000,000
Reorganization charges                               38,000,000
                                               ----------------
Income (loss) before income taxes                  (108,000,000)
Income tax expense                                   (3,000,000)
Minority interest expense                            (4,000,000)
Equity in earnings of affiliates                     10,000,000
                                               ----------------
Loss before continuing operations                  (105,000,000)
Loss (income) from discontinued operations          (28,000,000)
                                               ----------------
Net income (loss)                               (US$133,000,000)
                                               ================

                        Dana Corporation
         Unaudited Consolidated Statement of Operations
               For Six Months Ended June 30, 2007

Net Sales                                      US$4,434,000,000
Costs and expenses
   Costs of sales                                 4,184,000,000
   Selling, general and administrative expenses     184,000,000
   Realignment charges, net                         153,000,000
   Impairment of assets                                       -
   Other income, net                                (78,000,000)
                                               ----------------
Income from operations                               78,000,000
Interest expense                                     51,000,000
Reorganization charges                               75,000,000
                                               ----------------
Income (loss) before income taxes                  (135,000,000)
Income tax (expense) benefit                        (18,000,000)
Minority interest                                    (6,000,000)
Equity in earnings of affiliates                     18,000,000
                                               ----------------
Loss before continuing operations                  (141,000,000)
Loss from discontinued operations                   (84,000,000)
                                               ----------------
Net income (loss)                               (US$225,000,000)
                                               ================

                        Dana Corporation
    Unaudited Condensed Consolidated Statement of Cash Flows
               For Six Months Ended June 30, 2007

OPERATING ACTIVITIES
Net income (loss)                               (US$225,000,000)
Depreciation and amortization                       139,000,000
Impairment and divestiture-related charges            1,000,000
Gain on sale of assets                               (8,000,000)
Non-cash portion of U.K. pension charge              60,000,000
Reorganization charges                                7,000,000
Payments to VEBAs for post-retirement benefits      (27,000,000)
Changes in working capital                          (64,000,000)
Other                                               (35,000,000)
                                               ----------------
Net cash flows provided by
(used for) operating activities                    (152,000,000)

INVESTING ACTIVITIES
Purchases of property, plant and equipment          (94,000,000)
Proceeds from sale of business                      305,000,000
Proceeds from sale of DCC assets                    109,000,000
Proceeds from sales of other assets                   7,000,000
Payments received on leases and loans                 7,000,000
Increase in restricted cash                         (88,000,000)
Other                                                18,000,000
                                               ----------------
Net cash flows provide by
(used for) operating activities                    (264,000,000)

FINANCING ACTIVITIES
Net change in short-term debt                       (28,000,000)
Proceeds from DIP facility                          200,000,000
Issuance of long-term debt                                    -
Other                                                (2,000,000)
                                               ----------------
Net cash flows provided by
(used for) operating activities                     170,000,000

Net increase in cash equivalents                    282,000,000
                                               ----------------
Cash and cash equivalents, beginning of period      704,000,000
                                               ----------------
Cash and cash equivalents, end of period       US$1,001,000,000
                                               ================

A full-text copy of Dana Corporation's second quarter 2007
financial report is available for free at:

                  http://researcharchives.com/t/s?2274

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.  
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 49;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


EVERPRIDE BIOPHARMA: Looks To Gain US$30 Million on Shares Sale
---------------------------------------------------------------
Everpride Biopharmaceutical will be selling 120 million new
shares to raise US$30 million on a best effort basis through
Vision Finance (Securities) Limited, Infocast News reports.

The shares will be priced at US$0.25 each.

Everpride will use US$29 million of the net proceeds as general
working capital, the report notes.

Based in Hong Kong, Everpride Biopharmaceutical Company Limited
is an investment holding company.  Through its subsidiaries, the
Company is engaged in the production and sales of the medicines
known as Plasmin Capsule and Puli Capsule in Mainland China.

The Troubled Company Reporter-Asia Pacific reported on Aug. 10,
2007, that the company had a capital deficiency of
US$2.16 million.


FIAT SPA: Repurchases 1.2 Million Ordinary Shares
-------------------------------------------------
Within the frame of the buy back program announced on April 5,
2007, Fiat S.p.A. purchased 1.2 million Fiat ordinary shares at
the average price of EUR19.3597 including fees on Aug. 10.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 19.127 million for
a total invested amount of EUR401.1 million.

                  Share Repurchase Program

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

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

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

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

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

                         About Fiat SpA

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

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

                          *     *     *

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

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

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


GREAT CHINA: Buys Loyal Best for US$24.51MM From Gentle Knight
--------------------------------------------------------------
Great China International Holdings, Inc., has completed the
acquisition of Loyal Best Property Development Limited, a Hong
Kong limited company, for US$24.51 million from Gentle Knight
Limited.

Through the acquisition, Great China assumes ownership of a
parcel of land located at the center area of the Hunnan New Zone
in Shenyang, China.  The purchase price included US$4.01 million
for all outstanding shares of Loyal Best and US$20.5 million for
the purchase of all outstanding director loan notes previously
issued by Loyal Best, which were used for a portion of the land
transfer fee payment on the Hunnan New Zone property.

"The acquisition of Loyal Best fits well with our mission to
identify prime real estate opportunities and to develop premium
commercial, residential and mixed-use properties that attract
international investors to the China real estate industry," said
Fang (Frank) Jiang, chief executive officer.  "Our next step
will be to assess the development potential of a new compound
residential use property called the Olympic Sports Center
Project in the Hunnan New Zone.  The preliminary time for
ground-breaking and construction will be in March 2008, and we
expect to see a return on investment as early as August 2008
when we begin presales on the property.  We believe this
acquisition presents an attractive opportunity to showcase our
expertise in real estate development and management, as we move
closer to our goal to become one of the largest non-state owned
real estate developers in northeast China."

The project lies close to the Shenyang Exhibition Center and is
named for its close proximity to the newly built Shenyang
Olympic Sports Center -- the soccer venue of the 2008 Olympic
Games in Beijing.  The Olympic Sports Center Project spans 64.75
acres (262,020 square meters) and will have immediate access to
a variety of facilities in the heart of the Hunnan New Zone via
Line Two of the Shenyang subway, which is currently under
construction through the city center.  The Hunnan New Zone is a
modern new city zone on the south bank of Hunhe River that
integrates finance, commerce, education and scientific research,
high-quality living and recreation and sightseeing.

                        About Great China

Founded in 1989, Great China International Holdings'
(OTCBB:GCIH) wholly owned subsidiary, Shenyang Maryland
International Industry Co., Ltd., is one of the largest non-
state-owned real estate developers in Northeast China.  The
company's core business is premium residential and commercial
development and management.

It currently owns and manages the President Building, which was
completed in April 2002, with 25 tenants comprised of Fortune
500 companies, including General Electric (China) Co., Ltd.,
Johnson & Johnson, Kodak, and Philip Morris.

The company's prior developments included the Maryland Building,
Roma Resort Garden, Qiyun New Village, Peacock Garden,
University Campus of Shenyang Teacher's University, and
Chenglong Garden, mostly located in Shenyang.

                       Going Concern Doubt

The Company was in default on US$35,642,750 of bank loans and
US$20,000,000 of additional current bank loans as of June 30,
2006.  Moreover, the Company also had a working capital deficit
of US$114,827,084 as of June 30, 2006.  

Murrell, Hall, McIntosh & Co., PLLP expressed a substantial
doubt on the Company's ability to continue as a going concern
after it audited the company's second quarter and first half
report for the period ended June 30, 2006.

   
INTERNATIONAL PAPER: Inks US$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 in China.  

                          *     *     *

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


KOLVILLE LIMITED: Sole Member Opts Voluntary Liquidation
--------------------------------------------------------
The sole member of Kolville Limited passed a resolution to
liquidate the company's business on August 2, 2007.

Creditors must file their proofs of claim by September 10, 2007,
so as to be included in the company's dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         15 Queen's Road
         Central, Hong Kong


MEGA GLORY: Placed Under Voluntary Liquidation
----------------------------------------------
During a meeting held on July 30, 2007, the members of Mega
Glory Trading Limited agreed to voluntarily liquidate the
company's business and appointed Liu Kit Man as liquidator.

The Liquidator can be reached at:

         Liu Kit Man
         10th Floor, 21-23 Des Voeux Road, Central
         Hong Kong


NEO CHINA: Moody's Keeps B1 Ratings After Bond Issue
----------------------------------------------------
Moody's Investors Service has affirmed Neo-China Group Holdings'
B1 corporate family rating and senior unsecured bond rating in
view of the successful closing of its US$400 million bond
issuance.  

Both ratings have had their provisional status removed.  The
ratings outlook is stable.

Neo China Group (Holdings) Limited (Neo China) is a Chinese
property developer engaged in residential and mixed-use
developments.  It has 11 major projects under development in 8
cities in China and a land bank of over 9.8 million sqm (in
saleable area), including around 6.9 million sqm under title.  
It also has two primary land development projects in Tianjin and
Chengdu with a total area of 8.4 million sqm.  


RAZORBACK INTERNATIONAL: Voluntary Liquidates Business on Aug. 1
----------------------------------------------------------------
Razorback International Ltd voluntary liquidated its business on
Aug. 1, 2007.

Natalia K M Seng and Susan T H Lo were named as liquidators.

The Liquidators can be reached at:

         Natalia K M Seng
         Susan T H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SUN SHING: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on August 3, 2007, the
shareholders of Sun Shing Watch Limited agreed to voluntarily
liquidate the company's business and appointed Leung Chi Wing as
liquidator.

The Liquidator can be reached at:

         Leung Chi Wing
         Kiu Fu Commercial Building
         Room B, 4th Floor
         300 Lockhart Road
         Wanchai, Hong Kong


SUN YIU: Appoints Chan Yim Wah as Liquidator
--------------------------------------------
At an extraordinary general meeting held on July 27, 2007, the
members of Sun Yiu Memorial Association Limited agreed to
voluntarily liquidate the company's business and named Chan Yim
Wah as liquidator.

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

The company's liquidator is:

         Chan Yim Wah
         Haven Commercial Building
         Flat B, 4th Floor
         Nos. 6-8 Tsing Fung Street, North Point
         Hong Kong


TWIINTERACTIVE (HONG KONG): Liquidators Quit Post
-------------------------------------------------
Rainier Hok Chung Lam and John James Toohey were named as
liquidators of Twiinteractive (Hong Kong) Limited on July 31,
2007.

The former Liquidators can be reached at:

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


XINHUA FINANCE: Records 46% YOY Jump on First Half Revenue
----------------------------------------------------------
Xinhua Finance Limited, China's premier financial information
and media service provider, announced its business results for
the six months ended June 30.  

Under International Financial Reporting Standards, total revenue
was US$109.5 million, representing a 46% increase year-on-year,
and 7% higher than management forecasts. EBITDA was
US$12.9 million, a 15% increase year-on-year and 51% ahead of
the forecast.

Net income was US$90.9 million, compared to management forecast
of US$90 million.  Fully diluted earnings per share (EPS) was
US$89.8, compared to US$5.6 in 2006.
    
Proforma EBITDA, adjusted to exclude non-cash ESOP expenses and
one-time items, was US$22.6 million, an increase of 72% over
US$13.1 million in the same period last year.  Proforma net
income was US$6.5 million for the first half of 2007 compared to
US$8.0 million in the first half of 2006.  Proforma net income
for first half of 2007 reflects all the exclusions of proforma
EBITDA, and excludes the non-cash one-time gain from changes in
equity interest of US$97.5 million, and non-cash finance costs.  
The decline in proforma net income from first half of 2006 was
primarily due to an increase in intangible asset amortization
arising from acquisitions in the distribution business and
interest expense.  XFL provides proforma results to help
investors better understand the Company's underlying operating
and financial trends.
    
XFL CEO Fredy Bush said, "We are pleased to see the success of
our content and distribution strategy.  As is evident from the
results, our plan of leveraging our proprietary content onto our
distribution platforms in China is creating new areas of revenue
and growth for Xinhua Finance.  Today, more than 50% of our
revenue and more than 60% of our EBITDA is coming from our China
businesses.  We will continue to build on our unique position in
both content and distribution in China to maximize the
opportunities in this fast growing financial market."
    
CFO David Wang said, "XFL has continued to successfully leverage
its proprietary content and distribution platform as displayed
by its first half results exceeding management forecasts.  We
revised the half year guidance upward in compliance with the
Tokyo Stock Exchange's requirements.  Our prior net income
forecast included an expense provision to take into account
possible non-cash impairments which did not occur in the period.  
We continue to provide for possible non-cash impairments in the
second half of the year.  Therefore, we maintain our full year
net income forecast for the year at US$57.3 million."
    
"Each of our service lines continues to display strong growth
prospects.  We continue to be focused on effective integration
of our businesses worldwide and improving our operational
efficiency to support our business growth.  With strong first
half results in line with management forecasts, we are confident
in achieving our full year forecasts and look forward to robust
performance in the second half," added Mr. Wang.
    
