TCRAP_Public/070821.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, August 21, 2007, Vol. 10, No. 164

                            Headlines

A U S T R A L I A

APN NEWS: Reports 5% Rise in Net Profit for 2007 1st Half
BLUE DIAMOND: Members Resolve to Liquidate Business
COMMSCOPE: Receives Request for Hart-Scott-Rodino Related Info
FARROW FORGE: Names William Stanley Gurnett as Liquidator
FOUNTAIN COURTS: Liquidator to Present Wind-Up Report on Aug. 27

IG (QLD): Members Opt to Shut Down Business
IOCORE ASIA: Undergoes Members' Voluntary Liquidation
JAMES HARDIE: Sees Drop in U.S. Earnings Due to Slow Market
R.M. PROJECTS: Members Pass Resolution to Wind Up Operations
TWENTY-FIRST: To Declare Priority Dividend on September 10

UNIVERSAL COMPRESSION: Stockholders Support Merger with Hanover
UNIVERSAL DESIGN: Commences Wind-Up Proceedings
VILLACROFT PTY: To Declare Priority Dividend on August 21


C H I N A   &   H O N G  K O N G

AEROFLEX INC: Veritas Capital et. Al Acqusition Completed
ANDREW CORPORATION: Bags US$9 Million Geolocation Contract
ASIA FINANCIAL: Final General Meeting Slated for Sept. 11
BALLY TOTAL: Wants Court Nod on Harbinger, et al. Agreements
BALLY TOTAL: Inks Pact Amending Morgan Stanley DIP Loan

BEN KING: Liquidators Quit Post
BOWA BANK: TRC Amends Rating to twB Followings FSC Takeover
CHINA EASTERN: Stake Sale to S'pore Air Awaits Final Approval
EARNSON DEVELOPMENT: Accepting Proofs of Debt Until Sept. 19
FOSUN INTERNATIONAL: Forms CNY1.5-Billion JV with Hainan Steel

GENERAL MULTI-WITS: Members & Creditors to Meet on September 14
HONG KONG MACAU: Members to Receive Wind-Up Report on Sept. 11
HOPSON DEVELOPMENT: Acquires Land Property for CNY1.4 Billion
INFINITE EYEWEAR: Creditors' Meeting Set for August 21
OCEAN BEST: Liquidator to Give Wind-Up Report on Sept. 11

PORTWEALTH PROPERTIES: Final General Meeting Set for Sept. 11
Q.U.E. INVESTMENTS: Shareholders to Meet on September 11
SUNKONGAO COMPANY: Members' Meeting Set for September 11


I N D I A

AES CORP: Rockash Clean-Up to End in Two Weeks
CABLE & WIRELESS: Inks Network Services Accord with Virgin Group
DUERR AG: Earns EUR45,000 for First Half 2007
GENERAL MOTORS: Union Workers Will Strike If Contract Talks Fail
GENERAL MOTORS: Inks MOU with Steelworkers and Delphi Corp.

INDUSTRAL DEV'T. BANK: To Open Three Branches Overseas
INDUSTRIAL DEV'T. BANK: Eyes Funding Hollywood Films
KINETIC ENGINEERING: Incurs INR82-Mil. Net Loss in June Quarter
* Indian Banks Ride the Growing Economy, Fitch Report Says


I N D O N E S I A

GEOKINETICS: Repurchase Cues Moody's to Withdraw All Ratings
GOODYEAR TIRE: Jamaican Unit Loses US$5 Mil. in First Six Months


J A P A N

BOSTON SCIENTIFIC: Mulls Sale of Cardiac & Vascular Surgery Biz
DELPHI CORP: Inks MOU with Steelworkers and General Motors
MITSUKOSHI LTD: To Hold Board Meetings for Merger Approval
TIMKEN CO: Explores Strategic Alternatives to Accelerate Growth
TIMKEN CO: Bags US$6.5-Million Contract from Titagarh Wagons


K O R E A

ARAMARK CORP: S&P Revises B+ Corporate Credit Outlook to Stable
DURA AUTOMOTIVE: Court OKs Sale of Atwood Mobile for US160.2 Mln
NOVELIS INC: Brazilian Unit Eyes 30% Export in 2007


M A L A Y S I A

INTERPUBLIC GROUP: Declares Dividend on Series B Preferred Stock
SHAW GROUP: Finalizes US$1.1 Bil. Mirant Power Plants Contract
SHAW GROUP: Energy & Chemicals Group Bags Contract in China
THERMADYNE HOLDINGS: Strong Performance Cues S&P to Lift Rating


N E W  Z E A L A N D

CONVENTION MANAGEMENT: Shareholders Opt to Shut Down Business
FASELIFT CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 30
FILMWORKS NZ: Fixes Aug. 24 as Last Day to File Proofs of Claim
PAN AUSTRAL: Court Sets Liquidation Petition Hearing on Aug. 30
PRIMA TECHNOLOGIES: Accepting Proofs of Debt Until August 24

REVIVE LTD: Subject to CIR's Wind-Up Petition
ROSEDALE PLAZA: Court to Hear Wind-Up Petition on August 23
STEEL AND GIRTS: Commences Liquidation Proceedings
VTL GROUP: Declares Insolvency; NZX Suspends Trading of Shares
WESTPOINT CONSTRUCTION: Taps John Michael Gilbert as Liquidator


P H I L I P P I N E S

BENGUET CORP: June 30 Balance Sheet Shows PHP2.3 Bil. Insolvency
JG SUMMIT: 2nd Quarter Net Profit Surges to PHP2.09 Billion
METROPOLITAN BANK: Toyota Venture Gets Quasi-Banking License
PHILCOMSAT HOLDINGS: Stockholders' Meeting Slated for Oct. 16
PHIL. LONG DISTANCE: Fitch Upgrades Local Currency IDR to 'BBB'


S I N G A P O R E

CHINA AVIATION: Posts US$140-Mil. Net Profit in 2nd Qtr. 2007
EXCEL GROUP: Pays First and Final Dividend to Creditors
LUM CHANG: Accepting Proofs of Debt Until September 17
OKS CREDIT: Creditors' Proofs of Debt Due on August 31
SEA CONTAINERS: Posts US$849,219 Net Loss in June 2007


T H A I L A N D

TUNTEX PCL: Records THB351.05-Mil. Net Loss for 2007 2nd Quarter
TUNTEX PCL: Provides Update on Rehabilitation Plan


* BOND PRICING: For the Week 20 August to 24 August 2007

     - - - - - - - -

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

APN NEWS: Reports 5% Rise in Net Profit for 2007 1st Half
---------------------------------------------------------
APN News & Media Limited posted a net profit of AU$73.2 million
for the six months ended June 30, 2007, a 5% increase compared
with the figure recorded for the same half-year period in 2006.

Earnings before tax, depreciation and amortization totaled
AU$160.4 million, an increase of 3% from the same period last
year.  Earnings before interest and tax also increased 3% to
AU$142.4 million.

Among the strong contributors for the company's positive EBIT
quarter results is the Australian Publishing segment, which
totaled AU$107.7 million, or a 3% increase from AU$104.9 million
of the same period last year.

According to APN Chief Executive Brendan Hopkins, the
"Australian Publishing continued to perform well, due in part to
the ongoing strength of the Queensland economy."

The second contender that helped boost the media outlet's EBIT
is the radio division, which totaled AU$36.5 million, a slight
2% increase from quarter ended June 30, 2006.

Outdoor division jumped 33% in EBIT to AU$9.2 million from a
year earlier of AU$6.9 million, which demonstrated the value of
the company's market leading brands, claims Mr. Hopkins.

               About APN News & Media Ltd.

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

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


BLUE DIAMOND: Members Resolve to Liquidate Business
---------------------------------------------------
At an extraordinary general meeting held on July 10, 2007, the
members of Blue Diamond Pool Service Pty Ltd agreed to
voluntarily liquidate the company's business and appointed
Richard Herbert Judson as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Judson & Co Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Telephone: 9585 4155

                       About Blue Diamond

Blue Diamond Pool Service Pty Ltd provides plumbing, heating and
air-conditioning services.  The company is located at Bayswater,
in Victoria, Australia.


COMMSCOPE: Receives Request for Hart-Scott-Rodino Related Info
--------------------------------------------------------------
CommScope Inc. and Andrew Corporation have received requests for
additional information (second requests) from the Antitrust
Division of the U.S. Department of Justice regarding CommScope's
pending acquisition of Andrew.  The information requests were
issued under the notification requirements of the Hart-Scott-
Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.

The second requests extend the waiting period imposed by the HSR
Act until 30 days after CommScope and Andrew have substantially
complied with the second requests, unless that period is
extended voluntarily by the parties or terminated sooner by the
DOJ.  CommScope and Andrew intend to cooperate fully with the
DOJ.  The companies continue to expect to close the transaction
before the end of 2007.

The transaction remains subject to completion of other customary
closing conditions, including effectiveness of a registration
statement on Form S-4, approval by Andrew's stockholders, and
other international regulatory approvals.

                       About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                         About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV)
-- http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Moody's Investors Service placed CommScope Inc.'s
ratings under review for downgrade after their announced intent
to acquire Andrew Corp. for US$2.6 billion.

The ratings under review for downgrade include:

-- Corporate Family Rating, Ba2
-- US$250 million Convertible Senior Subordinated Debentures
    due 2024, Ba3.


FARROW FORGE: Names William Stanley Gurnett as Liquidator
---------------------------------------------------------
The members of Farrow Forge Pty Ltd met on June 28, 2007, and
agreed to liquidate the company's business.

William Stanley Gurnett was then named as liquidator for the
company.

                       About Farrow Forge

Farrow Forge Pty Ltd, which is also trading as Lonsdale Motor
Inn, operates hotels and motels.  The company is located at
Hamilton, in Victoria, Australia.


FOUNTAIN COURTS: Liquidator to Present Wind-Up Report on Aug. 27
----------------------------------------------------------------
A final meeting will be held for the members and creditors of
Fountain Courts Development Corporation Pty Ltd on August 27,
2007, at 10:00 a.m.

At the meeting, Julie Williams, the company's liquidator, will
present a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

         Julie Williams
         Insolvency and Turnaround Solutions
         Level 4, 360 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3221 7433
         Facsimile:(07) 3221 7433

                      About Fountain Courts

Fountain Courts Development Corporation Pty Ltd is involved with
real estate agents and managers.  The company is located at
Upper Mount Gravatt, in Queensland, Australia.


IG (QLD): Members Opt to Shut Down Business
-------------------------------------------
The members of IG (QLD) Pty Ltd met on July 9, 2007, and
resolved to shut down the company's operations.

W. C. Noye was named as liquidator.

The Liquidator can be reached at:

         W. C. Noye
         c/o KPMG
         Level 16, Riparian Plaza
         71 Eagle Street
         Brisbane, Queensland 4000
         Australia

                         About IG (Qld)

IG (Qld) Pty Ltd is a distributor of durable goods.  The company
is located at Nerang, in Queensland, Australia.


IOCORE ASIA: Undergoes Members' Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on July 10, 2007, the members of
Iocore Asia/Pacific Pty Limited agreed to voluntarily liquidate
the company's business and appointed Salvatore Algeri as
liquidator.

The Liquidator can be reached at:

         Salvatore Algeri
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                       About Iocore Asia

Iocore Asia/Pacific Pty Limited, which is also trading as Iocore
Australia, provides computer related services.  The company is
located at Phillip, in ACT, Australia.


JAMES HARDIE: Sees Drop in U.S. Earnings Due to Slow Market
-----------------------------------------------------------
James Hardie Industries Limited expects its U.S. earnings to
fall this year amid a slump in residential construction, Robert
Fenner of Bloomberg News reports.

According to the report, James Hardie discloses that earnings
may slide as much as 16% in the 12 months ending March 30, 2008.
The company gets more than four-fifths of its sales in the U.S.