First Half 2007 Actual vs. First Half 2007 Forecast

unit: million USD  1H 2007 Actual  1H 2007 Forecast  Variance
Revenue              109.5           101.9           7%

Proforma EBITDA (2)   22.6            18.4           23%
    
EBITDA (3)            12.9             8.6           51%
    
Net Income (4)        90.9            90.0            1%


First Half 2007 vs. First Half 2006 - unit: million USD

                         1H 2007         1H 2006       Variance

Revenue                     109.5            75.0           46%
    
Proforma EBITDA (2)          22.6            13.1           72%
    
EBITDA (3)                   12.9            11.3           15%
    
Proforma Net Income (5)       6.5             8.0          -19%
    
Net Income                   90.9             4.9         1772%


First Half 2007 vs. First Half 2006 (Japan GAAP(6)) - unit:
million USD

                           1H 2007        1H 2006       Variance
   
Revenue                     109.5           75.0           46%
    
Proforma EBITDA (2)          22.5           13.4           68%
    
EBITDA (3)                   10.0           11.1          -10%
    
Proforma Net Income (5)       0.7            0.4           55%
    
Net Income                   89.4            2.0         4345%


   a. For six months ended June 30, 2007 results and six months
      ended June 30, 2006 results at current Japanese yen
      exchange rate, the amounts in Japanese yen are calculated
      by the foreign currency exchange rate (middle rate),
      being US$1.00 = JPY 123.26, from the Tokyo Foreign
      Exchange Market as of June 29, 2007.
   
   b. Proforma EBITDA under IFRS is EBITDA plus non-cash ESOP
      expenses and excluding one time items.  Proforma EBITDA
      under JGAAP is EBITDA plus non-cash ESOP expenses and
      recurring non operating income and excluding one time
      items.
    
   c. Under IFRS, EBITDA for the six months ended June 30, 2007
      Includes non-cash one time charge of US$5.7m from the
      revaluation of a convertible loan, one time legal expenses
      of US$0.6m and non-cash ESOP expenses of US$3.3m.  Under
      JGAAP, EBITDA for the six months ended June 30, 2007,
      includes non operating income of US$10m, one time legal
      expenses of US$0.6m and non-cash ESOP expenses of US$2m.
    
   d. Reforecast on August 14, 2007.
     
   e. Under IFRS, Proforma net income for six months ended
      June 30, 2007, excludes a one-time gain of US$97.5m from
      the deemed disposal of a subsidiary, a non-cash one time
      charge of US$ 5.7m from the revaluation of a convertible
      loan, non cash finance costs of US$3.5m, one time legal
      expenses of US$0.6m and non-cash ESOP expenses of
      US$3.3m. Under JGAAP, Proforma net income for the six
      months ended June 30, 2007 excludes a one-time gain of
      US$100.7m from the deemed disposal of a subsidiary and
      related share issuance expenses of US$9.4m and non cash
      ESOP expenses of US$2m
    
   f. The main reason for the differences between IFRS and
      Japan GAAP as applied to us is that Japanese accounting
      standards take a different approach to accounting for
      amortization of goodwill from acquisitions and share
      issuance expenses.


Xinhua Finance Limited (XFL) was listed on the Mothers Board of
the Tokyo Stock Exchange in October 2004 after its incorporation
as the holding company of Xinhua Financial Network (XFN).  The
latter was incorporated and registered in Hong Kong in 1999.   
XFL is an integrated provider of indices, ratings, financial
news, investor relations, and distribution and media especially
in regard to China.  It has 20 offices and 20 news bureaus
across Asia, Australia, North America and Europe.  It covers key
Chinese and international markets.

Moody's Investors Service upgraded Xinhua Finance Limited's
corporate family rating and senior unsecured bond rating to B1
from B2.  This concludes the review for possible upgrade, which
began on March 15, 2007.  The outlook for both ratings is
stable.

On May 28, 2007, the Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services placed the 'B+'
corporate credit rating on Xinhua Finance Ltd. and the 'B+'
issue rating on the company's senior unsecured notes on
CreditWatch with negative implications following a series of
management changes, which include the recently announced
resignation of Shelly Singhal-a board director of Xinhua Finance
and the CFO of Xinhua Finance Media Ltd.


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

AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab
----------------------------------------------------------
Agilent Technologies Inc. and NetworkFab Corp. have signed a
definitive agreement for NetworkFab to join Agilent.  Privately
held NetworkFab designs and builds advanced signal intelligence,
communications and jammer systems for the U.S. military,
intelligence agencies and law enforcement groups.  The
transaction is subject to various standard closing conditions
and is expected to close in 30 to 60 days.  Financial details
were not disclosed.

NetworkFab's core competencies are in radio frequency
communications, including direction finding, jamming, antenna
design, networking, software design and custom systems
engineering.

When the acquisition is final, NetworkFab will become a key part
of Agilent's recently formed Signal Networks Division,
specifically targeted to aerospace/defense.  Agilent has a long
history of market leadership in the test and measurement
industry, including aerospace/defense.  By acquiring NetworkFab,
Agilent will expand its presence in operational environments to
support U.S. government prime contractors.

"NetworkFab will bring world-class talent and state-of-the-art
technologies to Agilent, strengthening our presence in the
aerospace/defense market," said Tom Burrell, vice president and
general manager of Agilent's Signal Networks Division.  "We look
forward to becoming a more significant supplier of SIGINT and EW
subsystems, and NetworkFab will help us become a major player in
this market."

"We are very excited to join Agilent and be part of one of the
perennial Silicon Valley companies, with a great history and
reputation," said Rick Lu, president and CEO of NetworkFab.  
"Agilent's engineering and technology-driven culture is a good
match with NetworkFab's corporate culture.  The acquisition will
help us accelerate our products and technologies to market, and
continue to serve our important government, military and
intelligence customers.  We will have a stronger market
positioning to win both larger, and greater numbers, of jobs."

                       About NetworkFab

Based in Santa Clara, Calif., NetworkFab Corp. --
http://www.networkfab.com/-- builds state-of-the-art signal
intelligence, direction finding, communications and electronic
warfare systems for military groups, intelligence agencies and
law enforcement groups.  The company provides off-the-shelf
products and can also rapidly develop custom solutions.
NetworkFab was founded in 2000.

                   About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/  
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                          *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


NOVELL INC: Expands Enterprise Management Thru Senforce Purchase
----------------------------------------------------------------
Novell Inc. has expanded its enterprise management services
capabilities through the acquisition of Senforce Technologies.  
With Senforce Technologies, Novell is extending its policy-based
management offerings to include a suite of endpoint security
solutions.

As part of the overall Novell(R) enterprise management strategy,
ZENworks(R) Endpoint Security Management will help customers
protect their IT investment from the increasing threats of data
theft, wireless exploits, software attacks, malware and viruses.
    
"Management and security are rapidly converging as customers
require mobile computing tools in an environment where both
internal and external IT threats are on the rise," Chris
Christensen, analyst at IDC, said.  "Novell's acquisition of
Senforce provides a comprehensive security and management
solution that includes endpoint security capabilities, like
personal firewall, encryption and blacklisting, which can help
companies secure their networks and their data without slowing
down their businesses."
    
This acquisition gives Novell both security expertise and
technology that will allow it to tightly integrate endpoint
security with its configuration management solutions.  Novell
partnered with Senforce Technologies earlier this year to launch
ZENworks Endpoint Security Management, a solution designed to
protect the most vulnerable place on the corporate network, the
user endpoint.
    
ZENworks Endpoint Security Management ensures protection against
potential security breaches, data leaks and threats to the
network by enforcing encryption policies at the desktop,
regardless of whether a user is on or off-line.  As part of the
Novell ZENworks systems management family, ZENworks Endpoint
Security Management provides removable device security, personal
firewalls, wireless security and application control to secure
the network and give organizations mobile computing flexibility
without fear of data loss or attack.
    
"More and more enterprises and government agencies are losing
mission-critical and confidential information through theft and
loss of unsecured corporate and personal devices," Joe Wagner,
Novell senior vice president and general manager of Systems
and Resource Management, said.  "Combining Senforce's technology
with Novell's existing systems and resource management solutions
creates a new level of control and protection for our customers.
This addition supports Novell's enterprise management strategy,
which is focused on helping customers get the most out of their
IT investments from the desktop to the data center, while
reducing the complexity and risk."

                   About Senforce Technologies

Headquartered in Draper, Utah, Senforce Technologies --
http://www.senforce.com/-- is an endpoint security management.

                        About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise based on Linux.  With more than
50,000 customers in 43 countries, Novell helps customers manage,
simplify, secure and integrate their technology environments by
leveraging best-of-breed, open standards-based software.  The
company has offices in Australia, Argentina, Brazil, China, Hong
Kong, India, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea, Taiwan and Thailand.
                          *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mil.
--------------------------------------------------------------
Pride International Inc. has signed a memorandum of agreement to
sell its fleet of three self-erecting, tender-assist rigs to
Ferncliff TIH AS of Norway for US$213 million in cash.  The sale
is expected to close by January 2008, subject to the novation of
drilling contracts on each unit and other customary closing
conditions.  Proceeds from the sale are expected to be utilized
for general corporate and strategic purposes, including
potential funding for the construction of the company's two
ultra-deepwater drillships and other future growth
opportunities.

The three tender-assist units, the Al Baraka I, Alligator and
Barracuda, are currently under contract to major international
oil and gas companies and operating offshore West Africa.  The
sale of the units is consistent with Pride's stated strategic
direction to focus its offshore drilling operations in deepwater
and other high specification assets.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug, 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2. The
outlook was stable.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%);


STATE BANK OF INDIA: Inks Distribution Deal with Fidelity Fund
--------------------------------------------------------------
Fidelity Fund Management has entered into an agreement with
State Bank of India for the distribution of its products.  S.K.
Mishra, General Manager - Marketing and Cross-Selling, State
Bank of India, and Ashu Suyash, Managing Director and Country
Head, Fidelity Fund Management, signed the agreement.

Fidelity Fund Management's entire suite of mutual funds will now
be available at the branches of State Bank of India throughout
the country.

Speaking on the occasion, Mr. Mishra said, "In keeping with
State Bank of India's growth plans into new strategic
initiatives like wealth management, we are adding a new fund
partner -- Fidelity Fund Management -- whose products we will be
distributing.  With the signing of the agreement with Fidelity,
our customers will get easier access to Fidelity's range of
funds.  We are committed to bringing to our customers a wide
range of financial services and our aim is to cross-sell more
financial products to our customers according to their needs.
Mutual funds are the best investment vehicle for retail
investors to participate in the equity markets.  We continue to
be focused on providing the necessary training to our staff at
branches to equip them with the skills required to advise our
customers."

Ms. Suyash added, "We are delighted to partner State Bank of
India to take our products out to a larger number of investors.
We have long believed that growth in the Indian mutual fund
industry will be driven by an increasing number of investors
coming into the mutual fund fold.  State Bank of India's
unrivalled branch network of over 9500 branches provides a
trusted platform to reach new investors.  We look forward to
working with State Bank of India to help customers understand
the role mutual funds can play in achieving their financial
goals."

                   About State Bank of India

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
Financial Strength Rating in June 2006.


TATA MOTORS: Shareholders Agree to INR15 Dividend for FY2007
------------------------------------------------------------
Tata Motors Ltd' shareholders, at its 62nd annual general
meeting, agreed to the declaration of dividend INR15 per
ordinary share for the year ended March 31, 2007.  For FY2007,
Tata Motors booked a net profit of INR19.15 billion on net sales
of INR275.35 billion.

Also during the meeting, the members agreed:

   * to re-appoint of N. A. Soonawala as director;

   * not to re-appoint S. A. Naik, a director liable to retire
     by rotation but who does not seek re-election, and not to
      fill the vacancy created;

   * to re-appoint Messrs. Deloitte Haskins & Sells, Mumbai as
     auditors to hold office from the conclusion of the AGM
     until the conclusion of the next AGM and to examine and
     audit the accounts of the company FY2008, on remuneration,
     terms and conditions; and

   * to appoint P. M. Telang as executive director for a period
     of five years with effect from May 18, 2007.

The shareholders also authorized the company's board of
directors to borrow any sum provided that the total amount so
borrowed will not at any time exceed the limit of INR12,000
crore.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business   
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA STEEL: Sets Aside INR50 Cr. for Land in Tamil Nadu Project
---------------------------------------------------------------
Tata Steel Ltd has set aside INR50 crore to acquire land for its
titanium dioxide project in Tuticorin and Tirunelveli in Tamil
Nadu.

However, the project, which the company will invest a total of
INR2,500 crore, has faced some resistance.  "A small section of
the people who are opposing the project due to lack of clarity
and misplaced fears need to be addressed and taken along," Tata
Steel said in a press release.  