James Hardie admits that U.S. housing market is experiencing its
worst slump in 16 years as the collapse of subprime lenders and
tighter credit standards cut demand for new home construction,
relates Mr. Fenner.

As to when the market will improve, James Hardie confesses that
it has "no visibility," however, Boral foresees the slump may
last another 18 months, conveys the article.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on Oct. 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
sbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On Dec. 1, 2005, the company announced that the NSW Government
and a wholly owned Australian subsidiary of the Company -- LGTDD
Pty Ltd -- had entered into a conditional agreement to provide
long-term funding to a special purpose fund that will provide
compensation for Australian asbestos-related personal injury
claims against certain former James Hardie asbestos companies.
The amount of the asbestos provision of AU$1 billion, at March
31, 2006, is the company's best estimate of the probable
outcome.  The estimate includes an actuarial calculation
prepared by KPMG Actuaries Pty Ltd of the projected future cash
outflows, undiscounted and uninflated, and the anticipated tax
deduction arising from Australian legislation, which came into
force on April 6, 2006.


R.M. PROJECTS: Members Pass Resolution to Wind Up Operations
------------------------------------------------------------
During a general meeting held on July 11, 2007, the members of
R.M. Projects Pty Ltd agreed to voluntarily wind up the
company's operations.

                      About R.M. Projects

Located in Perth, Western Australia, R.M. Projects Pty Ltd is an
investor relation company.


TWENTY-FIRST: To Declare Priority Dividend on September 10
----------------------------------------------------------
Twenty-First Australia Inc, which is in liquidation, will
declare dividend for its priority creditors on September 10,
2007.

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

The company's liquidator is:

         John Park
         KordaMentha (Qld)
         22 Market Street
         Brisbane, Queensland 4000
         Australia

                  About Twenty-First Australia

Twenty-First Australia, Inc, which is also trading as Australian
& International Equities, is involved with security brokers and
dealers.  The company is located at Sydney, in New South Wales,
Australia.


UNIVERSAL COMPRESSION: Stockholders Support Merger with Hanover
---------------------------------------------------------------
Universal Compression Holdings Inc. and Hanover Compressor
Company jointly reported that, at the companies' stockholders
meetings, the stockholders of each company approved by a
substantial margin the merger of the two companies into a new
company, Exterran Holdings Inc.

The stockholders of both companies also approved the adoption of
the Exterran 2007 Stock Incentive Plan and the Exterran Employee
Stock Purchase Plan.

Universal and Hanover expect the merger to close Monday, Aug.
20, 2007.  On the day after the merger closing, Exterran's
common stock will begin trading under the symbol "EXH" on the
New York Stock Exchange, and the common stock of Hanover and
Universal will no longer be traded.

                    About Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE: HC) -- http://www.hanover-co.com/-- is a global market
leader in full service natural gas compression and a leading
provider of service, fabrication and equipment for oil and
natural gas production, processing and transportation
applications.

              About Universal Compression Holdings

Headquartered in Houston, Texas, Universal Compression Holdings
Inc., (NYSE: UCO) -- http://www.universalcompression.com/-- is
a natural gas compression services company, providing a full
range of contract compression, sales, operations, maintenance
and fabrication services to the domestic and international
natural gas industry.

The company operates internationally in Argentina, Australia,
Bolivia, Brazil, Canada, China, Colombia, Ecuador, Indonesia,
Mexico, Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia
and Venezuela.  The company's primary fabrication facilities are
located in Houston, Texas, and Calgary, Alberta.

                          *     *     *

Standard and Poor's assigned BB on Universal Compression
Holdings Inc.'s long term foreign and local issuer credit rating
on November 2006.  The outlook is stable.


UNIVERSAL DESIGN: Commences Wind-Up Proceedings
-----------------------------------------------
On July 10, 2007, the members and creditors of Universal Design
Concepts Pty Ltd had a meeting and agreed to voluntarily
liquidate the company's business.

Jonathan Paul McLeod of McLeod & Partners was subsequently
appointed as liquidator.

                     About Universal Design

Universal Design Concepts Pty Ltd is a distributor of plumbing
and heating equipments and supplies.  The company is located at
Shorncliffe, in Queensland, Australia.


VILLACROFT PTY: To Declare Priority Dividend on August 21
---------------------------------------------------------
Villacroft Pty Ltd will declare the first and final dividend for
its priority creditors on August 21, 2007.

Creditors who were not able to file their claims by August 7,
2007, will be excluded from sharing in the company's dividend
distribution.

The company's liquidators are:

         Terry Grant Van Der Velde
         Paul Desmond Sweeney
         SV Partners
         SV House, 138 Mary Street
         Brisbane, Queensland 4000
         Australia

                       About Villacroft Pty

Villacroft Pty Ltd, which is also trading as Wood 'n' Wares, is
involved with millwork business.  The company is located at Palm
Beach, in Queensland, Australia


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

AEROFLEX INC: Veritas Capital et. Al Acqusition Completed
---------------------------------------------------------
The acquisition of Aeroflex Incorporated by affiliates of or
funds managed by The Veritas Capital Fund III, L.P., Golden Gate
Private Equity, Inc. and Goldman, Sachs & Co. has been
completed.  The merger was approved by Aeroflex's shareholders
at a meeting on July 26.  Aeroflex shareholders will receive
US$14.50 in exchange for the shares of Aeroflex common stock and
will receive written instructions from the paying agent with
respect to the proper method of exchanging stock certificates
for the merger consideration.  Pending receipt of such
instructions, shareholders should not forward stock certificates
to the Company.


Headquartered in Plainview, New York, Aeroflex Inc. is a
specialty provider of microelectronics and test and measurement
products to the aerospace, defense, wireless, broadband and
medical markets.  For the twelve months ended March 31, 2007,
revenues were US$577 million.  Aeroflex has offices in China,
France, Germany, and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services removed its
'B' corporate credit rating on Plainview, New York-based
Aeroflex Inc. from CreditWatch, where it was placed with
negative implications on May 30, 2007.  The 'B' corporate credit
rating is affirmed; the outlook is negative.  The rating action
follows a review of a revised buyout offer for the company from
a private equity consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a $60 million revolving credit
and a US$500 million term loan," said Standard & Poor's credit
analyst Lucy Patricola.  The '2' recovery rating indicates that
lenders can expect substantial (70%-90%) recovery of principal
in the event of payment default.  The 'B+' rating is one notch
higher than the 'B' corporate credit rating on Aeroflex.  All
ratings are based on preliminary offering statements and are
subject to review upon final documentation.


ANDREW CORPORATION: Bags US$9 Million Geolocation Contract
----------------------------------------------------------
Andrew Corporation has been awarded the third phase of a
strategic multiyear contract from a Tier 1 operator in the
Middle East for a major geolocation system deployment.

The phase three contract awards are valued at approximately US$9
million, bringing the total contract value to date to more than
US$30 million.  It represents continued expansion of the project
in which Andrew is installing its Geometrix(R) uplink time
difference of arrival (U-TDOA) system that, when completed, will
cover a network of thousands of cell sites.  Work on phase three
will begin as the second phase nears completion.

"We are pleased to continue our work on this important project,
and appreciate the confidence placed in the performance and
dependability of our geolocation offerings," said Terry Garner,
group president, Andrew Network Solutions.  "Geometrix continues
to deliver unrivaled capabilities in supporting the global
mobile location requirements of operators anywhere in the
world."

U-TDOA is a network-based means of determining a mobile device's
position by comparing and calculating the difference in time
required for its signal to reach different base station
transceiver sites.  Andrew Geometrix also supports the other
handset-based and network-based wireless location methods-
assisted global positioning system in both mobile-based and
mobile-assisted versions, multiple versions of enhanced cell
identity (E-CID), and cell identity (CID)-and includes secure
user plane location and control plane location capabilities.  In
addition to solutions for traditional wireless networks, Andrew
also addresses caller location for new technologies such as
WiMAX and voice over IP.

Geometrix, the world's most complete and versatile high-
performance wireless location system, provides unprecedented
cost-effectiveness and ease of operation as operators address
the evolution to next generation applications for future
location-based services with minimum risk or changes to existing
network infrastructure.  Andrew's solution consolidates location
system elements onto a single platform that lowers cost and
eases operator introduction of new revenue-generating services,
while simplifying operations.

Deployed worldwide by operators of all sizes, Andrew's Geometrix
location systems offer the world's most advanced array of
standards-compliant, fully-interoperable locating options in a
single carrier-grade system, including Serving Mobile Location
Centers, Gateway Mobile Location Centers, Stand-Alone SMLC, and
SUPL Location Platform.

                        About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                          *     *     *

As reported on June 29, 2007, Standard & Poor's Ratings Services
revised its CreditWatch implications on Andrew Corp. to positive
from negative.  The 'BB' corporate credit and 'B+' subordinated
debt ratings were placed on CreditWatch with negative
implications on Aug. 10, 2006.


ASIA FINANCIAL: Final General Meeting Slated for Sept. 11
---------------------------------------------------------
A final general meeting will be held for the members of Asia
Financial (Assets Management) Limited on September 11, 2007, at
10:00 a.m., at 1401, Level 14, Tower 1 of Admiralty Centre in 18
Harcourt Road, Hong Kong.

At the meeting, Cosimo Borrelli, the company's liquidator, will
report on the company's wind-up proceedings and property
disposal.


BALLY TOTAL: Wants Court Nod on Harbinger, et al. Agreements
------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates seek authority from the U.S. Bankruptcy Court
for the Southern District of New York in Manhattan to enter
into an investment agreement and restructuring support
agreement with Harbinger Capital Partners Master Fund I,
Ltd., Harbinger Capital Partners Special Situations Fund,
L.P., Liberation Investments, L.P., and Liberation
Investments, Ltd.

The Debtors also ask the Court to approve break-up
fee and expense reimbursement provisions stated in the
Investment Agreement.

The Debtors and the Harbinger entities reached agreement on
Aug. 13, 2007, on the terms of a restructuring proposal.

The agreement is reflected in (i) a first amended joint
prepackaged Chapter 11 plan of Reorganization, (ii) an
investment agreement  with Harbinger Capital, and (iii) a new
restructuring support agreement with Harbinger Capital,
Liberation Investments, and certain "Consenting Subordinated
Noteholders" including Tennenbaum Capital Partners, LLC.

The Investment Agreement and the related New Restructuring
Support Agreement are key drivers of the Modified Plan, David S.
Heller, Esq., at Latham & Watkins LLP, in Chicago, Illinois,
tells the Court.

Pursuant to the Investment Agreement, Harbinger Capital will
acquire 100% of the New Common Stock of Reorganized Bally issued
on the effective date of the Plan in exchange for a purchase
price of approximately US$233,600,000.  This investment is
necessary to fund the distributions under the Modified Plan and
to fund the Reorganized Debtors' working capital and capital
expenditure needs after the Effective Date, Mr. Heller says.

Harbinger Capital will receive protections in the form of a
US$10,000,000 Break-Up Fee and Expense Reimbursement capped at
US$5,000,000 in the event that the Investment Agreement is
terminated and Bally consummates an alternative "Superior
Transaction".

Harbinger Capital would also be entitled to Expense
Reimbursement, capped at either US$3,000,000 or US$5,000,000 if
the Investment Agreement is terminated on certain other
specified grounds, including, among others, an uncured material
breach by Bally of its covenants under the Investment Agreement
or the New Restructuring Support Agreement.

In the event that Harbinger Capital breaches its
representations, warranties or obligations under the Investment
Agreement, Harbinger Capital will not be liable to the Debtors
for any punitive or consequential damages and in no event will
Harbinger Capital be liable for damages in excess of
US$50,000,000.

The Investment Agreement may be terminated:

   (a) by the mutual consent of the parties;

   (b) by Harbinger Capital if (i) Bally enters into an
       Alternative Transaction, (ii) the Board of Directors
       withdraws or changes its recommendation of the Agreement
       in a manner materially adverse to the Investors or
       recommends an Alternative, (iii) the Debtors withdraw the
       Modified Plan or if the Debtors seek to convert any of
       the Chapter 11 Cases to Chapter 7, (iv) the Effective
       Date of the Modified Plan has not occurred by Sept.
       30, 2007, (v) Bally breaches in any material respect its
       representations, warranties or covenants under the
       Investment Agreement, subject to its right to timely
       cure, (vi) the consummation of the transactions
       contemplated is prohibited by Law or by any judicial or
       governmental action, (vii) any Debtor breaches the New
       Restructuring Support Agreement in any material respect,
       subject to their right to timely cure, (viii) the Break-
       Up Fee or Expense Reimbursement is not approved by a
       Final Order of the Bankruptcy Court by September 3, 2007,
       or (ix) an event occurs that has a Material Adverse
       Effect and that cannot be cured by September 30, 2007;
       and

   (c) by Bally if (i) Harbinger Capital breaches the Investment
       Agreement or the New Restructuring Support Agreement,
       subject to their rights to timely cure, (ii) the Board
       of Directors determines that termination of the
       Investment Agreement is necessary in order for Bally to
       accept any Superior Transaction or the if the Bankruptcy
       Court on its own, (iii) the Effective Date of the Plan
       has not occurred by September 30, 2007, which date may be
       extended to Oct. 15, 2007, if the Confirmation Order has
       been entered by the Bankruptcy Court on or prior to Sept.
       30, 2007, and the New Investors continue using
       commercially reasonable efforts to consummate the
       Modified Plan, or (iv) the consummation of the
       transactions contemplated is prohibited by Law or by any
       judicial or governmental action.

A full-text copy of the Investment Agreement is available for
free at http://researcharchives.com/t/s?227c

                  Restructuring Support Agreement

Mr. Heller notes that the Original Plan was the result of
several months of negotiations with the Prepetition Noteholders
Committee.  As a result of these successful negotiations, the
Debtors, holders of a majority of the Prepetition Senior Notes
and holders of more than 80% of the Prepetition Subordinated
Notes entered into a Restructuring Support Agreement dated as of
June 15, 2007.

Under the Restructuring Support Agreement, the Consenting
Subordinated Noteholders agreed, among other things, and subject
only to the conditions set forth in the Agreement, (i) to vote
in favor of the Original Plan, (ii) not to withdraw or revoke
their votes, (iii) not to object to the confirmation of the
Original Plan, and (iv) not to take any other action, including,
without limitation, initiating any legal proceeding that is
inconsistent with, or that would delay consummation of, the
Original Plan.  These undertakings by the Consenting
Subordinated Noteholders extend not just to the Original Plan
but also to any modifications that are not inconsistent with the
terms of the Original Plan.

Because the Modified Plan provides the same or better treatment
to every class of creditors and equity holders, the Debtors
believe that the Modified Plan is "not inconsistent with" the
Original Plan, and as a result, the Original Restructuring
Support Agreement remains binding on all holders of Prepetition
Senior Notes and Prepetition Subordinated Notes that were
signatories to that agreement.

Nevertheless, Mr. Heller says, to facilitate the expeditious
implementation of the Modified Plan, the parties have agreed to
condition the effectiveness of the Investment Agreement upon the
execution and delivery of the New Restructuring Support
Agreement by the Debtors, Harbinger Capital, Liberation
Investments, and the Consenting Subordinated Noteholders.

A full-text copy of the New Restructuring Support Agreement is
available for free at http://researcharchives.com/t/s?227d

Although the Consenting Subordinated Noteholders have not yet
committed to signing the New Restructuring Support Agreement,
the Debtors intend to request that the Consenting Subordinated
Noteholders sign that agreement following the Court's approval
of the request, Mr. Heller explains.

The Debtors also seek the Court's authority to assume the
June 15, 2007 Restructuring Support Agreement.

Mr. Heller informs Judge Lifland that the Debtors' assumption of
the Restructuring Support Agreement is a condition to the
effectiveness of the Investment Agreement, and is, therefore, a
critical piece of the transactions contemplated by the Modified
Plan.

By assuming the Restructuring Support Agreement, the Debtors
intend to eliminate any uncertainty about the position of the
Consenting Noteholders with respect to the Modified Plan.

Mr. Heller assures the Court that the Debtors have performed,
and will continue to perform, their obligations under the
Restructuring Support Agreement, and do not owe any cure amounts
pursuant to Section 365(b)(1)(A) of the Bankruptcy Code.
Accordingly, the Debtors are not required to establish
"adequate assurance of future performance" under Section
365(b)(1)(C).  Nonetheless, for the avoidance of doubt, the
Debtors assert that they have provided adequate assurance of
future performance.

                     About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, 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. 5; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BALLY TOTAL: Inks Pact Amending Morgan Stanley DIP Loan
-------------------------------------------------------
Following Bally Total Fitness Holding Corporation and its
debtor-affiliates' filing of their First Amended Joint
Prepackaged Chapter 11 Plan of Reorganization, Morgan Stanley
Senior Funding Inc. argued that its original contractual
commitment to provide the DIP Facility and Exit Facility did
not extend to the Debtors if they sought confirmation of the
Modified Plan.

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Morgan Stanley agreed to arrange a US$292,000,000 DIP facility
comprised of a US$50,000,000 revolving facility and a
US$242,000,000 term loan facility.

To avoid the risks and costs of litigation on these matters, the
Debtors negotiated an amendment with the Morgan Stanley, whereby
the DIP Lenders would provide the DIP Facility and Exit Facility
to the Debtors regardless of whether the Debtors sought or
obtained confirmation of their Original Plan or Modified Plan.

The DIP Agent charged a US$1,000,000 amendment fee -- which is
being paid by Harbinger Capital Partners Master Fund I, Ltd.,
and Harbinger Capital Partners Special Situations Fund, L.P. --
and required increases in interest rates and fees, as well as
modifications to the financial covenants.

David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, notes that these modifications do not materially alter
the treatment of any class of claims or interests in the Plan
and will be disclosed to the  the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan at the Final DIP
Hearing scheduled for Aug. 21, 2007.

A redlined copy of the Amended DIP Agreement is available for
free at http://researcharchives.com/t/s?227e

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, 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. 5; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BEN KING: Liquidators Quit Post
-------------------------------
On July 25, 2007, Chan Siu Cheung and Martin Nicholas Hadaway
ceased to act as liquidators for Ben King Limited.

The former Liquidators can be reached at:

          Chan Siu Cheung
          7A, Royal Garden
          27 Repulse Bay Road
          Hong Kong;

          Martin Nicholas Hadaway
          House C, 11 Hang Hau Wing Lung Road
          DD 238, Lot 653, Sai Kung
          New Territories
          Hong Kong


BOWA BANK: TRC Amends Rating to twB Followings FSC Takeover
-----------------------------------------------------------
Taiwan Ratings Corp. revised its long-term credit rating on Bowa
Commercial Bank Ltd. to 'twR' from 'twB' after Central Deposit
Insurance Corp., under the instruction of the Financial
Supervisory Commission, took full control of Bowa's operations
on Aug 10, 2007.

An obligor rated 'twR' is under regulatory supervision owing to
its financial condition.  Throughout the duration of regulatory
supervision, the regulator has the power to favor one class of
obligations over others or pay some obligations and not others.

At the same time, Taiwan Ratings lowered its 'twB-' subordinated
bond issue rating to 'twC'.  The downgrade of the issue rating
reflects its increased vulnerability to nonpayment, due to its
subordination of payments relative to creditors of the bank's
senior obligation.

The ratings were removed from CreditWatch with negative
implications, where they were placed since April 24, 2007, as a
result of the regulatory action.

The regulator decided to take control over Bowa due to the
Bank's failure to execute a recapitalization plan designed to
meet the minimum requirement for regulatory capital.  Bowa's
weak asset quality and marginal core earning ability turned the
Bank's reported net worth to negative NT$2.254 billion at the
end of June 2007 from a positive NT$419 million at the end of
March 2007.  The situation would be far worse if unamortized
losses on impaired assets sales and potential credit costs were
also taken into consideration.  Moreover, Bowa's funding profile
has gradually deteriorated due to falling depositor' confidence.
Bowa's deposit balance shrunk by 22% in the first six months of
2007.

Under the Act for the Establishment and Administration of the
Financial Restructuring Fund, the regulator is permitted to use
the fund to support the Bank's ability to fulfill most of its
deposit and non-deposit obligations.  In addition, the regulator
has requested Land Bank of Taiwan (twAA+/Stable/twA-1+) to
assist in the daily operations of Bowa, and has placed some
inter-bank deposits into Bowa to enhance Bowa's liquidity before
any auction takes place.  However, a small portion of Bowa's
outstanding obligations, such as part of its subordinated
debentures--with a total outstanding value of NT$1.047 billion
issued after July 2005 and representing an estimated 0.7% of
total liabilities--are not under regulatory protection, and
could face risk of non-payment in coming months.  If non-payment
of the subordinated bond occurs while the Bank services the rest
of its obligations, the subordinated bond will be rated 'D', and
the counterparty rating will be temporarily lowered to 'SD'
(selective default).  Ultimately, the future credit profile of
Bowa will depend on the result of an auction likely to be held
by the regulator to sell off the bank.


CHINA EASTERN: Stake Sale to S'pore Air Awaits Final Approval
-------------------------------------------------------------
China Eastern Airlines Co. Ltd's proposed sale of minority stake
to Singapore Airlines has won the approval of four government
agencies, China Daily reports.

The four agencies are:

   1. the State-owned Assets Supervision and Administration
      Commission,

   2. the Ministry of Commerce,

   3. the National Development and Reform Commission, and

   4. the Civil Aviation Administration of China.

China Eastern is now waiting for the final approval of the State
Council, the report says.

"The terms of the proposed sales are similar to what have been
widely reported in the media," Luo Zhuping, board secretary of
China Eastern Airlines, said in a media conference held
recently.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Singapore Air and Temasek Holdings Pte, the Singapore
government's investment company, will buy a combined stake of
about 25% at a price of HK$3.73 per share.

"The top priority for us is to introduce new products from
Singapore Airlines to improve client services," Mr. Luo said.
"There're going to be significant changes to the management of
the company."

"There will be a great improvement in the company's decision-
making and financial management after the induction of Singapore
Airlines representatives into China Eastern's board of
directors," Mr. Luo added.

Injection of capital as a result of the stake sale is also
expected to improve the company's financial status.

Staff training exchanges between China Eastern Airlines and
Singapore Airlines have been conducted for a long time.  More
frequent exchanges are expected after the share sale, Mr. Luo
told China Daily.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

Fitch Ratings gave China Eastern long-term issuer default,
foreign currency long-term debt, and local currency long-term
debt ratings of B+.

Xinhua Ratings also gave the company a local currency long-term
issuer credit rating of BB+.


EARNSON DEVELOPMENT: Accepting Proofs of Debt Until Sept. 19
------------------------------------------------------------
At an extraordinary general meeting held on July 31, 2007, a
special resolution was passed to liquidate the business of
Earnson Development Limited.

Ng Kam Chiu was then appointed as liquidator.

Subsequently, creditors are required to file their claims by
September 19, 2007, so as to be included in the company's
dividend distribution.

The Liquidator can be reached at:

          Ng Kam Chiu
          Tak Lee Commercial Building, Room 13A
          113-117 Wanchai Road
          Hong Kong


FOSUN INTERNATIONAL: Forms CNY1.5-Billion JV with Hainan Steel
--------------------------------------------------------------
Fosun International inked a deal to form a joint venture with
Hainan Steel for iron ore mining and processing, Infocast News
reports.

The joint venture, according to the report, will require total
investment of CNY1.5 billion, where Fosun will hold a 60% stake
in the venture, while Hainan Steel will take the remainder.