The company said it needs 9,289 acres of land for the project
and will pay a 'reasonable' price that would make the project
economically viable, AFX News Limited relates.

With the vast expanse of land required, which is owned by 7500
landowners, Tata Steel is facing ownership problems and has
consequently sought the state government's help.

According to the press release, "The company is confident that
with the help of the State government, it can address all these
issues and work together with the people of Tamil Nadu to
convert the districts of Tuticorin and Tirunelveli in to an
industrial destination."

Tata Steel pointed out that the project will enhance the
livelihood and income generation capacity of the population in
the affected districts and improve the quality of their lives.  
Over 1,000 people will be directly employed in the factory.  The
people will be selected from landowners who have parted with
their land and have undergone an extensive training program at
the training academy that would be set up by Tata Steel.

Tata Steel said it will pay a fair market price for the land
that is being acquired but it stressed that it will not pay
exorbitant prices mentioned by some people.

Tata Steel is all set to take this project forward and will do
everything necessary to take the people along, the release
added.

                         About Tata Steel

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

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

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


TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors
---------------------------------------------------------------
Tecumseh Products Company has appointed three new members to the
company's Board of Directors, and the resignation from the
Board, for personal and family health reasons, of director Kevin
E. Sheehan.

The Board will have its full complement of seven members when,
as previously announced, Edwin L. Buker joins the company as
Chief Executive Officer and as a director.

Joining the Tecumseh Board, along with Mr. Buker, are:

  -- William E. Aziz, Managing Partner of BlueTree Advisors, of
     Oakville, Ontario, a firm founded in 2002 by Mr. Aziz that
     provides operational, financial and strategic planning
     advisory services to public and private businesses in all
     industries.  Mr. Aziz also currently serves as the Chief
     Financial Officer of Hollinger, Inc., a public company
     listed on the Toronto Stock Exchange, with a subsidiary
     (SunTimes Media Group, an operator of daily newspapers)
     listed on the New York Stock Exchange.

  -- Steven J. Lebowski, an attorney and certified public
     accountant in Milford, Michigan.  Mr. Lebowski is also
     Vice President and an owner of Architectural Door and
     Millworks PC, a privately held wholesale distributor of
     doors based in New Hudson, Michigan.

  -- Jeffry N. Quinn, Chairman of the Board, President and
     Chief Executive Officer, and previously Chief
     Restructuring Officer, of Solutia Inc, of St. Louis,
     Missouri, a US$3.7 billion specialty chemical and
     materials company.  Solutia, which was formerly a unit of
     Monsanto, has been operating under Chapter 11 bankruptcy
     protection since late 2003.

David M. Risley, Chairman of the Board of Tecumseh, said: "I'm
pleased to welcome Messrs. Aziz, Lebowski and Quinn, as well as
Ed Buker, to the Tecumseh Board.  These appointments are further
steps in providing Tecumseh with the leadership, experience and
expertise-at both the Board and management levels-that the
company needs as we continue our efforts to place Tecumseh on a
solid strategic, operational and financial footing."

Also effective Monday, as part of the previously announced
transition to Mr. Buker's role as Chief Executive Officer, James
J. Bonsall has assumed a transitional role as Tecumseh's
Executive Vice President, reporting to Mr. Buker.  Mr. Bonsall
previously served as the Company's President and Chief Operating
Officer.

             About Tecumseh Products Company

Headquartered in Tecumseh, Mich., Tecumseh Products Company
(Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/--
manufactures hermetic compressors for air conditioning and
refrigeration products, gasoline engines and power train
components for lawn and garden applications, submersible pumps,
and small electric motors.  The company has offices in Italy,
United Kingdom, Brazil, France, and India.

At March 31, 2007, the company's balance sheet showed total
assets of US$97.3 million, total liabilities of US$101.4
million, resulting to a shareholders' deficit of US$4.1 million.


TRAVANCORE RAYONS: Kerala Cabinet Approves Revival Proposal
-----------------------------------------------------------
The Kerala Cabinet has approved the proposal to reopen
Travancore Rayons Ltd at Perumbavur with the help of the private
sector, the Business Line reports.  The government-approved
revival package is offered by the company's new promoter
Elenjical Group.

Trayons has reportedly been closed for the past six years.  
Pursuant to the proposal, the company's employees will be
retained.  

According to Business Line, the state government said that the
formal agreement with Elenjical will be signed before the Onam
festivals on Aug. 26.  However, it may take three to four months
before the factory at Perumbavur starts functioning, the news
agency says.

The government still needs to convince the Kerala High Court
that the proposal is viable, the report cites Elenjical
Mananging Director Joseph Vaughese as saying.

Mr. Vaughese told Business Line that 95% of the creditors had
accepted the package -- 65% of the creditors are government
departments or agencies, while 30% are financial institutions
and banks.

The government has agreed to waive the outstanding amount due to
it, the financial institutions agreed in principle to arrive at
a one-time settlement, and the promoters have agreed to settle
5% of the liabilities, which are of the workers, Mr. Vaughese
was reported as saying.

Based in Kerala, India, The Travancore Rayons Ltd, manufactures
Viscose filament rayon yarns, cellulose films, cotton linter
pulps and cellulose powders.  


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

ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold
--------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has upgraded its rating
on Alcatel-Lucent's shares to "hold" from "sell," Newratings.com
reports.

According to Newratings.com, the target price for Alcatel-
Lucent's shares was set at EUR8.

Mr. Lindberg said in a research note that Alcatel-Lucent's share
price "represents the risk-reward equilibrium."

Due to "lackluster results and unclear guidance," Alcatel-
Lucent's pre-merger market capitalization" recently decreased by
EUR10 billion, Newratings.com states.

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

                          *     *     *

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

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

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


ANEKA TAMBANG: To Invest US$1.5 Billion in Gold Mining Firm
-----------------------------------------------------------
PT Aneka Tambang Tbk is seeking to invest in a gold mining firm
up to US$1.5 billion, which may require issuing bonds of up to
US$1 billion, Reuters reports.

The report relates that Bimo Budi Satriyo, corporate secretary,
said that the company is looking to shore up the domestic
production of gold since its Pongkor mine will close in 2012.

Gold mining companies reportedly last for only seven years.  The
company is under negotiation to acquire a stake in PT Newmont
Nusatenggara, which has a gold mine in Nusa Tenggara, the
Troubled Company Reporter - Asia Pacific reported on Jun 11,
2007.

According to Reuters, the company disclosed that it may seek a
small stake in a big player or may take over a small local
miner.  It is recruiting a foreign bank as a financial adviser
on the deal and has shortlisted four candidates, including
Citigroup, HSBC and Macquarie, the news agency says.

Reuters notes that Mr. Satriyo said that they will decide on the
bank this month, adding that the firm is likely to pick a local
bank to help with financing the investment, which will include
US$500 million in cash and up to US$1 billion in borrowing.

Mr. Satriyo named Bank Negara Indonesia, Bank Mandiri and Bank
Central Asia as possible candidates for arranging the borrowing,
Reuters relates.

The report adds that Antam Finance Director Kurniadi Atmosasmito
said the borrowing of up to US$1 billion would be based on the
optimal price, with a mix of bank loans and dollar-denominated
bonds.  The bonds would have a tenor of around seven years and
could be issued locally or globally.

                     About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,       
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.  
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


ANEKA TAMBANG: To Build Aluminium Smelter with Russia's Rusal
-------------------------------------------------------------
PT Aneka Tambang Tbk is planning to jointly build a new
aluminium smelter in Kalimantan with Russia's United Company
Rusal, Reuters reports.

According to the report, a memorandum of understanding on that
project will be signed by President Vladimir Putin in Indonesia
on Sept. 22, although costs, capacity and the share of equity
have yet to be decided.

A spokeswoman for UC RUSAL said that the company was interested
in developing bauxite resources and other projects in Indonesia,
but declined to comment on any possible deal with Antam, saying
it was too early to talk about specific projects, the report
adds.

                      About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,       
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.  
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


BANK NEGARA: President Urges Continued Share Divestment
-------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk was asked by President
Susilo Bambang Yudhoyono to continue its divestment and right
issue amidst fluctuating stock market, The Jakarta Post reports
citing minister for state enterprises Sofyan Djalil

Mr. Djalil said that the price of the bank's shares was now at
the optimal level since the book building was conducted during
the world stock markets were in difficult situation.  The price
is set based on their disclosure with a IDR4-trillion estimate
to cover the state budget, the report notes.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 13, 2007, that Bank Negara sees its secondary offering of
3.47 billion shares at IDR2,050 each to be oversubscribed.

BNI would carry out two parts of its going public activities
namely offering 15% right issue for BNI's additional capital and
15% divestment of government shares.  But of the 30%, only 26%
would be floated in the stock exchange, TCR-AP notes.

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

                        About Bank Negara

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

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


GEOKINETICS INC: Incurs US$14.2 Million Net Loss in Second Qtr.
---------------------------------------------------------------
Geokinetics Inc. posted a net loss of US$14.2 million for second
quarter of 2007, compared to US$1.6 million of net income in
2006.

Highlights include:

  -- Generated revenue increases of 108% and 121% for the three
     and six months ending June 30, 2007, respectively.

  -- Reported EBITDA decrease of US$3.8 million for the quarter
     ended June 30, 2007, compared to the quarter ended
     June 30, 2006, but an increase of US$9.0 million for the
     six months ended June 30, 2007, compared to the six months
     ended June 30, 2006.

  -- Raised approximately US$118 million net proceeds from a
     successful equity offering and American Stock Exchange
     listing, proceeds used to reduce debt by redeeming
     US$110.0 million Floating Rate Notes.

  -- Reported losses to common stockholders of US$15.5 million
     or US$(1.95) per fully diluted share and US$10.3 million
     or US$(1.53) per fully diluted share for the three and six
     months ended June 30, 2007, respectively.  Losses include
     US$6.9 million of non-recurring charges related to Notes
     redemption.

  -- Achieved record backlog in excess of US$375 million as of
     July 31, 2007, up from US$176 million (pro-forma) at
     June 30, 2006, fueled by 376% growth in international
     backlog.

  -- Increased capital budget for 2007 from US$82 million to
     US$101 million to accommodate new crew deployment in
     Argentina for recently awarded US$58 million project.
     Crew count expected to increase from 22 to 24 crews by
     year-end.

Revenue for the six months ended June 30, 2007, increased 121%
to US$182.6 million compared to US$82.8 million for the six
months ended June 30, 2006.  Revenue for the second quarter of
2007 increased 108% to US$71.6 million compared to US$34.4
million for the second quarter of 2006.  The increase in revenue
was primarily due to the acquisition of Grant Geophysical, Inc.
in September 2006 and investments to increase equipment
capacity.  

The company is providing EBITDA to facilitate comparisons with
prior performance and peers.  EBITDA decreased to US$1.0 million
for the second quarter of 2007, compared to US$4.8 million in
the second quarter of 2006.  The decline in EBITDA was primarily
due to the issues mentioned, the acceleration of a large job
that pulled a significant amount of work into the first quarter
and equipment problems that deferred some work from the second
quarter into the third.  EBITDA increased to US$19.6 million for
the first half of 2007, compared to US$10.6 million for the
first half of 2006 consistent with the revenue increases
previously mentioned above, in spite of the problems in the
second quarter.

Commenting on the second quarter's results, David A. Johnson,
Geokinetics' President and Chief Executive Officer, said "Our
results for the second quarter did not meet our expectations.  
Due primarily to adverse weather conditions and the loss of an
international contract, EBITDA was approximately US$4.0 million
lower than we expected.  While this shortfall is a
disappointment and significant to the second quarter given its
seasonal weakness, it represents only a small portion of the
company's annual plan.  Historically, on a pro-forma basis, the
second quarter has been our weakest because of the Canadian
spring break-up and the budgeting cycles of our international
customers.  The company typically see activity ramping-up
through the third and fourth quarters."

"We are very optimistic about our Company's growth prospects for
the remainder of 2007 and in 2008.  As of July 31, 2007, we
achieved a record backlog in excess of US$375 million, more than
double the US$176 million on a pro forma basis at the end of the
second quarter in 2006.  In July, we captured a large US$58
million international contract for seismic data acquisition in
Argentina where we will be deploying a new crew.  In addition,
we are seeing continued high levels of bid activity."

Mr. Johnson continued, "We are well along in the organic growth
program begun in July 2006.  In the twelve-month period ending
June 30, 2007, on a pro-forma basis, we invested US$72.8
million, including US$32.6 million in the first half of 2007, to
increase equipment capacity and recording channel count.  Our
current plans are to invest an additional US$68.1 million in the
second half of 2007.  Our record backlog is the basis for
increasing our total 2007 capital expenditure budget from
US$81.7 to US$100.7 million.  We expect this investment will
bring our nameplate crew capacity to 24 crews, upgrade three of
our existing U.S. crews and increase our channel count to
approximately 97,000 by year end.  The two new crews will be a
large land crew for Argentina and an ocean bottom cable crew in
Australia.  This new profit-generating capacity will help drive
our organic growth in the quarters ahead."