Hainan Steel's contribution to the joint venture will be in the
form of land use rights, iron ore mining rights and equipment
while Fosun will use internal resources to meet its share of
funding commitments, and not the proceeds from its recent
initial public offering in Hong Kong, the news agency relates.


Fosun International Ltd, headquartered in Shanghai, was
established in 2005 as the holding company of the Fosun Group.
Fosun's history dates back to 1992 when four entrepreneurs
founded it as a real estate agency.  The company is now one of
China's largest privately owned conglomerates, engaged in steel,
property, pharmaceutical and retailing in China.

Moody's Investor Service on January 8, 2007, has withdrawn its
Ba2 corporate family rating of Fosun International Ltd for
business reason.

On December 16, 2005, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investor Service has assigned a Ba2
corporate family rating to Fosun International Ltd.  The outlook
on the rating was stable.


GENERAL MULTI-WITS: Members & Creditors to Meet on September 14
---------------------------------------------------------------
The members and creditors of General Multi-Wits Company Limited
will meet on September 14, 2007, at 5:00 p.m. and 5:30 p.m.,
respectively, at Room 502, 5th Floor of Prosperous Building in
48-52 Des Voeux, Central, Hong Kong.

At the meeting, Leung Chui Mei, the company's liquidator, will
report on the company's wind-up proceedings and property
disposal.


HONG KONG MACAU: Members to Receive Wind-Up Report on Sept. 11
--------------------------------------------------------------
The members of Hong Kong Macau International Finance Company
Limited will meet on September 11, 2007, at 10:00 a.m., to hear
the liquidator's report about the company's wind-up proceedings
and property disposal.

The meeting will be held at the 20th Floor of Prince's Building
in Central, Hong Kong.


HOPSON DEVELOPMENT: Acquires Land Property for CNY1.4 Billion
-------------------------------------------------------------
Hopson Development has agreed to acquire the entire equity
interest in Shanghai Dazhan Investment Management Company
Limited from Guangdong Zhujiang Investment Company Limited, a
substantial shareholder of certain subsidiaries of Hopson and
the associate of the brother of Chu Mang-yee, the chairman of
the company, Infocast News reveals.

According to the report, Shanghai Dazhan owns a piece of land
situated in Shanghai with a site area of approximately 23,522.9
square meters and is permitted for commercial and office
purposes.

The total financial commitment of Hopson for the transaction
will be CNY1.409 billion.  Hopson can now develop the land and
another piece of land acquired in the first half of 2007
together.


Hopson Development Company Holdings Limited (Hopson) is one of
the largest property developers in China. Its principal
businesses are residential developments in 4 major cities --
Guangzhou, Beijing, Shanghai and Tianjin -- and their
surrounding areas.

On June 25, 2007, Moody's Investors Service affirmed its Ba2
corporate family and senior unsecured ratings of Hopson
Development Holdings Limited.  The outlook remains stable.

Fitch Ratings on July 9, 2007, also affirmed Hopson Development
Holdings Limited's Long-term foreign currency Issuer Default
Rating (IDR) and senior unsecured rating at 'BB'.  The Outlook
remains Stable.


INFINITE EYEWEAR: Creditors' Meeting Set for August 21
------------------------------------------------------
The creditors of Infinite Eyewear Limited will meet on Aug. 21,
2007, at 12:00 noon, to receive the liquidator's report about
the company's wind-up proceedings and property disposal.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 14th Floor, Hong Kong Club Building, 3A Chater Road in
Central, Hong Kong.


OCEAN BEST: Liquidator to Give Wind-Up Report on Sept. 11
---------------------------------------------------------
A final general meeting will be held for the members of Ocean
Best Development Limited on September 11, 2007, at 11:00 a.m.,
at the 20th Floor of Prince's Building in Central, Hong Kong.

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


PORTWEALTH PROPERTIES: Final General Meeting Set for Sept. 11
-------------------------------------------------------------
Portwealth Properties Limited will hold the final general
meeting for its members on September 11, 2007, at 11:30 a.m.,
At the 20th Floor of Prince's Building, in Central, Hong Kong.

At the meeting, John James Toohey, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


Q.U.E. INVESTMENTS: Shareholders to Meet on September 11
--------------------------------------------------------
The shareholders of Q.U.E Investments Limited will meet on
September 11, 2007, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at Level 28, Three Pacific Place, in 1
Queen's Road East, Hong Kong.


SUNKONGAO COMPANY: Members' Meeting Set for September 11
--------------------------------------------------------
Sunkongao Company Limited will hold a meeting for its members on
September 11, 2007, at 10:30 a.m., at the 20th Floor of Prince's
Building in Central, Hong Kong.

At the meeting, John James Toohey, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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

AES CORP: Rockash Clean-Up to End in Two Weeks
----------------------------------------------
The clean-up operation for the rockash that The AES Corp. dumped
in a Dominican Republic shore will be concluded by the end of
August 2007, Dominican Today reports, citing the country's
Environment Minister Max Puig.

As reported in the Troubled Company Reporter-Latin America on
July 9, 2007, the Dominican Republic started taking out the
rockash dumped on the port town Arroyo Barril, Samana, using the
money paid by AES for damages.  AES had dumped over 50,000 tons
of ash in Samana in 2003.

Minister Puig told Dominican Today that the rockash will have
been removed by Aug. 28, 2007.

An estimated 3,500 tons of rockash remain mixed with calcareous
rock that can be taken to a furnace in San Pedro in 10 days,
Dominican Today says, citing Sotramotier president Carlos Perez.

The firm Sotramotier will be constructing a planned ecological
park once Arroyo Barril has been cleared of rockash, according
to Dominican Today.

Dominican Today notes that taking the rockash to San Pedro and
works cost US$3 million.

DR1 Newsletter relates that using the US$6-million fine AES paid
as part of the settlement the US court issued, the Dominican
government was able to construct different public works
projects.

Minister Puig told DR1 Newsletter that DOP90 million public
works has been completed.

DR1 Newsletter notes that the public works projects include:

         -- a rebuilt wharf,
         -- three kilometers of rural roads,
         -- a primary school,
         -- a primary health care center, and
         -- two churches.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it has operations in
India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

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

                          *     *     *

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


CABLE & WIRELESS: Inks Network Services Accord with Virgin Group
----------------------------------------------------------------
Dave Friedlos at vnunet.com reports that Cable & Wireless has
signed a multimillion-pound, three-year deal to provide data
communications services to Virgin Group.

According to vnunet.com, the contract "includes the provision of
virtual private network services over Internet protocol to 130
sites, managed security, WiFi and application monitoring
systems."

The report says that Cable & Wireless will provide the services
to all firms belonging to the Virgin Group, including:

         -- Virgin Trains,
         -- Virgin Atlantic, and
         -- Virgin Active.

Virgin Group Chief Information Officer Gareth Lewis told
vnunet.com that the increased bandwidth will:

         -- let Virgin Atlantic's applications to work more
            effectively,

         -- allow Virgin Trains to upgrade its business
            technology, and

         -- provide more robust real-time systems to Virgin
            Active.

Mr. Lewis commented to vnunet.com, "We are a complex business,
made up of a diverse number of different companies, each with
very specific requirements."

Virgin Group will be able to concentrate on its core business by
outsourcing data communication services, vnunet.com states,
citing Mr. Lewis.

                      About Virgin Group

Virgin is a venture capital organization.  Established in 1970
by Sir Richard Branson, the Virgin Group has gone on to grow
businesses in sectors ranging from mobile telephony, to
transportation, travel, financial services, leisure, music,
holidays, publishing and retailing.  It has created more than
200 companies worldwide, employing approximately 50,000 people,
in 29 countries.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                          *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                           Projected
                         Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


DUERR AG: Earns EUR45,000 for First Half 2007
---------------------------------------------
Duerr AG posted EUR45,000 in net profit on EUR650.3 million in
net revenues for the first half of 2007, compared with EUR3.3
million in net losses on EUR626.3 million in net revenues for
the same period in 2006.

The earnings situation was impaired in the second quarter by
delays on projects in India, especially on a large order.  Duerr
launched a package of measures including, among other things, a
broadening of its local supplier base in India.  As a result of
the project delays, the gross margin sank to 16.1% from 17.0% in
the same period in 2006.

Internal processes are benefiting from the improvements
implemented under the Group-wide FOCUS program.  As a result,
administrative and selling expenses were down overall by 2.7% to
EUR89.7 million.

Owing to the good order situation and the first-time
consolidation of an Italian subsidiary with 40 employees, the
number of employees rose to 5,836 as of June 30, 2007.  This is
3.3% more than at the end of 2006.  The biggest increase was in
the growth region of Asia, where the number of employees rose by
16.0% to 697.

At 22.9%, the equity ratio at June 30, 2007 was virtually
unchanged versus the previous year (23.0%).  Net financial debt
amounted to EUR145.5 million at June 30, 2007 as compared with
EUR122.2 million a year earlier.  Duerr met most of its
financing requirements in the first half of 2007 from cash and
cash equivalents.

"New orders were 40% above sales revenues in the first half.
Our reach of orders has therefore continued to grow.  Capacities
are well utilized until far into 2008," Duerr AG CEO Ralf Dieter
commented.

                    Unchanged Positive Outlook

Duerr anticipates a sustained good order situation.  The company
expects that incoming orders in 2007 will at least match the
high 2006 level.  Duerr continues to forecast a significant
earnings improvement in 2007, especially as higher-margin orders
will be executed in the second half.

Much of the earnings growth will be realized in the fourth
quarter.  A further earnings improvement is expected in 2008.
The target return for 2008 is an unchanged at least 5% at the
operating earnings level.

                           About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.A.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Moody's upgraded the outlook for Duerr AG's
corporate credit rating from negative to stable.  Duerr AG's
corporate credit rating continues to stand at B2.


GENERAL MOTORS: Union Workers Will Strike If Contract Talks Fail
----------------------------------------------------------------
A strike authorization vote was determined by union workers of a
General Motors Corp. factory in Lansing, Michigan, if the United
Auto Workers is unsuccessful in coughing up a new contract
agreement with GM, various sources say.

Papers report that UAW Local 652 president Chris Sherwood said
that 97% of the members voted in favor of a strike.

GM's contracts expire Sept. 14, 2007.

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


GENERAL MOTORS: Inks MOU with Steelworkers and Delphi Corp.
-----------------------------------------------------------
General Motors Corp. has signed a Memorandum of Understanding
with the United Steelworkers and Delphi Corp. representing
certain U.S. hourly employees at the company's Dayton (Home
Avenue) and Vandalia, Ohio operations.  The tentative agreements
advance Delphi's transformation initiatives and are subject to
union ratification and approval by the U.S. Bankruptcy Court.

If the contract is ratified by the union membership, it will
expire on Sept. 14, 2011.

USW Local 87 President Dennis Bingham said that details of the
agreement are being withheld pending contract explanation
meetings with the membership.  Following the meetings, the
tentative agreement will be subject to ratification by the
membership.

"Although this series of negotiations has been lengthy and
complex, we are pleased to have now attained consensual labor
agreements with all of our U.S. unions and General Motors on
issues impacting our operations and transformation initiatives,"
John Sheehan, chief restructuring officer, said.  "We remain
committed to working with our labor unions, GM and all of our
other Chapter 11 stakeholders to successfully emerge later this
year."

Delphi will not comment on the details of the tentative
agreement, pending ratification by the respective unions.

                       About Delphi Corp.

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

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

                      About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


INDUSTRAL DEV'T. BANK: To Open Three Branches Overseas
------------------------------------------------------
The Industrial Development Bank of India will set up branches at
Moscow, Singapore and Bahrain as soon as it gets the necessary
clearances, the Business Standard reports, citing the bank's
Chairman and Managing Director Yogesh Agarwal as source.

The bank has already sought the regulator's approval for the
plan.

Furthermore, Mr. Agarwal told BS, the bank plans to:

   -- to raise INR300 crore via debt as tier II capital this
      fiscal year;

   -- concentrate in the retail, priority sector, SME and
      agriculture as its key sectors; and

   -- focus on the rationalization of its country wide branches,
      which may include mergers and opening branches in new
      strategic areas.

BS notes that the bank's total business stands at INR100,000
crore comprising INR40,000 crore deposits and INR60,000
advances.  The capital adequacy ratio of the bank is more than
14%, the news agency adds.

                            About IDBI

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


INDUSTRIAL DEV'T. BANK: Eyes Funding Hollywood Films
----------------------------------------------------
Industrial Development Bank is planning to venture into funding
Hollywood films, The Times of India reports.

According to the report, IDBI's proposed branch in Singapore
will be the focal point for the overseas film financing.

The bank, which has funded Bollywood movies, believes that the
venture into Hollywood can be a viable business if money to fund
those films are raised abroad.

Financing films brings back returns as high as 12-13%, may times
more than the conventional lending business, The Times notes.
To lessen risk of films ending up as non-performing assets, IDBI
has a team that advises it on whether or not they ought to latch
on to a film they think may be profitable, the newspaper says.

                            About IDBI

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


KINETIC ENGINEERING: Incurs INR82-Mil. Net Loss in June Quarter
---------------------------------------------------------------
Kinetic Engineering Ltd.'s net loss in the quarter ended
June 30, 2007, narrowed to INR82.1 million from the
INR131.1-million loss incurred in the same quarter last year.

The bottom line improved despite decreased revenues -- the
company booked net sales of INR172.5 million compared to
INR201.9 million earned in the April-June 2006 period.  The
expenditures sharply dipped to INR195.2 million bringing the
company an operating loss of INR20 million.

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

              http://ResearchArchives.com/t/s?22b6

India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers.  The company has sold over 6
million vehicles in India.  Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks.  The company offers top-end bikes, such as Comet and
Aquila.  It has a nationwide network of nearly 450 dealers and
over 1,000 service centers.  Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.

For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million.  For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of INR549.6
million.


* Indian Banks Ride the Growing Economy, Fitch Report Says
----------------------------------------------------------
Fitch Ratings, on Aug. 20, 2007, commented that the strong
domestic franchise and reach of the larger Indian banks have
helped them exploit the growth opportunities in a rapidly
expanding Indian economy.  The Indian banks have also effected
structural improvements in their risk management capabilities
and raised capital from the buoyant domestic and international
capital markets.  While the benign credit cycle helped support
the improved performance, the rising interest rate cycle
together with rapid loan growth have now exposed banks to
growing non-performing loans.  The more vulnerable asset
categories, including unsecured consumer loans, capital market
exposures and real estate lending, however, comprise less than
10% of total loans.  The median net NPL/equity ratio (less than
10% in FY07) is therefore unlikely to rise sharply. As such,
Fitch views that the rating Outlook for the sector remains
Stable.

In a Special Report on the Indian Banking System, Fitch observes
that Indian banks would remain the dominant financial
intermediary in an economy characterised by relatively low
credit penetration (percentage of bank loans to GDP was around
50% in FY07).  The sector is regulated and extensively monitored
by Reserve Bank of India, who has gradually tightened prudential
norms and has been introducing international disclosure and
accounting standards.  Exposure to the overseas market have been
limited, and the relative insulation of the Indian banking
system together with the close supervision by RBI has helped to
avoid any crisis.  Creditor rights have been improving and while
an auction market for distressed assets will take a while to be
established, banks have been able to increase recoveries from
delinquent accounts through negotiated settlements.  The
continued pace of financial reforms has also resulted in the
development of new institutions for clearing and settlement of
debt market transactions, foreign exchange and derivative
instruments, credit information bureaus and asset re-
construction companies that have strengthened the financial
system and improved its efficiency.

Challenges abound -- particularly in maintaining profitability
even as rising interest rates start to affect the borrower's
repayment capacity.  The need for infusing further capital will
also remain strong.  The government's holding in many of its
banks is close to the statutory minimum of 51%, which restricts
the ability of these banks to raise further equity.  Global
liquidity had tightened in recent weeks; Indian banks reportedly
has no exposure to the US sub prime market and limited
investments in CDS (primarily that of Indian entities), with
manageable mark-to-market losses.  The widening spreads would
however, increase the cost of the popular hybrid Tier 1 and Tier
2 capital; any sustained deterioration in global liquidity could
also affect growth prospects.


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

GEOKINETICS: Repurchase Cues Moody's to Withdraw All Ratings
--------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings for
Geokinetics Inc. following the company's redemption of all of
its rated bonds with the proceeds of an equity offering.
Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD 4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.

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.


GOODYEAR TIRE: Jamaican Unit Loses US$5 Mil. in First Six Months
----------------------------------------------------------------
Goodyear Jamaica Limited, a subsidiary of The Goodyear Tire &
Rubber Company, lost US$5 million in the first half of 2007,
compared to a US$15-million net profit in the same period last
year, Radio Jamaica reports.

Goodyear Jamaica's revenue dropped 8% to US$591 million in the
first six months of 2007, compared to the same period in 2006,
Radio Jamaica states.

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

                          *     *     *

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

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

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

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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


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

BOSTON SCIENTIFIC: Mulls Sale of Cardiac & Vascular Surgery Biz
---------------------------------------------------------------
Boston Scientific Corporation is exploring the sale of its
Cardiac Surgery and Vascular Surgery businesses as part of the
company's plan to review its portfolio of assets and divest
those considered non-strategic, and to strengthen its operating
and financial performance.

"As part of an ongoing review of our assets, we have initiated a
process to explore the sale of our Cardiac Surgery and Vascular
Surgery businesses," said Paul LaViolette, Chief Operating
Officer of Boston Scientific.  "If finalized, this sale will
support our efforts to focus resources on our core businesses
and improve our operating and financial performance.  These are
strong businesses, and we believe the combined portfolio has
great potential for success with the focused attention and
resources of external ownership.  We are in discussions with
several potential buyers, and we expect the process to take a
number of months."

"This is another step in the progress we are making on our plan
to divest non-strategic assets, monetize our investment
portfolio and bring our expenses and head count in line with our
revenues," added Mr. LaViolette.  "We have now identified three
non-strategic businesses to divest, and we are in discussions
with potential buyers for all three.  In recent months we have
retained our Endosurgery group, entered into an agreement to
assume sole management and control of our pain management
business from Advanced Bionics and sell the Advanced Bionics
auditory business, monetized parts of our portfolio, and begun
developing an expense and head count reduction plan, which we
plan to announce next quarter.  In addition, we continue to
focus on the recovery of the drug-eluting stent and cardiac
rhythm management markets.  Together, these measures should
combine to help us achieve our overall goals of restoring
profitable growth, increasing shareholder value, and continuing
to build and strengthen Boston Scientific."

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.  Headquartered in San
Jose with a manufacturing facility in Dorado, Puerto Rico, the
Cardiac Surgery business is a leading developer of medical
technologies designed to provide less-invasive therapies in
cardiac surgery, including beating heart bypass surgery systems,
endoscopic vessel harvesting for coronary bypass surgery, and
microwave surgical ablation.  The business employs approximately
450 people and had 2006 revenues of US$189 million.

Boston Scientific established its Vascular Surgery business with
the acquisition of Meadox Medicals in 1995.  The Vascular
Surgery business develops market-leading synthetic grafts and
patches for repair of abdominal aortic aneurysms and peripheral
vascular anatomy.  The business had 2006 revenues of $86 million
and has approximately 250 employees, primarily located at its
manufacturing site in Wayne, New Jersey.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Standard & Poor's Ratings Services has lowered its
corporate  credit rating on Boston Scientific Corp. to 'BB+'
from 'BBB-' and placed the ratings on the company on CreditWatch
with negative implications.

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Fitch has downgraded the ratings on Boston
Scientific Corp:

  -- Issuer Default Rating (IDR) to 'BB+' from 'BBB-';
  -- Senior unsecured notes to 'BB+' from 'BBB-';
  -- Unsecured bank credit facility to 'BB+' from 'BBB-'.

Fitch has also withdrawn BSX's Commercial Paper rating of 'F2'.
This rating action affects approximately US$8 billion of debt.
Fitch said the rating outlook is negative.


DELPHI CORP: Inks MOU with Steelworkers and General Motors
----------------------------------------------------------
Delphi Corp. has signed a Memorandum of Understanding with the
United Steelworkers (and its local 87L) and General Motors Corp.
representing certain U.S. hourly employees at the Delphi's
Dayton (Home Avenue) and Vandalia, Ohio operations.  The
tentative agreements advance Delphi's transformation initiatives
and are subject to union ratification and approval by the U.S.
Bankruptcy Court.

If the contract is ratified by the union membership, it will
expire on Sept. 14, 2011.

USW Local 87 President Dennis Bingham said that details of the
agreement are being withheld pending contract explanation
meetings with the membership.  Following the meetings, the
tentative agreement will be subject to ratification by the
membership.

"Although this series of negotiations has been lengthy and
complex, we are pleased to have now attained consensual labor
agreements with all of our U.S. unions and General Motors on
issues impacting our operations and transformation initiatives,"
John Sheehan, chief restructuring officer, said.  "We remain
committed to working with our labor unions, GM and all of our
other Chapter 11 stakeholders to successfully emerge later this
year."

Delphi will not comment on the details of the tentative
agreement, pending ratification by the respective unions.


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

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


MITSUKOSHI LTD: To Hold Board Meetings for Merger Approval
----------------------------------------------------------
Mitsukoshi Ltd. admits that it is in talks to merge with Isetan
Co., Tak Kumakura writes for Bloomberg News.

Mr. Kumakura, citing the Nikkei newspaper, notes that both
department store chains are yet to decide at board meetings
within this week to merge under a holding company, wherein
Nobukazu Muto, president of Isetan, will take the chairmanship,
while Mitsukoshi President Kunio Ishizuka will become the
president.

However, Mitsukoshi spokesman Yasuhiro Tanaka told Bloomberg
that there are talks between the companies but no "details such
as the merger ratio or who will be president haven't been
finalized."  Also, Mr. Tanaka says that he could not confirm if
a board meeting will be held within this week.

Credit Suisse analyst Katsura Kihara noted in his report last
month that the merger between Mitsukoshi and Isetan would be a
"positive" move as there is little overlap between the store
locations of each company, reports Mr. Kumakura.

According to Bloomberg's calculations, if the merger were to
push through, it would create combined annual sales of
JPY1.59 trillion.

                       About Mitsukoshi Ltd.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd., Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

                          *     *     *

Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


TIMKEN CO: Explores Strategic Alternatives to Accelerate Growth
---------------------------------------------------------------
The Timken Company disclosed changes to align the company around
continued improvement in operational performance and
acceleration of profitable growth.

Under the new model, Timken will operate with two major business
groups, the Steel Group and the Bearings and Power Transmission
Group, which is composed of four divisions -- Mobile Industries,
Process Industries, Aerospace & Defense and Distribution &
Services.  The company has named Michael C. Arnold as executive
vice president and president, Bearings and Power Transmission
Group. Salvatore J. Miraglia, Jr., will continue as president of
the Steel Group.

Timken has also named Jacqueline A. Dedo senior vice president,
Innovation and Growth.  In this role, Ms. Dedo will be
responsible for leading the company's strategic initiatives to
accelerate the pace of innovation and growth.

"With focused leadership and a strong balance sheet, we are well
positioned to aggressively pursue growth opportunities with the
potential to create exceptional value for customers and
shareholders," James W. Griffith, Timken's president and chief
executive officer said.  "In addition, as we implement this
model, we expect to benefit from faster, more effective
decision-making and less complexity in all parts of our
business, allowing us to drive further improvement in our
financial performance."