"During the quarter, we listed our common stock on the American
Stock Exchange with an equity offering of 4.5 million common
shares.  The proceeds from the equity offering were used to
redeem our Notes at an aggregate redemption price of US$113.3
million, resulting in a much stronger balance sheet.  By paying
off this debt, we lowered our current effective interest rate,
significantly reduced future interest expense and created a
strong balance sheet for supporting continued growth."

Mr. Johnson concluded, "We remain very positive about the
outlook for our industry, the returns on our investment in new
equipment and the continuing strength and quality of our
backlog."

                    About Geokinetics Inc.

Geokinetics Inc., based in Houston, Texas, is a leading global
leader of seismic acquisition and high-end seismic data
processing and interpretation services to the oil and gas
industry.  Geokinetics provides seismic data acquisition
services in North America, Indonesia, Norway and Brazil.  
Geokinetics operates in some of the most challenging locations
in the world from the Arctic to mountainous jungles to the
transition zone environments.

The Troubled Company Reporter reported on Dec. 22, 2006, that
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics' second priority
floating rate notes due in 2012, after the disclosure that the
offering will be increased to US$110 million from US$100
million.

Moody's Investors Service in December 2006 assigned a B3
corporate family rating and probability of default rating to
Geokinetics and a SGL-3 speculative liquidity rating.  Moody's
also assigned a B3, LGD 4 (53%) rating to Geokinetics' proposed
offering of US$100 million second priority senior secured
floating rate notes due 2012.  The outlook is stable.


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

FLOWSERVE CORP: Moody's Holds Low B Ratings on Loan Extension
-------------------------------------------------------------
Moody's Investors Service affirmed Flowserve Corporation's
corporate family rating at Ba3 and probability of default at B1.

At the same time, Moody's affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.  The
rating actions result from Flowserve extending the maturity of
its revolving credit facility by two years to August 2012.  The
outlook is stable.

Flowserve's Ba3 corporate family rating reflects the company's
leading market position in the fluid motion and control
manufacturing industry, diverse product offering and global foot
print.  Moody's also anticipates that Flowserve will benefit
from revenue growth as demand for industrial pumps, seal,
valves, and services continue to remain robust over the
intermediate term as well as the prudent financial policies
being embraced by management.  Through LTM June 2007,
Flowserve's key credit metrics (as adjusted per Moody's FM
Methodology) were: EBITA margin -- 9%; EBIT/interest expense --
3.3 times; debt/EBITDA -- 2.8 times; and, retained cash
flow/debt at 21%.  These strengths, however, are balanced
against the ongoing cyclicality of Flowserve's end markets.  
Additionally, the corporate family rating is constrained by the
ongoing investigation into the Oil-for-Food Program and
shareholder lawsuit.  Also, there is the potential for Flowserve
to pursue further growth initiatives which could require
incremental capital investments.

The stable outlook reflects Moody's expectations that
Flowserve's debt protection measures are supportive of the Ba3
rating over the next twelve to eighteen months.  The company's
current good liquidity profile, with balance sheet cash of about
US$48 million at the end of 2Q07 should enable it to fund modest
growth without incurring significant additional financial
leverage.  Consequently, even in consideration of a modest
cyclical downturn in business trends, Moody's anticipates that
Flowserve will maintain appropriate financial metrics for its
current rating.

The rating for the company's senior secured bank credit facility
consisting of the revolving credit facility and term loan
reflects the overall probability of default of the company, to
which Moody's assigns a probability of default of B1. The Ba2
rating of the senior secured bank credit facility is rated one
notch above the corporate family rating and reflects an LGD2
(20%) loss given default assessment.  This credit facility
reflects its senior position in Flowserve's capital structure, a
first priority in substantially all of the company's assets, and
the benefit from almost US$200 million in junior claims.

These rating/assessments were affected by this action:

   -- Corporate family rating affirmed at Ba3;

   -- Probability of default rating affirmed at B1;

   -- US$600 million senior secured term loan due August 2012
      affirmed at Ba2 (LGD2, 20%); and,

   -- US$400 million senior secured revolving credit facility
      due August 2012 assigned at Ba2 (LGD2, 20%).

Flowserve Corporation, headquartered in Irving, TX, is one of
the world's leading providers of fluid motion and control
products and services.  Operating in over 55 countries, the
company produces engineered and industrial pumps, seals and
valves. The company also provides a range of related flow
management services.

Flowserve has operations in Dominican Republic, Guatemala,
Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, and
Japan, among others.


SEIYU LTD: Posts JPY6.9-Billion Net Loss for First-Half 2007
------------------------------------------------------------
Seiyu Ltd. has disclosed its financial results for the six-month
period ended June 30, 2007.

The company, which is the Japan unit of Wal-Mart Stores Inc.,
has reported a net loss of JPY6.9 billion for the 2007 first
half, compared with the JPY54.0-billion net loss it recorded for
the same period last year.  Seiyu also reported a wider
operating loss of JPY2.2 billion compared with the first half of
the previous fiscal year's JPY1.4 billion.  Net sales decreased
1.4% to JPY461.6 billion from JPY467.9 billion.

According to an August 15, 2007 report by Bloomberg News' Fergus
Maguire and Kiyotaka Matsuda, the Tokyo-based company has been
reporting annual losses since 2003 when it began providing data
for the fiscal year ending December 31.

Seiyu notes that the slowdown in sales of seasonal merchandise
such as apparel and consumer durables, as well as sluggish
growth of tenant sales in the company's retail business.  
However, sales of such categories as food and consumables were
relatively steady and the number of customers increased.  Also,
it took steps to broaden product lines of HBA, pet accessories
and baby goods at valued prices while assuring the quality, and
sales of these goods continued to be on the rise.

The real estate business of the company performed well as sales
for the first half year totaled JPY2.9 billion, up 3.3% of the
previous interim period and an operating profit of JPY1.2
billion, which is up 6.2% from the prior period.

Kanako Takahara of Japan Times writes in an August 15, 2007
report that Seiyu has revised its forecast for the full year
through December, where the company expects to post a net loss
of JPY5.9 billion, which is down from its February forecast of
JPY800 million in profit.  It now expects to post sales of
JPY963 billion, a downward revision from JPY992.1 billion,
conveys Mr. Takahara.

Wal-Mart, which first invested in Seiyu in 2002, holds 51% of
Seiyu and has an option to raise its stake to 66.7% by the end
of they year, reports Mr. Maguire and Mr. Matsuda.

                     About Seiyu Ltd.

Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a  
Japanese company that is involved in two business segments.  The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services.  This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products.  The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.  The
Seiyu has 17 subsidiaries and two associated companies.


SEIYU LTD: Shares Fall After Altering Forecast to Net Loss
----------------------------------------------------------
Seiyu Ltd. shares dropped the most in six months on the Tokyo
Stock Exchange after the company changed its forecast to a
fifth-straight annual loss, writes Fergus Maguire and Kiyotaka
Matsuda of Bloomberg News.

According to reports, the company's original forecast in
February was a JPY800-million profit.  

Seiyu shares, relates Mr. Maguire and Mr. Matsuda, fell 11% to
JPY113 and traded at JPY116 at 12:43 p.m. of August 15, 2007, in
Tokyo taking its decline over the past year to 46%.

The article quotes investment adviser Yasuo Yabe at Meiwa
Securities Co. as saying, "Given the difficult outlook, the
shares aren't likely to turn around anytime soon.  The forecast
change has certainly hurt the stock."

                       About Seiyu Ltd.

Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a  
Japanese company that is involved in two business segments.  The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services.  This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products.  The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.  The
Seiyu has 17 subsidiaries and two associated companies.


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

DURA AUTOMOTIVE: Posts US$12,685,000 Net Loss in June 2007
----------------------------------------------------------
        Dura Automotive Systems, Inc., and Subsidiaries
        Condensed Unaudited Consolidated Balance Sheet
                       As of July 1, 2007
                     (Dollars in thousands)

                             ASSETS

Current assets:                                                
  Cash and cash equivalents                           US$4,787
  Accounts receivable, net                                     
     Trade                                             147,887
     Other                                              15,011
     Non-Debtor subsidiaries                            32,582
  Inventories                                           79,206
  Other current assets                                  33,756
                                                    ----------
     Total current assets                              313,229
                                                               
                                                               
Property, plant and equipment, net                     167,897
Goodwill, net                                          249,927
Notes receivable from Non-Debtors subsidiaries         183,103
Investment in Non-Debtors subsidiaries                 790,647
Other noncurrent assets                                 25,677
                                                    ----------
Total Assets                                      US$1,730,480

       LIABILITIES AND NET LIABILITIES IN LIQUIDATION

Current liabilities:                                           
  Debtors-in-possession financing                   US$234,246
  Accounts payable                                      47,613
  Accounts payable to Non-Debtors subsidiaries           1,212
  Accrued Liabilities                                   88,717
                                                    ----------
     Total current liabilities                         371,788

Long-term Liabilities:                                         
  Notes Payable to Non-Debtors subsidiaries              8,748
  Other noncurrent liabilities                          56,322
Liabilities Subject to Compromise                    1,312,988
                                                    ----------
Total Liabilities                                    1,749,846

Stockholders' Investment                               (19,366)
                                                    ----------
Total Liabilities and Stockholders' Investment    US$1,730,480


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statement of Operations
            For the Five Weeks Ended July 1, 2007
                     (Dollars in thousands)

Total sales                                          US$98,080
Cost of sales                                           98,503
                                                    ----------
Gross (loss) profit                                       (423)
                                                               
Selling, general and administrative expenses             2,998
Facility consolidation, asset impairment                       
  and other charges                                        182
Amortization expense                                        34
                                                    ----------
Operating (loss) income                                 (3,637)
                                                               
Interest expense, net                                    4,346
                                                    ----------
Loss before reorganization items and income taxes       (7,983)
                                                               
Reorganization items                                     4,446
                                                    ----------
Income before income taxes                             (12,429)
                                                               
Provision for income taxes                                 256
                                                    ----------
Net Income (Loss)                                   (US$12,685)
                                                               
                                                               
       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statements of Cash Flows
            For the Five Weeks Ended July 1, 2007
                     (Dollars in thousands)

Operating Activities:
Net Income (loss)                                   (US$12,685)
Adjustments to reconcile net loss to net cash used             
  in operations activities:                                    
     Depreciation, amortization & asset impairment      $2,662
     Amortization of deferred financing fees               668
      (Gain)/Loss on sale of assets                       (166)
     Reorganization items                                4,446
Changes in other operating items:                              
  Accounts receivable                                    2,150
  Inventories                                              219
  Other current assets                                     763
  Noncurrent assets                                        166
  Accounts payable                                        (639)
  Accrued liabilities                                   (9,311)
  Noncurrent liabilities                                    17
  Current intercompany transactions                     (3,602)
                                                    ----------
Net cash provided by operating activities              (15,312)
                                                               
Investing Activities:                                          
Purchases of property, plant & equipment                (2,284)
Proceeds from sales of assets                              700
                                                    ----------
Net cash (used in) provided by                                 
   investing activities                                 (1,584)
                                                               
Financing Activities:                                          
  DIP borrowings                                        17,603
  Payments on prepetition debt                            (299)
                                                    ----------
Net cash used in financing activities                   17,304
                                                    ----------
Net Increase (Decrease) in Cash & Equivalents              408
                                                               
Cash & Cash Equivalent, Beginning Balance                4,379
                                                    ----------
Cash & Cash Equivalent, Ending Balance                US$4,787


                     About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on Sept. 30,
2007.  (Dura Automotive Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000 ).


DURA AUTOMOTIVE: No Competing Offers Received for Atwood Sale
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates disclosed
that they canceled the scheduled auction for Atwood Mobile
Products, Inc.'s assets, in light of the absence of competing
bids for the Elkhart, Indiana-based business.

In a notice filed before the U.S. Bankruptcy Court for the
District of Delaware, Dura Automotive said that they have not
received additional "qualified bids" for Atwood by the August 8
deadline to submit bids.

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


DURA AUTOMOTIVE: Wants Nod on US$160.2MM Mobile Division Sale
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates intends
to ask the U.S. Bankruptcy Court for the District of Delaware,
August 15, 2007, to approve the sale of their Atwood Mobile
Products division to Insight Equity I LP-affiliate Atwood
Acquisition Co. LLC for US$160,200,000.

The Debtors have notified Judge Carey that their Court-
sanctioned marketing efforts did not gather additional qualified
bids for their Elkhart, Indiana-based business.

Atwood Mobile, which was acquired by the Debtors in 1999,
produces parts and specialty products for recreational and
specialty vehicles, manufactured housing, and associated niche
markets.  Atwood, which has approximately 1,900 employees, is a
separate unit from the Debtors, contributing about
US$330,000,000 of the Debtors' US$2,100,000,000 of sales
revenues in 2006.