The organizational changes are focused primarily on improving
Timken's operating effectiveness and are also anticipated to
streamline operations and eliminate redundancies.  When fully
implemented, the company expects to save approximately
US$10 million to US$20 million as a result of the changes.

Timken's new Bearings and Power Transmission Group includes four
divisions:

   * Mobile Industries: composed of the rail, off-highway,
     agriculture, heavy truck and passenger car and light truck
     market sectors;

   * Process Industries: encompasses the heavy industry, power
     transmission and energy market sectors;

   * Aerospace & Defense: serves the friction-management and
     power-transmission needs of commercial and military
     aviation customers through original equipment manufacturers
     and the aerospace aftermarket; and

   * Distribution & Services: provides a full range of bearings,
     seals, grease, condition monitoring and other products and
     services through distributors worldwide.

Timken will report its third-quarter 2007 financial results
using the existing Steel, Industrial and Automotive Groups.
Beginning with the fourth quarter of 2007, the company expects
to make a change to its financial reporting, providing results
for the Steel Group as before, along with more detailed results
for the new Bearings and Power Transmission Group.


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

                          *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  Moody's said the outlook was stable.


TIMKEN CO: Bags US$6.5-Million Contract from Titagarh Wagons
------------------------------------------------------------
The Timken Company has received a US$6.5 million contract to
supply rail bearings for freight cars built by Titagarh Wagons
Ltd. in India.

Titagarh has ordered Timken(R) APTM Class E tapered bearings,
which enable rail users to carry heavier loads with more
stability.  Titagarh is the second-largest private builder of
freight cars in India.

The rail bearings are being manufactured at Timken's production
facility in Jamshedpur, India.  As part of its ongoing
investment in India, Timken plans to open a second Indian
production facility in Chennai in 2008.

"Timken's strategy of investing in India is to serve our global
customers and also to gain new local customers such as Titagarh
Wagons in this rapidly developing market," said David L. White,
director of sales and marketing for Timken's operations in
India.

"Our past experience with Timken has shown us they make
outstanding products, and we also value their follow-up service
after the sale," said J.P. Chowdhary, chairman and managing
director of Titagarh Wagons Ltd.  "Our relationship with Timken
makes us more competitive, and we also appreciate their
reputation for adhering to high ethical standards."

                      About Titagarh Wagons

Titagarh Wagons Ltd. -- http://www.titagarh.biz/-- is one of
the largest private sector manufacturers of freight wagon units
for Indian and some overseas railways.  TWL is a heavy
engineering goods manufacturing company in Kolkata, India.  TWL
manufactures a wide range of freight wagons, container flats and
specialty wagons for industrial and defense use.  TWL
manufactures Bailey Bridges, prefabricated shelters and similar
systems for the railways and the defense sector.  TWL also
manufactures Heavy Earthmoving Equipment including Heavy Duty
Mobile Cranes and Excavators.

                        About Timken Co.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


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

ARAMARK CORP: S&P Revises B+ Corporate Credit Outlook to Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.

"The outlook revision reflects ARAMARK's stronger than expected
credit measures since the January 2007 management buyout," said
Standard & Poor's credit analyst Jean C. Stout.  The company has
reduced debt by US$350 million since the management buyout,
largely as a result of applying the net proceeds from a recent
asset sale to bank debt, and has experienced good operating
performance.  "And we expect that the improvement in the
company's financial profile will be maintained," said Ms. Stout.

Standard & Poor's ratings on ARAMARK continue to reflect its
highly leveraged financial profile and significant cash flow
requirements to fund interest and capital expenditures.  These
factors are somewhat mitigated by ARAMARK's good position in the
competitive, fragmented markets for food and support services,
and uniform and career apparel.  These positions translate into
a sizable stream of recurring revenues and healthy cash flow
generation.

Headquartered in Philadelphia, Pennsylvania, ARAMARK Corporation
(NYSE:RMK) -- http://www.aramark.com/-- is a leader in
professional services, providing award-winning food services,
facilities management, and uniform and career apparel to health
care institutions, universities and school districts, stadiums
and arenas, and businesses around the world.  In FORTUNE
magazine's 2006 list of "America's Most Admired Companies,"
ARAMARK was ranked number one in its industry, consistently
ranking since 1998 as one of the top three most admired
companies in its industry as evaluated by peers and industry
analysts.  The company was also ranked first in its industry in
the 2006 FORTUNE 500 survey. ARAMARK has approximately 240,000
employees serving clients in 20 countries, including Japan and
Korea.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 13, 2007, Fitch Ratings downgraded the Issuer Default
Rating (IDR) for both ARAMARK Corporation (NYSE: RMK) and its
wholly owned subsidiary, ARAMARK Services, Inc. to 'B' from 'BB-
' and has rated the new financing of ARAMARK Corporation as
follows:

   -- US$600 million revolving senior secured credit facility
      due 2013 'BB-/RR2';

   -- US$4.15 billion senior secured term loans due 2014 'BB-
      /RR2';

   -- US$250 million senior secured synthetic letter of credit
      facility due 2013 'BB-/RR2';

   -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'.


DURA AUTOMOTIVE: Court OKs Sale of Atwood Mobile for US160.2 Mln
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
DURA Automotive Systems Inc. and its debtor-affiliates' asset
purchase agreement with Atwood Acquisition Co., LLC, an
affiliate of private equity firm Insight Equity, for the sale of
DURA's Atwood Mobile Products division, headquartered in
Elkhart, Indiana.  The agreement provides for the acquisition of
Atwood Mobile Products for an aggregate cash consideration of
US$160.2 million.

DURA was advised by Miller Buckfire, AlixPartners and Kirkland &
Ellis in connection with both the backstop and Atwood sale
agreements.

As reported in yesterdays Troubled Company Reporter, the Debtors
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.


NOVELIS INC: Brazilian Unit Eyes 30% Export in 2007
---------------------------------------------------
Novelis Inc. Brazilian unit's planning and metal trading manager
Antonio Marcelo de Almeida told the press that the firm will
export 30% of output in 2007.

Business News Americas relates that capacity averages 300,000
trillion per year depending on the product mix.  Exports were
30% of total production in 2006.

Mr. de Almeida told BNamericas that exports from the Brazilian
facilities are sent to other South American markets other than
Central America and the Middle East.

According to BNamericas, Indian non-ferrous metals producer
Hindalco Industries acquired Novelis earlier this year in a
US$6-billion deal, including debt.

"There are potential synergies between the companies... Hindalco
has low-cost aluminum production," Mr. de Almeida told
BNamericas.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Jun 26, 2007,
that Standard & Poor's Ratings Services assigned its 'BB' debt
rating, with a recovery rating of '2', to Novelis Inc.'s US$860
million secured term loan due 2014.  The '2' recovery rating
indicates an expectation of substantial (70%-90%) recovery in
the event of default.  Proceeds from the borrowings will be used
to refinance existing bank loans, which are being repaid in the
wake of the company's acquisition by Hindalco Industries Ltd.

The long-term corporate credit rating on Novelis is 'BB-'.  The
outlook is negative.  After giving effect to the proposed
refinancing, the company will have about US$2.9 billion of pro
forma fully adjusted debt at March 31, 2007.


On Feb. 16, 2007, Fitch Ratings placed the Issuer Default
Ratings or IDR of 'B' for Novelis Inc. and its subsidiary
Novelis Corp. on Rating Watch Negative. The company's senior
secured bank debt ratings and senior unsecured debt ratings that
were affirmed are:

Novelis Inc.

  -- Senior secured revolver and term loan at 'BB/
     Recovery Rating (RR) 1'; and

  -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

  -- Senior secured revolver and term loan B at 'BB/RR1'.


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

INTERPUBLIC GROUP: Declares Dividend on Series B Preferred Stock
----------------------------------------------------------------
The Interpublic Group of Companies Inc.'s Board of Directors has
declared a dividend of US$13.125 per share on its 5-1/4% Series
B Cumulative Convertible Perpetual Preferred Stock.  The
dividend on the Series B Preferred Stock is payable in cash on
Oct. 15, 2007 to holders of record at the close of business on
Oct. 1, 2007.  There will be a maximum of 525,000 shares of the
Series B Preferred Stock outstanding on Oct. 1, 2007, resulting
in a maximum possible aggregate dividend of US$6,890,625.

                     About Interpublic Group

New York-based, Interpublic Group of Companies Inc. (NYSE:IPG) -
- http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees
working in offices in more than 130 countries around the world,
including Malaysia.

                          *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Fitch Ratings has upgraded Interpublic Group's Issuer Default
Rating to 'BB-' from 'B'.  Approximately US$2.3 billion in total
debt as of March 31, 2007, is affected.  The Rating Outlook is
Stable.

IPG's ratings are as:

   -- Issuer Default Rating (IDR) upgraded to 'BB-' from 'B';

   -- Enhanced Liquidity Facility (ELF) upgraded to 'BB-'
      from 'B'/'RR4';

   -- Senior unsecured notes (including convertibles) upgraded
      to 'BB-' from 'B'/'RR4';

   -- Cumulative convertible perpetual preferred stock upgraded
      to 'B' from 'CCC'/'RR6'.


SHAW GROUP: Finalizes US$1.1 Bil. Mirant Power Plants Contract
--------------------------------------------------------------
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 US$100 million increase to the company's revolving credit
facility.


SHAW GROUP: Energy & Chemicals Group Bags Contract in China
-----------------------------------------------------------
The Shaw Group Inc. related that its Energy & Chemicals Group
has been awarded a contract to provide technology and basic
engineering for 500,000 metric tons per annum
ethylbenzene/styrene monomer plant in Tianjin, China, for
Tianjin Dagu Chemical Industry Co. Ltd.

The plant will be located in Tianjin Industrial Park, Lingang
Industry Area, near the city of Tianjin.  Shaw will also provide
procurement services for critical equipment in addition to
training and technical advisory services during plant
construction and start-up.  The value of Shaw's technology and
engineering contract, which will be included in the company's
fourth quarter backlog, is approximately US$50 million.

The new plant will utilize proprietary EBMaxSM and styrene
technologies provided by Badger Licensing, LLC, a joint venture
of affiliates of The Shaw Group Inc. and ExxonMobil Chemical
Company.

"We are pleased that we were selected for this project, which is
the largest ethylbenzene/styrene monomer project undertaken by
Shaw in China," said J.M. Bernhard Jr., chairman, president and
chief executive officer of Shaw.  "China's chemical industry is
growing rapidly, and we look forward to successfully
demonstrating Shaw's ability to offer world class proprietary
technologies and services to our customers."

                        About Shaw Group

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 US$100 million increase to the company's revolving credit
facility.


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 $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
====================

CONVENTION MANAGEMENT: Shareholders Opt to Shut Down Business
-------------------------------------------------------------
The shareholders of Convention Management Services Ltd. met on
July 20, 2007, and resolved to shut down the company's business.

Gary Noel Hitchcock was named as liquidator.

The Liquidator can be reached at:

          Gary Noel Hitchcock
          WHK Gosling Chapman Limited
          PO Box 544, Auckland
          New Zealand
          Telephone:(09) 308 1606


FASELIFT CONSTRUCTION: Court to Hear Wind-Up Petition on Aug. 30
----------------------------------------------------------------
An application to wind up the operations of Faselift
Construction Ltd. was filed by Accident Compensation Corporation
on June 19, 2007.

The petition will be heard before the High Court of Napier on
August 30, 2007, at 10:00 a.m.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald's Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City
          New Zealand


FILMWORKS NZ: Fixes Aug. 24 as Last Day to File Proofs of Claim
---------------------------------------------------------------
The creditors of Filmworks New Zealand Ltd. are required to file
their proofs of claim by August 24, 2007, so as to be included
in the company's dividend distribution.

The company entered wind-up proceedings on July 23, 2007.

The company's liquidators are:

          Kevin Warwick Bromwich
          Peri Micaela Finnigan
          c/o McDonald Vague
          PO Box 6092, Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508


PAN AUSTRAL: Court Sets Liquidation Petition Hearing on Aug. 30
---------------------------------------------------------------
On August 30, 2007, the High Court of Napier will hear a
petition to liquidate the business of Pan Austral Ltd.

The petition was filed by Accident Compensation Corporation on
July 6, 2007.

Accident Compensation's solicitor is:

          Dianne S. Lester
          Maude & Miller
          McDonald's Building, 2nd Floor
          Cobham Court
          PO Box 50555, Porirua City
          New Zealand


PRIMA TECHNOLOGIES: Accepting Proofs of Debt Until August 24
------------------------------------------------------------
On July 27, 2007, Robin Winston Hargrave was named as liquidator
of Prima Technologies Ltd.

Mr. Hargrave is accepting proofs of debt from creditors of the
company until August 24, 2007.

The Liquidator can be reached at:

          Robin Winston Hargrave
          PO Box 6004, Wellesley Street
          Auckland
          New Zealand
          Telephone:(09) 366 5065
          Facsimile:(09) 366 5001


REVIVE LTD: Subject to CIR's Wind-Up Petition
---------------------------------------------
On June 26, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Revive Ltd.

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

The CIR's solicitor is:

          Rachel Scott
          New Zealand
          Telephone:(07) 959 0416


ROSEDALE PLAZA: Court to Hear Wind-Up Petition on August 23
-----------------------------------------------------------
A petition to wind up the operations of Rosedale Plaza Ltd. will
be heard before the High Court of Auckland on August 23, 2007,
at 10:5 a.m.

The Commissioner of Inland Revenue filed the petition against
the company on May 30, 2007.

The CIR's solicitor is:

          Hi Chong (Sylvia) Ko
          Legal and Technical Services
          Inland Revenue Department
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1294
          Facsimile:(09) 984 3116)


STEEL AND GIRTS: Commences Liquidation Proceedings
--------------------------------------------------
Steel and Girts Construction Company Ltd. commenced liquidation
proceedings on July 23, 2007.

Creditors who were not able to file their claims by August 20,
2007, will be excluded from sharing in the company's dividend
distribution.

The company's liquidators are:

          David Stuart Vance
          Barry Phillip Jordan
          c/o PPB McCallum Petterson
          The Todd Building, Level 8
          95 Customhouse Quay
          PO Box 3156, Wellington
          Telephone:(04) 499 7796
          Facsimile:(04) 499 7784


VTL GROUP: Declares Insolvency; NZX Suspends Trading of Shares
--------------------------------------------------------------
VTL Group Limited has declared itself insolvent in a regulatory
filing with the New Zealand Stock Exchange.  Consequently, NZX
suspended the trading of the Group's shares.

"Issues have arisen concerning the financial viability of VTL,
including a draft report prepared as part of the Registrar [of
Companies'] investigation of VTL," the company said in the NZX
filing.

On Saturday, the Registrar of Companies notified VTL Group's
wholly owned subsidiary, Nathans Finance NZ Limited, that it was
to immediately cease distribution of the company prospectus and
place in a trust account any money received for investment, The
National Business Review reports.  Nathan's directors believe
that this will lead to a fundamental lack of confidence in
Nathans which, in the current climate, will not be able to be
recovered, the NZX filing says.

Nathans Finance has raised NZ$150 million from debenture
investors, NBR points out.

In an NZX filing yesterday, VTL Group disclosed that Perpetual
Trust Limited, a trustee pursuant to the Trust Deed with
Nathans, have appointed John Waller and Colin McCloy partners at
PricewaterhouseCoopers as receivers of the subsidiary effective
Aug. 20, 2007.

VTL's directors are currently in discussion with the receivers
regarding the financial position of VTL and its subsidiary
companies.

Headquartered in Auckland, VTL Group Limited --
http://www.vtlgroup.com/-- is engaged in the franchising and
management of electronic vending machines; franchising and
management of automated convenience stores, and development and
management of its own technology, Vend Manager Professional.
The company also provides finance to individuals participating
in the VTL franchising program, and funds the acquisition of
assets and companies complementary to VTL Group's franchising
program, and to third parties.  VTL's vending brand 24seven and
its automated convenience shop brand Shop24, both offer
consumers a range of product choices in a self-retail
environment.  Its software management system VTL Technologies
provides a technology platform for its commercial and franchise
business operations around the world.


WESTPOINT CONSTRUCTION: Taps John Michael Gilbert as Liquidator
---------------------------------------------------------------
John Michael Gilbert was named as liquidator of Westpoint
Construction Ltd. on July 25, 2007.

Creditors who were not able to file their claims by August 22,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidator can be reached at:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Ponsonby, Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


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

BENGUET CORP: June 30 Balance Sheet Shows PHP2.3 Bil. Insolvency
----------------------------------------------------------------
Benguet Corporation reported a PHP34,976,000 net loss for the
three months ended June 30, 2007, a 71% decrease from the net
loss of PHP121,137,000 reported for the three months ended
June 30, 2006, according to a company disclosure with the
Philippine Stock Exchange.

The decrease was mainly due to higher FX gain this year on the
company's foreign currency denominated borrowing on account of
peso appreciation against the dollar.

The company had total revenues of PHP43,196,000 and total costs
and expenses of PHP72,164,000, resulting in an operating loss of
PHP28,968,000.  The company also racked up total other income
amounting to PHP15,504,000.

As of June 30, 2007, the company had PHP2,682,713,000 in total
assets and PHP4,990,501,000 in total liabilities, resulting in a
capital deficiency of PHP2,307,788,000.

The company's financials are available for download at:
   http://bankrupt.com/misc2/BenguetCorporation.pdf

Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

The Troubled Company Reporter-Asia Pacific reported on May 11,
2007, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of PHP4.6 billion and PHP4.2 billion in 2006
and 2005.  The company booked a capital deficiency of
PHP2.2 billion and PHP1.9 billion as of December 31, 2006, and
2005, respectively.  The group's current liabilities exceeded
its current assets by PHP3.6 billion and PHP3.4 billion as of
December 31, 2006, and 2005, respectively.  In addition, the
group was unable to pay its maturing bank loans and related
interests.


JG SUMMIT: 2nd Quarter Net Profit Surges to PHP2.09 Billion
-----------------------------------------------------------
JG Summit Holdings Inc.'s net profit for the three months to
June 30, 2007, surged to PHP2.09 billion, more than 12 times the
PHP168-million net profit reported for the same period in 2006.

According to the Philippine Daily Inquirer, JG Summit attributes
the rise in net profit to the strong performance of its airline
unit, Cebu Pacific, and to foreign exchange gains due to a
firmer peso.

However, the company disclosed that its net profit figure for
the six-month period to June 30 fell 5% to PHP3.84 billion from
the figure recorded a year ago.  PDI notes that the net profit
for the first-half in 2006 was bloated by gains from the sale of
a portion of the company's stake in its food unit, Universal
Robina Corp.

Excluding that gain, JG Summit said its recurring net income for
the first-half period increased by 355% from a year ago.

PDI relates that Cebu Pacific, which plans to make an initial
public offering later this year, had a net profit of
PHP2.07 billion for the 2007 first half, compared with the
PHP72.82-million net profit in the 2006 first half, as the
number of passengers increased and the airline posted a forex
gain of PHP759.85 million.

PDI's Enrico dela Cruz writes that, according to JG Summit, it's
Other businesses like real estate and hotels posted higher
profits for the June quarter as well.

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


METROPOLITAN BANK: Toyota Venture Gets Quasi-Banking License
------------------------------------------------------------
The Metropolitan Bank Group and Toyota Motor Corp.'s joint
venture -- Toyota Financial Services Corp. Philippines -- has
obtained a quasi-banking license from the central bank, the
Philippine Daily Inquirer reports.

According to PDI, TFS Philippines, which is now in its fifth
year of operations, is the first institution to get a quasi-
banking license since the central bank lifted in February a
seven-year moratorium on the grant of such licenses to
investment banks and financing companies.

PDI explains that non-bank financial institutions with quasi-
banking functions are authorized to borrow funds from the public
for purposes of relending or for purchase of receivables.  They
are not allowed to accept deposits.

Metropolitan Bank and Trust Co. and its units own 40% of TFS
Philippines, while Toyota Motor owns 60%, PDI says.

The report notes that TFS Philippines is the second largest
financing company in the country.  TFS Philippines has helped
about 20,000 customers buy Toyota cars.  With more than 30
percent in average annual growth, its assets reached the
PHP8-billion mark as of the end of its fiscal year 2007.

                       About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.

On Sept. 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.


PHILCOMSAT HOLDINGS: Stockholders' Meeting Slated for Oct. 16
-------------------------------------------------------------
The board of directors of Philcomsat Holdings Corporation
approved a resolution calling for a stockholders' meeting on
October 16, 2007, at 10:00 a.m. at the company's principal
office at Telecoms Plaza Building, 316 Sen. Gil Puyat Avenue, in
Makati City.

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

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


PHIL. LONG DISTANCE: Fitch Upgrades Local Currency IDR to 'BBB'
---------------------------------------------------------------
Fitch Ratings upgraded Philippine Long Distance Telephone
Company's Long-term local currency Issuer Default Rating to
'BBB' from 'BBB-' (BBB minus).  The Outlook is Stable.  At the
same time, Fitch has affirmed PLDT's Long-term foreign currency
IDR of 'BB+' and its National Long-term rating at 'AAA(phl)'.
The Outlook is Stable.  Also, PLDT's global bonds and senior
notes have been affirmed at 'BB+'.

"The upgrade of the local currency IDR recognises the sustained
strengthening of PLDT's financial profile through FY06 and H107,
with strong positive free cash flow generation enabling
significant reductions in both gross and net debt levels, "said
Priya Gupta, Director in Fitch's Asia-Pacific telecom, media and
technology team.  During FY06, the group retired around USD362
million in bank and capital market debt, and achieved additional
reductions of USD266m through substantial voluntary conversion
of its preferred stock to common equity.  PLDT continued to
reduce high-cost USD-denominated debt through H107, although
this was partially offset by subsidiary Smart Communications'
issuance of PHP5.0 billion unsecured fixed-rate notes in
February 2007.  Overall, key credit metrics have improved
significantly; net adjusted leverage fell to 0.6x at H107 from
1.2x at FYE05, while funds from operations (FFO) to gross
interest coverage increased to 10.5x from 6.6x over the same
period.

The upgrade also reflects the group's sustained strong operating
performance and its pre-eminent position in the Philippine
telecommunications sector.  As at H107, the company had a
leading market share of local exchange lines (about 60%) and
cellular subscribers (about 57%) and a dominant share of the
nascent broadband market (about 76%).  PLDT's local exchange
customers have been contracting in recent years owing to mobile
substitution.  On the other hand, the group's cellular customer
base has grown strongly through FY06 and H107, with net
additions totaling 3.8m and 2.9m respectively in each of these
periods.  However with penetration of cellular-SIMs (subscriber
identification modules) having reached about 55% at H107, Fitch
expects subscriber growth to decelerate going forward.

With growth having stalled in the traditional fixed-voice space
and the cellular market likely to yield modest growth going
forward, PLDT has been focusing on alternate avenues of growth,
such as retail broadband and business process outsourcing (BPO).
With regard to the former, PLDT is well-positioned to capture a
substantial share of demand, owing to its ubiquitous network
presence.  However Fitch notes that PC penetration is currently
quite low in the Philippines, at around 8% of total households
in FY06.  On the other hand, the group's foray into the
information and communications technology (ICT) sector
represents a significant shift from its core telecoms
operations, and therefore somewhat higher business risk.  That
said, the Philippines' BPO industry boasts huge growth
potential, and successful execution could yield significant
upside for PLDT in terms of revenue growth, notwithstanding that
margins are substantially lower than in its core telecoms
business.  Whilst the ICT business is presently a modest
contributor to consolidated revenues, it has grown strongly over
the last year or so, through a series of moderately-sized
acquisitions.