The Asset Purchase Agreement dated as of July 3, 2007, between
Debtor Atwood Mobile Products, as seller and Atwood Acquisition,
as buyer, provides for an August 29, 2007 deadline to close the
sale.

                           Objections

(a) Oracle USA

Oracle USA, Inc., licensor to certain software to the Debtors,
says that the Atwood Acquisition APA contains provisions that,
if approved, would violate certain license agreements between it
and the Debtors.

Oracle is successor-in-interest to Hyperion Software Operations,
Inc., doing business as Hyperion Software Corporation, and
Hyperion Solutions Corporation.

In September 1998, Hyperion, Trident Automotive, Inc., and Dura
Automotive Systems, Inc., entered into an agreement pursuant to
which Hyperion permitted Trident to assign, to Dura, Trident's
right, title and interest in software licensed by Hyperion to
Trident under a Hyperion Software License Agreement dated
March 9, 1998.

In May 2006, Hyperion and Dura entered into a Software License
and Services Agreement pursuant to which Hyperion provided Dura
certain proprietary software and related services.

James E. Huggett, Esq., at Margolis Edelstein, in Wilmington,
Delaware, asserts that the Debtors' request must be denied
because it seeks improper and unauthorized use and treatment of
the Hyperion Software Licenses.

The Stalking Horse APA includes a Transition Services Agreement
between Dura and Atwood Acquisition that calls for Dura
Operating Corp. to provide, to the purchaser, "transition
services relating to Hyperion applications, for which Atwood
Acquisition would pay Dura.

Both the Hyperion License Agreement and the SLSA grant non-
transferable software licenses to Dura; no third party is
authorized to use any software license granted to Dura under the
agreements, Mr. Huggett points out.

The Debtors, according to Mr. Huggett, must explain by their
plan to provide "transition services" to a third party does not
violate the terms of the Hyperion License Agreement and of the
SLSA.

Oracle notes that the Debtors do not appear to be attempting an
assignment of the Agreements absent any notice served by the
Debtors and the inclusion of "the software licenses with
Hyperion Solutions Corporation..." among the "Excluded Assets"
in the proposed sale.  However, it points out that the Stalking
Horse APA suggests that Atwood Acquisition and one or more of
the Debtors would be "splitting" Hyperion software licenses --
which according to Oracle, is not contractually permitted and
may give rise to copyright infringement claims against Atwood
Acquisition.

(b) Thomas E. Fagan

Personal injury claimant Thomas E. Fagan wants to make sure that
the proposed transaction would not result to any "spoliation of
crucial evidence" related to his lawsuit against the Debtors.

On January 3, 2007, Mr. Fagan, as special administrator of the
estate of Thomas E. Fagan, Jr., a deceased minor, asked the
Court to lift the automatic stay to permit him to liquidate his
personal injury and wrongful death claims against, among others,
Debtors Atwood Mobile Products and Dura Operating Corp. before
an Illinois state court and to proceed to collect any insurance
under any applicable policy.

William D. Sullivan, Esq., at William D. Sullivan, LLC, in
Wilmington, Delaware, relates that Mr. Fagan is concerned that
any potential sale of the Debtors' assets may result in
spoliation of documents and artifacts, such as testing
equipment, computers, hard drives, machinery that relate to the
design, testing, manufacture, distribution, or sale of the fold-
down bench/sofa seat that is alleged to have malfunction, giving
rise to the Fagan Estate's claim.

At an August 1 hearing on the Lift Stay Motion, counsel for the
Debtors stated that the Stalking Horse APA had been amended to
address the spoliation issue, however, no specific details
relating to how this was purportedly accomplished were provided,
Mr. Sullivan points out.

Accordingly, Mr. Fagan objects to the Debtors' request on
grounds that it is unclear (i) what actions the Debtors have
already taken, if any, to prevent spoliation and (ii) what
further actions the Debtors will take part to prevent spoliation
of crucial evidence.

Mr. Fagan asks the Court to require the Debtors:

  (i) to exclude from the sale all documents and artifacts that
      relate to the subject fold-down bench/sofa seat as well as
      all equipment that is used for mold injection;
      calibration; measurement; assembly; quality assurance
      testing of any kind; design drawings and specifications;
      models, half models, exemplars or prototypes of any kind
      that relate in any way to the subject parts; and

(ii) copy and preserve all computer hard drives and archived
      computer files that relate in anyway to the subject parts.


                     About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent    
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


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

ARK RESOURCES: Unit's Contributories Appoint Liquidators
--------------------------------------------------------
The contributories of Ark Resources Bhd's wholly owned unit,
Lankhorst Pancabumi Contractors Sdn. Bhd, obtained from the
Court an approval to appoint Datuk Tan Kim Leong and Tan Chong
Min from BDO Capital Consultants Sdn Bhd as liquidator of LPC.


ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company    
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and total liabilities aggregated to
MYR232.91 million, resulting in a shareholders' deficit of
MYR200.53 million.


AYER MOLEK: Board Takes Legal Action Against Minority S'holders
---------------------------------------------------------------  
Ayer Molek Bhd's board of directors has decided to commence
legal proceedings against its minority shareholders who summoned
an Extraordinary General Meeting without its consent, The Edge
Daily reports.

In a disclosure with the Bursa Malaysia Securities Bhd, Ayer
Molek Executive Chairman Adlin Shaharudin said the
"requisitionists" had continued to cause confusion among the
shareholders, and that the EGM, called by them to be held on
Sept. 7, was "unlawful" and "wrongfully convened".

The requisitionists, according to the paper, acted on behalf of
a group of minority shareholders, placed another advertisement
in local newspapers early this week saying that the notice for
the EGM, as advertised on Aug 7, was "duly and properly convened
in accordance to law".

With this, Mr. Shaharudin said that the requisitionists "had
deliberately and maliciously misled, and continue to mislead the
shareholders."

"Please note that the board's announcements through the official
KLSE link of Bursa Malaysia, advertisements under the company's
official logo and letterhead, and notices to the shareholders
are the only official and proper source of information on
matters relating to the company and the EGM.  The board further
advises all shareholders to disregard and ignore the unlawful
extraordinary general meeting (EGM), wrongfully and illegally
convened by the requisitionists, and any further advertisements
or notices by the requisitionists," Mr. Shaharudin further said.

On July 16, The Edge recounts, the company's minority
shareholders requisitioned for an EGM, proposing to remove seven
Ayer Molek directors.  On Aug 6, the Ayer Molek board announced
that the said EGM would be held on Sept 14.  However, the
requisitionists had instead advertised a notice on Aug 7 calling
for the EGM to be held on Sept 7.  On Aug 8, the Ayer Molek
board had demanded the requisitionists to retract the notice
advertised on Aug 7.


Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s,
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.


PROTON HOLDINGS: VW Now Conducting Diligence Study, PM Says
-----------------------------------------------------------
German auto firm Volkswagen is now conducting due diligence
study on Malaysia's car maker Proton Holdings for a possible
strategic alliance, Prime Minister Abdullah Ahmad Badawi
confirmed with the AFP news agency.

"And as soon as that is confirmed, then I believe we must tie up
the deal as quickly as possible," he said of VW's study.  AFP
notes that the Prime Miniter's statement is the first official
confirmation that talks between the Asian and European car
makers were going on.

Prime Minister Badawi also said that it is important for Proton
to be "comfortable" with its potential partner.  He gave no
other details of the possible tie-up.

AFP says that if the alliance will push through, it is expected
to give Proton a boost in efforts to reclaim its top spot in the
local car market as well as help it get a foothold in the
lucrative European market.

                    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.


SHAW GROUP: Finalizes US$1.1 Billion Mirant Power Plants Deal
-------------------------------------------------------------
The Shaw Group Inc. disclosed that the Fossil Division of its
Shaw Power Group has signed an engineering, procurement and
construction contract with Mirant Mid-Atlantic, LLC and Mirant
Chalk Point, LLC totaling US$1.1 billion to retrofit their Chalk
Point, Morgantown and Dickerson power plants in Maryland with
new emissions controls.

The contract finalizes an alliance agreement signed in July
2006.  The retrofit will include flue gas desulfurization units,
which are designed to significantly reduce sulfur dioxide
emissions.

Completion of the retrofit program is scheduled for December
2009.  The final agreement results in a $200 million increase to
the company's backlog.  The additional booking will be reflected
in the company's fourth quarter results.

"We are delighted to continue our strong relationship with
Mirant and finalize this contract for Mirant's three Maryland
coal-fired generating plants," J.M. Bernhard Jr., chairman,
president and chief executive officer of Shaw, said.  "These
state-of-the-art air quality control systems, coupled with our
procurement and construction expertise, further Shaw's standing
as an industry leader in the emissions control market for the
power industry."

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the $100 million increase to the company's revolving credit
facility.


SOLECTRON CORP: Special Stockholders' Meeting Set for Sept. 27
--------------------------------------------------------------
Solectron Corporation has set, on Sept. 27, 2007, a special
meeting of stockholders, to consider and vote upon the proposed
merger with Flextronics International Ltd.

The meeting will be held at Solectron's principal executive
offices at 847 Gibraltar Drive, Building 5, Milpitas,
California, 95035 and will begin at 8:00 a.m. Pacific time.  The
record date for the meeting is Aug. 6, 2007.  A definitive joint
proxy statement/prospectus relating to the special meeting will
be mailed to stockholders beginning on or about Aug. 13, 2007.

Headquartered in Milpitas, California, Solectron Corp.
(NYSE: SLR) -- http://www.solectron.com/-- provides a full
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 14, 2006,
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, California-based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt
rating to 'B' from 'B-'.  S&P said the outlook is stable.

On May 9, 2007, Fitch Ratings affirmed Solectron Corporation's
BB- Issuer Default Rating; BB+ rating of its Senior secured bank
facility; BB- Senior unsecured debt rating; and B+ Subordinated
debt rating.


TRANSMILE AIR: RAM Cuts Rating to BB3 After Fabricating Revenue
---------------------------------------------------------------
RAM has downgraded the AA3/P1 ratings of Transmile Air Services
Sdn Bhd's MYR150 million Commercial Papers/Medium-Term Notes
Programme, to BB3/NP.  Concurrently, the Rating Watch (with a
negative outlook), which has been in place since May 10, 2007,
has been maintained.  

TAS, a wholly owned subsidiary of Transmile Group Berhad, is
principally involved in the provision of air-cargo
transportation, including aircraft-chartering and leasing
services.

The steep downgrade has been prompted by the findings of a
special audit conducted by Moores Rowland Risk Management Sdn
Bhd, which had uncovered MYR622 million of fictitious revenue
reported by Transmile between FYE December 31, 2004, and FY Dec
2006.  After adjusting for the accounting fraud, Transmile's
audited financial statements show MYR417.00 million and
MYR124.68 million of pre-tax losses in FY Dec 2005 and FY Dec
2006, respectively.

In consonance with this, a total of MYR797 million has been
wiped out from Transmile's retained profits compared to what had
been reported earlier.

The heavy losses suffered in the last 2 financial years have now
cast serious doubts on the viability of Transmile's business
model, especially its long-haul trans-Pacific services, which
started in FY Dec 2005.  Elsewhere, Transmile's competitiveness
within the intra-Asian overnight express air-cargo market may
also be less robust than previously thought, as revenue
overstatement had also been detected in FY Dec 2004, before the
Group ventured into the long-haul sector.

In addition, Transmile's marketing arm and indirectly owned
associate, CEN Worldwide Sdn Bhd, has been found to be
technically insolvent.  Investigations are currently being
carried out to look into MRRM's allegations that CEN may have
been under-billed for the services rendered by Transmile.  With
CEN technically insolvent, Transmile's customer-concentration
risk has been heightened as DHL Express has become Transmile's
only viable, major customer.  In addition, the Group's strategic
alliance with DHL Express prevents it from working with the
latter's direct competitors such as Federal Express, United
Parcel Service and TNT Express, which may prove to be a
stumbling block in Transmile's turnaround plans.

At the same time, there are concerns about whether Transmile had
in fact been able to pass on its higher fuel costs to its
customers via fuel surcharges, as previously represented by the
management and backed by stable operating margins in the past.

Fuel costs take up the biggest slice of Transmile's expenditure;
its inability to pass through rising fuel costs could be a major
reason for the Group's considerable losses in the past 2 years.
Also, with the liberalization of landing rights within the
region, Transmile is likely to face further competition vis--
vis the routes that it currently operates, making its turnaround
even more challenging.

In the meantime, the ratings remain on Rating Watch (with a
negative outlook) as there is still considerable uncertainty
vis--vis how Transmile will address its maturing debt
commitments.  The Group may default on its debt obligations as
early as May 2008, if the holders of its USD-denominated
convertible bonds exercise their put options; this would require
Transmile to redeem its US$57 million (about MYR200 million at
current exchange rates) of outstanding convertible bonds before
the legal maturity date in May 2010.  While Transmile had
MYR413.42 million of cash holdings as at end-FY Dec 2006, RAM
believes this is insufficient to meet the Group's more than
MYR500 million (including interest-servicing costs) of financial
commitments falling due in FY Dec 2007 and FY Dec 2008.