PLDT has lifted its ordinary dividend payout ratio to 70% of net
income for FY07, from 60% the previous year.  The company
expects to pay a total of PHP18.8bn in dividends during H207,
which comprises an interim dividend of PHP11.3bn on H107 net
income of PHP17.3bn, as well as a special dividend of PHP7.5bn.
PLDT has also committed to a look-back approach at the end of
2007, in order to facilitate additional shareholder returns in
the event that excess cash is not utilized on business
acquisitions.

The Stable Outlook reflects the expectation that PLDT will
maintain leading market positions in the telecoms space, with
strong cash flow generation helping to maintain or improve its
financial profile.  However the long-term local currency IDR may
be lowered should net adjusted leverage exceed 1.0x, which could
be triggered by debt-funded acquisitions/investments, capital
management initiatives or a sharp deterioration in the operating
environment.  In terms of its foreign currency IDR, PLDT remains
constrained by the country ceiling of the Republic of the
Philippines, which currently is 'BB+'.  The National rating of
'AAA(phl)' incorporates all the above factors and is indicative
of PLDT's relative credit strength among all Philippine
companies.


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

CHINA AVIATION: Posts US$140-Mil. Net Profit in 2nd Qtr. 2007
-------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd filed with the
Singapore Stock Exchange its financial results for the second
quarter ended June 30, 2007.

The Group recorded net profit attributable to shareholders of
US$140.2 million in the second quarter of 2007, compared to
US$8.3 million for the same period last year.  The substantial
increase in net profit was attributed to a divestment gain from
the sale of CAO's 5% stake in Compania Logistica de
Hidrocarburos, S.A., which amounted to US$134.8 million net of
tax and other transaction costs.  The said divestment was
completed on April 17, 2007.

Excluding the divestment gain from CLH, the Group's net profit
in second quarter of 2007 was US$5.4 million, which was lower
than the same period last year mainly due to an impairment loss
of US$2.7 million made on Shuidong oil storage tanks held by the
Group's subsidiary, China Aviation Oil Xinyuan Petrochemicals
Co. Ltd.

Lim Jit Poh, Chairman of CAO, said, "The sale of the CLH stake
has improved the Group's financial position significantly.  As
at June 30, 2007, the Group's accumulated retained earnings
stood at US$23.3 million, which was a significant improvement
compared to the accumulated losses of US$113.1 million as at
December 31, 2006.  The Group's net tangible assets per share
for period under review has more than doubled to US$0.3412,
compared to US$ 0.1538 at December 31, 2006."

"As announced on May 17, 2007, CAO has utilized part of the
proceeds from the sale of CLH stake to make accelerated full
repayments of the deferred debts amounting to US$77 million
under the Creditors' Scheme.  The accelerated repayment of debts
has resulted in substantial interest savings for CAO.  The
Group's cash position is strong, with a total of
US$163.8 million in cash and cash equivalents as at 30 June
2007," added Mr Lim.

The Group's revenue for the second quarter of 2007 was
US$597.5 million as compared to US$62.8 million for the same
period last year.  This significant difference was due to the
change in jet fuel procurement system from agency basis to
principal basis.  Notwithstanding the change to principal model,
the margin structure of fixed margin per barrel remains
unchanged.

In second quarter of 2007, the Group supplied 914,500 Metric
Tonnes of jet fuel.  This was 19.8% less than that of second
quarter of 2006 where 1.14 million MT of jet fuel was supplied.

Zhang Zhenqi, who was recently appointed Executive Director and
General Manager of CAO, said, "The decline in total volume of
jet fuel procured in 1H 2007 was due to a decrease in demand for
jet fuel imports in China corresponding to an increase in
China's domestic production of jet fuel.

"Jet fuel demand in China is expected to grow with increased air
travel.  However, the import level is linked to domestic
production," said Mr. Zhang.  The Group's 33% share of the
results of its associated company, Shanghai Pudong International
Aviation Fuel Supply Company Ltd was US$7.1 million for 2Q 2007
compared to US$5.3 million for 2Q 2006, an increase of 34.2%.
This was mainly attributable to the short-term rise in China's
domestic supply of jet fuel, which has helped to lower SPIA's
average cost of sales and thus resulted in an improvement in its
gross profit.

                About China Aviation Oil (Singapore)

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

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


EXCEL GROUP: Pays First and Final Dividend to Creditors
-------------------------------------------------------
Excel Group Pte Ltd, which is in liquidation, has paid the first
and final dividend to its creditors on July 26, 2007.

The company paid 3.5% to all admitted claims.

The company's liquidator is:

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


LUM CHANG: Accepting Proofs of Debt Until September 17
------------------------------------------------------
Lum Chang Securities Pte Ltd, which is in voluntary liquidation,
is accepting proofs of debt from its creditors until Sept. 17,
2007.

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

The company's liquidators are:

          Yeap Lam Kheng
          Bob Yap Cheng Ghee
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


OKS CREDIT: Creditors' Proofs of Debt Due on August 31
------------------------------------------------------
OKS Credit & Moneylenders (S) Pte Ltd requires its creditors to
file their proofs of debt 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 liquidator is:

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


SEA CONTAINERS: Posts US$849,219 Net Loss in June 2007
------------------------------------------------------

                      Sea Containers, Ltd.
                    Unaudited Balance Sheet
                      As of June 30, 2007

                           Assets

Current Assets
   Cash and cash equivalents                    US$21,917,537
   Trade receivables, less allowances
     for doubtful accounts                                  -
   Due from related parties                         7,887,164
   Prepaid expenses and other current assets        1,816,838
                                                -------------
      Total current assets                      US$31,621,539

Fixed assets, net                                           -

Long-term equipment sales receivable, net                   -
Investments in group companies                              -
Intercompany receivables                                    -
Investment in equity ownership interests          221,500,710
Other assets                                        2,851,462
                                                 ------------
Total assets                                   US$255,973,711

           Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                              US$1,811,626
   Accrued expenses                                51,316,736
   Current portion of long-term debt               25,855,028
   Current portion of senior notes                385,266,750
                                                 ------------
      Total current liabilities                   464,210,140

Total shareholders' equity                       (208,276,429)
                                                 ------------
Total liabilities and shareholders' equity     US$255,973,711


                     Sea Containers, Ltd.
               Unaudited Statement of Operations
               For the Month Ended June 30, 2007

Revenue                                          US$2,844,000

Costs and expenses:
   Operating costs                                     27,199
   Selling, general and
     administrative expenses                       (2,770,759)
   Professional fees                                 (427,740)
   Charges to provide against
     intercompany accounts                          2,584,215
   Depreciation and amortization                            -
                                                 ------------
Total costs and expense                              (587,085)
                                                 ------------

Gain or (Loss) on sale of assets                       30,000
                                                 ------------
Operating income (loss)                             2,286,915

Other income (expense)
   Interest income                                     82,868
Foreign exchange gains or (losses)                     16,942
Interest expense, net                              (3,135,944)
                                                 ------------
Income (Loss) before taxes                           (749,219)
Income tax expense                                   (100,000)
                                                 ------------
Net (Loss)                                        (US$849,219)


                    Sea Containers Services
                    Unaudited Balance Sheet
                     As of June 30, 2007

                            Assets

Current Assets
   Cash and cash equivalents                       (US$18,088)
   Trade receivables                                   23,332
   Due from related parties                         5,288,953
   Prepaid expenses and other current assets        5,860,975
                                                 ------------
      Total current assets                         11,155,172

Fixed assets, net                                   2,591,250

Investments                                         2,704,278
Intercompany receivables                           45,681,103
Other assets                                        3,738,600
                                                 ------------
Total assets                                    US$65,870,403


             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                              US$2,547,530
Accrued expenses                                    2,559,074
Current portion of long-term debt                   1,681,003
                                                 ------------
    Total current liabilities                       6,787,607

Total shareholders' equity                         59,082,796
                                                 ------------
Total liabilities and shareholders' equity      US$65,870,403


                     Sea Containers Services
                 Unaudited Statement of Operations
                 For the Month Ended June 30, 2007

Revenue                                          US$2,511,839

Costs and expenses:
   Operating costs                                          -
   Selling, general and
     administrative expenses                       (1,799,312)
   Professional Fees                                 (364,256)
   Other charges                                            0
Depreciation and amortization                        (106,719)
                                                 ------------
      Total costs and expenses                     (2,270,287)
                                                 ------------

Gains on sale of assets                                     0
                                                 ------------
Operating income (loss)                               241,552

Other income (expense)
   Interest income                                         34
   Foreign exchange gains (losses)                     (1,302)
   Interest expense, net                              (13,815)
                                                 ------------
Income (Loss) before taxes                            226,469
Income tax credit                                           0
                                                 ------------
Net Income                                         US$226,469

Sea Containers Carribean, Inc., reported zero assets and
accounts payable of US$3,530,094, as its sole liabilities in its
June 2007  balance sheet.

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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

TUNTEX PCL: Records THB351.05-Mil. Net Loss for 2007 2nd Quarter
----------------------------------------------------------------
Tuntex (Thailand) Public Company Limited incurred a consolidated
net loss of THB351.05 million for the quarter ended June 30,
2007, an increase of THB57.66 million from the THB293.40-million
net loss figure reported for the second quarter of 2006.

Thai Press notes that, according to Tuntex, the rise in net loss
was due to:

   -- an operating loss of THB351.60 million

   -- a share of gain from associated company of THB0.55 million

For the first-half period ended June 30, 3007, the company
incurred a net loss of THB590.80 million, compared with the
THB545.50-million net loss for the first half of 2006.

Tuntex's balance sheets as of June 30, 2007, showed illiquidity
with total current assets of THB417.00 million and total current
liabilities of THB6.58 billion.

As of end-June 2007, Tuntex also recorded total assets of
THB7.91 billion and total liabilities of THB8.40 billion,
resulting in a capital deficit of THB481.35 million.


Tuntex Public Company Limited -- http://www.tuntexthailand.com/
-- was incorporated as a public company limited under the Thai
laws.  The company operates in Thailand and its principal
activity is the manufacture of polyester yarn.

The company is currently classified under the Non-Performing
Group of the Stock Exchange of Thailand, and is currently
implementing a rehabilitation plan.


TUNTEX PCL: Provides Update on Rehabilitation Plan
--------------------------------------------------
Tuntex (Thailand) Public Company Limited discloses with the
Stock Exchange of Thailand that for the period from April 20 to
June 30, 2007, it was unable to pay the THB110,675,532.75
interest to Group 1 creditor as well as the 1st principal
repayment on June 29, 2007.

Pursuant to Section 5.2.1 of the company's business
rehabilitation plan, the company is required to pay its Group 1
creditor on the last business working day of April, May and June
2007 the monthly interest at the rate of 7.50% p.a.  Under the
plan, Tuntex is also required to pay the 1st principal repayment
of THB214,021,560 by June 29, 2007.

Tuntex said that it has requested its Group 1 creditor to extend
until December 31, 2007, its deadline to pay the overdue
interest and the 1st loan principal repayment.

Tuntex said that it still continues to bear the default interest
rate to the monthly interest payment until the overdue interest
and loan principal have been settled.  The next principal
repayment of THB214,021,560 will be due on December 31, 2007.
Furthermore, under the loan agreement with the Group 1 creditor,
the lender has the right to call the loans immediately.

Tuntex Public Company Limited -- http://www.tuntexthailand.com/
-- was incorporated as a public company limited under the Thai
laws.  The company operates in Thailand and its principal
activity is the manufacture of polyester yarn.

The company is currently classified under the Non-Performing
Group of the Stock Exchange of Thailand, and is currently
implementing a rehabilitation plan.



* BOND PRICING: For the Week 20 August to 24 August 2007
--------------------------------------------------------

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

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


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





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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
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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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