Shareholders' support or refinancing will be necessary, as
Transmile is not expected to generate enough operating cashflow
to meet its maturing debt obligations over this short span of
time.  Any delay in addressing Transmile's maturing obligations
will result in further downgrading of the ratings, as the Group
has less than 12 months left to resolve its pressing debt-
repayment issue.

Nevertheless, RAM derives comfort from the fact that the Group's
business operations have so far been uninterrupted as its major
shareholders, led by the Kuok Group and Pos Malaysia Services
and Holdings Berhad, have assumed an active role in managing
Transmile during the current crisis.  Despite controlling only
17% of Transmile, the Kuok Group's presence is seen as some
assurance that the Group will eventually turn around.  As such,
Transmile still enjoys support from its bankers despite the
gravity of its financial irregularities.  However, the severity
of the losses is an indication that Transmile will need to
revamp its business model significantly, and it may take some
time before the Group returns to profitability.


TRANSMILE AIR: Group Posts Bigger Net Loss in End-March Quarter
---------------------------------------------------------------
Air cargo carrier Transmile Group Bhd, the parent of financially
disgraced Transmile Air Services Sdn Bhd, which was rocked by an
accounting scandal last May, posted a higher net loss of
MYR27.26 million for the first quarter ended March 31, 2007, The
Edge Daily reports.

The results, according to the newspapers' polled analysts, were
slightly better than annualized estimated loss of
MYR29.5 million.  Transmile also restated the 1QFY06 net profit
of MYR24.7 million into a net loss of MYR8.5 million.

According to Transmile's statement, the loss were due to higher
maintenance and ground handling costs, and lower operating
income from other sources as foreign currencies worked against
its favor.

Its revenue for the quarter declined 2% to MYR154 million from
MYR157.2 million a year ago, while loss per share was 10.16 sen.  
Transmile said the lower revenue was due to the 1Q being the low
season arising from the festive season in Asia.

Meanwhile, Transmile said it adopted a new accounting policy for
recognizing revenue from a particular contract customer where it
earns a fixed monthly income and a variable amount.  This
variable amount is determined based on the annual profit or loss
from the operation of aircraft dedicated to serve that customer,
the paper relates.  

In previous years, variable revenue was recognized only upon
final agreement of accounts with the customer, which is usually
in the financial year following the year in which the variable
revenue was earned, the company's statement said.  

In the quarter to March, the airline generated an operating cash
flow of MYR10.1 million versus an outflow of MYR18.1 million
previously.  However, asset purchases resulted in a net decrease
in cash for the quarter of MYR22.9 million, Joseph Chin & Surin
Murugiah of The Edge writes.

As at March, Transmile reported net debt of MYR361.1 million or
a net gearing of 52%.  Shareholders' funds stood at
MYR696.3 million or MYR2.58 per share.

Transmile was thrust into the limelight when a special audit
found it had made losses and not profits in its last two fiscal
years, which then led to the company lodging reports with the
police and the Securities Commission over the accounting
irregularities.

Subsequently, Transmile founder Gan Boon Aun resigned as its
director and chief executive officer.

Gan and two former executives of Transmile, Khiudin Mohd and Lo
Chok Ping, were charged in a sessions court last month with
abetting the company in providing misleading financial
statements for the year ended Dec 31, 2006, the paper recounts.

All three pleaded not guilty to the charge, and are currently
free on bail.  The joint trial date has been set for January
next year.  The accused are liable to a fine of not less than
MYR1 million and to imprisonment for a term not exceeding 10
years, if found guilty.

Last week, Transmile redesignated its non-executive director
Wong Yoke Ming as its managing director.

Meanwhile, Transmile's substantial shareholder, Pos Malaysia &
Services Holdings Bhd had recently transferred 15.68 million
shares to its subsidiary Pos Malaysia Bhd as part of a group
restructuring exercise.
In addition, a filing to Bursa Malaysia showed that US-based
Capital Research and Management Co disposed of nearly two
million shares of Transmile Group Bhd, from Aug 8 to 10, the
paper relates.

A filing with Bursa Malaysia showed that it sold 150,000
Transmile shares on Aug 8 and another 449,700 shares the next
day at an average price of MYR4.64.  On Aug 10, it disposed of
1.4 million shares at an average price of MYR4.41.  The
disposals reduced its deemed interest in the company to 18.86
million shares or 6.98%.


Transmile Group Berhad's principal activities are the provision
of air transportation and related services and leases of
aircrafts.  Other activities include dealings in aircrafts,
aircraft parts and equipment, provision of management, aircraft
engineering, line and base maintenance, aircraft ground handling
and investment holding services.  The Group operates principally
in Malaysia.

RAM has downgraded the AA3/P1 ratings of Transmile Air Services
Sdn Bhd's MYR150 million Commercial Papers/Medium-Term Notes
Programme, to BB3/NP.  Concurrently, the Rating Watch (with a
negative outlook), which has been in place since May 10, 2007,
has been maintained.  

TAS, a wholly owned subsidiary of Transmile Group Berhad, is
principally involved in the provision of air-cargo
transportation, including aircraft-chartering and leasing
services.

The steep downgrade has been prompted by the findings of a
special audit conducted by Moores Rowland Risk Management Sdn
Bhd, which had uncovered MYR622 million of fictitious revenue
reported by Transmile between FYE December 31, 2004, and FY Dec
2006.  After adjusting for the accounting fraud, Transmile's
audited financial statements show MYR417.00 million and
MYR124.68 million of pre-tax losses in FY Dec 2005 and FY Dec
2006, respectively.  In consonance with this, a total of MYR797
million has been wiped out from Transmile's retained profits
compared to what had been reported earlier.


THERMADYNE HOLDINGS: Strong Performance Cues S&P to Lift Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Thermadyne Holdings Corp., including its corporate credit rating
to 'CCC+' from 'CCC'.  In addition, Standard & Poor's removed
the ratings from CreditWatch with positive implications, where
they were placed on April 5, 2007.  The outlook is positive.  As
of June 30, 2007, the St. Louis, Missouri-based welding-
equipment manufacturer had total outstanding debt of
approximately US$280 million.

"The upgrade reflects Thermadyne's strengthening operating
performance, recent bank refinancing, and successful filing of
its second-quarter Form 10Q," said Standard & Poor's credit
analyst Anita Ogbara.  The company has recently made progress in
addressing some of its accounting issues.  However, the company
concluded that it had a material weakness in internal controls
over financial reporting as of Dec. 31, 2006, and amended the
2006 Form 10K and first-quarter 2007 Form 10Q.  The amendments
did not change the consolidated financial statements.
     
During the past two quarters, operations have stabilized
somewhat.  For the 12 months ended June 30, 2007, Thermadyne
generated approximately US$40 million of operating EBITDA, and
operating margins (before depreciation and amortization) rose to
about 10%.  Still, performance is down substantially from 2001-
2002 levels when operating margins were in the mid-teens.  The
company has also completed a series of small divestitures of
poorly-performing operations.  Currently, Thermadyne is
implementing a number of steps to regain lost market share and
to improve operating efficiencies and performance, including
revamping its sales organization, expanding the product offering
globally, moving some manufacturing to lower-cost countries, and
standardizing information systems.

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


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

INFRATIL LTD: Books NZ$45.9-Mil. Profit in Qtr. Ended June 30
-------------------------------------------------------------
Infratil Limited's first quarter was satisfactory and all
businesses progressed their respective investment and
development initiatives, the company said in a regulatory filing
with the New Zealand Stock Exchange.

Infratil's success in generating value for shareholders,
together with the potential for increasingly shaky global
capital markets to result in new investment opportunities, saw
the Company announce a rights issue raising NZ$175 million in
August.

For the period under review, earnings before interest, tax,
depreciation, amortisation, realisations and impairments, and
fair value movements of financial instruments were
NZ$64.5 million from NZ$31.2 million in the first quarter of
the previous year.  The net surplus was NZ$62.6 million (2006
NZ$8.5 million) and profit attributable to Infratil shareholders
was NZ$45.9 million (2006 NZ$7.7 million).

Depreciation and amortisation was NZ$17.5 million, up from
NZ$10.0 million from the prior comparative period as a result of
the consolidation of TrustPower and subsidiaries' investment in
plant and equipment.

Infratil's net interest costs were NZ$32.0 million up from
NZ$14.7 million in the prior comparative period.  NZ$9.2 million
of the increase reflects consolidation of TrustPower while the
bulk of the remainder relates to funding the increased stake in
TrustPower.

Infratil remains conservative in its use of debt which comprised
40 per cent of capitalisation as at June 30, 2007.  Over the
period the offer of Perpetual Infratil Infrastructure Bonds
(PiiBs) was closed having raised NZ$240 million which was a
testament to Infratil's standing in the capital markets.

                   NZIFRS Accounting Standards

This quarter is Infratil's first result under the NZIFRS
accounting standards.  Prior periods have been restated to be
consistent.  The most significant impact of the NZIFRS changes
on the reported results is in respect of the accounting
treatment of the fair value of electricity derivative contracts.
This resulted in a gain over the period of NZ$78.7 million and
accrual of tax of NZ$23.4 million.  This gain largely arises
from Infratil Energy Australia's electricity contracts which do
not meet the effective hedge test under NZIFRS. This gain would
not have been recognised under GAAP.  It is likely that this
impact will reverse in later periods as electricity prices
return to normal.

                          Subsidiaries

TrustPower's first quarter was notable for the good progress
made on capital projects.  EBITDAF was NZ$51.3 million
(NZ$53.4 million) and net profit NZ$31.9 million
(NZ$26.2 million).  These were satisfactory results given that
wholesale electricity prices were relatively low over the period
as was TrustPower's own hydro generation and sales to customers
-- all of which are normal seasonal factors.

Tararua Stage III windfarm (93 MW) was commissioned at a cost of
NZ$174 million well under the budget of NZ$180 million.
Construction of the ANZ$200 million South Australian windfarm
(88MW) continues.  Provisional consents were received for the 72
MW Wairau hydro generation scheme and consenting progressed for
both the 46 MW Arnold hydro and the 200 MW Lake Mahinerangi wind
projects.

In New Zealand and Australia the respective Governments are
advancing the introduction of CO2 pricing regimes which are
likely to benefit renewable electricity generation.

Infratil Energy Australia had an EBITDAF loss for the quarter of
NZ$6.1 million against a gain of NZ$2.2 million for the same
period in 2006.  The result reflected the cost of strong growth
in IEA's retailing operations during a period of very high
wholesale energy prices.  Eastern Australian wholesale
electricity prices more than doubled and gas supply costs in the
newly restructured Victorian market were also much higher during
periods of peak residential winter load.  IEA had substantially
hedged against these increases and the scale of the market
disruption is indicated by the June 30, 2007 NZ$144.5 million
fair market valuation of the total hedge position.

However, while IEA's exposure to wholesale energy prices and
costs was substantially hedged, there was an adverse impact from
variable retail load and from the actual energy spot prices. The
wholesale prices also caused IEA to slow its customer growth in
Victoria and delay initiation in Queensland.  Nonetheless,
momentum still resulted in a net 35,000 accounts being added to
produce a total of 221,330.  IEA will resume its retail growth
when wholesale energy price levels moderate, which is expected
to be early 2008.

When wholesale market conditions again favour retail growth, IEA
expects to benefit from the market withdrawal and collapse of
several other new retailers and the large losses by some of the
NSW state owned retailers.  One retailer which has withdrawn due
to inadequate risk management is EnergyOne in which Infratil had
a 20 per cent stake and which has now been written down,
resulting in an impairment loss of NZ$5.6 million in the
quarter.

Infratil's South Australian generation operated more than usual
over the period in response to the high electricity spot prices
and the plant performed well. Development activities took
another step forward with agreement with engine maker Cummins to
build a 30MW "peaker" generation facility in NSW's Hunter Valley
on a "turn key" fixed price basis.  This is expected to be
commissioned in mid 2008 at a cost of approximately
ANZ$20 million.

NZ Bus produced an on-budget result although passenger usage
disappointed.  Wellington especially continues to see lower user
numbers.

Bus usage depends on reliability, friendliness, comfort and
value for money.  Extensive work is underway on each of these
key factors.  NZ Bus is investing heavily in new buses, staff
training and systems.  Its partners, Greater Wellington Regional
Council, the Auckland Regional Transport Authority, Auckland
City Council and Wellington City Council and others are also all
committed to improving the reliability of bus public transport.

Infratil Airports Europe's quarter was slightly ahead of the
same period the previous year due to an improved contribution
from passenger services, which reflects IAE's investment in
better facilities in Glasgow.

Passenger numbers were flat at Glasgow and lower at L? Freight
was up at both Glasgow and Kent.  In line with the wider
European market, activity levels were generally flat, but the
announcement of several new passenger routes at Glasgow and
Kent's attraction of a number of new carriers bodes well for the
future.

Wellington Airport produced a solid result with incremental
income improvements across the board.  Effective from July 1,
the aeronautical charges were reset for the first time since
2002. Average charges increased 2.5 per cent.  There was no
change to the international passenger departure fee and airline
charges increased 2.85 per cent. Unfortunately what had been
considered to be a very cordial and constructive consultation
process with the main airline users of the Airport (AirNZ,
Qantas, Pacific Blue) has not resulted in avoiding litigation
from AirNZ.  In each of the last two consultations over
aeronautical charges (1997 and 2002) Wellington Airport reached
agreement with its main customer, but seemingly the airline
regards a legal stage as a necessary part of the process.

Wellington Airport continued the upgrade of its runway safety
and terminal and the expansion of the off-airport retail
development.

                          Shareholders

Over the quarter Infratil undertook a share and warrant split
effectively doubling the number of both instruments. Infratil
also undertook an issue of new five-year warrants.  These steps
were taken to enhance liquidity in Infratil's shares and to
provide shareholders with greater flexibility.

In August, Infratil announced that it was to undertake a rights
issue.  Infratil has not issued shares for over a decade and the
decision to now raise NZ$175 million is specifically targeted to
enable the Company to better position itself to take advantage
of potential opportunities that might arise from the current and
expected turbulence in world capital markets.

Infratil's financial position is strong which, together with its
depth of operational skills and assets, places the Company is a
good position to act on new growth investment opportunities
should they arise.

The final dividend of 7.5 cents per share was paid on 18 June
2007.
                          About Infratil

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

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


INFRATIL LTD: Buys Shares w/ NZ Super Fund in Auckland Airport
--------------------------------------------------------------
The New Zealand Superannuation Fund and Infratil Limited have
acquired a 6.20% shareholding in Auckland International Airport.

NZ Super Fund holds 2.87% of Auckland Airport under its
infrastructure management mandate with Morrison & Co and
Infratil holds 2.14%.  Separately, NZ Super holds 1.19% of
Auckland Airport under mandates with other fund managers.
Infratil chief executive, Lloyd Morrison, said:
"Infratil and NZ Super Fund are long term investors in the
infrastructure sector.  Auckland Airport is one of New Zealand's
leading infrastructure assets with great long term growth
potential.  Infratil and NZ Super Fund began purchasing shares
in Auckland Airport in 2006.

"Growing travel demand in Asia Pacific region, the continuing
strong performance of Air New Zealand and Qantas, and the large
aircraft orders for growing Asian and Middle East airlines make
us confident about Auckland Airport's prospects, irrespective of
the outcome of Dubai Aerospace's current proposal or any other
offer that might be made.

"We have an open mind on the Dubai Aerospace proposal.  We
expect to be involved in considerably more discussion over what
the optimal ownership, control, and capital structure of
Auckland Airport should be and believe there is a strong
business case for New Zealand investment."

                          About Infratil

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

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


NCM NZ: Placed Under Voluntary Liquidation
------------------------------------------
On July 24, 2007, a special resolution was passed to voluntarily
liquidate the business of NCM NZ Ltd.

Creditors must file their claims by August 24, 2007, so as to be
included in the company's dividend distribution.

The company's liquidators are:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7425
         Facsimile: (09) 302 0536


OLDCO LTD: Accepting Proofs of Debt Until August 31
---------------------------------------------------
Oldco Ltd. requires its creditors to file their claims by August
31, 2007.

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

The company's liquidators are:

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


SEPA WASTE: Shareholders Agree on Voluntary Liquidation
-------------------------------------------------------
The shareholders of Sepa Waste Water Treatment (NZ) Ltd. passed
a resolution on July 19, 2007, to voluntarily liquidate the
company's business.

Creditors must file their claims by August 20, 2007, so as to be
included in the company's dividend distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         c/o Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         New Zealand
         Telephone: (09) 309 0463


SIMPLY INSURANCE: S&P Affirms 'BB-' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services, on Aug. 16, 2007, affirmed
its 'BB-' counterparty credit and insurer financial strength
rating on Simply Insurance New Zealand Ltd. and removed the
rating from CreditWatch with developing implications, where it
was placed on  Jan. 10, 2007.  The outlook is developing.

The outlook revision reflects the possibility that GE decision
to review its overall insurance operations in Australia and New
Zealand is likely to take longer than originally anticipated,
and may be completed only in 2008.

SINZ, owned by New Zealand-based global retail financial
institution GE Finance and Insurance Ltd. is part of GEFI's
overall insurance operations in Australia and New Zealand.
Following completion of the strategic review, SINZ may continue
to be in operation, form a strategic partnership, or may even be
sold by its parent.  The developing status reflects the
uncertainty about SINZ's future ownership and structure, and
that the rating assigned could be upgraded, downgraded, or
affirmed, depending upon the outcome of the review.

The 'BB-' rating on SINZ incorporates the benefit of its
parent's strong management team, and overall risk management
systems.  SINZ, however, is not explicitly supported by GEFI,
and is considered to be of less strategic importance, given the
operating history of about three years, and small size relative
to the group.


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

BENPRES HOLDINGS: First-Half Net Income Falls 6% to PHP1.78 Bil.
----------------------------------------------------------------
Benpres Holdings Corp.'s net income for the six-month period
ended June 30, 2007, fell 6% as a result of the 38% drop in the
contribution of its investee companies, the Philippine Star
reports.

In a regulatory filing with the Philippine Stock Exchange,
Benpres discloses that its net income attributable to net
holders in the 2007 first half decreased to PHP1.78 billion from
PHP1.90 billion in the same period in 2006.

Benpres' statement says that equity in net earnings of investees
fell to PHP1.475 billion in the first half from PHP2.395 billion
in the same period the pervious year.  This includes gains by
affiliate First Philippine Holdings Corp.  from the initial
public offering of First Gen Corp. in February 2006.

PhilStar notes that Benpres receives revenues from asset sales
and dividends from investees.  Excluding the one-time gain,
Benpres said its net income for the first half would have been
PHP478 million or an increase of 272% year-on-year.  The
favorable results from the recurring businesses stems from the
stable performance of FPHC and the steady recovery of the
company's broadcast unit, ABS-CBN Broadcasting Corp.

Moreover, Benpres said that foreign exchange adjustments
resulted in a gain of PHP633 million compared with an expense of
PHP30 million in the same period last year.  The Philippine peso
appreciated to 46.24 against the U.S. dollar in June 2007 from
49.03 in December 2006, compared with a depreciation to 53.11
per U.S. dollar in June 2006 from 53.09 in December 2005.

FPHC posted a net income of PHP2.6 billion in the first half, up
36% from the previous level.  However, on a recurring basis, net
income grew 86% on the strength of equity in net earnings of
associates which more than doubled to PHP1 billion.

PhilStar notes that driving the growth in equity in net earnings
of investees is power giant Meralco, which reported a net income
of PHP2.4 billion, more than six times the PHP367-million net
income recorded in 2006.

ABS-CBN, on other hand, reported a 77% spike in net profit to
PHP739 million from only PHP417 million, fueled by the ongoing
improvement in its advertising business and the rising
contribution of its subscription-based business.  Gross revenues
went up 12% year-on-year to PHP9.2 billion from PHP8.19 billion.
Airtime revenues increased 20% on the back of higher advertising
volume as well as political ads, even as the industry slowed
down.

SkyCable, meanwhile, posted a turnaround in its financial
performance with earnings of PHP61 million against a net loss of
PHP83 million.  Revenues rose nine percent on the back of
subscriber growth of 2.4% and on a rate increase implemented
this year.

Bayan Telecommunications likewise swung to profitability with
net earnings of PHP820 million against the PHP1.19-billion loss
the previous level.  Revenues reached PHP2.6 billion or an
increase of 12% from PHP2.32 billion,  driven by higher data and
voice revenues.

Benpres' balance sheets as of June 30, 2007, showed total
current assets of PHP10.17 billion and total current liabilities
of PHP31.097 billion.   The company also recorded June 30, 2007
total assets at PHP49.39 billion while total equity was at
PHP14.80 billion.

                     About Benpres Holdings

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation -- http://www.benpres-holdings.com/-- is a 56.22%-  
owned subsidiary of Lopez, Inc.  Both entities were incorporated
in the Philippines.  Benpres Holdings and its subsidiaries are
mainly involved in investment holdings, broadcasting and
entertainment, and water distribution.  The company's associates
are involved in telecommunications, power generation and
distribution, cable television, real estate development and
infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

                      Going Concern Doubt

After reviewing the company's financials for the year ended
Dec. 31, 2006, Ma. Vivian C. Ruiz at Sycip Gorres Velayo and Co.
raised significant doubt on the company's ability to continue as
a going concern, which depends on the success of the company's
Balance Sheet Management Plan.

As of Dec. 31, 2006, the company's total assets stood at
PHP14.87 billion, while total stockholders' equity at yearend
increased by 9%, reducing the deficit to PHP9.23 billion from
PHP10.14 billion, given the PHP4.62 billion net income posted in
2006.

In 2006, Benpres made semi-annual interest payments on its
direct and contingent liabilities that are covered in its
proposed Balance Sheet Management Plan.  The company continues
to negotiate a debt restructuring with its creditors.


IPVG CORP: IT&T Division Reinforces VOIP Services w/ Altitude
-------------------------------------------------------------
IP-Converge Data Center, Inc., the Information Technology and
Telecommunications division of listed company IPVG
Corp. (PSE: IPVG), reinforces its VOIP services, V.O.I.C.E.S. or
Voice Over Internet Call Exchange Suite through its partnership
with Altitude Software, a leading global contact center
solutions provider.

V.O.I.C.E.S. offers three primary services: VOIP termination
services, Hosted IP-PBX service, and Contact Center Solutions by
Altitude.

Altitude Software is the developer of a unified suite of contact
center solutions that manages, measures, and improves contact
center operations with each user interaction.  Available as a
premise-based solution, Altitude uCI or Unified Customer
Interaction is also offered by IPC as a hosted solution, located
in its Telco-grade, Telco-neutral Internet Data Center at RCBC
Plaza, Makati City.

The hosted or ASP (application service provider) model is ideal
for start-up contact centers or in customer service departments
of SMEs and MNCs.  The system can be implemented at minimum
equipment investment, if any, and at the least operating cost.
The premise-based version is a modular solution that provides
the advantage of seamless interface with an existing or legacy
application installed in a client environment.  Altitude uCI
is compatible with most of the leading contact center vendors
and applications.

According to IPC President Rene Huergas, the partnership with
Altitude Software is an important aspect in IPC's go-to-market
strategy, and augurs well with its full suite of best-ofbreed
products and services to meet the unique needs of its customers.
"The entry of Altitude's contact center solutions under our
V.O.I.C.E.S. product line complements our full suite of managed
data services and IT solutions," says Huergas.

"The benefits we offer are in our capability to provide our
customers with end to end solutions, including dedicated
Internet access and voice termination, allowing our customers
to take full advantage of our highly robust network
infrastructure and range of "boutique" managed data services to
meet specific customer needs.  Our customers' options have
become practically limitless."

Altitude Software Asia Pacific President, Shlomo Harari says:
"We're very excited about the introduction of Altitude to the
Asia Pacific market, especially in the Philippines.  Our
strategy is to grow our partnerships regionally, and IP-Converge
is key to this success.  Our investments in Asia Pacific focus
on off-shoring countries, specifically the Philippines and
India."

Gary Gonzales, Altitude Software Philippines Country Manager
states: "Altitude enters the Philippine market at the right
time, when the emergence of IP infrastructure is truly becoming
not only an enabler of systems but rather, a business process
tool that contributes significantly to the bottom-line of every
Contact Center and BPO."

Harari adds: "We will see more and more contact centers moving
into an all-IP solution, giving us an excellent opportunity to
address the market together with IP-Converge."

Key advantage

This latest telecommunications service from IPC is in line with
the company's continued efforts to expand its managed data
services and IT solutions by leveraging its existing data
center infrastructure and IP-transport facilities.

"This gives us the distinct capability to offer our clients a
unique combination of customercentric products and services that
best fit their needs in a particular industry, and thus
providing them more time and effort to focus on their core
business activities and growth strategies," he said.  "We design
and offer products and services from inception to
implementation, to final acceptance by a customer -- from basic
Internet access, office communications, to individual CRM
requirements."
Key partnerships

Early this year, IPC tapped Salesforce.com, a market and
technology leader in on-demand business services, to pin down
high-growth markets that are in need of on-demand CRM
applications.  This allows customers to manage and share all
their sales, support, marketing and partner information on
demand.

Huergas adds: "We have completed our first phase of our business
growth plans with our partners -- each comprising the full-suite
of our boutique products and services offerings."

                     About Altitude Software

Altitude Software is a leading contact center solutions vendor
based in Lisbon, Portugal.  The company offers a
unified suite of hosted and premise-based solutions that
manages, measures, and improves contact center
operations with each interaction.  A multi-awarded solution,
Altitude uCI (unified customer interaction) has also
been placed by Gartner, Inc. in the Visionary quadrant of the
2006 Magic Quadrant for Contact Center Infrastructure in the
EMEA. For more information, visit http://www.altitude.com

                       About IP-Converge

IP-Converge Data Center, Inc. is an information technology and
telecommunications (IT&T) company, providing local and
international clientele with fully integrated, managed value-
added IT services at global service-quality standards.  It
offers IT Outsourcing and System Integration packages to clients
requiring customized IT&T solutions and its business is based
upon the foundation of quality delivery, high customer
satisfaction and costsaving benefits. For more information,
visit http://www.ip-converge.com/


                        About IPVG Corp.

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

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

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


WELLEX INDUSTRIES: Incurs PHP284,194 Net Loss in 2nd Quarter
------------------------------------------------------------
Wellex Industries filed with the Philippine Stock Exchange its
financial statements for the quarter ended June 30, 3007.

The company relates that as of the quarter ended June 30, 2007,
it has ceased commercial operations and is disposed to lease out
its warehouse facilities.  Wellex says that the leasing of its
warehouse facilities gave it another income.  Lessee
includes giants such as San Miguel Corporation and Coke and
upstart manufacturing/distribution companies.

The total revenues recorded for the second quarter of 2007
amounted to PHP9.8 million.  Wellex incurred a net loss of
PHP284,194 in the second quarter, compared with the
PHP20,167,696 is recorded for the second quarter in 2006.

Total assets of the company as of June 30, 2007, amounted to
PHP2,097,765,867, as compared with the PHP2,649,973,452 a year
ago.  AS of end-June 2007, equity totaled PHP1,414,111,814.

The company said that its intuition is to continue operating as
a going concern.  Meanwhile, it is focusing its business
activities among others in "injection molding" and "vacuum
forming" with encouraging prospects.  Placed on commercial scale
operations, they can contribute towards the improvement of the
company's financial position.

The audited financial statements have been prepared assuming
that the Group will continue as a going concern.  The Group had
been incurring losses in prior years and had a deficit of
PHP1,856,241,867; PHP1,368,632,873 and PHP1,272,659,749 as of
December 31, 2006, 2005 and 2004, respectively.


Makati City-based Wellex Industries, Inc., was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration.  But due to financial distress, the firm's
business operations have been suspended.  The company's present
activity is focused on reorganizing its operations in
preparation for its new business.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  Mining, however, will continue to be
one of the company's secondary purposes.  In 1997, it
subsequently transformed to a holding company for manufacturing
concerns with the entry of the Wellex Group.  The company has
since then been able to initiate projects which have been true
to its vision.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation (PCIC) into the group.  PCIC
is the Philippines' first fully integrated manufacturer of
plastic products used in a number of industries.

                   Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores at Diaz Murillo
Dalupan and Co. raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.


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

KLOCKNER HAENSEL: Pays Dividend to Creditors
--------------------------------------------
Klockner Haensel Far East Pte Ltd, which is in voluntary
liquidation, has paid the first and final dividend to its
creditors on August 13, 2007.

The company paid 48.9201% of all admitted ordinary claims.

The company's liquidators are:

         Chia Soo Hien
         Ng Geok Mui
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


SOTHEBY'S: Moody's Lifts Corporate Family Rating to Ba2
-------------------------------------------------------
Moody's Investors Service upgraded the long term debt ratings of
Sotheby's; the outlook is stable.  The upgrade reflects the
company's very strong operating performance as a result of the
auction market reaching historical highs which has resulted in
Sotheby's achieving very healthy credit metrics and Moody's
expectation that the company will be able to support reasonable
credit metrics even if the art market softens.

These ratings are upgraded:

-- Corporate family rating to Ba2 from Ba3;

-- Probability of default rating to Ba2 from Ba3;

-- Senior unsecured notes rating to Ba3 (LGD5-84%) from B2
    (LGD6-90%).

The Ba2 corporate family rating balances:

   i. Sotheby's strong brand name and its recognized expertise
      in an industry that has high barriers to entry and is
      dominated by two players against

  ii. Moody's expectation that credit metrics will be uneven
      over the intermediate term given the significant
      cyclicality of the international auction market.

Sotheby's operating performance has been very strong since the
middle of 2003 as a result of robust conditions in the auction
market.  This has led to the company building up a healthy cash
balances (US$343 million at 6/30/2007) and to a notable
improvement in credit metrics to solidly investment grade
levels.  The corporate family rating also reflects the company's
good liquidity, which provides it with the flexibility to
weather a cyclical downturn in the auction market and the
potential for operating performance volatility.  The rating
continues to be constrained by the very high seasonality of the
company's cash flow and the high level of fixed costs that make
it difficult for the company to adjust to cyclical downturns.

The rating on the senior unsecured notes reflects both the
overall probability of default of the company, at Ba2, and a
loss given default of LGD5.  The senior unsecured notes were
upgraded by two notches to Ba3 largely due to changes in the
company's other liabilities included in the waterfall analysis,
particularly a decrease in accounts payable and an increase in
the pension obligation at the holding company.

The senior unsecured notes are rated one rating level below the
corporate family rating reflecting their junior position to both
the US$300 million senior secured revolving credit facility and
the company's accounts payable and lease rejection claims.  The
company's senior unsecured notes are at the holding company and
are not guaranteed by the operating subsidiaries, therefore,
they are structural subordinated to the trade claims and lease
rejection claims located at the operating subsidiaries.

Headquartered in New York City, Sotheby's Holdings, Inc.
(NYSE:BID) -- http://www.search.sothebys.com/-- is the parent  
company of Sotheby's worldwide auction businesses, art-related
inancing and private sales activities.  The Company operates in
34 countries, with principal salesrooms located in New York and
London.  The company also regularly conducts auctions in 13
other salesrooms around the world, including Australia, Hong
Kong, France, Italy, the Netherlands, Switzerland and Singapore.


SPECTRUM BRANDS: Posts US$7.4 Mil. Net Loss in Qtr. Ended July 1
----------------------------------------------------------------
Spectrum Brands, Inc. disclosed third quarter net loss of
US$7.4 million for the quarter ended July 1, 2007, compared with
a net income of US$2.5 million for the same period in 2006.

Spectrum Brands' third quarter net sales were US$442 million, an
increase of 3.4% compared with net sales of US$427.5 million in
the comparable period last year.

Gross profit and gross margin for the quarter were US$164.2
million and 37.1%, respectively, versus US$156.4 million and
36.6% for the same period last year.  Restructuring and related
charges of US$4.1 million were included in the current quarter's
cost of goods sold; cost of goods sold in the comparable period
last year included US$2.7 million in similar charges.  Excluding
these restructuring and related charges, gross margin improved
as the positive impact of price increases and manufacturing cost
efficiencies offset increased raw material costs.

Spectrum generated third quarter operating income of
US$3.7 million versus US$10.5 million in the same quarter of
fiscal 2006.  The primary reason for the decline was a
significant increase in restructuring and related charges of
US$30.6 million in fiscal 2007 compared with US$6.8 million in
the prior year, which more than offset a US$7.8 million
reduction in operating expenses in the current quarter.

"Our overall portfolio continues to make progress and we are
confident that we are taking the right actions for the long-term
to drive revenue growth, reduce costs and create sustainable
value," Spectrum Brands Chief Executive Officer Kent Hussey
stated.  "As we previously disclosed, our third quarter
financial results were lower than we had anticipated; however,
we did see year over year improvement in sales, operating
expenses and EBITDA.  Looking forward, we expect further year
over year improvement in EBITDA in the fourth quarter of 2007
and beyond, largely driven by cost reduction actions already
completed or underway.  In order to restore a more normal
capital structure to the business as quickly as possible, we
have decided to sell an attractive strategic asset. Details of
the sale will be announced when the sale process is formally
initiated within the next several weeks."

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  The Outlook remains Negative.


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

SR TELECOM: June 30 Balance Sheet Upside-Down by CDN$14 Million
---------------------------------------------------------------
SR Telecom Inc. reported on Aug. 9, 2007, its unaudited second
quarter 2007 results for the three months ended June 30, 2007.

SR Telecom Inc.'s consolidated balance sheeT at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million in
total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.

Net loss was CDN$14.9 million compared to CDN$17.3 million in
2006.  Operating loss from continuing operations was
CDN$13.7 million, a CDN$4.0 million improvement over the
CDN$17.7 million operating loss recorded during the same period
one year ago.

SR Telecom's second quarter revenue grew 51% to CDN$22.4 million
from CDN$14.8 million during the same period in 2006, reflecting
the ongoing implementation of major contracts in Mexico and
Argentina.  

These improvements--a result of the increase in sales volume,
higher margins on equipment sales and a CDN$2.3 million decline
in selling, general and administrative (SG&A) expenses--were
offset by a CDN$600,000 increase in restructuring charges and a
CDN$700,000 million rise in research and development expenses.  
The 2007 restructuring charges relate to the company's announced
plan to reorganize its internal operations and centralize
activities; the R&D increase is a reflection of the additional
resources the company has devoted to the development, delivery
and deployment of WiMAX solutions in 2007.

"Our second quarter performance, while clearly an improvement
over last year's results, reflects the delays in manufacturing
and deliveries that we encountered during the quarter as we
worked to resolve our capital issues," said Serge Fortin,
president and chief executive officer of SR Telecom.  "We know
that much remains to be done for SR Telecom to regain positive
and sustainable momentum, yet it is encouraging that our
customers have continued to demonstrate their belief in our
ability to design, deliver and deploy high-quality wireless
solutions. The additional
CDN$45 million in available funds we received through the term
loan in early July will enable us to further invest in our WiMAX
technology, strengthen our customer relations and execute on our
growth strategy."

Year-to-date revenue was CDN$45.2 million, up 33.0% from
CDN$34.0 million in the first six months of 2006.  Operating
loss for the six-month period in 2007 was CDN$22.5 million
compared to CDN$29.2 million in the same period of 2006.  The
year-to-date net loss was CDN$27.1 million compared to CDN$30.9
million during the first six months in the prior year.

Backlog at June 30, 2007, stood at CDN$27.1 million, the
majority of which is expected to be delivered by the end of this
year.  This compares with CDN$45.4 million at the end of 2006
and CDN$31.3 million at the end of the first quarter of 2007.

                       Financial position

As reported in the Troubled Company Reporter on July 6, 2007,
the company entered into an agreement, with a syndicate of
lenders comprised of shareholders and lenders, that provides a
new term loan of up to CDN$45 million, of which CDN$35 million
was drawn immediately. The CDN$10 million balance is available
for drawdown for a period of one year from the signing date.

As at June 30, 2007, the company's consolidated cash, including
restricted cash, was CDN$9.2 million, down from CDN$26.2 million
at Dec. 31, 2006, and reflects the use of cash to fund
continuing operating activities and capital requirements; it
does not include additional funding from the new term loan.

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?2277

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the company's losses
for the current and prior years, negative cash flows, reduced
availability of supplier credit and lack of operating credit
facilities.  As such, the realization of assets and the
discharge of liabilities and commitments in the ordinary course
of business are subject to significant uncertainty.

For the three and six months ended June 30, 2007, the company
realized a net loss of CDN$14.9 million and CDN$27.1 million,
respectively (CDN$115.6 million for the year ended Dec. 31,
2006), and used cash of CDN$9.2 million and CDN$21.6 million,  
respectively (CDN$45.2 million for the year ended Dec. 31, 2006)
in its continuing operating activities.  Going forward, the
company will continue to require substantial funds as it
continues the development of its WiMAX product offering.

                        About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access     
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  SR Telecom's products are currently deployed in
more than 110 countries worldwide, including Thailand.


* SET Suspends 7 Firms for Failure to File First Half Results
-------------------------------------------------------------
The Stock Exchange of Thailand has suspended seven companies
from trading for failing to submit their first-half financial
statements, the Bangkok Post reports.

According to the report, shares of these companies will be
suspended from trading until they submit their first half
results:

    1. Abico Holdings
    2. Chai Watana Tannery
    3. Daidomon
    4. Dragon One
    5. Picnic
    6. Power-P and
    7. Sun Wood Industries.

Another six companies in the SET-classified Non-Performing Group
also failed to submit their first-half statements:

    1. Bangkok Steel Industry
    2. Datamat
    3. Living Land Capital
    4. Srithai Food & Beverage
    5. Thai Property and
    6. Thai Wah.

Trading in the six companies is already suspended pending
completion of their rehabilitation plans.


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

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

AUSTRALIA

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


CHINA AND HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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





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

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